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2 Signs Phoenix Real Estate Will Go Up in 2015

Phoenix Real Estate showing shoots of positive growth for 2015
 
2014 added up to be an underwhelming news story for Phoenix real estate, especially considering its torrid reputation during the foreclosure crisis and quicker recovery on the backs of investors. Phoenicians, investors and homeowners now have an outlook to look forward to in the coming year: Phoenix real estate market is predicted to be one of the Top 10 markets in the country for 2015.
 
Growth and Affordability for Phoenix Real Estate Market
 

 
This insight is based on the fact that Phoenix is posed to excel in new construction. Homebuilders have been quite cautious about releasing a lot of product to the market, and has instead focused its efforts on higher-profit higher price point homes. Now, phoenix is listed as one of the top 5 markets for new construction in general, based on the forecasting of increasing population and growing households.
 
Stemming the growth are the amount of people that feel financially comfortable; income is predicted to grow at a more steady pace in 2015. All things combined, Phoenix will still be considered a relatively affordable place to live. Buyers still have a strong position in the market, with demand not being as competitive, interest rates being incredibly low, and lending standards starting to ease.
 
Phoenix real estate market
 

 

As for Sellers, there are recent signs to provide positive feedback, as well.
 
As of December 18th, 2014 listing activity for all the major cities in Phoenix-metro have seen some large decreases. Let’s take a look:
 
1. Avondale – down 17%
2. Gilbert – down 12%
3. Chandler – down 9%
4. Tempe – down 7%
5. Peoria – down 7%
6. Goodyear – down 6%
7. Glendale – down 5%
8. Phoenix – down 5%
9. Mesa – down 4%
10. Scottsdale – down 3%
 
This puts Sellers in a better position, reason being there is less competition from other sellers. Although low by historic norms, demand has for December 2014 has remained fairly steady.
 
If you were holding on to your house throughout 2014, hoping the sharp increase we saw in 2013 would remain, it’s not going to happen. However, if you’re looking for positive signs in the market to maximize opportunity to sell your home in Phoenix-metro, 2015 may be your best bet.
 
Sources: Realtor.com / Cromford Report / AZ Central
 
Like this sort of information? Connect with Tracy Royce of Real Estate on Facebook.
 
Tracy (G+) is a distressed property expert, Investor, Rehabber, and pre-foreclosure extraordinaire.
 
She also is an avid blogger, vlogger, and contributor to national Real Estate Magazines.

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