Realty Executives of Northern Arizona
Very surprising on how little the real estate market shifted during these unexpectedly heavy winter months. Mid-January we had over 40 inches of snow in one week and had a couple of nice listings launch looking like igloos from the photos. But the Buyer base trudged through the snowbanks and made contract offers. February showed limited Buyer activity with interest rates rising to 7% on the 30-year fixed, and heavy snowfall. Now we are looking at March, with the interesting twist of a couple of bank failures, and our interest rates going down to the 6.375% to 6.5% range for a 30-year fixed rate-depending on dynamics of the bond market and the Federal Reserve actions.
Snow is melting, with high water and unfortunate flooding in store, until the first week of April. My key lender base is telling me there is a slight uptick in Buyers’ loan applications—which following a dormant and very quiet February is very welcomed by all in the industry. So, limited supply of homes and active Buyer base is returning and navigating all the water flowing on the streets now, and real estate prices have not shifted down much over the winter months.
Feel free to contact me to get more exact information on how Sellers are holding some steady value or how some Buyers are getting some great deals in this market right now.
Wayne McCormick
Broker, Realty Executives of Flagstaff
(928) 526-9300
Where the Experts are - Serving Flagstaff and Northern Arizona since 1977
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