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Phoenix housing market ‘staying strong’ while nation sees dropoff

(AP Photo/Matt Rourke)

PHOENIX — While the nation is experiencing somewhat of a housing market slump, not every area is experiencing the dropoff.

According to Zillow, cities like Phoenix have actually seen their housing markets maintain stability.

“There are some very large markets nationwide that are slowing down. Places like Los Angeles, the Bay Area, like Seattle,” Aaron Terrazas, senior economist for Zillow told KTAR News 92.3 FM on Friday. “On the other hand, there are places that are celebrating or staying strong. Places like Las Vegas and Phoenix and Atlanta.”

Nationally, the housing market has seen a downturn.

“We know that 2018 looking back was a little bit of turning point for the American housing market,” Terrazas said. “In 2016, 2017 and even the first half of 2018, the housing market had been going strong.

“During the second half of this past year, it did begin to slow down a little bit. We expect that to continue into 2019.”

With the Phoenix market holding its own as 2019 approaches, Terrazas offered some recommendations for those looking to buy or sell in the new year.

One thing both buyers and sellers should try to avoid is trying to time the market.

For buyers, with set mortgage rates on the rise, it’s important to have an idea of where the rates are going to be when you are ready to close the transaction and have some added cushion in your budget.

Secondly, be able to compromise in making the right purchase. With that said, Terrazas also noted that with more housing inventory, buyers have a few more options than they would have had a year ago.

For sellers, Terrazas encourages them to speak with professionals to understand what’s in demand and what is most important in that particular market. Another thing to keep in mind is updating your home with any necessary entities before listing your home.

In addition to knowing the market, sellers should also temper their expectations of getting rid of a home quickly. With an added inventory of houses on the market, buyers have more options when looking for their next home.

KTAR News’ Taylor Kinnerup contributed to this report.

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