Business View Magazine - Sept 2023

PHOENI X REALTORS ® members, who are recognized as experts in their field. The association actively showcases its industry knowledge, market analysis, and community involvement, ensuring its expertise resonates far and wide. Navigating the Real Estate Roller Coaster Butch Leiber, the President of Phoenix REALTORS®, offers a seasoned perspective on the market’s fluctuations and the pivotal role of interest rates in the real estate industry. “Our market in the last year has been a roller coaster, and it’s entirely tied to the interest rates,” Leiber notes. He paints a vivid picture of the market’s ebb and flow, highlighting the direct correlation between interest rate shifts and buyer activity. “When interest rates go up, buyer activity drops off. When they drop down, activity picks up again,” he explains. Leiber recalls the frenetic pace of buyer activity when interest rates hovered in the high twos and low threes. However, as rates escalated to four, five, and even seven percent, a palpable decline in buyer enthusiasm was evident. “Between September last year through the end of the year, we had the fewest each week and set a record for the fewest number of new buyers in escrow than any time in the last ten years,” he shares. Yet, with the dawn of the new year, a resurgence in buyer activity was observed, a phenomenon Leiber attributes to buyers acclimating to the new interest rate landscape. Leiber is a staunch advocate for consumer education, recognizing the media’s penchant for sensationalism. He diligently crafts monthly market videos for his clients, aiming to provide a grounded perspective amidst the market’s tumult. “Consumer education is so important,” he reiterates, addressing the need to dispel myths and counteract sensationalist headlines. Leiber recalls a recent story predicting a major market crash akin to 2006, challenging its veracity with a simple question: “Show me the data that indicates that’s going to happen.” A Deep Dive into Market Dynamics and Member Support Transitioning from the fluctuating interest rates, the conversation with Leiber goes deeper into the specifics of the association and its unique positioning in the market. “Phoenix REALTORS® is an association in the Phoenix area. We’re part of three local associations, including the West and East Valley Association of REALTORS® and Scottsdale Association of REALTORS®,” Leiber explains. As a part of the National Association of REALTORS®, Phoenix REALTORS®’ primary mission is to support its members in achieving success in the ever-evolving real estate landscape. Leiber emphasizes the association’s commitment to equipping its members with the necessary tools and services to understand the market dynamics. “We provide access to some data tools, one of which is called FastStats. It tracks actual data of what’s happening in the market, such as