Is our market going to crash? I get this question almost every day, and my answer is a hard no. The demand for real estate in our Phoenix market is unheard of, and besides that, there are four good reasons why our market is still strong:
1. Multiple offers. Even after 16 months of a competitive market, we still see multiple-offer situations, so demand is not letting up.
2. Low inventory. This goes back to supply and demand. We have a very small supply of homes and a huge demand from buyers.
3. Job creation. There are cranes and new manufacturing plants everywhere you look in Phoenix. Another 150,000 homes are supposed to be built in the north Phoenix valley soon.
4. Price appreciation. Homes increased in value by 32% last year. There is a lot of equity in the market, and it shows no signs of slowing down.
If you have any questions about the market or just want to chat, give me a call at (602) 942-7000. I’d love to hear from you.
