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.
Around Phoenix and Scottsdale, January 2024
January is a time for setting goals, creating budgets, setting up action plans and strategizing to achieve more success than ever before. The to-do lists and calendars are out and filling up fast, and the year looks bright! There is no time like the present and this brilliant New Year has so much to offer, especially here in the Valley of the Sun. The opportunities to enjoy life and soak up all the luxury AZ has to offer are endless. The Bruske Team is set to achieve great things this year and as we fill out our calendars, we are excited to include unmatched events happening right here in the Valley. We invite you to join in! Barrett Jackson: January 20th thru January 28th Known as the World’s Greatest Car Collectors Auction, car enthusiasts have been traveling to Scottsdale for over 50 years to attend Barret-Jackson. Held at Westworld in North Scottsdale this is an amazing event where the world’s most sought-after, unique and valuable automobiles cross the block in front of a global audience. If you have never experienced a world-class automotive lifestyle event, this is your chance. Details inducing schedules and ticket information can be found on the Barret-Jackson website. Waste Management Phoenix Open: February 5th thru February 11th “The Greatest Show on Grass” has legendary status. No other stop on the PGA tour combines great golf with great weather, electric atmosphere, outstanding entertainment and luxury. This is a must see! There are so many ways to experience the iconic events at the Phoenix Open. Plan to check out the famed 16th hole coliseum, pack your green for Saturday’s “green out”, and get ready to party with the best in the Coors Light Bird’s Nest. However you chose to join in on all this event offers, you will soon discover why the Waste Management Phoenix Open is considered the People’s Open. Visit the official website here. Cactus League Spring Training Baseball in Arizona is for more than just the die-hard fans. Gorgeous stadiums, beautiful weather, and fun entertainment lend themselves to anyone who loves sunshine and good times. For real baseball fans, spring training is an opportunity to see baseball in a unique way. With 15 teams across ten stadiums, fans are given the opportunity to see all their favorite players up close and even round the bases after the games. With opportunities to see all-stars and amazing baseball while picnicking on the outfield grass and enjoying the Scottsdale nightlife after the games, this is an experience your family and friends will not soon forget. Get tickets and plan your spring training experience today. See You There! The Bruske Team looks forward to seeing you at some of the best events this year. We would love to show you around our home town. There are so many amazing neighborhoods to see. If you are ready to “live on vacation,” we can find you the perfect home right here in the Valley where you can enjoy luxury every day. Contact us today, and let’s start living our best lives!
The Out of State Buyer Market is HOT. Here's What They're Looking For
It's no secret that Arizona is a great place to live, and the Valley is the place to be. Migration to Arizona has been taking place over the past few years and the benefits to living in Arizona are endless. Whether it’s cost of living, less traffic, employment opportunities or the amazing landscape and climate, Arizona tops the list for desired places to move. This is good news for Valley residents looking to sell their homes, especially in the luxury market. Knowing that potential buyers are coming to AZ seeking a certain lifestyle is half the story. Understanding what these buyers are looking for is the key to true success in the real estate market. Potential buyers are arriving in your neighborhoods, and here is what grabs their attention. Outdoor Space The allure of living in Arizona is the ability to be outdoors. Home buyers are looking for well-designed yards or open land that can be transformed into comfortable outdoor living space. A luxury home that can boast indoor/outdoor living and entertaining is very desirable and can gain a buyer’s attention. Fireplaces, water features, pools, outdoor TVs, sprawling gardens, sports courts, and outdoor kitchens are high on wish lists when viewing homes in the Valley of the Sun. Outdoor areas offer more space to entertain and expand a family’s living space. Eating outdoors while enjoying the desert sunset is something homeowners desire to experience and everyone loves to picture drinks on the patio with old friends. Pools Speaking of outdoors, an outdoor living space is not complete without a pool. During the pandemic we saw a historic increase in pool demand. With travel restrictions, people opted to turn their backyards into mini resorts. The demand for pools drove an already costly endeavor even higher and wait times for pools significantly increased. Currently, it remains true that a house with a pool is more desirable than the ability to build a pool. Buyers will choose a home with a pool rather than opt for the cost and headache of building a new one. Even your old, outdated pool could be a goldmine. Guest Suites When you live somewhere as beautiful as Arizona, you have to be ready for visitors. Buyers are looking for a place for winter guests and holiday or even everyday visitors to stay including a bedroom with its own full bathroom. Homes with a guest room, guest suite or large open space that can be converted are extremely desirable in this market. Open Floor Plans The biggest deal breaker for home buyers is a non-functional kitchen. Current buyers like an open concept kitchen and family living space. The modern family functions well when living and eating spaces are blended and families can share more space during the busy, active days living in AZ. Flexible spaces allow for more than just eating; homework, crafting and family game night can all be held in the open space a flexible floor plan can provide Home Office With more people working from home, having a designated distraction free workspace is a huge attraction to potential buyers. Simply adding a desk and office chair to a spare bedroom can encourage buyers to sign on the dotted line. Storage Growing families and a lifestyle of luxury requires storage. Not only does a garage house our cars, but it stores sports equipment, bicycles, scooters, and maybe even a golf cart or recreational vehicle. Sellers should be sure to clear out a space that a potential buyer can envision for all these fun toys. Is it Time to Sell? If you are serious about selling your home, The Bruske Team is ready to find the perfect buyer. We have the resources and experience to market your home in a way like no other. In addition, we bring an extensive network in the Engel and Volkers family. Your home will be seen nationwide and internationally giving you the best chance for success.
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