WHERE IS OUR MARKET HEADED????

Big question, where is it headed. Well we know one thing for sure, over the long run it is headed up. We are projected to grow by 2.2 million people here in the Phoenix Metro area over the next 12 years. By 2020, our valley population is expected to exceed 6 million people. That is like added the entire city of Denver Colorado to the valley. Therefore, over the long term property values will continue to go up.



What about today??? Well today the market is weak. We have the following problems:



Too much inventory.

Demand is down.

It is more difficult to qualify for a mortgage today.

Too many upside down sellers doing short sales.

Too many foreclosure homes

Too many buyers renting, while waiting for a bottom in the market.

However, as demand returns to the market our market will improve. Right now with lower prices, lower interest rates and being in the selling season; demand is returning to the market. It will take some time to transition out of this buyer's market, but it will eventually happen.