I have been reading headlines referring to the slowdown of the real estate market in Scottsdale and surrounding Phoenix area. I wrote another article about the downturn of the Scottsdale real estate market. It is actually affecting most of the nation. The party is certainly over.
First off, most buyers have made their purchasing decision within the past 5 years when interest rates were at record lows. I personally believe these low interest rates will cause buyers to remain in their homes longer than usual because it will be difficult to give up those low rates unless they absolutely have to move because of a job change, growing family, downsizing, divorce, etc. This will affect the real estate industry years down the road.
There is always a…
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