December 2023 – Monthly Real Estate Market Insights

  • 2 months ago
Flex Realty of Arizona

The Holidays are in Full Swing in the Tri-City Area! With so many exciting events including Acker Night, the Tree Lighting Ceremony, Parades, Light Shows and various Craft events, Prescott is truly a place you want to be this time of year!  The cold weather makes our home a true Christmas City!

Housing Data

According to our Prescott Area Association of Realtors – December 1, 2023 – Total sales and new listings both declined again last month.  Interest rates remain on the higher side and the forecast is for rates to drop slightly and then stay pretty steady until at least the end of the first quarter.

What does that mean for a buyer?  Well, in my opinion, rates are not moving much and there is not as much “competition” out there so now is a good time to buy while keeping in mind you may want to consider refinancing if rates do in fact drop by the end of next year.  It is the old saying, Marry the home and Date the Rate!

If you are a seller what are you facing?  Well, in my opinion, you are looking at pricing your home at a competitive price, plan on having it on the market a little longer than in the past and expect an offer that may be a little lower than your list price with possible concessions for the buyer to buy down a rate or assist with closing costs.

What does all of this mean:  

In my mind, It is still a great time to sell, as people are moving here from other areas of the country, the inventory is still considered low.  Pricing is the key-our expertise in the area can assist you so that we can find a range that will allow your home to sell in a timely manner.

If you are a buyer, with the decreased competition, you should have more than 1 option for your home buying choice (nice change compared to the recent market) and there is now a bit more willingness and room for negotiation.

For more information, whether you are buying or selling, please feel free to reach out to us any time.  We can be reached at 928-420-2961 or 928-533-9031 or our website or email:  [email protected] and [email protected]

We look forward to assisting you and Happy Holidays!

 

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