July 28, 2010
Want to avoid a slapshot to the face? Get in the market now.
Remember when the economy was booming? Back in those glory days there were 865 builders in Phoenix alone. Now there are 133.
But there’s a good reason to think that the market is making hefty strides for a strong comeback. Just last month, NAHB economists projected that single-family housing starts will already be at 841,000 next year as opposed to 571,000 this year.
That means when the market does come back demand could be challenging to meet, and housing prices, as a result, will skyrocket. Like the quick slap of a hockey stick, according to Elliott Pollack, CEO of Elliott D. Pollack & Co., a Phoenix-based economic and real estate consulting firm and David Crowe, chief economist for the National Association of Home Builders.
Both men voice some of their concerns about rising house prices in a recent post on Inman News, and shared their insights at this year's PCBC conference.
The main gist? Prices will jump because builders won’t be able to move quickly enough to meet the demand. Combine pent-up demand and low mortgage rates, and you’d better hope you’re one of the few with a hand on that hockey stick.
With one-bedroom units in the heart of Phoenix priced in the $150,000s, we can’t help but think that purchasing at ONE Lexington will help you do just that. With Interest rates still at record lows, if you’re looking to play the game and get in the market, now’s the time.
