I sold a house this weekend after only having it listed for 2 days. That is not big news. There just isn't much inventory now to choose from and people want to get centrally located. This couple was from Alabama and wanted to live close to the light rail and they work downtown. They wanted some tree lined streets and yet not feel like they lived in the city. This particular house had a pecan tree in the back yard. Those are always fun for the first year or two until you find yourself picking up pecans daily and wishing you had more friends that like pecans, but why digress....
I read that the new generation they call Mileniums, you know, my kids? They don't want to drive much. They also don't like cable TV. They want to pick and choose what they want to watch and when they want to watch it. But they don't want to live where they have to drive. So not the smaller square foot home in the less than 1800 range is very popular as long as it is near a rail system or some type of easy access public transportation. So much better than what I did at my early working age. I seemed to live in the car. I guess they saw how much we really did not like that.
I don't read the current data as a bubble. Not yet. I see this as the Race to Normal in Phoenix. We fell so hard and so fast that it makes sense in a recovery that we would climb out fast too once the bugs were out. That is a simple explanation but i like it. A bubble has so many more parts to it that are easy to spot. This current upward price pressure has none of those parts. There are other components of the economy that concern me, but a bubble right now is not one of those concerns.
So, I am positive right now about our market. Good for Sellers and if you are quick, still great for buyers. I also like how are younger folks are moving in closer. For all the right reasons. And Cable TV? I have no clue!
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