© Copyright 2017 by MP Media, LLC
brings big opportunities,
Strong market fundamentals are creating
a growth environment for real estate and homebuilding,
but 2017 also holds daunting challenges.
Success will depend on developing new strategies.
“Phoenix is in a much different place than following the
said Greg Vogel, Founder and CEO of the Land Advisors Organization,
which hosted the 7
Metro Phoenix Land and Housing Forecast on Dec. 7. More than 500
attended the successful event, which was first presented in 2010. The Phoenix economy is
more diversified, jobs and population are growing, and billions have been invested in major
public projects. But there are constraints, too. Access to financing is still tight, labor is in
short supply and consumers have changed their ways and their taste.
The resale market in Phoenix has been
outperforming homebuilding, but the
dynamics appear to be shifting.
homes in Phoenix are “very affordable,”
Vogel said, with the third quarter median
price, at $235,000, coming in lower than
the national. Appreciation for homeowners
across the Valley is 7.5 percent, representing
$20.5 billion in new wealth, he added. Many
homeowners who were under water have
surfaced, and those who were foreclosed are
coming out of the penalty box. The supply of
resale homes continues to be tight, however.
“This should drive traffic to new homes,”