Market Update: Second Consecutive Week of Falling Interest Rates!
Channel: Living & Loving Phoenix By Gordon Hageman
Date: 2023-11-16

Exciting news today! The Consumer Price Index (CPI) is down, impacting the bond market and causing a positive ripple effect on interest rates for the second consecutive week. Last week, the Federal Reserve's announcement about potential rate stability in December further bolstered this impact.

What does this mean for you? If you're a homebuyer, affordability just got better. Last month, we discussed interest rates at or over 8%, and now we're looking at around 7.5%. This half-point difference significantly improves home affordability.

Considering a new home purchase? Now might be an excellent time to dive in, especially with the two-one buy-down option, allowing you to lock in a lower interest rate for the first few years.

Looking ahead, there's talk of interest rates cooling in 2024, presenting a fantastic opportunity for refinancing to lower your rate even further. Meanwhile, the current increase in homes on the market, typical for this time of year, offers potential buyers a greater selection.

For home sellers, increased market competition means pricing your home strategically is crucial. With buyers seeking move-in-ready homes, it's essential to make your property as marketable as possible.

As we move into the late fall and winter seasons, the market typically experiences a slight slowdown, providing both buyers and sellers unique opportunities. Stay informed with our weekly updates as we track market trends and guide you through the evolving real estate landscape.

Have questions or considering a move in January? Text us at 480-498-3334 for personalized assistance. Subscribe to our channel for more valuable insights, and don't miss our video on the two-one buy-down for additional useful information.

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**Most stats and data mentioned came from the following sites and are not based on our opinions:
Best Schools: https://www.greatschools.org/arizona/...
More About Phoenix: https://en.wikipedia.org/wiki/Phoenix...
Census Data: https://www.census.gov/quickfacts/pho...
Neighborhood data: https://www.niche.com/places-to-live/...
*All stats, data, house pricing, and anything else mentioned are always subject to change and are provided merely as an example at the time of this recording.
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Gordon Hageman Phoenix Arizona Real Estate Agent
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