Tune in to hear Danny’s recap of the Q4 Phoenix housing market and his predictions for 2021. Below is a brief summary of his predictions:
I don’t think we’ll see double digit appreciation this year like we did last year, but I still think it will be around 8%.
The first half of the year the economy is still going to be very weak. We’ll see negative GDP and things will turn around come the third quarter. I think we will finish 2021 with a stronger economy that we had in February of 2019.
The travel, leisure, and entertainment industries are going to come roaring back starting in the second half of the year.
The unemployment rate will reach pre-pandemic levels by the end of the year.
Mortgage rates will remain in the low 3% range for all of 2021.
We will see an uptick in listings in the 1st quarter of this year as we always do. And then we will see additional inventory come to market once the vaccine has been rolled out to a majority of the population.
The number of total real estate sales will be less than last year, while the average sales price shoots up to be north of $400,000.
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