Market Trends – August 2023 Update

In summary, our local markets are currently experiencing low inventory, contributing to the stability of prices. Despite rising interest rates, prices have either remained steady or increased due to the full effect of the summer market. The scarcity of homes for sale has resulted in the return of multiple offers. Interest rates have fluctuated between the mid 6s to low 7s and will continue to be influenced by inflation and rate hikes, impacting the market.

On a positive note, home value appreciation over the past three years has been robust. If you’ve owned your home for a few years or more, you’re in an excellent position to sell. It’s predicted that when interest rates begin to decline, there will likely be a substantial increase in inventory, which could affect pricing.

Both the North and West Valley have seen impressive appreciation of approximately 30% or more when compared to prices three years ago. These significant gains in value are noteworthy and should be taken into consideration if you are thinking of selling. Knowing the current market perspective will help determine an appropriate list price.

Properly priced homes stand a better chance of selling quickly, considering the changes caused by rising interest rates and ongoing inflation affecting buyers’ purchasing power. However, both buyers and sellers have adapted to the new market conditions and are moving forward.

In the end, pricing will always depend on factors like the property’s condition, recent area sales, and what potential buyers are willing to pay for a similar house. If you would like to explore your options or discuss this further, please don’t hesitate to reach out via phone or email.