Here Comes the Great Weather & Predictions for the Balance of 2013

Here Comes the Great Weather & Predictions for the Balance of 2013

March may be my favorite month in Phoenix. Growing up in Phoenix I thought every city had some version of Spring Training, it wasn’t until college that I realized how lucky we were. Add to that the great weather we have, March is overall an amazing month.

Michael Orr, a real estate expert at Arizona State University, School of Business, recently released his latest housing report. These are his predictions for the balance of 2013.

  • Continued low inventory will cause prices to rise.
  • Investor buying will slow down as prices rise.
  • Pending foreclosures will drop to normal levels.
  • Short sales will continue but at much lower volumes.
  • Increasing confidence in the market.
  • Improving credit by buyers who lost their homes in the past.
  • Builders will slowly ramp up production -faster if a solution is found for labor shortages within the building industry.

In our local market we are seeing an uptick in sales activity between $225,000 to $350,000. Homes that are price well and have consistent amenities. We are continuing to rent homes quickly unless they are not clearly defined to a particular demographic.