By John Coppotelli IV
For those of us who have been wanting to buy a home locally recently, you know how frustrating it has been. Potential relief looks to be on the way however.
Everyone knows how unaffordable houses have become in the last couple of years. With interest rates nearly at their highest in well over a decade, it has become increasingly difficult to keep up with those prices. However, this is finally starting to change for homes in Scottsdale. Slowly more properties have been staying on the market for longer than they want to, leading to big price cuts. Mortgage rates in Arizona are becoming more affordable creating a neutral market for the first time in 5 years.
A neutral housing market means that there are an equal number of both buyers and sellers, which gives an equal playing field for each party. This is happening all over the country and many Scottsdale based homes are being sold within a matter of months rather than weeks.
Sellers are starting to lose their advantage as properties are staying on the market for prolonged periods. The longer that they stay there, the more the owners are forced to cut prices. Sellers will have to start fighting hard to gain a competitive edge in attracting homebuyers.
This is a great opportunity for potential buyers to get their feet wet in the world of homebuying as rates will become more affordable. Due to the neutral market a homebuyer is in a way better spot than they were in the last 5 years. A whole new group of people will be able to afford homes now that the market has shifted, and it will allow for a more diverse set of choices for them.
If the rates continue to fall this will be the most affordable market since the pandemic, and it could eventually lead to a full-on buyers’ market in Scottsdale. If you are a future homebuyer, it may soon be an amazing time to step on to the plate and start your homeowning journey.