Hindsight is so much easier than predicting the future. I learned years ago that you had to learn from history in order to grow....if not you were doomed to relive the same mistakes over and over. If you are interested I thought I would do a 2014 Real Estate Market Review. It is a new year and a new perspective is in order. First lets go back a bit more and look at 2013 in the Phoenix area.
The real estate market in 2013 was one in which there was a shortage of homes available for sale in comparison to the demand and proved to be a seller’s market. Due to the high demand and low supply, we saw prices rise and the amount of days a home stayed on the market decrease.
In 2014 however, we experienced a fairly balanced market, meaning the number of homes available for sale and the number of buyers is much closer to equal. Many homeowners had been sitting on the fence–wanting to sell but did not have equity in their home due to the housing crash and did not want to do a short sale. As these homeowners became aware of the increase in the value of the housing market in Phoenix, they began listing their homes, increasing the supply of homes available.These sellers were responding to the sellers market in 2013. They heard that the market was 'hot'. They could sell high. Sadly they heard too late. As more people listed their homes the balance changed....we no longer has a high demand and a low supply.
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