Is the phoenix market slowing down?
The real estate market over the last 5 years has doubled in value. Do you think homes are over valued? Has the economic stimulus created a bubble of market inflation that has driven real estate prices up?
These are all great question. All of them which are true!!
It is almost impossible to find a quality home for sale with good economic life for less then 300,000. What are some factors that are driving these prices?
There is an army of people that qualify for FHA loan based on criteria. But are the home prices pushing passed what they can afford? A mortgage of 300,000 or more is almost over 2,000 per month. Many can’t afford that monthly expense comfortably. Many can’t afford another economic disaster.
Luckily since 2008 there has been many regulations put in place to protect people from predatory lending. But for now Phoenix real estate is still a growing market.
Where is the market building?
There are 6 major entry ways into phoenix. I 10 west and south, I 17 north, US 60 eats and west, and phoenix international airport. That being said where does the state plan to grow? The answer is west and north.
South of phoenix there is a lot of tribal owned land which restricts building and zoning. But that doesn’t mean it won’t fill in to maximize development.
There are plans that you can find on the Arizona state website that detail planed growth in the buckeye area and areas north of the new 303 freeway.
Will we merge with california?
Maybe but that certainly will take a long time. We might even have ocean front property in Yuma before that happens. But none the less. Alot of people are moving to phoenix from outside the state because of our great weather and great opportunities.
have you been searching Zillow for homes recently?
If you have been searching for a home or are ready to sell your home in the phoenix market to capitalize on your equity now maybe a great time. I would love to partner with you, your friends or family members. Phoenix real estate agents maybe vast but I’m more then just your realtor. I’m a dedicated professional with a wealth of knowledge in many aspects. Do you have a question about business or life in general? Reach out I’d love to chat.
DO something fun this summer.
The summer is definitely here. Don’t believe me? Leave your car in the sun and forget to put up a visor. You might die from the radiant heat. But don’t let that deter you from exploring Arizona and all it has to offer.
A fun place I would recommend to visit this summer is… Any resort that has a pool lol. Want to get out of town? Head north for cooler weather. You can even head to the lake and enjoy the sunshine.
Golf is huge in phoenix. There are a dedicated few that push through the scorching heat for a great round of 18.
Don’t like to golf? Try a water park or bbq in the backyard with friends or family. Either way make sure to enjoy each day as we move through life. Make the next ten years great.