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Phoenix 2014 Real Estate Predictions

Blog by Tomi (Tomyal Emptage) | January 6th, 2014

Phoenix 2014 Real Estate Market Prediction

In August 2013 business was booming for me. Suddenly, within weeks of the government shut down, it was like someone had put the breaks on and home sales came to a screeching halt.  The buyers dried up and sellers' homes were just sitting on the market.  Just a week before the listing I had were receiving multiple offers and my phone was ringing off the hook with buyers.  Melinda Debus with Wallick & Volk is reporting that pending home sales went up 0.2% in November.  I spoke to many agents and none of us felt the increase. Not the best way to close out a year, but overall 2013 was really good year.  

I consider myself an optimistic person and have confidence that in 2014 we are going to see a market that settles down and has some stability.  A market where we will see more regular sales of homes and fewer short sales and bank owned homes.  A market where buyers will purchase homes, at a price, within a few percent of the list price of a home.  No more paying well above asking price or getting homes drastically reduced below list prices. Kristena Hansen, of the Phoenix Business Journal, predicts that we will see increase of 6 or 8 percent.  I personally think these types of increases a sign of a more stable market and am looking forward to a wonderful 2014 for all of us!

Happy New Year!

If you have any questions or real estate needs please feel free to contact me.