June is nearly upon us, and 2023 is almost half over! Where does the time go? As we enter what we laughingly call our “summer hibernation” period, don’t forget to venture out and brave the heat for some of our most beloved local events in of the summer, including the FH Sweet Corn Market and Fourth at the Fountain! And, of course, we honor our fathers and father figures in the month of June, for all the do or have done for us! Below are just a few things to mark on your calendar:
May 29 – Memorial Day
June 1 – National Say Something Nice Day
June 2 – National Doughnut Day (yum!)
June 3 – 10th Annual FH Sweet Corn Market (every Saturday thru July 1)
June 6 – D-Day Remembrance Day
June 14 – Happy Birthday U.S. Army!/National Flag Day
June 18 – Father’s Day
June 19 – Juneteenth
June 21 – National Arizona Day
June 21 – FIRST DAY OF SUMMER!
June 23 – National Take Your Dog to Work Day
July 4 – 4th at the Fountain
This market has been rough on both buyers and sellers. We seem to be singing the same song every month, but until there are substantial changes in the mortgage rate outlook, we see the rest of 2023 to be more of the same. Sellers are still reluctant to give up their lower-rate mortgages, and buyer activity is also impacted by the high mortgage rates – although intrepid buyers are still outnumbering sellers, which is providing support for marginally increasing prices.
We are coming to the end of our traditional peak spring season, as temps typically drive down a lot of buying activity. We could see some brief downward pressure on home prices as demand falls off slightly, but it should pick back up again in the October-December timeframe. We do not see home prices reaching the same levels as peak 2022, but we should close out 2023 with positive home value gains.
The real winners in this current market are the builders. Home builders often have to compete with a healthy inventory of existing homes to attract buyers. With so little existing inventory, those buyers who want/need a home now are turning to new construction. This situation is not isolated to Arizona or Maricopa County, with many other areas of the country facing dramatically low supply to meet buyer demand. In Maricopa, according to Cromford, 17 localities are currently in strong “seller” markets, with only two “balanced markets”.
Check back next month as we begin to assess the impacts of the expected summer slow-down, and by then we will also have better understanding of the impacts of the debt-ceiling standoff on mortgage rates and home values (if any).
Our expert team is ready to assist you to evaluate your home in this current market and to ensure that you realize the biggest return possible on your investment. Your success is our success, and we are dedicated to serving the Fountain Hills community. Give us a call to see how we can help! 480-315-1575
Until next time,