February 25, 2014
Link to report: http://gcta.com/v2/wp-content/uploads/2014/02/GreatPromiseforGreaterPhoenix-.pdf
The Greater Phoenix Housing market shows great promise with challenges. January 2014 single family foreclosure starts were the lowest in over a decade, while January 2014 existing sales were down 17% from January 2013. A closer look at the decrease in January 2014 sales shows the decrease was for sales under $150,000, while there were more sales over $150,000 in January 2014. Though more sales over $150,000, there were also a lot more listings. There are over 6,000 more single family property listings on the market today than a year ago.
The number of potential homebuyers increases daily in Greater Phoenix because of job growth, population growth and a large number of people who this year may be eligible to buy again after a foreclosure or short sale. At the same time the pool of potential homebuyers increases, there are headwinds which may challenge sales the first part of 2014. These possible headwinds are Dodd-Frank, the decrease in the FHA maximum loan amount, and uncertainty over the economy and the new government health care policy.
So with all of the above said, work sellers, but price properties to the market. Work buyers, because their numbers increase daily.
Sincerely,
Fletcher R. Wilcox Grand Canyon Title Agency, Inc.
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