One reason the Phoenix valley real estate market may recover faster than most is because we live in the Phoenix area and people still want to move here. According to a recent Forbes story the Phoenix, Scottsdale, Tempe, Chandler, Mesa area trails only Charlotte NC, Austin TX and Raleigh NC in percentage increases over the last year.
It is estimated that 350 new families a day are moving to the area. These new families are going to need somewhere to live, and with the housing prices and interest rates the way they are today there is plenty of great opportunities for them.
Last year we saw an increase of 2.78% in population. There are plenty of reasons to move to the area, the weather of course being one of the main ones. Another is our economy. We hear about the high unemployment numbers, but the Phoenix area unemployment numbers in January of 2009 was roughly 6.7%, much lower than the 8% national average.
Will the Phoenix housing market recover overnight? Of course not, but that does not mean it will not recover sooner than most parts of the country. The Phoenix area is a desirable relocation destination and as long as we continue to remain so houses will continue to sell.
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