There’s plenty of noise out there about our current real estate market. So today we wanted to cut through it and share what’s truly happening in our local market.
The good news is that we’re still seeing a very healthy market overall. The market continues to favor sellers, but it’s beginning to slow down somewhat. The end of March and early April was the peak of the multiple offers and bidding war chaos. That’s still happening, but not as much as it was before.
Interest rates remain low, and we anticipate they’ll stay that way through this year and hopefully into the next. However, with the way the world is these days, you never know what changes may happen. The top five real estate economists have predicted that within the next five years, we should see a gradual downturn in appreciation. We predict to see somewhere in the mid-fours and upper-threes within the next five years. In my opinion, that’s great news because the housing market is stable. You should also know that mortgage payments are very affordable compared to rents in this market.
Additionally, we have an array of people moving here because of the large companies coming here to the East Valley. There’s a new Facebook data center, Apple, Gateway, the Legacy sports complex, and more. They’re bringing more jobs, which brings more people. I think we’ll continue to see an excellent market in Phoenix.
“We’re still seeing a very healthy market overall.”
If you’ve considered buying a second property, a slew of people are sitting on quite a bit of equity today, which is money just sitting there not working for you. The investment market is very strong at the moment; we’re undersupplied on rentals.
We’re here every day working hard and ensuring we’re keeping up with the latest technologies and tools to best serve you. We appreciate your continued support and referrals; they’re the lifeblood of our business.
We know there’s a bunch of information and programs out there, so if you have questions about them or anything having to do with real estate, call us first. We work with those programs and can guide you through all your different options and help you decide what’s best for yourself and your family.
