@sibbachteam 2023 market predictions #realestate #market #predictions #2023 #home #arizona #exp @jeffreysibbach @Phil Sexton @jacksonsibbach ♬ original sound – Sibbach Team PLLC , eXP Realty
Market predictions 2023! You’ll be shocked to hear this, but the Phoenix-Metro Market is in a much better place than the national media wants you to think. Listen to this video to understand the four main reasons why the market is different this time.
#1 Low supply of homes over the last 30 days supply has decreased two and a half times year over year during the last recession. Supply increased five-fold, wow, much different!
#2 Ninety percent of homeowners have more than 20 percent equity. Last time the lending standards allowed a lot of people to own, a lot of homes with no equity which led to a lot of shadow inventory.
#3 There’s more people than houses in Maricopa County. We have underbuilt homes over the last 12 years in Maricopa County while we lead the nation in population growth.
#4 Rental prices have doubled. If you can’t pay your mortgage, don’t worry, someone else will. Rental prices have doubled over the last seven years which has contributed to the lack of supply.
Easy to see why we think the market is expected to bottom in 2023, and that you should get out and start looking now because the best deals are happening today and we don’t want you to miss the bottom!
Have more questions? Give me a call at 480-500-1738!