Tag Archives: National Real Estate

America’s Happiest Cities in 2019

March 12, 2019

What is the key to happiness? It may be living in a city known for having happier residents. Ever consider a Historic Home in Scottsdale, Arizona? How about a Scottsdale Loft or Condo, Townhome or Patio Home?

WalletHub, a personal finance website, analyzed more than 180 of the largest U.S. cities to find the happiest cities of all. They examined 31 key indicators they culled from positive psychology to rate happiness, including the depression rate, income growth, average leisure time per day, life expectancy, job satisfaction, unemployment, commute time, divorce rate, and weather, among others.

The happiest U.S. cities in 2019, according to WalletHub, are:

  1. Plano, Texas
  2. Irvine, Calif.
  3. Madison, Wis.
  4. Fremont, Calif.
  5. Huntington Beach, Calif.
  6. Fargo, N.D.
  7. Grand Prairie, Texas
  8. San Jose, Calif.
  9. Scottsdale, Ariz.
  10. San Francisco

Whether you’re looking to buy a single-family home in Phoenix, AZ, a Historic Phoenix home, or, If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for  free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!

Phoenix among top housing markets to watch in 2019

2019 Housing Market Outlook In Phoenix, AZ

Phoenix will be one of the top housing markets to watch in 2019, according to a report from real estate website Trulia.

Downtown,Phoenix,Real,Estate,Historic,Homes,Neighborhood,Skyline,homes,eventsThe analysis, released Thursday, highlights the 10 markets poised for growth in the coming year. Phoenix ranks No. 7 on the list, just behind Fresno, California and ahead of Columbia, South Carolina. Colorado Springs, Colorado topped the rankings.

Trulia examined the 100 largest U.S. metropolitan areas, measuring each on five metrics including job growth over the past year, vacancy rates, starter home affordability and percentage of the population under age 35.

The Valley’s strong job growth, 2.9 percent, in the past year, along with starter home affordability and low vacancy rates helped the market attain its spot in the rankings. According to Trulia, residents in Phoenix spend just 33.7 percent of their income on housing, which signals strong starter home affordability in the market. The Valley also has a ratio of 1.3 of inbound vs. outbound searches on Trulia’s website. That means more people are interested in moving to the market than those searching to move away.

Trulia’s report also zeroed in on the hottest neighborhoods in each top market. In the Valley, it’s Agritopia in Gilbert, which saw home values appreciate 14.6 percent year over year. Homes in the neighborhood also saw the average number of days on market drop by 18 days, according to Trulia.

As the local economy has continued to add jobs and grow, the housing market around Phoenix has seen a healthy year in 2018. Several homebuilders have scooped up land for new communities and restarted once-dormant projects to meet demand. A recent housing study found existing home prices climbed nearly 6 percent in October.

Millennial’s are said to be some of the hottest first-time homebuyers in Phoenix.

Growth (Rank) Vacancy Rate (Rank) Share of Income Needed
to Afford Median Priced Starter Home (Rank)
Ratio of Inbound-to-Outbound Home Searches on Trulia (Rank) Share of Population Under 35 (Rank) Overall Score
1 Colorado Springs, Colo. 3.3% (8) 4.8% (35) 35.4% (63) 1.8 (17) 23.6% (8) 26.2
2 Grand Rapids, Mich. 2.0% (22) 3.7% (16) 23.2% (34) 1.1 (41) 21.7% (30) 28.6
3 Jacksonville, Fla. 2.0% (24) 4.2% (26) 23.4% (35) 2.4 (7) 20.7% (52) 28.8
4 Bakersfield, Calif. 0.6% (56) 6.4% (68) 14.3% (6) 2.3 (8) 23.1% (12) 30.0
5 Austin, Texas 2.5% (14) 3.4% (12) 45.0% (79) 1.1 (47) 24.4% (4) 31.2
6 Fresno, Calif. 1.6% (32) 3.5% (13) 47.1% (81) 1.6 (22) 22.6% (16) 32.8
7 Phoenix, Ariz. 2.9% (9) 4.0% (20) 33.7% (59) 1.3 (32) 20.9% (47) 33.4
8 Columbia, S.C. 0.4% (69) 6.1% (63) 13.7% (5) 2.1 (12) 22.3% (20) 33.8
9 El Paso, Texas 1.0% (51) 5.5% (48) 33.5% (58) 2.4 (6) 23.2% (11) 34.8
10 Oklahoma City, Okla. 2.0% (20) 6.9% (76) 21.1% (27) 1.3 (33) 22.3% (21) 35.4
Note: Rankings from among the 100 largest metros.

Whether you’re looking to buy a single-family home in Phoenix, AZ, a Historic Phoenix home, or, If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for  free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!

Arizona set to add 500,000 jobs during next eight years

August 6th, 2018

Arizona is poised to add 1 million new residents between now and 2026 as well as more than 500,000 jobs to continue growing the state’s economy.

Arizona expected to gain 500,000-plus jobs, 1 million residents by 2026. Downtown Phoenix District Booming.

The statistics, from the Arizona Office of Economic Opportunity, paint a picture of a state once waylaid by the Great Recession as it continues to find its economic footing, according to a report by the Arizona Republic.

phoenix,downtown,growth,real,estate,realtor,central,condos,homes,house,buy,area,neighborhood,specialist,agentThose numbers would see the biggest growth in Phoenix and Maricopa County, already the state’s most populous region. The population is expected to grow from about 4.9 million to 5.5 million in the metro area during the next eight years.

The state’s population likely would rise to 8.1 million by 2026.

While those numbers are big, it’s not the kind of growth the state saw during the 1990s. Yet the county’s job growth could top out at 2.1 percent annually during that span.

What it could mean for Maricopa County and Arizona is increased influence on a business scale in the state where things already tip toward Phoenix. Politically, it could mean more clout in Washington for the state as increased representation at least following the 2020 Census.

That kind of political clout would continue to bolster Arizona’s industries that deal with federal contracts, notably the defense and aviation industries that have a large number of companies doing work in the region and state. During the second quarter, companies in the state received $2.26 billion in defense contracts.

Arizona already is a tight labor market, with the unemployment rate at 4.7 percent in June.

Whether you’re looking to buy a single-family home in Phoenix, AZ, a Historic Phoenix home, or, If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for  free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!  

 

New Metro Phoenix Condo Sales Soar, Will Prices Keep Climbing?

Is the Phoenix Metro Condo Boom Back?

July 31st, 2018

ashland,place,district,regency,house,neighborhood,historic,midtown,phoenix,az,historic,regency,house,district,downtown,agent,real estate,condos,luxury,condos,for sale,neighborhoodA stabilizing housing market and population gains will help Arizona’s economy expand faster than the nation’s again this year, though the gap will narrow, according to a forecast released April, 2018. Condo sales in Phoenix, AZ booming as a result.

These are the key findings:

Another year of solid growth: Arizona’s economy, which expanded 2.6 percent in each of the past two years, is poised to grow 2.7 percent this year, according to the forecast by BMO Capital Markets.

Wages are a big part of it: Personal income in Arizona has historically lagged, but the state seems to be catching up a bit. Wage growth in Arizona, up 7.4 percent over the past four quarters, is running at one of the fastest paces in the nation, according to the report.

historic,real,estate,high rise,luxury,phoenix,agent,regency house,central,ave,phoenix,azThen there’s housing: Two of Arizona’s largest employment sectors, real estate and government, have exerted a drag on the state’s economy. However, heady population gains and a low foreclosure rate bode well for real estate.

The Arizona housing market is still battling the effects of the 2008 housing crisis but could finally be normalizing after a prolonged recovery,” wrote economists Michael Gregory and Priscilla Thiagamoorthy of BMO Capital Markets in Toronto.

downtown,phoenix,az,historic,district,high rise,condo,real,estate,agent,luxury,central,avenue,pool,cabanaExpanding population helps: Housing and other sectors of the Arizona economy have been aided by an influx of residents for the state.

“If population continues to grow and labor market conditions tighten, the state may have a greater need for housing supply,” and condos are becoming extremely attractive, according to the report.

Arizona’s population recently passed 7 million, with the state adding about 80,000 more net migrants last year.

Another recent report, from the International Franchise Association, identified Arizona as a top-five state for franchising activity this year, an indication that small businesses could do better  partly due to population growth.

U.S. picture improving: Arizona’s gains come against the backdrop of a strengthening U.S. economy.

The nation’s economy grew 1.5 percent and 2.3 percent in 2016 and 2017, respectively. BMO expects that will improve to 2.6 percent this year.

“The dominant (national) theme is improving manufacturing prospects prodded by increasing business investment stoked, generally, by late-cycle capacity constraints and tax cuts,” wrote Gregory and Thiagamoorthy. “Factories are also benefiting from expanding exports, reflecting stronger global growth and a weaker U.S. dollar.”

If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for  free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need! 

Arizona, Phoenix foreclosure and delinquency rates are below national averages

Foreclosure Rates in Arizona are down for both the State and its Major Metro areas Remaining Lower than the National Average.

phoenix,arizona,foreclosures,for sale,real estate,distressed,homes,saleThat comes from the latest CoreLogic LPI report looking at foreclosure rates, and serious delinquency rates and 30-day delinquency rates. Arizona, and its major metro areas are below already-declining national averages in all three categories. The report looks at year-to-year rates from January 2017 to January 2018.

Arizona’s delinquency and foreclosure rates are lower than the national average, a pattern that follows from last year even as the rates reduce nationally. The state’s own percentages also dropped marginally from numbers last year in Arizona.

Nationally, the foreclosure rate is 0.6 percent. In Arizona, the foreclosure rate is just 0.2 percent statewide. That’s the same in metro Phoenix, while Tucson’s foreclosure rate is 0.3 percent.

Tina Tamboer, a senior housing analyst for the Cromford Report, said the low rates, especially rates below the national average, are a positive for the local market.

Tamboer said the low rates, especially in a seller’s market, mean prices are meeting the level of demand in the market.

Frank Martell, president and CEO of CoreLogic, said most of the country has seen lower rates for both foreclosures and delinquency.

“Declines in the unemployment rate have supported a rise in income, and home-price growth has built home equity,” Martell said in a statement. “These two economic forces coupled with high-quality underwriting have lowered overall delinquency rates.”

For delinquencies, Arizona saw a decline in 30-day or more delinquent rates to 3.1 percent, and serious delinquent rates are at 0.9 percent. In Phoenix, the delinquency rates are just below the statewide rates at 2.8 percent rate for 30-day and 0.8 percent for serious delinquency. Tucson’s 30-day and serious delinquent rates are 3.7 percent and 1.2 percent, respectively.

All of those are lower than the national averages of 3.9 percent for 30-day delinquencies and 2.1 percent for serious delinquencies.

“It’d be very sad to see someone foreclose in today’s market,” Tamboer said, adding people generally could sell instead to pay off the mortgage.

Because Arizona is a non-judicial foreclosure state where lenders can foreclose without going to court, Tamboer said Arizona was hit particularly hard by foreclosures in the Great Recession. However, because foreclosures are not dragged out in court, the state was able to recover faster after the initial onslaught.

Tamboer also said the lack of foreclosures is forcing investors to look to more traditional avenues to buy up below-market properties.

Metro Phoenix and Arizona Foreclosures For Sale

149 matches found

$235,000
1320 S SAN VINCENTE Court, Chandler, AZ 85286
View Photos (16)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1162
Year Built: 2003
Subdivision: ARIZONA REFLECTIONS UNIT 3
City/Town Code: Chandler
Status: Active
Last Updated: December - 06 - 2019
IDX
$274,988
Warm and Welcoming Entryway
View Photos (43)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 1701
Year Built: 1987
Subdivision: DAVE BROWN UNIT 4 LT 1-199 TR A
City/Town Code: Chandler
Description: OPPORTUNITY KNOCKS!! HUGELY POPULAR 4 BED 2 BA Floor Plan on a LARGE Cul-d...
Status: Active
Last Updated: December - 06 - 2019
IDX
$150,000
5262 E SHADOW Lane, San Tan Valley, AZ 85140
View Photos (16)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1197
Year Built: 2004
Subdivision: VALLEY OF THE SUN ESTATES
City/Town Code: San Tan Valley
Description: Cash or Same as Cash Private Money, As Is Buyers Only! Investor special, mu...
Status: Active
Last Updated: December - 06 - 2019
IDX
$259,000
229 W SAN PEDRO Avenue, Gilbert, AZ 85233
View Photos (1)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1357
Year Built: 1985
Subdivision: OAKTREE PARK LOT 1-115 TR A
City/Town Code: Gilbert
Description: INVESTOR OPPORTUNITY! Centrally located in the heart of Gilbert. 3 bed, 2 b...
Status: Active
Last Updated: December - 06 - 2019
IDX
$40,000
59 E Vía Guamachil, Huachuca City, AZ 85616
View Photos (5)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1820
Year Built: 1982
Subdivision: Hodgins Acres
City/Town Code: Huachuca City
Status: Active
Last Updated: December - 05 - 2019
IDX
$354,900
12428 S 179TH Lane, Goodyear, AZ 85338
View Photos (17)
Open House (12/07/2019 - 11:00 am)
Property Type: Residential
# of Bedrooms: 4
# of Bathrooms: 2.5
Square Footage: 2828
Year Built: 2006
Subdivision: ESTRELLA MOUNTAIN RANCH PARCEL 95B
City/Town Code: Goodyear
Description: THIS IS NO ORDINARY HOME! 4 BEDROOM, 2.5 BATHROOM, & OVER 2800 SQ FT OF LIV...
Status: Active
Last Updated: December - 05 - 2019
IDX
$280,000
23855 W TONTO Street, Buckeye, AZ 85326
View Photos (26)
Property Type: Residential
# of Bedrooms: 5
# of Bathrooms: 3
Square Footage: 2643
Year Built: 2004
Subdivision: SUNDANCE PARCEL 2
City/Town Code: Buckeye
Description: Beautiful 5 bedroom home for sale. You'll love this perfect place for you a...
Status: Active
Last Updated: December - 05 - 2019
IDX
$89,000
2121 W ROYAL PALM Road, 1046, Phoenix, AZ 85021
View Photos (13)
Property Type: Residential
# of Bathrooms: 1
Square Footage: 429
Year Built: 1980
Subdivision: ROYAL PALM VILLAGE CONDOMINIUMS
City/Town Code: Phoenix
Description: ''INVESTOR OPPORTUNITY, TENANTS RIGHTS LEASED @ $612 - 4/25/2020 Cute Singl...
Status: Active
Last Updated: December - 05 - 2019
IDX
$165,000
11444 N 107TH Avenue, Sun City, AZ 85351
View Photos (25)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1473
Year Built: 1960
Subdivision: SUN CITY
City/Town Code: Sun City
Description: Come see this 3 bedroom 2 bathroom home in the active adult Sun City! This ...
Status: Active
Last Updated: December - 05 - 2019
IDX
$322,000
8887 W !DNP! Ne
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 2100
Year Built: 1896
Subdivision: ARMLS TEST LISTING ARMLS TEST LISTING ARMLS TEST LISTING ARMLS TEST LISTING ARMLS TEST LISTING ARMLS
City/Town Code: Yuma Prooving Guard
Status: Active
Last Updated: December - 05 - 2019
IDX

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Interesting in buying or selling a Phoenix Metro Foreclosure? Contact  Licensed Realtor, Laura B. today.

Why Buyers May Lose If They Don’t Act Now

Rising mortgage rates could have a big impact on buying a home when shopping for real estate, economists warn. “Every time the interest rates go up, you eliminate a group of people who can no longer afford to buy a house,” Some people may have to rent for a period of time until they make more money, or buy a smaller house,” says Laura Boyajian of Wise Choice Properties, Historic Phoenix Homes Specialist.

buying,money,saving,mortgage,rates,Historic,Phoenix,Home,

Learn How to Save Money Now

To avoid further complications in their plans, your home buyers may want to speed up their home search this Spring as interest rates are forecasted to move higher in the coming months. Forty-four percent of home buyers say rate increases likely will force them to settle for a smaller, less expensive home that requires a longer commute to their jobs, according to a realtor.com® survey. First-time home buyers may be most affected by rising costs, as increasing home prices and interest rates price some out of the market.

Mortgage rates are at their highest levels in more than four years. The 30-year fixed-rate mortgage averaged 4.46 percent last week, according to Freddie Mac, and that’s largely expected to increase since the Federal Reserve said it is likely to raise its short-term interest rates this year. That could prompt mortgage rates to move higher at least three times this year, starting this month.

“For the bulk of buyers, it’s not going to kill their decision to purchase a home,” Rick Palacios Jr., director of research at John Burns Real Estate Consulting, told realtor.com®. “If anything, it will get them off the fence by creating a sense of urgency.” Higher rates are “a kick in the pants for you to start thinking seriously about buying.”

Rate increases, even minor ones, can add up over time. Realtor.com® offers this example: On a $300,000 house with a 30-year fixed-rate mortgage and 20-percent down payment, the difference between a 4 percent and 5 percent mortgage rate is $142 a month. Calculated over the life of the loan, that is more than an extra $51,000. “Buyers thought they could wait forever because rates were going to stay low forever,” says Boyajian. “They’re starting to realize that if they’re going to buy, they should probably buy now.”

Home buyers who are concerned about rising rates may want to lock in with a lender, which guarantees the current rate for a set period of time. Still, don’t let your clients linger on making a decision. It typically costs several hundred dollars to lock in a rate.

If you are interested in a free consultation to see if buying a Phoenix home is a better option for you and get pre-approved for a home loan, please call or email me today. You may be surprised at what you learn. I have access to programs that offer down-payment assistance with money you do not have to pay back. 

Whether you’re buying or selling a home in Central or Downtown Phoenix, or just have some questions about anything at all in or about any one of the historic districts in Phoenix, I’d be very happy to help you! Just call or email me anytime.

Bill Gates Buys 25,000 Acres of Land in Phoenix Area

Bill Gates buys 25,000 acres of land to build the ‘smart city of the future’ in Arizona designed around self-driving cars and high-speed data networks

  • The city, known as Belmont, will be designed around ‘cutting-edge technology’
  • It will be built in a remote area in Tonopah, around 50 miles west of Phoenix
  • Plans call for 80,000 homes and 3,800 acres of industrial, office and retail space
  • The site will include 3,400 acres of open space and 470 acres for public schools

bill gates,tonopah,az,real estate,phoenix,buy,land sales,electric cars,smart city,neighborhood,realtor,agentBill Gates has bought $80 million worth of arid desert in Tonopah, Arizona, just outside of Downtown Phoenix, to build a new ‘smart city’.

The planned community, known as Belmont, will be designed around cutting-edge technology, including self-driving cars and high-speed data networks.

The city will be built on a 25,000-acre plot in a remote area in Tonopah, around 50 miles (80 km) west of Phoenix.

While few people currently live in the area, the plans call for as many as 80,000 homes and 3,800 acres of industrial, office and retail space.

The site will include 3,400 acres of open space and 470 acres for public schools, according to Arizona-based Belmont Partners, the real estate developer behind the project.

The firm, which forms part of a group controlled by Cascade Investment LLC, an investment firm run by Gates – said the goal is to turn the area into a ‘smart city’.

‘Belmont will create a forward-thinking community with a communication and infrastructure spine that embraces cutting-edge technology, designed around high-speed digital networks, data centers, new manufacturing technologies and distribution models, autonomous vehicles and autonomous logistics hubs,’ the company said in a press release.

If you’re interested in buying a home in or near any Phoenix neighborhood or even specifically in Tonopah, you should contact Laura Boyajian, Licensed Real Estate Agent at 602.400.0008.

Phoenix is One of the Fastest-Growing Cities in the Country

Mar 23, 2017

Eleven major metropolitan areas, including Phoenix, are growing at a pace of more than 1,000 persons per week, based on population estimates issued this morning by the U.S. Census Bureau.

phoenix,real,estate,2017,historicThe federal agency released July 2016 estimates for 382 metros and 3,142 counties across the nation.

American City Business Journals, the parent company of the Phoenix Business Journal, used the new federal data to calculate weekly growth rates. Phoenix landed at No. 8 on the list. The Valley’s population rose from an April 2010 total of 4.19 million to a July 2016 estimate of 4.66 million, translating into a net increase of 1,436.2 persons a week.

Topping the list was the Houston metropolitan area, which saw a net increase of 2,612.3 persons per week.

The Dallas-Fort Worth area was second with a weekly net gain of 2,474.6 persons. Rounding out the top five were the New York City, Atlanta and Miami-Fort Lauderdale metros, all with population increases larger than 1,500 persons per week.

The other metros above the weekly threshold of 1,000 were Washington, Los Angeles, Phoenix, Seattle, San Francisco-Oakland and Austin.

The analysis also identified 11 major metros that suffered population declines during the six-year span. The worst weekly loss was posted by the Cleveland area, which slipped by 21,646 persons between April 2010 and July 2016, a net drop of 66.4 per week.

Three other major metros experienced weekly net losses of more than 25 persons: Youngstown, Ohio; Pittsburgh and Scranton/Wilkes-Barre, Pa. The remaining decliners were Syracuse, N.Y.; New Haven, Conn.; Hartford; Toledo; Buffalo; Akron, Ohio; and Rochester, N.Y.

If you’re looking to relocate to the Phoenix area, contact Laura Boyajian today.

Elvis Presley, Johnny Cash music publisher’s estates look to sell prominent Phoenix land

Jan 13, 2017

Land is for sale at the southwest corner of Indian School Road and Central Avenue in midtown Phoenix neighboring Willo Historic District, Encanto-Palmcroft Historic District, FQ Story, Alvarado and Ashland Place districts.

That is one of the busiest intersections in the region and is also on the Metro light rail systems. The land is owned by real estate entities managed by trusts of the Aberbach family.

arizona, commerical,real,estate,elvis presley,president richard nixon,

Richard Nixon and Elvis Presley

Julian J. Aberbach, who died in 2004, was the music publisher for Elvis Presley. Music publishers do deals related to song writing and royalties when compositions are used.

Public records and real estate databases show land at the Indian School/Central land is owned by Aberbach Investments LLC and Vembec LLC.

Those entities are managed by estates for Julian J. Aberbach and his family.

Greg Vogel’s Land Advisors Organization is marketing the land.

The corner was previously home to an AM/PM gas station which is no longer there, parking lots and a Yoshi’s restaurant.

Vogel said the land for sale totals approximately 3 acres with an asking price of $50 per square foot.

Vogel sees the Indian School/Central land as a good spot for a new apartment development.

Julian Aberbach and his late brother Joachim Jean Aberbach were in the music publishing business and forged deals with Elvis Presley, Ray Charles and Johnny Cash.

Julian Aberbach died in 2004 at age 95.

The New York Times outlined in his obituary the business ties to Presley whom he first forged a deal with in 1955. That included telling Presley to hire songwriters to provide him more music.

“I gave Elvis a check for $2,500, an advance against the royalties of his stock ownership,’’ Aberbach said in a 2002 interview with Billboard magazine according to the Times obit. “And he promptly went to the Cadillac dealer and got a pink one.”

Elvis first appeared on the “Ed Sullivan Show” in 1956.

Land Advisors is a leading real estate firm in the state and region. Vogel’s group forged the deal that is bringing Lennar-developed apartments to the northwest corner of McDowell Road and Central Avenue.

10 Housing Markets to Envy in 2017

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 01, 2016

Housing Forecast Chart for 2017The national housing market is largely predicted to moderate in 2017, but a handful of metros are expected to beat expectations. In fact, 10 markets are looking like hot-beds for growth in the new year with Phoenix, Arizona being number one.

Realtor.com®’s research team has flagged markets that will likely see average price gains of 5.8 percent and sales growth of 6.3 percent in 2017. Those gains would exceed next year’s anticipated national growth of 3.9 percent in home prices and 1.9 percent in home sales.

As such, real estate professionals in these 10 markets should expect a booming business in 2017. Realtor.com® notes these are the hottest housing markets to watch in the new year, based on price and sales gains:

1. PhoenixMesaScottsdale, Ariz.

2. Los Angeles-Long Beach-Anaheim, Calif.

3. Boston-Cambridge-Newton, Mass.-N.H.

4. Sacramento–Roseville–Arden-Arcade, Calif.

5. Riverside-San Bernardino-Ontario, Calif.

6. Jacksonville, Fla.

7. Orlando-Kissimmee-Sanford, Fla.

8. Raleigh, N.C.

9. Tucson, Ariz.

10. Portland-Vancouver-Hillsboro, Ore.-Wash.

Why are expectations so high for these 10 markets? Realtor.com®’s research team notes that strong local economies and population growth are helping to fuel sales. Also, the top 10 housing markets have other commonalities, such as relatively affordable rental prices, low unemployment, and large populations of millennials and baby boomers.

Top Housing Trends for 2017
Next year’s predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends:

  1. Millennials and boomers will dominate the market – Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they’re less dependent on financing, they are anticipated to be more successful when it comes to closing.
  2. Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com® expects this trend to continue in 2017 even as interest rates increase.
  3. Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with GreensboroHigh Point, N.C.; Akron, Ohio; and BaltimoreColumbiaTowson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with LakelandWinter Haven, Fla., DurhamChapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
  4. Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall.
  5. Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramentoand Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; ProvoOrem, Utah; Seattle. and OxnardThousand OaksVentura, Calif.)