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How interest rate hikes have cooled Phoenix's red-hot housing market

Published: Monday, September 19, 2022 - 11:29am
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Tara Keator
Camille Hartmetz

Camille Hartmetz is a realtor with HomeSmart Elite Group. She mostly sells homes in the popular Coronado neighborhood in central Phoenix, and she has gotten good at adapting to a rapidly changing housing market here in recent years.

It wasn’t so long ago that the Valley housing market was gangbusters  — we were hearing stories of bidding wars, waived appraisals and hot competition to buy ever-more-expensive homes here.

But now, as the Federal Reserve has hiked interest rates for buyers multiple times, that’s all changed.

Buyer demand has gone down, houses are sitting for longer and sellers are having to get creative.

With another rate hike expected this week, The Show spoke with Hartmetz to learn about what it’s been like.

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