According to housing experts, the demand for housing in the Phoenix metro area is strong and it's estimated that demand will continue to rise in 2013. Some experts are currently predicting a 10 percent increase over the next three years, which is being partially attributed to boomerang buyers - individuals who encountered either short sale or foreclosure situations and are waiting out the three-year period before being able to purchase a home again.
Phoenix's media home price has increased by 35 percent over the past year, but has still resulted in a boost of home sales throughout the area. Arizona economist Elliott Pollack estimated that during the 2015-2016 calendar year home prices may climb as high as 50 percent. Other analysts aren't quite as aggressive, but the overall prediction across the board is that prices will continue to increase in some type of capacity over the next three years.
In comparison to other markets in the United States, Phoenix is leading in several key areas concerning overall real estate market growth. According to Realtor.com, the Phoenix-Mesa area is ranked as one of the top "Turnaround Cities."
In addition to rising home prices and a decrease in inventory, other factors are likely to be influencing the growth the area is seeing, including an arrangement with the NFL to bring the Super Bowl back to Phoenix in 2015 and constant renovations that are taking place at Sky Harbor International Airport.
If you are interested in learning more about the real estate growth that Phoenix is currently experiencing or would like more information about Phoenix homes currently on the market, please don't hesitate to contact us. It would be our pleasure to share with you all of the wonderful reasons residents love to call Phoenix home!
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