Despite higher levels of inventory and raising interest rates, the cost of housing in the Greater Phoenix area has only just recently reached the national average. It is still a great time to buy a home in the Phoenix real estate market. The recent lull and dip in the market are just a minor correction caused solely by the highest and fastest interest rate increase in recorded history. This correction is not caused by irresponsible lending practices or a massive excess of homes for sale like in 2008. In the last 50 years there have been 5 other interest rate increases similar to what we are seeing in today’s market. Each of those interest rate events had a raise, peak and decline. The point to which those rates decreased was always back to the point where the rate increase started and always within 2 to 3 years. What this means is, that if history were to repeat itself, buying a home now, should provide an opportunity for lower interest refinance in the future. In the meantime, the agents at Talbot Team will help you weather the storm with tricks like permanent interest rate buy-downs and community revitalization grants. It also means that you will still enjoy value appreciation on your home, it will just not be as significant as it had been, not so long ago. There is always a lot of talk about how buying real estate is the biggest investment most people ever make. Whereas that is often true, don't let that kind of talk intimidate you, the members of Talbot Team make the process easy and stress free.