The Ever-Changing World Of Real Estate

It's safe to say that the ever-changing world of real estate never fails to surprise me. I enter every year ultra-confident that January through May is the time luxury real estate moves at a rapid pace. This year, January and February did not disappoint. Everything was selling and inventory was low. March started to taper off a little, and April has been a bit of a bust, which is where the surprise comes in. We typically see slowing around Tax Day and then a quick rebound, however, the rebound hasn't been per usual so homes are taking longer to sell than would typically be expected. The market was hoping for interest rate cuts that haven't happened. In fact, we may not see rates cut at all this year. As the public psyche adjusts to the new normal, inventory is on the rise. Many question whether to move forward or sit on the sidelines, and my advice is to make your move. Rates are still historically low and once they do start to come down again, I predict a buying frenzy which will inevitably drive prices up. Don't get me wrong, we are still in a very good real estate market and luxury homes continue to sell at record price per square foot, but we in Arizona are spoiled because we're so accustomed to selling our homes for large profits with very quick turnaround. Patience is not a trait of buyers and sellers in our beautiful city, and this just may be a good time to work on your patience gene. With that said, I hope you continue to enjoy our fantastic weather and all the wonderful activities that May brings. I encourage you to always remember how lucky we are to live in this special place we call The Valley of the Sun!

Best,
Robert