AZ Business Magazine | AZ Big Media
At the close of 2020, the Arizona real estate market continued to remain strong. Historically low mortgage rates kept buyers buying, meaning Arizona’s housing inventory was unable to keep up with demand. Representatives from the 2021 board of the Arizona Association of REALTORS share their predictions for 2021 as the seller’s market continues to flourish throughout the state of Arizona.
“If the housing inventory continues to stay as low as it has been, the market will continue to be strong well into 2021,” says Jan Leighton, Arizona Association of REALTORS president. “Unfortunately, this sudden boom has made it more challenging for first-time homebuyers, however, there may be more opportunities in the outskirts of their towns.”
According to Leighton, if mortgage rates remain low throughout the year, buyers will continue to buy which also sweetens the pot for both buyers and sellers as buyers will take advantage of rates to upgrade.