FLAGSTAFF, AZ (3TV/CBS 5) — Interest rates are expected to fall slightly as we move into 2024, leaving many people wondering if now is finally the time to buy.Buying a home can be stressful, especially in places like Sedona, where there’s a shortage of houses and the median home sells for $1.3 million. There are also similar issues in Flagstaff and other places across the High Country. “We’ve got, on average, about 50% cash buyers in Sedona. The large majority of homes are over a million dollars.” Sedona realtor Carol Roehner said.Roehner said during the pandemic, a lot of people were buying homes in Sedona to turn into short-term rentals and housing prices were also increasing simultaneously. That crazy buying slowed down in 2022. So by the end of 2023, she said the sales volume was down 14% but sales price is up 3%.For 2024, they’re hoping to increase the number of buyers in Sedona. “We’re not anticipating any decline in prices in 2024,” Roehner said. “If anything I’d say they’d be stable or perhaps say a modest increase. We’re kind of …
See the full article on Arizona’s economic indicators, or, read more Arizona real estate investing news. Take your pick!
