By Mike Sunnucks | Rose Law Group Reporter
The stock market has been a wild ride with big ups and down for the Dow Jones Industrial Average, S&P and Nasdaq.
But regional real estate expert Jim Belfiore said Wall Street’s mood swings aren’t necessarily playing into many home buyers’ decisions.
“I think it impacts upper level price points but not necessarily the masses,” said Belfiore, who is president of Belfiore Real Estate Consulting.
Belfiore said entry level and other home buyers are more interested mortgage interest rates, their own job security and monthly payments more than stock market fluctuations.
“If they feel stable in their job then I think they are going to go into the marketplace,” Belfiore said.
The Phoenix housing market has had a strong summer after a slower start to 2019. Entry level and first move up submarkets in the West Valley, south Phoenix and Pinal County have performed well.
Belfiore said the Phoenix region still has plenty of potential buyers who are renting as well as rebuilding credit after the last recession and real estate crash.
“We still have a lot of people who have been displaced from their homes during and post-recession,” Belfiore said.