It seriously can't go on like this for much longer, right?!
Wrong. This is going to last the Greater Phoenix residential market a very long time while most cities nationwide have already seen some of the challenges they will be dealing with for a long time to come as the result of the COVID pandemic.
Nearly 9.6 million square feet of industrial space has been completed so far this year. With
another 10.6 million square feet under construction, Phoenix will continue to be the migration hot spot for manufacturing, technology, medical and financial companies. Phoenix continues to be attractive for data center users, which have been very active in the Valley in recent years because of its reliable and affordable power. Other companies continue to expand across they valley. HonorHealth will be opening it's sixth Valley hospital in north Phoenix, Nikola Corp just announced their partnership with General Motors, a Phoenix-based company, Axon Enterprise just acquired 74 acres in North Scottsdale to
relocate their headquarters to 250,000 square feet of to-be-built commercial space and reach a payroll of $130 million within five years....just to name a few.
Just this week Lucid Motors just announced the news of their luxury electric sedan manufacturing facility in Casa Grande (just south of Phoenix) and Crystal Lagoon was just approved to move forwarded with the valley's first world-class entertainment destination on 48-acres in Glendale. Now this looks like fun!!!
Nothing about 2020 is 'normal' but trends show that volume (not values) will slow down as we inch towards the year-end. It kind-of looks like that might happen, I am really emphasizing k-i-n-d o-f. If you are a Buyer (located in Arizona) and you have been waiting for, um ... I have no idea ...you really should at the very least start talking to the right professionals to get the ball rolling.
If you are an out-of-state Buyer coming from a higher cost-of-living state, maybe you are waiting to see if you will ever be returning to the office??? Know that your 'perfect house' may not yet be on the market and it may take a little time to find your next home. And this girl for one is thinking that there will be a surge of Buyer's after the election (whichever way it goes) when people realize that it is not affecting values.
Sheryl (Shey) Willis, CNE
GOARIZONA REAL ESTATE
Maricopa County Real Estate Special Commissioner
Zillow Premier Agent
Redfin Partner Agent
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Sheryl Willis, Go Chandler and eXp Realty does not engage in or condone activities which illegally discriminate on the basis of race, color, religion, sex, age, national origin, disability, familial status or any other protected classification under federal or state law.