Saturday, January 28, 2023 / by Rosie Carroll
What does this mean for the buyers? Well, Yavapai County is still at a record low for inventory...meaning there isn't much of a selection to begin with...Prescott is at a record low of 300's count.
When interest rates drop, it makes it more affordable for buyers to purchase a home. This leads to an increase in demand for properties, as more buyers are able to qualify for mortgages. However, if there is not a sufficient supply of properties listed for sale, it can add to the shortage of available homes for buyers.
This can result in bidding wars and higher home prices. Additionally, low interest rates can also lead to a rise in home values, making it more expensive for buyers to purchase a home. So, when the interest rate drops, it's a good time to put your house on the market as there will be more buyers in the market looking for properties.
If you are able to find a property meeting 'most' of your wants and needs, NOW is a great time to buy!