PHOENIX REAL ESTATE MARKET HEATING UP 2017 UPDATE
The Phoenix Real Estate market is heating up in 2017. We are definitely in a sellers market with low inventory and high demand for homes. The mortgage interest rates are still low enough to make people get out shopping for homes. Also, the people who lost their home in the crash are back into the real estate market.
The interesting point is we are not selling homes compared in 2016. Again, the inventory is very low at this time. We are seeing more and more real estate investors flipping homes because there is a demand for homes that are move in ready. The only catch is the seller would need to hold onto the property for six months when selling to a FHA buyer. This delays the real estate investor in doing another home. However, at times it is worth the wait when it comes to the profit on the home.
There are some sellers pulling equity from their current home to upgrade to another home. Then, they hire Phoenix Property Management company to manage the home as they step up in home. This is a smart strategy to start building their real estate portfolio. I know some people that have moved every two years so they can build their real estate portfolio.
Overall, it is a great time to be in the Phoenix Real Estate Market in 2017.