Is this a better time to sell or lease? This is a question that many a Dove Valley Ranch and Cave Creek Realtor are hearing the last six months. The rapid change in the real estate market, began last March, 2022 with the first of a series of interest rate hikes by the Federal Reserve, in an effort to curb inflation.
With a market that was red-hot, sellers were seeing multiple offers on the first day of listing, some with letters from prospective buyers hoping to woo sellers to their offer, detailing how they would be their family finest addition to the neighborhood.
As we enter the first week of January 2023, the resale home market in Cave Creek has cooled significantly. The average days to sell a home has gone from 3 to 103, leading some potential sellers to ponder whether it might be a better time to lease their home.
While their is no “one- answer-fits-all” reply, the truth is that homes in The Foothills area including North Scottsdale, Cave Creek, Dove Valley and Tatum Ranch have never seen higher lease rates, nor stronger demand. While interest rates, along with soaring home prices have put homeownership currently out of reach for many, the rental market continues to soar, and experts say it will not fade anytime soon. The lack of housing in the Valley and increased demand, was fueled by 58,000 new residents which move to Maricopa County last year.
While long-term unfurnished rentals remain in highest demand, many owners are taking advantage of the increased rental rates available by offering their homes fully furnished. While the typical furnished renter in our area is a retired seasonal “Snowbird” couple, other long term furnished rental prospects include families families who are relocating and building a new home in the area,, corporate relocations, and project managers and specialists for major local construction projects, such as those appearing along I-17.
Mike Corcoran has been selling and leasing homes in Dove Valley Ranch, Cave Creek and North Scottsdale since 1999. Call him today to discuss your selling and leasing options at 480-570-0404.