AriZona Real Estate insider!

Alright, buckle up for a simple quick rundown of what’s expected in Phoenix-Scottsdale-Mesa area housing scene in 2024. We’re talking about 9 big predictions that can affect how houses are bought and sold in the Valley of the Sun.

No Bubble Trouble:

Some folks think there’s a housing bubble in Phoenix. Nope, not happening, according to us. Prices might go up a bit, and mortgage rates might be higher, but it’s not a bubble.

Mortgage Rates Taking Their Time:

Expect mortgage rates to slowly drop to around 6%. No need to freak out about rates going above 8%. The government is planning to make some cuts, so it’s not about whether rates will fall, but how fast.

More Houses for Sale (Maybe):

Selling houses might pick up a bit. Right now, most homeowners have low mortgage rates, so they’re not in a rush to sell. But if rates drop a bit more, some might change their minds.

Home Prices Going Up a Little:

Home prices might grow by 1%-3%. It’s not a huge jump. Recent numbers show a small increase in house prices, but nothing crazy. As of recent The price of a typical Phoenix house rose 0.9 percent in October from a year ago, after inching up 0.6 percent from September following a 0.5 percent uptick from August, the Phoenix Business Journal reported, citing a report from CoreLogic.

New Houses Taking the Spotlight:

Builders are offering good deals on new houses. Warren Buffett even put a ton of money into it. So, if you’re looking for a deal and no hassle home fixing up, consider a brand-new home. There’s a reason why Warren Buffett invested $814 million into the homebuilding sector. Just as they did in 2023, buyers will get the best deals if they buy newly constructed homes in the valley of the sun.

Affording Homes Should Be Okay:

Don’t worry too much about affording a home. Prices won’t change much, and mortgage rates will drop a bit. So, it should be doable for most folks.

Government Needs to Focus on Homes:

The government needs to step in and help make homes more affordable. If they make things easier for builders, it can help everyone. They should cut down on fees too.

Foreclosures: Not a Huge Worry:

Just like back in 2008, we’re not facing a big crisis with foreclosures. Sure, there are a bit more happening now, but nothing close to the scary levels of before. It’s not something to lose sleep over. Personally, I wouldn’t mind a repeat of 2008—I snagged my first home then with zero down payment (used my commission as the down payment), and guess what? It’s tripled in value since. Cha-ching!

More Houses Sold, but Still Not Enough:

Sellers will have the upper hand in 2024 because more people want to buy homes. But don’t expect a huge jump in the number of houses sold.

Bottom line: It’s pretty much more of the same, just with a tad more homes available and sales by the end of 2024. Unfortunately, for first-time buyers who were already struggling to afford a home or scraping together a down payment, it’s still a tough game (in other words your screwed!). There aren’t a ton of homes up for grabs, and prices might not budge much—maybe even go up a bit. Get ready for some tough competition and be aware that big Wall Street players might outbid you with sweeter terms. If you’ve got the means, don’t hang around. Prices are already on the rise in certain Phoenix neighborhoods. Keep those eyes peeled for that perfect home!

Phoenix-Scottsdale-Mesa area Home Enthusiasts, listen up! 🏡✨ Dive into the dynamic real estate scene of 2024 and seize the potential rise in housing opportunities. The time to act is now! If you’ve been envisioning your ideal home, our seasoned team is ready to be your compass in the twists and turns of the Phoenix housing market. Whether it’s navigating mortgage rates or uncovering the gems in new constructions, consider us your go-to experts. Stay ahead of the game, claim your dream home, and take advantage of favorable terms. Reach out to me today, and together, let’s transform your homeownership dreams into a vibrant reality!