TEMPE, AZ - A quarterly survey of real estate brokers in Phoenix showed 100 percent agreed the Valley's real estate market was in recovery. The group of brokers also all agreed the overall feeling of the market was "optimistic."
The survey by Arizona State University's W.P. Carey School of Business included real estate predictions about the first quarter of 2014 from area experts. These experts also predicted the housing market will continue its upward trend.
The report also highlights predictions for the rental market in the Phoenix metro area. Forty percent predicted vacancy rates would increase this quarter, and forty percent forecasted an increase in rental costs as well. Despite the forecasted increase in rent, 100 percent agreed the apartment market favors tenants.
The Center for Real Estate Theory and Practice's full report includes information on retail and office spaces as well, including anonymous comments from the brokers surveyed for the report.