Phoenix AZ Real Estate Listing: "Act Quickly" Recommended
The Federal Reserve announced in mid March 2005 that they would be increasing
the overnight bank lending rate for the seventh time since the previous June.
This means that the national housing market is going to cool a little from its
red hot sales levels of the past few years. A 30-year fixed-rate loan has just
topped 6 percent for the first time in several years, and although this is
still a very respectable rate it is higher than the 5 percent people were
getting used to.
Phoenix Sales Not Slowing Yet
The market seems to be disregarding every real estate and mortgage expert
predictions as new home sales rose 9.5 percent in February. Sales of previously
owned homes did drop about 0.4 percent in the same month but this drop is still
much smaller than anticipated.
Phoenix’s Boom
The Phoenix metro area has experienced a boom like never before with
appreciation rocketing upward. Even with home prices rising and mortgage rates
creeping higher and higher there is still no sign of slowing in the greater
Phoenix area. It has currently reached #1 status in population growth and #3 in
job growth, creating a very desirable market for buyers interested in real
estate investments or those interested in relocating. A 1 to 2 million more
people are expected to relocate to the region in the next decade which is sure
to push property value even higher. Phoenix is the one area in the U.S. where
the real estate market has been so hot that it will take longer the cool.
AZ Business Property will Continue to Grow
With the phenomenal growth of the population and job market in Phoenix,
businesses are seeing a greater potential than they have in years past. During
the recent recession business in Arizona was business as usual or better, never
slowing as it did throughout the rest of the country.
What Does this Mean?
With a growing population, increase in business opportunities, and affordable
land available Phoenix is currently the place to be and will remain hot longer
than other markets.
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