Industry Update – DecemberPosted 12/09/2015
It’s hard to believe its been more than seven years since the Great Recession shocked our economy. And, while many are still recovering from its effects, the Valley’s economy has risen above the ashes and continues to improve every day, with the housing market leading the way.
In fact, Phoenix’s housing market is expected to get even healthier in the coming year. KPHO/KTVK recently reported Realtor.com Chief Economist Jonathan Smoke believes Phoenix is going to be among the nation’s more promising housing markets in 2016. Smoke is predicting a 20 percent jump in Valley home sales, and a significant increase in home values as well.
While the national forecast for home appreciation next year is about 3 percent, the Phoenix area should see home values rise around 9.5 percent, according to Smoke.
So, why are expectations so high for the Valley’s housing market? It’s simple. Inventory of re-sale homes is still low, leaving an increasing number of buyers with fewer options, which will ultimately drive up home values. The situation isn’t expected to change anytime soon, Valley real estate expert Susan Nicholson told KPHO/KTVK.
For those who are wary of another housing bubble, promising data shows owner-occupant buyers are fueling much of this growth, signaling sustainability.
Realtor.com expects the rise in home sales should also improve the Valley’s economy by providing more jobs. In the meantime, homebuyers are encouraged to purchase that new home sooner rather than later to lock in the most favorable pricing, said Smoke.
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