10601 North Hayden Road, Suite I-100
Scottsdale, AZ 85260
Steffy Hristova's Blog
October2023 Real Estate Market Update - Phoenix Metro Area
Posted On: October 31st, 2023 5:44PM
The world of real estate is always evolving, and it's essential to stay informed about what's happening in the market.
As your Trusted Advisor, I am here with October's market update and valuable insights into the latest developments that may affect your real estate journey.
You may have seen news stories about challenges the National Association of Realtors is currently facing. It's important to know that these issues primarily impact the industry rather than consumers. Over the last few years we have seen changes that have increased transparency for consumers, and you'll continue to see consumer friendly changes in the industry.
One significant change in the real estate market is the continuing rise of mortgage interest rates, which haven't been this high in over 20 years. 8% mortgage rates impact affordability for homebuyers and this has dropped buyer activity. This in turn impacts sellers who want to sell their homes. It's crucial to remember that there are effective strategies for buying and selling in today's market and I am here to guide you through them. Please watch the video for more information on other news in the industry.
