Aside from lifeguarding, life slows down in Arizona. It’s too hot to move at a fast pace. Many industries in the Phoenix area slow down. Restaurants are slower, hotels are offering staycation discounts to the locals stuck hanging in the valley, and it’s too hot to hold Open Houses. Granted there are the dedicated agents who go out on Saturday and Sunday and place their signs on street corners risking heat exhaustion.
We have started to see a housing recovery though a slow down of homes listed is likely in the summer months. Sellers will consider listing homes again in late August or early September and the batch of buyers who need to move their families in the summer are already doing so.
Home values have increase, rates have gone up some but a mortgage in the 4%s is still a great deal! I remember the summer of 2000 selling interest rates at 8.75%. Below is a historical graph of where mortgage rates have been in the last since 1992.
I would like to show appreciation by thanking those buyers, sellers and Realtors who push through the heat of the Valley’s summer. Please feel free to share a comment about how you beat the summer heat when working in our Phoenix market. Visit me at http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn. My email is Ingrid.email@example.com.