PHOENIX REAL ESTATE MARKET 2017 PREDICTIONS AND BEYOND
The Phoenix real estate market continues to experience low inventories which results in home prices continue to increase. The chart above shows a natural path for 2016. The mortgage rates continue to say relatively low to keep people buying and selling real estate across America. We are looking forward to another busy year when it comes to Phoenix real estate.
I am predicting that the real estate industry will continue to chug right along with no impact from new President elect Trump, Health care or international markets. I seeing more and more people that want to purchase a home vs renting a home. I believe the American people are feeling optimist at this time. Also, I predict that our local economy will continue to thrive and keep supplying jobs needed to purchase homes this year.
I can almost guarantee that we will experience another crazy summer in real estate. Housing experts have predicted Phoenix to be the top rated housing market in America. We are looking at price gains of 6% and sales growth right around 7%. We will continue to experience low inventory which means prices will continue to increase since we will be in a sellers market.
I am predicting mortgage rates will not go over 5% on a 30 year mortgage. Why? I have to believe that President Trump will want to continue to push the American economy in the right direction and do everything possible to avoid a recession at this time. I have to believe that mortgage companies will create mortgage products to put more people into homes this year with still tighter controls so we avoid another catastrophe like last time.
Finally, I am predicting that we all ActiveRain members will be busy in 2017 when it comes to real estate. More people will search for real estate professionals to assist them in purchasing real estate in their local market.
WISHING EVERYONE THE BEST IN 2017