Phoenix Skyline by Bradley Cooper
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Realtor.org has an
interesting report today that links to a
Forbes article by Matt Woolsey about the Ten best cites for bargain hunters.
The top five are:
- Salt Lake City, UT
- Raleigh, NC
- Orlando, FL
- Charlotte, NC
- Phoenix, AZ
Let's focus on Phoenix. Phoenix "is the largest city in the
American Southwest and is the region's primary government, cultural, economic, and transportation center." It's also the
fifth largest city in the United States.
People keep moving here.
Phoenix is in Maricopa County- the fastest growing county in America.
Phoenix is next to Pinal County- the second fastest growing county.
Builders have landed in the valley to supply homes to fill the need. In order to fulfill demand, they've been constructing homes at a break-neck pace... add to that the rising number of foreclosures. Now there are more new homes, foreclosed homes, and existing resale home.
The market is over-supplied. Over supply brings down prices.
Even so, Phoenix is expected to double in size in the next two decades. People are still relocating to the valley... but at a pace lower than inventory.
Result? Buyer's market.
Silver lining: ever flowing supply of buyers.
Though no one can predict the future, the elements are favorable.
As RealtyTrac (in the Forbes article) stated, "our data suggest that strong job and economic growth in many non-housing sectors of the local economy is enough to offset (the foreclosure rate), and people are still moving to the Valley of the Sun at a quick rate."
The current lull in housing has created a window of opportunity for those betting that prices will rise in the future.
After all, land is something we're unable to manufacture.
At some point, when demand exceeds supply again the tables will turn.
;)
;)
I saw this stat this morning on the NAR Realtor e-zine. Seattle made the list too! It was great info, and a great reminder that we are VERY FORTUNATE to live where we live!
Hooray for Phoenix and Seattle!
Live good. Be happy.
-Mimi
Mimi Osterdahl / The Muljat Group Realtors / Bellingham, Washington / www.LiveGoodBeHappy.com
2008 President, Northwest Washington Women's Council of Realtors