What is going on with Phoenix home values?

I recently wrote an article about Phoenix home values. It is below. Here is a link to it

One very popular real estate question here in Phoenix is, “How much will my Phoenix home be worth in 3 months, 6, or 12?”

No one knows what prices will do. If we did, we could have probably prevented the Crash of 2007-2009.

Rather, the Professional Realtors do our best to educate themselves, follow trends, and inform the public. One source Phoenix Realtors rely on is The Cromford Report and Michael Orr’s fabulous data.  I recently came across a chart that showed the expected annual appreciation for different price ranges here in Phoenix. And, while someone should never buy because prices are going up, or rates are going down, I will say this–the Phoenix market continues to be a healthy market for both buyers and sellers.

Certain price ranges are going to see a 5%+ annual appreciation. What does this mean to you? It depends. Are you a buyer, seller, both? Also, perhaps even more important is this is an overall picture/chart, it might not represent a certain area to the “micro” level. And, it doesn’t have condos.

The $400k-$500k caught my eye the most. It is great to see the $150-250k price point in a healthy trend of 3%+ or so, but the $400-$500k–WOW! This is significant for many reasons. As we inch past $420k we risk being in jumbo status in most loans. So, for someone who decides not to buy now, but wait 6 months, the home they see and like now at $420k could require that much more money down to keep them below the jumbo loan status. And rising interest rates can wreak havoc on mortgage payments…especially on jumbo.  You wait and get “less” house and you pay more for it, and in the loan-ouch!

Also, keep an eye on that $225-$250k range. That is near our median price range, and below FHA limits in Maricopa County. With slowly decreasing inventory levels, appreciating price points where will the home you love now be in 6-12 months? Still under FHA limits?

I am not one of those people that sugarcoat things. I try to be thorough with how I explain things. I hope this post about Phoenix home values and prices has helped you become more educated about our ever-changing market. If you are thinking about buying a home in the Phoenix area I strongly suggest you meet with a Professional Realtor–me  to see if waiting is in your best interest.

To reach me directly fill out the form below. I am always here for a FREE-no obligation consultation. Oh yeah, if you would like to receive a copy of this report…or one for your area let me know.