Phoenix Real Estate Update - October 2019
Trivia Question: How many major professional sports franchises are represented in the greater Phoenix area? (Answer at bottom of the page)
To Our Valued Clients, Colleagues, Friends & Family -
The Phoenix real estate market has been on a tear over the last several years with prices continuing on an upward trend. In just the past year, price appreciation has gone up over 5% and experts believe this trend will undoubtedly continue. Here are some of the reasons why they believe this trend is sustainable:
1. Supply is low - Typically a balanced market is about 6 months of inventory, currently we are at two months. A little higher in more expensive zip codes, but there’s still a large disparity.
2. Population growth has risen 12.4% from 2010-2017 and that number has continued it’s pace.
3. August 2019 recorded the 3rd highest sales ever in ARMLS surpassed only by 2004 & 2005.
4. Phoenix has been ranked the highest sales appreciation year over year (5.8%) in the entire country, beating out Las Vegas & Charlotte to take the top spot.
Our well-respected local real estate expert, Mike Orr of the Cromford Report, believes that after we see the usual stagnation of home prices during the fall/winter season, we should see prices accelerate in February 2020 and look back at the 3rd quarter of 2019 and wonder how prices remained so low.
We know that looking at data only gives us historical perspective so unforeseen changes in the local, national or global economy could have effects on where we go from here but barring any major events, the Phoenix real estate market will remain strong in 2020. We are ready to help in any way we can to seek out the best strategies for our clients in this market so please let us know if we can assist in any of your real estate needs come this fall or winter.
All the best,
Patrick Gerlach
The Marsh Partners - "Live Well"
6943 E. 5th Avenue
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The Way Millennials Buy Homes Is Different Than Older Generations — and It Could Put Them at Risk
Millennials are making financial sacrifices in order to become homeowners — and some of the moves that are helping them buy homes could be risky.
The finances involved in buying a home are a bit more complicated for this generation than the ones before them. Housing prices are going up, student debt is at an all-time high, and rent prices are making it more and more difficult to save for a down payment, particularly in areas with high-paying jobs (think: New York, Bay Area, Chicago).
All of these factors help explain why 45% of millennials interested in buying a home said that cost of living is holding them back from taking the plunge, according to a new survey of 2,582 U.S. adults from Bankrate. Compare that to the 38% of Gen X respondents or the 31% of baby boomers who said the same, and it paints a fuller picture about a young generation of hopeful homeowners, willing to move mountains — and perhaps even dip into their retirement accounts — to make it happen.
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Fed Cuts Rates By Quarter Point, But Faces Growing Split
The Federal Reserve voted to cut interest rates by a quarter-percentage point for the second time in as many months to cushion the economy against a global slowdown amplified by the U.S.-China trade conflict.
While the central bankers left the door open to additional cuts, they were split over Wednesday’s decision and the outlook for further reductions.
Seven of 10 officials voted in favor lowering the short-term benchmark to a range between 1.75% and 2%. As in July, two reserve bank presidents dissented from the decision in favor of holding rates steady. This time, Fed Chairman Jerome Powell faced a third dissent from a bank president who preferred a larger, half-point cut.
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Answer to Trivia Question:
Phoenix is one of the few U.S. cities with all four major professional sports franchises: Phoenix Suns (NBA), Arizona Diamondbacks (MLB), Arizona Cardinals (NFL) and Arizona Coyotes (NHL).
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Current Listings
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10 Things Every Home Needs This Fall
As autumn arrives, with its cooler weather and early sunsets, chances are you'll be spending more time indoors. With that in mind, why not make your surroundings as warm and inviting as possible?
Whether you're entertaining or cozying up with a good book, fall should be all about the comforts of home. Check out these furnishings and fun decor finds that are sure to make hanging out indoors a lot more tolerable. Click to continue reading
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The Edgy Design Trend That Makes Everything Look Ten Times Cooler
Though concrete floors may be associated with cold, industrial spaces (or at their worst, creepy warehouse storage units), they're making a major comeback and designers are using them in ways that give them a whole new reputation. In fact, concrete floors can be surprisingly homey, inviting, and warm, all the while offering an edgy twang and modern grit that makes them undeniably cool. Best, they're incredibly durable and super easy to clean. But enough of us fan-girling over concrete floors... To learn all about this pared down design trend and how the pros make them pop at home, read on for twenty stylish concrete floor ideas. Click to continue reading
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Have any questions, feedback or need more information? We'd love to hear from you.
P: 480.947.0822
E: livewell@themarshpartners.com |
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