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.
Navigating the Luxury Market with Expert Guidance
Luxury real estate is about more than just finding a residence, it's the search for a lifestyle; a statement of success! The luxury real estate market is its own ecosystem, requiring a higher level of expertise. The mindset of buyers and sellers in the luxury market is different from what you would find in moderately priced homes. A different standard of expectations exists in the luxury world and finding the sweet spot for clients takes a unique understanding of the market trends and thinking outside the box. When you make the decision to embark on a real estate journey, it is always best practice to use a licensed agent. These benefits are magnified tenfold when your journey takes place in the upper echelon of real estate. Marketing Marketing is key in the luxury market. To be clear, marketing is not posting a for sale sign and hosting open houses. Marketing a high-end property is complex and includes a detailed strategy for the property, giving the residence its own identity and brand. A qualified and experienced real estate team will use tools like professional photography, staging, advertising in luxury magazines and exclusive events to give your home the exposure it deserves. In the luxury market exclusivity is part of the allure of the property. Exclusivity Luxury homes reflect the individuality of their owners. Unique preferences and customizations are the cornerstone of the luxury market and what attracts buyers. Experienced agents know how to draw attention from qualified buyers to the key features of the property. Since all luxury homes meet certain standards, pointing out countertops and flooring is less important than highlighting a resort style backyard, custom interiors, or private helipads. Expertise Understanding the mindset and expectations of luxury buyers is one of the biggest advantages an experienced team can bring to the table. Compared to average homebuyers, those in the high end market have different goals when it comes to decisions about privacy, schools, amenities, community culture, and nearby attractions. Agents who specialize in the luxury market have a deeper understanding of these needs in addition to certifications and skills. Furthermore, agents with years of experience know value right when they walk through the door and will save you time previewing properties. Qualified luxury agents are dialed in to what their clients want and know how to find the home and lifestyle they desire. Network If you are searching for a luxury home in a popular market, an experienced real estate team can give you an advantage in locating properties. Not all agents have access to the same listings. Luxury teams, especially when supported by a strong brokerage, have highly reliable connections. These connections provide early access to listings as well as knowledge of off market listings. Luxury owners include high profile sellers who like to keep their home sales confidential. Having a vast network means you can find your dream home anywhere in the world, and isn’t that a luxury? Live Luxuriously You should be able to fully relax and rejuvenate your mind every time you step into your home. Luxury can come in many different forms, which is why we provide you with plenty of options to choose from. Each one of our luxury homes for sale in Arizona has unique qualities and amazing features that make them truly special. If you are considering the luxury market in Phoenix, The Bruske Team is here to assist. We are experts in luxury! We have the network, experience and commitment to give our clients the upper hand in a complex and quickly changing market. Get in touch today and we can make all your dreams come true!
Categories
Recent Posts
