Housing Forecast 2023: How Phoenix-area real estate agents, analysts think the market will fare - Phoenix Business Journal

The fun and exciting times of a super hot residential real estate market in metro Phoenix ended in 2022.

We caught up with a dozen real estate experts — including analysts, builders and agents — to see what they expect in 2023., principal and senior economist for Elliott D. Pollack & Co., said he expects to see housing prices fall another 10% to 15% in 2023, providing a modest reversal to the Valley's affordability crisis.

, CEO of Scottsdale-based 72Sold."This is likely to be the case in the first quarter of 2023 because January through March is typically when we see the most homes come to market, and this rapid increase in inventory means buyers will have more choices and home sellers may have to sell at slightly lower prices."

"We still have an inventory issue in the luxury market and that will not change for some time," he said."Overall, our current market has become a stable/normal market for both buyers and sellers. Days on market will increase for sellers and pricing will stabilize. This will make it more of an enjoyable experience for homebuyers as they will not need to react so quickly and can take their time when shopping for a home.

"Again, keep in mind new homes also benefited from the unprecedented price appreciation in the range of 40% to 60% over the last two years depending on the location," he said.

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Business tips for success in 2023 - Phoenix Business JournalRecession fears. A red alert on talent. Persistent inflation. 2023 is shaping up to be a pivotal year for businesses on multiple fronts. Here’s a guide to navigating the challenges and opportunities your business will confront.
مصدر: phxbizjournal - 🏆 254. / 63 اقرأ أكثر »

Qantas, ITA Airways expanding service at SFO in 2023 - Silicon Valley Business JournalIn travel news, united is expected to face more competition flySFO for flights to Sydney and Rome next year. That could be good news for Bay Area travelers
مصدر: svbizjournal - 🏆 334. / 59 اقرأ أكثر »

Qantas, ITA Airways expanding service at SFO in 2023 - Silicon Valley Business JournalIn travel news, united is expected to face more competition flySFO for flights to Sydney and Rome next year. That could be good news for Bay Area travelers
مصدر: svbizjournal - 🏆 334. / 59 اقرأ أكثر »

Developer plans two hotels for Village at Prasada, Verrado area in Phoenix metro - Phoenix Business JournalA developer is working with a Scottsdale firm to bring new hotels to fast-growing retail areas in the Valley such as Surprise and Buckeye. Here's what's planned for two new large shopping areas.
مصدر: phxbizjournal - 🏆 254. / 63 اقرأ أكثر »

Several buildings at Thunderbird Business Park in Phoenix sell - Phoenix Business JournalPlus, a Los Angeles firm recently acquired two newly constructed single-family rental communities in the Valley.
مصدر: phxbizjournal - 🏆 254. / 63 اقرأ أكثر »