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Expert predicts rise in housing market in 2018

Posted at 5:18 AM, Nov 29, 2017
and last updated 2017-11-29 15:23:09-05

Experts are predicting a steady year for the housing market in 2018. 

Jeff Sibbach with Realty One Group is predicting a steady rise in 2018 -- similar to what the housing market experienced in the 1990's. 

Currently, supply is off about 12 percent compared to this time in 2016 says Sibbach.  

"I believe we are going to see a swiftly up-moving housing market due to the decrease in supply," said Sibbach. "Because of that and in combination with demand being up about seven percent, it is going to lead to a pretty competitive market but also a good one to buy."  

Sibbach says two of the hottest areas right now are Chandler and Goodyear. Most buyers want a new or newly remodeled home -- in the price points of $200,000 to $250,000. 

The majority of buyers Sibbach is seeing right now -- millennials and baby boomers. 

"A lot of baby boomers looking are looking to downsize right now," said Sibbach.