Interest rates expected to decrease

YUMA, Ariz. (KYMA, KECY) - Some Arizona realtors are optimistic about a potential decrease in interest rates that could be as much as one to two percent lower than they were just 90 days ago, making the rate around six percent.

“For 2024 we expect the Yuma real estate market to stay strong based on the projected decrease of the interest rates hopefully around the second quarter maybe a little bit later but definitely going to stay strong,” said Mike Porter, 2024 President of Yuma Association of Realtors.

Meanwhile, Shelley Ostrowski is the 2024 Arizona Association of Realtors President and she predicts this year more buyers will jump back into the market.

Ostrowski describes what a lower interest rate means locally.

“Even though our inventory is low it does make it affordable and it’s a very attractive place to live we’re close to California but we’re close to Phoenix,” said Ostrowski.

The decrease in interest rates is expected sometime close to the summer months.

However, the market for people trying to rent homes or apartments should remain fairly steady according to both presidents.

“Until our inventory rises until there’s more affordable housing for everyone the rental market should stay pretty strong as well, people need a place to live and what we want is to see people buying homes getting into homes and having that you know equity in something but  those that can’t yet they’re going to need a rental," said Ostrowski.

Porter describes how the current market is for all rentals in Yuma.

“Our rental inventory has been short for a good long time we put something for rent on the market and we get tons of applications,” said Porter.