November 2023 Newsletter

From the Cromford Report:

Active listing counts are rising at the second fastest rate we have ever witnessed for late October. Since the low point of 11,473 (excluding UCB and CCBS) in late July they have climbed almost 35% and are rapidly approaching 16,000. The only year which saw a faster rate was 2005:

The typical lull in market activity around the holidays is partly to blame for listing counts rising.  But the biggest culprit is rising interest rates, currently over 8%, that have priced buyers out of the market and made the very wary of moving forward with a purchase.  

For Sellers:  Price is key, and making rapid adjustments as market data is available - including on an individual basis paying attention to how many showings a new listing receives in the first week - will help sellers stay on top of a quickly changing market.  Being prepared with pricing to include an offer of concessions in the form of rate buydowns will be key to getting a house sold.   

Featured Property:

Right now builders are offering the best incentives on purchasing that we’ve seen.  Many builders have in-house financing arms that can offer intrertst rate incentives in addition to other add-ons like landscaping (Camelot Homes) appliances (Pulte Homes) and other opportunities. 

 Blandford Homes is currently getting started on a new community called Talinn in the Desert Ridge area.  The location is a perfect blend of desert combined with proximity to restaurants, shopping and freeways.

Upcoming Events

The Holidays are nearly upon us and with that comes a plethora of outdoor events in the Scottsdale and Phoenix areas.

1. ZooLights at the Phoenix Zoo starts November 22nd
2. Christmas at the Princess at Scottsdale Princess Resort begins November 17th
3. Las Noches de las Luminarias at the Desert Botanical Garden begins November 24th