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Arizona living has a lot to recommend it.
Sun, sight and delicious food are all on offer in the Copper State.
GOBankingRates spoke to real estate experts about a few Arizonahousing marketsmight be heading downhill and fast.
Lets dive intowhich spots might see their housing values take a tumblebefore we ring in 2025.
But according to Chad Breeden fromSentry Real Estate, this party might be coming to an end.
In other words, Phoenix might be in for a reality check hotter than its infamous summer temperatures.
And its not just Phoenix proper.
The burbs are feeling the heat too.
Home prices here have skyrocketed well above what locals can afford.
Looks like some folks might be left holding the bag or in this case, an overpriced stucco house.
Tucson: No Longer the Affordable Oasis?
Tucson has long been the chill little brother to Phoenixs party animal persona.
But even this laid-back market might be in for a rude awakening.
With more homes on the market and fewer buyers, prices are set to drop.
Scottsdale: Luxury Living on Shaky Ground
Ah, Scottsdale.
The land offancy golf courses, high-end shopping and expensive homes.
But even this bougie paradise isnt immune to market forces.
But this high-altitude haven might be in for a low blow.
Flagstaff, Arizona, relies a lot ontourists and second-home buyers, Breeden explained.
But with rising costs and higher interest rates, fewer people are buying here.
This could cause home values to dip as we move through 2024.
Looks like those mountain views might come with a valley-sized drop in home values.
Mesa, Arizona, is dealing with way too many new homes andnot enough buyers.
I believe this could lead to a sharp drop in home values.
If demand doesnt pick up soon, we could see prices fall faster than expected, Breeden said.
Its like Mesa threw ahuge house partybut forgot to send out the invitations.
If youre looking to buy in Arizona, patience might just be your best friend.
If youre planning to retire in Arizona, patience will pay off.
These markets are showing signs of trouble, and home prices could drop significantly by the end of 2024.
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