Because rates are high, Patty LaBenske, a Realtor with the Sibbach Team, says more people are staying put and choosing not to sell or buy. MORE ⬇️
PHOENIX — The Federal Reserve paused interest rate hikes last week, but mortgage rates are still over 6%.
“We kind of just said, you know, it’s not going to get any better anytime soon so there’s no point in trying to wait it out for a better rate or home. If you find something you like, jump on it now,” Parker said. “It’s your investment. It’s going to appreciate,” LaBenske said. “At some point, interest rates will adjust and they will come down and buyers can refinance.”
In return, the average price of a home in the Valley is down $56,000 compared to this time last year, according to data from the Arizona Regional Multiple Listing Service.
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