There are NO signs that the big run-up in home prices is over, but STRONG signs point to a lack of inventory. And Phoenix-Mesa-Scottsdale-Tempe is still one of the country’s hottest home markets, according to many studies. According to Realtor.com the hottest Arizona market will be Tucson, Arizona, coming in at #3.
“In the Phoenix-Mesa-Scottsdale-Tempe area., home prices will be supported by solid job growth, a high household savings ratio and low mortgage rates,” Realtor Juan Pesqueira writes. “However, inventory will be constrained by lack of homes for sale.
I see Phoenix-Mesa-Scottsdale-Tempe booming! I see huge shortage of homes and condos. I see prices will continue to go up in 2020. There are corporations relocating from other states/cities, many people moving into the valley, and many staying here.
Many also like to talk about the upcoming election and how that will impact the housing market. Let me tell you who’s in the oval office doesn’t necessarily have a direct impact on the housing market, but expectations linked to an administrations legislative or regulatory actions can sway people’s confidence and decision.
For BUYERS…
For those who cannot afford to buy due to student loans will have to understand that their rent will be higher than a mortgage. Rents continue to go up in Phoenix-Mesa-Scottsdale-Tempe area and the projections is it will keep going up. This reason alone is why Phoenix-Mesa-Scottsdale-Tempe is a market hub for investors. Where else can you buy a home with little money down and have a tenant pay your mortgage? – Says Juan Pesqueira
What About Home Sellers in 2020?
Have you been waiting for the right time to sell your home? Expert Juan Pesqueira say that now is the time to get it on the market for sale! Even though it’s expected to be a buyers market in the coming year, the switch won’t be immediate. The housing inventory in the US housing market like Phoenix-Mesa-Scottsdale-Tempe is still relatively low right now. Let me refrase that, its low in certain price points such as the median and average but when you look at the luxury market inventory is high. So, it may still hold as a seller’s market in many Arizona cities. Selling a house while the supply of homes for sale is limited will give you a better chance of getting close to your asking price as more buyers will bid for your home. This is why we encourage sellers to close their deals before the end of May 2020 and the beginning of 2021.
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