What Bubble?
Good evening!
There was a recent article in Forbes ranking the 10 most over-priced real estate markets in the U.S. They were, in order:
Seattle
New York City
Portland
Chicago
San Jose
Bergen-Passaic, NJ
San Francisco
Middlesex, NJ
Denver
Los Angeles
Notice Phoenix is not listed! We are still a valuable region compared to many other areas. While there is more inventory in the MLS system (30% more than just 6-8 weeks ago), this is a healthy change - this means buyers will have more options available to them, and both buyers and sellers - for the most part - are experiencing less stress in the purchase and sale of a home. Of course, there are still pockets of the valley where demand far exceeds supply, and homes are sold before they even hit the market. Phoenix still has a high level of job growth (lack of jobs is what tanked the Seattle market), terrific weather, and has one of the lowest costs-of-living in the west. That makes for a winning combination!
Tomorrow, we'll address a list of the most risky cities to own a home in, according to Kiplinger....
Sharon Kotula and Adam Tarr
Your Phoenix Area Real Estate Source