I want to start by sharing a link to this article. http://ktar.com/155/1572860/Dont-burst-my-bubble-The-crazy-Phoenix-real-estate-market
This is a great article by Diane Brennan, That Real Estate Show explaining our current real estate market outlook. Every homeowner or potential buyer is always asking ‘Is it time to Buy?’ or ‘Is it time to Sell?’, but this is the answer I have. It depends on your goals and your current situation.
If you are a homeowner that is looking to upgrade, this is a good time. If you are a buyer, now is still a good time. The market has been moving upward for the last 12 months, aggressively I might add. So what’s to come? I think the market will continue to appreciate, although not as aggressively. So if you are in either of the above scenarios, you should think about making that move quick before you lose out on more of this great opportunity to build equity.
The fear that is caused by a rapid appreciation that we saw over the last 12 months is because the last time this happened prices were at all-time highs, and for the wrong reason. This time around, the prices are simply adjusting back to what I would call ‘Normal’. The last bubble caused prices to hit incredible highs, followed by more-incredible lows. The market over the last few years has just been teaching us that neither of those abnormal markets can exist for long periods of time. A normal, balanced market is sustainable. Our 10 year averages for real estate prices are supported by inflation and affordability. In conclusion, I trust that the market is balancing and this is no ‘Bubble’. Invest smart, watch the data, and remember that the masses are usually a few steps behind the curve when it comes to investments.
If you are in the market to sell your home or curious about what it is worth, call us and find out. We can give you a value estimate for your house and teach you about our Seller program “I Will Sell Your House For Free”. You can save thousands of dollars listing your home with The Pittman Group, and you won’t be disappointed with the level of our service.