Phoenix Housing Market: 2018 Predictions
We are all aware of the tremendous volatility which has been seen in the Phoenix housing market over the last ten years, but reports show that the situation will become more stable during 2018. Home prices are set to rise by around 3.5% which is far more reasonable than what has been seen during the ‘boom and bust’ years.
The last 12 months have seen rises of around 9.5% but that was unusual and far higher than the historical figures over the previous 30 years or so. Although some major price gains have been seen during the last 2 years, it is highly unlikely that they will get back to the (over-inflated) figures seen amid the previous housing boom.
This being a more certain future, home buyers will now be facing a less unstable time and be able to feel more confident in their decision that 2018 is the right time to buy a property in Phoenix. $268,000 was the average property price during June 2017 and so it should still be possible to purchase a property in 2018 for less than $300,000.
Due to the fact that there are a limited number of properties available across the Metro area competition is still likely to be high with many buyers competing for the same property. Demand is currently outstripping supply and there does not seem to be enough new properties being built to satisfy an ever-growing population. This is even truer in desirable areas.
With this level of competition, it would make sense to be well-prepared when viewing a property – show the seller that you are serious by having all your paperwork and bank statements in order and a pre-approved mortgage in place. If you are a cash buyer, make sure that you can prove it – sellers have come to expect this level of preparedness.
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