How Would You Describe The Phoenix Market to an Outsider?

[Wes Blackwell]

Recently I've been offered a lucrative opportunity to come sell real estate in the Phoenix - Mesa - Scottsdale part of Arizona. Coming from California, I'm looking to educate myself on the local market, economy and culture. I'm hoping that some of you local investors and real estate professionals can help bring me up to speed on the market.

I've done some online research, and here's what I've found so far:

• Phoenix was just projected by Realtor.com to be the #1 hottest metro market in the nation in 2017
• Downtown demand at the urban core has helped spur rent growth and the city has seen lots of commercial multifamily activity lately
• It's a low inventory, sellers-market... especially under the median price of $300k
• It's considered a great place to invest in real estate due to continued population growth
• Apparently all this great news is a huge 180 degree turn from 10 years ago

Frankly, it's starting to sound a lot like Sacramento, CA where I'm from. Low inventory, seller's market, population growth and rent increases. I wrote a lot about this here in the Sacramento forum, and perhaps you'll see some correlations if you've got the time to read it.

But, what I really want is your two minute overview on Phoenix market. How would you describe to the new guy in town, and the new agent in the office. Outside of news headlines, I'm really interested to know what's the word on the street. 

So, what's it like out there in Phoenix? :-)

[Jeff Schneider]

The market is very competitive. There are more Realtors per capita than any other state. Not saying it's impossible to do well but come in expecting that it will be no easy task. Can't swing a dead cat without hitting a Realtor in this town and everyone's mom or co-worker seems to have a license.

The Phoenix housing market is the same right now, very competitive. If things are nice, they don't last long and don't close much off list price.