If you've purchased a home, you've heard the saying "location, location, location" more than a couple times. The area you choose to call home will determine the amount of house you can get for your
Phoenix Housing Market Continuing To Climb
New data released from Arizona State University this week shows that the real estate market in Phoenix is continuing to climb. A combination of low supply and rising demand is pushing housing prices up, and although the summer heat traditionally has pushed our market into a lull, experts are predicting a stronger than usual sales cycle in 2015.
Millennials are starting to pay more attention to real estate and the number of Buyers in their lower 30's and late 20's is climbing. Additionally, the number of boomerang buyers (those that had a short sale or foreclosure but have repaired their credit enough to get a new home loan) are increasing as well. This is expected to increase through 2015 and really infiltrate the market in 2016 and 2017. Both of these demographics have helped the Phoenix rental market boom over the last few years, but as more time passes and those renters turn into Buyers, the expected rise in demand could quickly push our home values much higher. When there is a low supply of homes for sale, which we have now, even a slight increase in demand can do incredible things for a housing market.
If you are on the fence about Buying or Selling your Phoenix home this year, click the picture below and take a look at current pricing (or click HERE). It's always worth looking into prices ahead of time to know what situation you are getting into or if a home purchase is affordable for you at this time. Need to discuss your finances with a lender? Click the "Finance" link at the top or click HERE to quickly get information regarding a preapproval for a home loan.
Eric Tont’s true passion is real estate, although he holds a degree in Industrial Engineering from The Ohio State University. Working in engineering for a few years, Eric decided to switch direction....