After a year marked by challenges stemming from record-high interest rates and limited inventory, the Arizona Association of Realtors says the Grand Canyon State's housing market is characterized by steady growth that benefits both buyers and sellers. I am optimistic that it will be a promising year for Japan.
Sherry Ostrowsky, 2024 Arizona Association of Realtors President and designated broker at Realty One Group Gateway in Yuma, said lower interest rates are bringing more buyers back to the market looking for their dream home. I predict it will come.
“As interest rates start to settle down, I think more buyers will come back into the market,” Ostrovsky said. “The housing market is expected to remain strong in 2024, highlighting the importance of clear communication and why buyers and sellers are most trusted to use (real estate agents).”
Cindy Reddy, 2024 incoming president of Arizona Realtors and an associate broker at RE/MAX Excalibur in Scottsdale, also expects interest rates to fall and market activity to increase as 2024 progresses. .
“As the weather gets hotter in Arizona, the market will get hotter,” Reddy said. “Although inventory may be lower than normal at the moment, interest rates are estimated to fall from the historically normal 6% to 6.5% by the end of the second quarter, which will bring more buyers into the market. It will happen.”
Reddy also pointed to the valley's tight housing inventory over the past year. This is influenced by several different factors, including the increased relocation of technology factories to the state and homeowners choosing to continue living on their current properties. Their interest rates are low and many of them are baby boomers.
And while the impact of an aging population on the real estate market has many housing experts predicting a “silver tsunami” characterized by downsizing baby boomers in 2024, Reddy said this is unlikely. He points out some of the important details noticed on the ground that could prevent this. shift.
“Many baby boomers in today's housing market are right-sizing rather than downsizing, which means they are looking for different floor plans and flat properties that fit their lifestyle. There are,” Reddy said. “This means simplifying backyard maintenance and introducing trendy new features to your home like outdoor kitchens, fire pits, and seating areas.”
Despite the current inventory squeeze, Reddy is optimistic about the housing market in 2024 as interest rates fall and more first-time Millennial and Gen Z homebuyers can enter the market. I expect it to become something.
Similarly, Arizona Realtors 2024 Treasurer Shane Cook of eXp Realty in Gilbert expects a pullback in interest rates to stimulate the market and tip it slightly toward sellers.
“We expect interest rates to retreat to some extent, which will further increase buyer demand,” Cook said. “The current lack of stock could mean a potential impact on the market that remains favorable to sellers.”
The Valley continues to be in the spotlight as a hot real estate market and as a destination for this year's top events, including the 2024 NCAA March Madness Tournament, Waste Management Phoenix Open Golf Tournament and other notable events, says Lisa Paffras he said. He is the 2024 First Vice President of Arizona Realtors and the broker and owner of Better Homes and Gardens Real Estate Grand View North in Flagstaff and Williams. We advise potential buyers and sellers to remain vigilant before potential housing fraud escalates.
“(As real estate agents) we remain vigilant to be on the lookout for new and innovative scams that homeowners may be exposed to,” Pakhras said. “These potential housing scams highlight the importance of relying on a trusted (real estate agent) when buying or selling a home today.”
To protect himself and his property from the threat of fraud, Pakhrus regularly searches for his address and sets up search alerts to notify him when online activity involving his address is detected. We recommend proactively monitoring for early warning signs.
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