PHOENIX METRO AREA: January Market Update

January Market Update:

Happy New Year!! What a ride this past year has been. As I look back on 2023 and reflect, it was such a rollercoaster for both buyers and sellers!

The year started off slow as rates continued to climb, then rates dipped down slightly and we saw an increase in activity, then they were back up and the pressure was back on buyers. Now that the ride of 2023 is over, are we staying on the ride and going through the ups and downs again? Or will 2024 be a whole new ride?

It’s hard to predict, but if I were going to follow the industry experts I would be getting off the roller coaster and getting in line for a hot air balloon ride. Predictions are that we will continue to see interest rate reductions over the next 12-18 months which means an increase in buyer activity (the hot air slowly raising the balloon) and an increase in listings (the wind pushing the balloon). Will the lower interest rates get more sellers off the fence to list and give up their sub 4% loans? That’s what we don’t know and why we are not sure how fast and how far the balloon will go, but overall I see us floating into another seller’s market in 2024.

So jump on board and if you have been thinking about selling or purchasing a home, give me a call so I can navigate the best landing spot for you!