Phoenix-area home prices stay steady; data shows median sales price at $455,000
PHOENIX (AZFamily) — Buy a home now or wait? That’s the question some may have after waiting on the sidelines for the last couple years, hoping prices and mortgage rates would drop.
According to Bankrate, the current average rate for a 30-year fixed mortgage is 6.86%, which is up over the last week.
“Mortgage rates are bouncing. They’re all over the place. I mean, inner day, we’re seeing changes,” realtor Trevor Halpern, CEO of Halpern Residential, said.
Halpern said rates are very volatile right now, and it’s “hard to predict on a long term basis where mortgage interest rates are going to go.”
With economic uncertainty looming, Halpern said “buyer demand is still increasing, and the number of listings is still increasing whether that continues is to be determined based on what we’re seeing out there in the economy.”
MLS data shows more homes are on the market now than this time last year. In fact, MLS data shows there’s nearly 8,000 more active listings now than a year ago. In March, the Phoenix area saw nearly 25,000 active listings.
As for prices, the median sales price in the Phoenix area was $455,000 for March. That’s up $10,000 from a year ago.
“I think we’re in a position where prices are going to remain pretty flat. Maybe we’ll see him go up a little bit, maybe we’ll see them go down a little bit,” Halpern said.
If you are looking to buy this year, Halpern said you want to make sure you’re prepared and have all your ducks in a row.
“You want to be positioned really well. You want to know that if you are making a move in an environment where there’s some speculation, there’s a little uncertainty, you want to have a backstop,” he said. “You want to make sure that you’ve got reserves. You want to make sure that you’re not stepping into something that you can’t handle should the economy continue to be volatile.”
As for sellers, Halpern said you want to showcase your home well and be ready for showings.
“You have to say yes,” he said. “When people want to get in, you have to maintain your home, make your beds, do the dishes, get everything ready before you leave for the day, to make sure that your home is positioned really well when you do get that opportunity.”
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