Millennials Will Drive the Future of the Phoenix Housing Market
Amy Golba Designated Broker
480-628-9448 Amy.Golba@gmail.com www.21Arizona.com
Homeowners just like you are shocked to realize how much their homes appreciated in the past year!
Do you want to know the value of your home? Contact me today to receive a no-obligation market value report!
Did You Know? ! ! ! ! ! ! ! !
Rabbits like licorice
8% of people have an extra rib The longest recorded flight of a chicken was 13 seconds If you try to say the alphabet without moving your lips or tongue every letter will sound the same A cat has 32 muscles in each ear The fortune cookie was invented in San Francisco
Millennials will drive the future of the Phoenix housing market.
That's what Mark Stapp, director of the Masters of Real Estate Development program at Arizona State University, told a crowd at the Phoenix Market Explained II event Saturday morning.
"The real estate industry was so busy trying to figure out what Baby Boomers want, we weren't prepared for the even bigger group of Millennials," he said.
! ! ! ! ! !
The event, sponsored by ASU's W.P. Carey School of Business, azcentral.com and The Arizona Republic, dissected housing-market trends and real estate data. Mike Orr, W.P Carey School of Business real estate analyst, told the crowd the supply of houses for sale is climbing in metro Phoenix, but demand isn't rising as fast. Orr said 2014 isn't starting strong for the housing market. He forecast prices would climb at a much slower rate this year -- and possibly fall slightly in some parts of the Valley. Stapp said many people are now wondering "what happened on the way to the recovery." Orr agreed it would take Millennials buying houses in significant numbers for the region's housing market to continue to grow. The generation, whose oldest members are just past 30 and whose youngest members are still teenagers, demonstrates less interest in a suburban lifestyle, Stapp said. Infill projects, proximity to mass transit and good design could be sweet spots for Millennials, he said.
Attendees at the event asked questions about infill, Pinal County's growth, the future of retirement communities and the best areas to buy now. By Catherine Reagor
Sponges hold more cold water than hot
Century 21 Platinum Real Estate | 2141 E. Pecos Rd., Chandler, AZ 85225 | 480-628-9448