Phoenix, AZ – A larger influx of people, manufacturing jobs, fewer available homes for sale, and affordability are a few reasons that Phoenix is predicted to be the number one housing market in the nation this year.
These trends come as no surprise to a pair of realtors who’ve teamed up over the years to help longtime Phoenix residents, in-state and out-of-state investors, and newcomers find their perfect home.
“Annual population reports consistently indicate that the Greater Phoenix-area continues to maintain a net population increase,” said Andrew Glenn. The associate broker with My Home Group Realty in Scottsdale, AZ. says it’s amazing to see more people moving into the city than moving out.
Realtor.com predicts Phoenix will see a price jump of nearly 6% in 2017 and that the number of sales will go up by more than 7%. “That’s not only great news for longtime homeowners who are sitting on a nest egg of equity, but it’s also tremendous for investors who’ve purchase rentals over the years and for fix-and-flippers,” said My Home Group Realtor Bryce Lugo.
Lugo and Glenn have teamed up in large part due to a lack of housing inventory. Phoenix MLS numbers indicate that listings in the city are down by nearly 20% compared to normal levels. “Finding a great deal is a lot more difficult than ever before. It is definitely a strong seller’s market, which is commanding top dollar. Multiple offers on the same property are becoming more of the norm.”
Employment opportunities in manufacturing are definitely bringing more out-of-state residents to Phoenix, along with the fact that home prices compared to other markets, remain relatively low. “The median price for a 3 bedroom, 2 bath home with 1366 square feet in Phoenix is roughly $202,000. That comes to $148 a square foot, which is dirt cheap for a metropolitan city.”
Interview opportunities with Phoenix Realtors, Andrew Glenn and Bryce Lugo, are limited.
Call now to book your press availability.
Andrew Glenn, Associate Broker
My Home Group Realty
Bryce Lugo, Realtor
My Home Group Realty