Arizona Phoenix Housing market future Predictions this year-Realty Times
Arizona Phoenix Housing market Predictions this yearThere is some great news for the real estate industry in Phoenix as well as for homeowners. The market that had been subjected to depreciation for almost half a decade now has bottomed out and is on an upward swing. The Phoenix housing marketing predictions indicate that there would be some generous appreciation of property prices as well as that of land. The real estate scenario across the nation has improved dramatically over the last one year. Since the end of the first quarter of 2012, the market has been recovering. In many states and cities, the recovery has been slow and almost unnoticeable but Phoenix metropolitan area has witnessed one of the best appreciations in property prices. In comparison to most cities where the revival has been pegged at 5.5 %, the scenario in Phoenix has been close to 10% in this year. The Arizona Phoenix housing market future predictions is that the real estate prices would undergo an appreciation of about 15%. This will be followed by a similar level of appreciation this year before the prices suffer a halt or a potential deflation . The Phoenix housing market predictions are hugely in favor if investment and in months to come, it would get much better than the quarters of 2008 when the market was last in the green. The Phoenix housing market predictions are a lot more positive than that of most other cities because of two reasons – there is a shortage of properties and the prices are appreciating due to demand. The slowdown preceding the recession and the following years have had an impact on new constructions. Although the number of building licenses being applied now and expected over the next 12 months is aplenty, the lack of constructions in the last four years has made an impact. With rising demand among people who are also witnessing a recovery in the employment scenario and anticipating better business along with the shortage of homes, the Phoenix housing market predictions for this year expect double digit growth, comfortably in the range of 15% or even more. . Before the market stagnates a little in terms of appreciation of property prices this year, there is a good three year window for homeowners, property investors and real estate companies to capitalize on the revival of the Phoenix housing market.
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