A high and mighty look at the Phoenix Real Estate Market as we head into the 4th quarter of 2015. This time of year, the market tends to slow down and the trends we are seeing indicate that this year will follow suit. Inventory is rising, which tends to shift the advantage from the sellers towards the buyers, which many buyers will welcome. Prices are stable, and may trend down slightly as seasonal inventory increases shift (to some degree) the advantage to the buyers.
New rules have been implemented with the latest installment of mortgage reform legislation. Look for longer escrow times as TRID – TILA-RESPA Integrated Disclosure – changes go into effect. Essentially the closing process is changing to offer more information to consumers when they get a loan to purchase a home. The changes affect many aspects of the closing process so longer escrow times – at least until everyone is comfortable with the new process – will be common place.