After years of dipping sales, 2015 provided positive results for many Realtors in Maricopa and the surrounding regions.
Despite the positive uptick in sales, the 2015 real estate market was still considered a buyer’s market. Property values increased, but the seven-year economic downturn left buyers with plenty of options to pick from.
As local Realtors look to 2016 to keep the positive sales trend going, we asked a few to reflect on the year that was and offer their projections for the year to come.
How would you summarize 2015?
“It was a great year for me, about the same as 2014. But overall it was a good year for Real Estate in Maricopa. The market was relatively stable and there was about a 6 percent increase in the Median home price.” – Dayv Morgan, HomeSmart Success
“2015 will finish with double digit increases in home sales and a modest and sustainable increase in appreciation rates, so it was a good year. 2014 marked a seven-year low in terms of sales, so getting back on a positive trajectory is a good thing for our community.” – Jay Shaver, Maricopa Real Estate Company
What’s your outlook for 2016?
“I think that 2016 is going to be even better. There are lots of signs that the economy is strengthening, and I believe that the increased interest rate may actually help the market by bolstering consumer confidence and creating some urgency to buy now while rates are still relatively low.” – Dayv Morgan, HomeSmart Success
“I think 2016 will bring more of the same. Year over year home sales will increase once again by approximately 10 percent, and appreciation rates will remain modest and sustainable.” – Jay Shaver, Maricopa Real Estate Company
Will the increased interest rate affect the market?
“Rate increases can affect the market in a negative way but mostly for the buyer that is on the edge of qualifying anyway. If the rate hikes are slow they should have a nominal effect for buyers. I think the key to not having another “bubble” is slow and steady growth along with good overall economic growth.” – Pat Lairson, Coldwell Banker
“Mortgage interest rates are tied to the yields of 10 year treasuries, so the action the Fed took last week does not translate to an automatic increase in 30 year notes. However, the tightening of economic policy has begun so it is possible mortgage rates could increase by the end of 2016, albeit slightly which won’t negatively impact many buyers.” – Jay Shaver, Maricopa Real Estate Company