The year 2017 was eventful, to say the least, in local real estate. From the ashes of the 2008 bust, new developments have been rising all over the NoPho area. Resale is healthy, and we even have a new super-mega-colossal Fry’s. It seems like every patch of empty space along the I-17 corridor, from the Loop 101 to the New River exit, is blooming stick and bricks.
Like it or not, that’s progress, baby. What’s next?
Plan on more. More homes, more retail and specialty shops, more hotels, more parks, more jobs, and yes, more traffic. If you dump a pile of sweet gumdrops on the desert floor, the ants are sure to march in and gobble them up. (Poetic, huh?)
Developers associated with the USAA complex have major plans afoot, so that should be fun. If you peruse the City of Phoenix Planning and Development “my community map” site, you’ll see handfuls of plots in all kinds of phases of development, from “proposed” to “approved.” And everything in between.
Interestingly, all of the development is proposed on the east side of I-17. There is a gargantuan hunk of property on the west side, from Norterra to the Carefree Highway, that ominously awaits the shovel of progress. It’s just a matter of time.
All indications are that home prices will continue to inch up in 2018 (I’m guessing 2–3 percent) and inventory will remain low. We are currently encamped in a seller’s market, but federal regulations (read: pressure on the appraisers and lenders) are keeping a lid on runaway appreciation. I’m not saying that’s good or bad, it just is.
If you’re thinking of selling your home in 2018, you should probably sell. If you’re thinking of buying, you should probably buy. If you’re waiting for prices to go up before selling, just remember that, if they do, the house you’re buying will cost more as well. That’s progress, baby.