We slowed down over the holidays?
Yes we did slow down over the holidays but the market is making its corrections. Frank E Nothaft – Chief economist at Freddie Mac said this.
Why and How?
The growth for our region of the country has been 12.21% since last year. People have equity, more homes are available to the buyers. We are in a rapidly increasing market. We had a little slow down but we still have a demand we are now an average of 65 days on the market before sale.
See the countries distressed property supply below. Our distressed and shadow inventory is dropping like a rock.
Dark Green = 0-3 month supply
Peach = 6-8.9 month supply Red = 9+ months
Phoenix real estate market is expected to continue to increase at 1.2% month over month. That is double digit increases over the next year. Arizona’s real estate market slowed down, but we are leveling out and still are one of the hottest markets in the country. The country is also expecting people to start forming new house holds over the next 3 years 4.48 million to be exact. This means people will finally be moving out of mom and dads house due to the job growth.
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