PHOENIX – Real estate is the top industry in Arizona— more than manufacturing, healthcare and tourism.
It’s been a rough three years for Arizona real estate. Prices are down nearly seven to eight percent since the peak in July 2022. So will things bounce back in 2026, or will it be more of the same?
Local perspective:
The Desert Ridge Improv is the site of today’s housing market forum.
Arizona real estate is no joke and has been lagging lately, but things may finally be looking up.
That’s one reason Phil Sexton, a real estate agent, is smiling.
“The problem with me is I’ve been optimistic every year,” Sexton said. “And the fact that I’m continuing to be optimistic, I think that we’ve had a rough. I don’t see this getting worse. I actually see it getting better and that gives me hope.”
Dig deeper:
This get-together isn’t only for agents; property managers are here too to learn what they can.
Rachel Nally, a property manager with USA Realty, said renters have a lot of leverage these days.
“I tell my owner, I manage that they’re not gonna get the same amount of money,” Nally said. “They’re gonna need to update the property and put some money into their properties.”
This forum touches on market trends, home sales, mortgage rates, and more, backed up by the latest data.
Big picture view:
Tina Tamboer, a senior housing analyst with Cromford Report, is one of the top speakers.
“The goal of the event is make sure professionals walk away with very good advice for both of their buyers and their sellers back by data and seasonality and knowledge confidence,” Tamboer said.
The big takeaways: interest rates are anyone’s guess, rents are dipping, and sellers may want to wait until spring.
What you can do:
But if you’re looking to buy, don’t wait.
“Right now, right now we are seeing great concessions for great. Repair request be granted and we were able to negotiate price,” Sexton said. “I think that it’s only gonna get busier to spring.”
The government shutdown is impacting the real estate industry somewhat, mainly because many federal analysts are off the job, restricting data. However, home loans are still going through with Fannie Mae and Freddie Mac, since those agencies are self-funded.
The Source: This information was provided by a property manager with USA Realty, a senior housing analyst with Cromford Report, and a local real estate agent.