“The price decrease has been skewed by these higher price homes seeing significantly less sales activity,” Palmer explained. Also, the median sales price in 85310 in March was $625,000, but by July dropped 15% to $540,000. Listings under contract have decreased by 33%, and showing requests have gone down 4.9%. Just from March to July, inventory in this part of town has increased 253%, Palmer notes.
PECOS VALLEY PRODUCTION ZIP
The city of Glendale’s ZIP codes aren’t homogeneous when it comes to sales trends or values, so take the city’s highest price point ZIP, 85310 on the north end, for instance. “So a lot of buyers got knocked out of the game because of interest rates.” Nobody wants to buy high, right?,” he said.
On Tuesday, Zillow showed an average 30-year fixed mortgage interest rate of 4.99%, and average refi rate of 4.89%.ĭata or no data, Palmer has seen a number of potential buyers, including in Glendale, staying on the sidelines for the most part. “If you’re looking to buy but are struggling with high home prices, keep an open mind and avoid the urge to take on a monthly payment that stretches your budget too tight,” the outlet reported. That helps buyers who have had a hard time getting into an inflated price market, but even with those lower rates, affordability remains an issue for many buyers. At the end of July, the average 30-year fixed rate dropped below 5% for the first time since early June. “It’s important for sellers to know, in that right now if there’s a reason to sell they need to do it sooner than later,” he advised the last week of July.īusiness Insider reported Tuesday that mortgage rates have been trending down over the past few days, with 30-year fixed rates dropping significantly. The market seems to be impacting profitability to sell high, and there’s a lot more inventory out there, Palmer is seeing. Whereas sellers have been driving the market the past couple years, through a combination of irresistible profit margins and low inventory, it’s now buyers having more of a say. The numbers showed that they couldn’t turn the house around and sell it at a profit they’d like to have because of the market’s appreciation. The way home prices are falling, however, the buyer was the one backing out. He had a buyer in town with a cash offer company and opportunity for a quick close. Ron Palmer, 72SOLD program director with West Valley Hague Partners, has sold real estate in Glendale for 19 years. Look no further than a recent case in the city. Sellers look to be on the side of caution, and opportunities for buyers may be growing. Twitter: the first time in quite a while, the residential real estate experience in Glendale has shifted.