Where is Phoenix's Real Estate Market Headed?
●?????? ???Potential Price Decrease for Multifamily in Phoenix
The conversation continues to explore whether multifamily housing in Phoenix might also face a decrease in prices, with the speaker expressing their belief that it is likely to happen.
●?????? ???Predicted Price Decline in Phoenix
The speaker predicts that housing prices in Phoenix, including multifamily properties, may decline by approximately 10 percent before gradually recovering.
●?????? ???Recovery Timeline for Phoenix Housing Prices
It is suggested that it might take some time for Phoenix housing prices to return to their previous levels, possibly not reaching the highs seen in January for a while.
●?????? ???Slow Recovery for Phoenix Housing Market
While Phoenix's economy is performing well, the speaker notes that the recovery of housing prices, particularly per-door prices, may be slow, with a potential rebound expected in the coming year.
●?????? ???Phoenix's Rapid Economic Growth
Phoenix is acknowledged for its rapid economic growth, although it is mentioned that this growth has not been accompanied by the same level of income support as some other cities.
●?????? ???Income Support Comparison: Austin vs. Phoenix
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A comparison is drawn between Austin and Phoenix, highlighting that while both cities have experienced significant growth, Austin benefits from more people receiving salary increases.
●?????? ???Austin's Technological Influence
Austin's attractiveness to technologists and individuals from California is mentioned as a factor contributing to its economic success and housing market stability.
●?????? ???Tech Industry in Phoenix
In contrast, it is noted that Phoenix has fewer technologists moving in, potentially affecting its income-based stability, especially in times of market correction.
●?????? ???Potential Price Correction in Phoenix
The absence of strong income support in Phoenix is highlighted as a factor that could lead to a significant price correction, possibly resulting in a 10 percent decline.
●?????? ???Conclusion on Phoenix Housing Market
In conclusion, the speaker emphasizes the possibility of a price correction in the Phoenix housing market, underlining the need to consider economic factors and the presence of technologists in the region.
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