Leaders from Arizona REALTORS® shared an optimistic outlook for the 2024 real estate market in Arizona, with declining lending rates expected to drive homebuying activity.
Shelley Ostrowski, 2024 president of Arizona REALTORS® and broker at Realty ONE Group Gateway in Yuma, predicted a decline in interest rates that will bring buyers back to the market.
“I see more buyers coming back into the market as interest rates begin to settle,” Ostrowski said in a press release. “The housing market will remain strong in 2024, emphasizing the importance of clear communication and why buyers and sellers are best trusted to use a Realtor.”
Sindy Ready, 2024 president-elect of the association and associate broker for RE/MAX Excalibur in Scottsdale, also predicted that interest rates would ease this year: “While inventory might be lower than usual at this time, interest rates are speculated to decrease by the end of the second quarter to a historically normal rate of 6% to 6.5%, which will bring more buyers into the market.”
Ready also posited that while low inventory put a strain on the Arizona market in 2023, housing experts predict a “silver tsunami” of inventory to hit the market as baby boomers downsize to the homes they plan to retire in.
“Many baby boomers in today’s housing market are rightsizing as opposed to downsizing, meaning they are searching for a different floor plan or a level property that accommodates their lifestyle,” Ready said. “This means simplifying backyard maintenance and introducing trendy new features to the home such as an outdoor kitchen, fire pit and seating area.”
Meanwhile, Lisa Paffrath, 2024 vice president of Arizona REALTORS® and broker/owner of Better Homes and Gardens Real Estate Grand View North in Flagstaff and Williams, advised buyers and sellers to be aware of housing scams this year, recommending that homeowners set up search alerts that will notify them when online activity containing their address has been detected.
“As Realtors, we remain vigilant in bringing attention to any emerging and innovative scams that homeowners might come into contact with,” Paffrath said. “These potential housing scams stress the significance of relying on a trusted Realtor when you are buying or selling a home today.”