What's in Store for the Phoenix Market in 2017?

Today I've got a forecast for the Phoenix real estate market in 2017 that I wanted to share with you. Certain types of buyers entering the market could have a significant impact on Phoenix next year. Want to sell your home? Get a FREE home value report Want to buy a home? Search all homes for sale Today I wanted to take a moment to give you my forecast for the Phoenix real estate market in 2017. According to 247WallStreet.com, 50% of home buyers in 2017 will be first-time home buyers. That will put a lot of pressure on the entry-level price point of $250,000 and under. For that reason, I expect this price point to stay very competitive with multiple offers on homes. If the stock market keeps improving, I think the luxury market will take off. New construction sales will continue to increase and will be a large part of the move-up buyer midrange marketplace. The stock market continues to climb after the election; 20,000 points is a new all-time high. If this continues in 2017, I think the luxury market will take off with company owners and shareholders receiving more dividends and having more cash available, making them able to purchase bigger homes. I predict that interest rates will climb gradually in 2017. I don't think we'll see any sharp upticks, but they will go up slightly. So what does this mean to you as a buyer or seller in the Phoenix market? As a first-time buyer, you'll really need aggressive representation to compete in multiple offer situations. As a seller, you'll also need an aggressive agent to be able to market your home, generate a bidding war to get you the highest possible price, and handle all the offers. If you have any other questions about buying or selling a home or about the market in 2017, give me a call or send me an email soon. I'd love to help you!

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What's in Store for the Phoenix Market in 2017? is an episode from Kevin Langan Phoenix Real Estate Podcast​ by Kevin Langan.

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This episode was published on Jan 5, 2017.

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