By Shelley Sakala
Happy New Year North Phoenix neighbors! In my former life, I used to predict the weather at ABC 15 here in Phoenix. It’s a lot of “hot and sunny” but we do have the monsoon season, which is definitely trickier to predict. Predicting where storms may hit is much like predicting what will happen in the real estate market – not an exact science, but a thrilling journey through historical data and trends. So, grab your crystal ball, or in my case, a cup of coffee, and let’s delve into my predictions for the North Phoenix real estate market in 2024!
Picture this: the Federal Reserve might just be the puppet master in our real estate play this year, pulling strings with potential rate cuts. Word on the street is, we might witness up to six rate cuts in 2024. Brace yourselves because if that happens, we’re in for a real estate rollercoaster! Lower interest rates usually mean more bang for your buck, making homes more affordable for buyers. And, let me tell you, historically, that’s been the recipe for a market on fire.
I’ve got my money on the North Phoenix real estate market cranking up the heat, especially as we round the corner of the second quarter. With interest rates playing nice, buyers are likely to flood the market, eager to seize the opportunity of enhanced affordability. So, whether you’re donning the buyer’s hat or the seller’s cape, keep those eyes peeled on market dynamics as mid-2024 approaches – you might just catch a glimpse of your dream deal!
Now, let’s switch gears and talk about the unsung hero of our real estate saga – housing inventory. Phoenix has been doing a tightrope dance with a shortage of available homes, and it looks like that trend is here to stay in 2024.
Low inventory usually means a battleground for buyers, with multiple offers and bidding wars becoming the norm. Sellers, rejoice – this could be your time to shine like a shooting star in the real estate galaxy!
To sum it all up, my 2024 North Phoenix real estate predictions hinge on the Federal Reserve’s potential rate cuts and the ongoing saga of low housing inventory.
If the stars align with those six rate cuts and inventory remains snug, we could be witnessing a market ablaze with skyrocketing sales, multiple offers, and perhaps a few epic bidding wars.
But hey, real estate is a wild ride, and these predictions are like riding a storm – based on the current economic outlook.
Here’s to happy house hunting and a downright fantastic 2024 in the Phoenix real estate market – may your deals be sweet, and your homes be ever so dreamy! Cheers!
Shelley Sakala is a local realtor and owner of The Sakala Group Real Estate.
