Happy Holidays!
It's hard to believe we're in the final days of 2023. A year of highs and lows in real estate — and a look ahead at what 2024 has in store for the Arizona market.
Hello! It’s hard to believe that we are in the final days of 2023. It’s been a year of highs and lows in real estate. The market slowed down significantly heading into the cooler months for Residential and Land. The Commercial market has a continued to steam ahead, mostly due to the limited amount of inventory available. The largest challenge for all Real Estate Classes is the financing as the lending climate is harder to navigate with higher rates and more stringent terms. I have amazing partners in the financial side that can help you if you are looking to make some moves next year.
The slow down has allowed buyers to get a grasp on what they can truly afford and sellers are having to adjust to longer days on the market. Despite the slow down, homeowners still have significant equity in their homes and those that were lucky to experience lower interest rates are staying in their homes longer, choosing to update the home in lieu of moving. If you are considering staying instead of moving and need some design tips or a list of contractors, I’d be happy to send you information or arrange a design consultation.
For 2024, they are predicting rates to drop into the 6% range. When they do, the market should start picking back up at a swifter pace. I am so grateful for all of your business and referrals. I truly love this career and being able to work with so many amazing families and companies in achieving their goals has been an honor. I look forward to what 2024 brings and wish you a joyful holiday season.
Cheers,
Lindsay
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