What do the election results mean for the Phoenix Real Estate Market?

Post-Election Arizona Real Estate Market Update

The Arizona real estate market remains stable following the recent elections, as explained by John Gluch, team leader of the Gluch Group. Here are the key takeaways:

Interest Rates:
Despite much speculation, interest rates have seen little movement. John points out that elections and Federal Reserve rate changes often don’t significantly impact rates, making them notoriously difficult to predict. His advice to buyers: make decisions based on current rates and consider refinancing if rates drop later.

Market Conditions:
The Cromford Market Index, a key indicator of market trends, shows slight downward pressure on pricing, particularly in areas like Buckeye and Queen Creek. However, this is far from the crash-level declines seen in 2008. Overall, the market is leveling off, with stable prices expected in the coming year.

Active Listings:
After a slow 2023, inventory has returned to normal levels. Seasonal trends are evident, with listings decreasing as the year ends. Unlike the oversupply seen during the 2008 crash, the current inventory levels indicate a healthy, balanced market.

Advice for Buyers and Sellers:
Buyers: Focus on finding a home that suits your needs now rather than waiting for unpredictable rate changes.
Sellers: Market conditions are stable, so let personal circumstances guide your decision to sell.

In short, John emphasizes that life, not market speculation, should drive your real estate decisions. If you’re curious about your local market or need help buying or selling, his team is ready to assist.

Happy holidays from the Gluch Group!