Although we may see a market correction in the next few years, it’s unlikely that it will happen in 2019. For the time being, our market remains extremely strong.
Today’s topic is a good one. We’re going to discuss where our real estate market is at this very moment in Greater Phoenix.
Here’s some perspective. The housing market moves in cycles, usually in 10- to 15- years at a time. It always has and it always will. When the market started to tip during the last housing cycle, it was in the 2nd quarter of 2007. Obviously, 2008 is when things got bad, but we were already in a declining market by that point.
It’s been about 12 years since that point, so a correction is around the corner in the next few years. According to First America Financial Corporation, though, 2019 will be an even more robust year for sellers than 2018 was.
A big reason for this is the fact that more and more millennials are now forming families and becoming homeowners. Because this segment of the population is so large, it’s creating huge demand, which is great news for sellers.
Another reason is that we still have low inventory. Rates are low as well, and they’ve dipped back below 5% to 4.25% on average. That’s cheap money to borrow if you’re looking to buy. Down payment assistance programs are out there that will give you up to $15,000 for assistance as well.
What does this all mean for you? Well, we’re experts in selling residential real estate and we want you to know that we’re here to provide value for you. If you have any questions for us in the meantime about the market or about your personal situation, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.