The election is finally over, so we can start to examine how the results could affect the Phoenix market. Today we'll examine how the market could change in 2017.
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No matter where you stand politically, I'm sure we can all agree that we're glad the election is over and we can move on. So what does the election's outcome mean for real estate here in Phoenix?
I'm getting a lot of questions about what I think prices will do in 2017, and I hear them from both sides of the aisle. Having been in real estate for more than 17 years, I can tell you that we're still dealing with basic supply and demand. When supply exceeds demands, prices will flatten off or decline. Usually, in a post-election year, we see a lot of homes come onto the market for sale by sellers who deferred moving until after the election.
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So how many people will step up to the plate in 2017 to buy and sell a house?
In post-election years, many homes are listed by sellers who waited for the election to end.
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If the sellers exceed the buyers, prices will go down, and if buyers exceed the sellers, prices will go up. We don't know which way it's going to go, but we know that escrow fallout rates escalated in the fourth quarter of 2016. If this continues, we could have a flat or softening market in 2017. It will also depend on if the stock market stays stable, increases, or God forbid, goes through a correction in 2017. We're also keeping an eye on interest rates.
It's all very local and depends on your neighborhood, how many homes are for sale in the neighborhood, and whether those sellers are reducing prices to get the home sold.
If you have any questions about your neighborhood or your home's value, give me a call. I'd love to hear from you!
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