Does the time to buy a home or real estate ever feel good? The answer is - not usually. 
Right now in August 2024, we face a number of challenges in the housing market. There’s fewer homes on the market caused by low inventory. Plus interest rates rose quite quickly over the past two years to nearly 8%.

A lot of Home Buyers respond by hitting the pause button. Well, if history has taught us anything, waiting to buy real estate has been a very poor strategy!

For example, in 1971 the interest rate was the same as it is today. Many people decided to wait until the interest rates dropped. If you’d have been one of those people, you wouldn’t have purchased until 1993.
You’d have rented for 22 years while you waited for rates to come down. In the meantime, house values quadrupled. So you can see why NOW is possibly the BEST TIME to buy a home and the key principle is ‘don’t wait to buy real estate; buy real estate and wait!

​If you or anyone you know is looking to Buy or Sell a home call or text me with their name and number. I promise to take good care of them. DONALD KEYS Selling Homes Since 2006 HomeSmart (602) 750-1744.

July represented the typical Summer for the real estate market in the metro Phoenix area. We have entered a Balanced Market with approximately a 3 month supply of listings on the market. Month-Over-Month we do find that in most areas measured, there was a slight downturn. The Average Days on market increased by two days to 58 days. 

Interest rates have DECREASED slightly bringing demand up due to homes being more affordable with a lower interest rate.  They bottomed out around 6.7% for the end of July and currently sit around 6.5% which is much lower than the peak we experienced in the last year of  nearly 8%.

The real estate market is different for each zip code and neighborhood. If you would like a more detailed report on what is going on in your area, feel free to reach out to me: DONALD KEYS Selling Homes Since 2006 HomeSmart (602) 750-1744 . I would be happy to answer all your real estate questions and give you a custom market update and home value based on the ever changing market conditions.