YUMA, Ariz. (KYMA, KECY) – Some Arizona real estate agents are optimistic that interest rates could be as much as 1 to 2 percentage points lower than they were just 90 days ago, reaching around 6 percent. There are also real estate agents.

“We expect the Yuma real estate market to remain strong in 2024 based on expected interest rate declines,” said Mike Porter, 2024 president of the Yuma Association. “Maybe, but it's definitely going to remain strong.” Real estate agent.

Meanwhile, Sherry Ostrovsky, 2024 president of the Arizona Association of Realtors, predicts more buyers will jump back into the market this year.

Ostrovsky explains what low interest rates mean locally.

“Even if inventory is low, it's affordable and it's a very attractive place to live, close to California but also close to Phoenix,” Ostrovsky said.

Interest rates are expected to fall closer to summer.

But the presidents say the market for people looking to rent homes and apartments should remain fairly stable.

“Until inventory increases and everyone has more affordable housing, the rental market should remain pretty strong as well. People need a place to live. “What we have to do is get people who have bought a home to come in and see how something is fair. For those who can't do it yet, they're going to have to rent,” Ostrovsky said.

Porter will discuss the current status of all rental markets in Yuma.

“Our rental inventory has been low for a long time, and when we put the rental product on the market, we're getting a lot of applications,” Porter said.