Here is a quick summary of the market:
- The #1 Google search over the past month is "when will the housing bubble burst?"
- Aren't you glad that you get up-to-date information twice per month so you don't have to ask uneducated questions like that?
- Before the Great Recession, folks could refinance at 100%+ of fair market value. Now VA loans can go up to 90%. All other types are at 80% of fair market. SMART and CAREFUL!!
- Leisure and Hospitality are hiring in droves out here.
- Population growth in the Nation is at 0.4%. The Phoenix Metro area is 1.8%, which is 4 times as fast.
- AZ Labor Force is now larger than it was pre-pandemic.
- Monthly housing appreciation is at 2-3% for homes under $600k.
Click here to watch the above video.
For more details on a certain zip code, neighborhood specifics, or to help you buy or sell a home simply reply to this email, call, or text Nancy at 602-730-2143. I look forward to talking about your individual needs.
Q: Are we headed for a housing bubble in the Phoenix Metro Area?
A: Not any time soon. REALLY! As of today, the Cromford Market Index is over 500 into the Seller's Market side. (A balanced market is at 100.) We have significantly fewer houses than we have folks who need a roof over their head. When you think of AZ, think of us being closer to CA's market then anything you've seen here in the past.