Sunny Forecast for the Phoenix Housing MarketPosted 07/20/2012
Phoenix-area new home sales have seen a steady climb in recent months. Building permits, new-home sales, rising prices all point positively to growth in Arizona’s biggest industry.
Money is being spent in the housing market and benefiting not only the industry, but the job market as well. Recently, The Arizona Republic reported that seven homebuilders have joined together to spend more than $50 million on home lots in Eastmark, a Mesa community project by DMB Associates, Inc.
Maracay Homes is proud to be one of those seven builders and our president, Andy Warren, shares why he had no hesitation to sign on due to our previous relationship with DMB. “Maracay built in DMB’s north Scottsdale DC Ranch community and Verrado,” Warren said. “It was an easy decision to sign on at Eastmark.”
Phoenix is expected to continue to see an improving real estate industry over the coming years. The number of new homes built in metro Phoenix is expected to nearly double in 2012 compared with 2011, to 14,000 with construction creating two to three jobs for every home built.
Warren said Phoenix is seeing a quicker transition to a healthy market due to investor demand clearing out the foreclosure backlog. The Phoenix housing market has been a bellwether for the rest of the nation and its housing market recovery.
There has been some question as to whether investors purchased too many homes during the crash, negatively affecting sales. According to Andy: “My hunch is there won’t be a glut of investor-owned homes that go on the market at once. My hunch is investors will moderate out the sale of their homes,” Warren said. “People get scared of investors because of the last round of those buyers from the boom. But these investors paid cash, and their homes won’t be foreclosed on.”
To see more of the Phoenix housing market discussion with Andy Warren and other local builders, check out this video.
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