Falling Interest Rates; Great for Buyers AND Sellers
The falling interest rates this year are great news for buyers and sellers. We love that we get to share this news and love what it will do for the real estate market here in the Valley. Interest Rates Fewer things affect the real estate market more than rising and falling interest rates. When interest rates are low, mortgages become more accessible and there is an increase of buyers into the market. Lower rates have a positive effect on home affordability and we see our buyers able to increase their target price range. On the flip side, rising interest rates mean higher mortgage payments and the market does slow down as buyers have to look for something more affordable to fit their target budget. With reduced borrowing power, buyers have to be careful when selecting their next home. One thing we know for sure, buyer behavior and market trends can be determined by what is happening with interest rates. What Buyers Will Love The two main struggles facing buyers today are high interest rates and low inventory. However, most experts offer a positive outlook for 2024. We can expect to see falling mortgage rates provide relief to the affordability issues buyers have been faced with. In addition, an increase in supply should help home prices to stabilize. New home construction continues to grow adding more options to the market and with the economy cooling down, the predictions for what the Fed will do suggests good news for 2024. Buyers do not need to be afraid, there is still a great chance for success especially with an experienced agent. What Sellers Will Love Sellers stand to benefit from the low inventory in the current market. However, sellers are challenged because they will need to find a place to go once they’ve sold their current home. That means buying something in the current market with a higher interest rate. The majority of homeowners with a mortgage have a rate below 6%, some even as low as below 3%. While many potential sellers are staying put for now, 2024 shows promise that this may be the year homeowners grow tired of waiting it out. As we start to see interest rates fall, homeowners will have a hard time resisting the urge to tap into the equity they have gained on their home over the past few years thanks to the double digit home appreciation we have experienced. Sellers have the opportunity to hit the sweet spot as demand increases in the spring and inventory is still low, making every new home on the market extremely desirable. Let's Talk If you are on the search for your next dream home, The Bruske Team has the network and experience to show you all the best properties (even some off market) that the Valley has to offer. Sellers can rest assured as well, we guarantee we can find you the right buyer who will love your property and allow you to move on to your next great adventure. We know you will love working with us, and we can’t wait to get started! Contact us today.
Retreat into Paradise Valley Luxury at 6521 E Via Los Caballos
One of the best parts of our job is going inside unique and luxurious properties in exclusive neighborhoods throughout the Valley. Paradise Valley is one of the best places to live and ranks high nationally as a desirable location for the most affluent and discerning buyers. The Bruske Team invites you to come peek into a one-of-a-kind tranquil retreat right here in Paradise Valley. Luxury in the Details The current owners redesigned their home in 2021 with an extreme attention to detail. As they completely remodeled the residence, careful attention was paid to even the smallest detail, creating a carefully curated a luxury home. The home excludes a warm Spanish Colonial feel with lots of space and light offering a modern vibe as well. Cozy fireplaces and barrel-vaulted ceilings show off some of the unique features. The outdoor space only adds to the retreat-like feel and stunning views of Paradise Valley. There is so much about this home that can’t be missed! Party Time An entertainer's dream comes true with a true chef’s kitchen and caterer’s pantry. Cooking and food prep never looked so good! The kitchen features Miele appliances including a double oven and induction cooktop, 2 dishwashers and Julian sinks. One of the Julian sinks features a Grohe Blue faucet providing instant filtered chill still and sparkling water. And the breakfast nook is stunning! Daily Luxury Convenience and quality are offered by an amazing 3-bay garage featuring tons of storage and a built-in workbench, including a sink and sufficient power for an electric car charger. Laundry won’t be a hassle with two laundry areas, one featuring Speed Queen Commercial appliances and a Miele washer/dryer in the primary bedroom. There is even a basement for more storage or the opportunity for a wine cellar. You will not be disappointed with Andersen E Windows and Solid Core Wood Doors by Sonoran Doors. Plus, you can rest easy with Honeywell home security, nine security cameras, and a built-in Fort Knox gun safe. Outdoor Entertaining The outdoor space offers endless opportunities. Currently, the home features a rooftop deck with stunning 360-degree mountain views and an array of seating areas to enjoy the desert skies and beautiful weather. Cozy up next to the gas fireplace or fire up the Delta Heat stainless gas grill and truly enjoy indoor/outdoor living. If you are dreaming of a guest house, resort-style pool, private gym, or pickleball court this property has exactly what you need. The space is perfect, and plumbing and electrical have been laid already. Dream big and get started creating your own outdoor paradise! Let Us Show You Around Are you ready to move into your own Paradise Valley retreat? We can’t wait to show you this home and make another dream come true. Get in touch today and we can make all your dreams come true!
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