“Phoenix Valley is forecasted to be the Top Housing Market in the U.S. for 2017”,
Realtor.com and BankOne forecasted this great news recently. The Phoenix Valley is in a healthy state with foreclosures down and new home sales on the rise. They are also predicting that the home prices will increase 5.9% and home sales will come up by 7.9% this year. This gives the Phoenix Valley the highest projected increase in sales in the US.
BankOne gives Metro Phoenix an overall score of 8-9 out of 10, relating to a healthy Real Estate Market. With this forecast of a healthier market, the interest rates will most likely increase a little. Although we will not likely see prices increase at a very rapid pace as they did a few years back, it does look like the Phoenix area is recovering at a nice pace. So the time to buy looks to be sooner rather than later.
Our projection was that Verrado would be the community in the West Valley to recover the fastest after the market fell so low, we are seeing the results of that every day.
The rental market is shrinking with less and less homes for lease, driving the leasing prices up. At this point, you can purchase a home and your mortgage payment will be less than your lease payment. This is creating more buyers for your home if you are considering selling and making a move. Investors are selling the homes that they have held (due to the climb in home prices), often leasing to some that had lost their homes to foreclosure or short sales. These people are now ready to buy homes again and take advantage of their improving credit. Contact a realtor for an in-home comparison if you are considering selling and if you are ready to consider looking for a home to purchase.