As an agent, I am asked on an almost daily basis when the housing market is going to crash; but those answers all depend on where you live. Many large housing markets recovered much quicker than we did here in the Phoenix Metro Area. And while home prices are on the rise, they’re actually at extremely healthy levels! As noted by Jim Belfiore’s response published by the Rose Law Group:
“A slowdown in appreciation for the Metro Phoenix Area? Appreciation has been virtually non-existent, and is only now just getting started.” – Jim Belfiore
I totally agree with Jim’s response, considering that median sales price for resale homes throughout the East Valley has only risen by roughly 6.5% in the past 12 per the Cromford Report, a trusted Real Estate Data Service serving exclusively the Phoenix market.
So do I buy that new home, or sell my home now while the gettings good? That my friend is up to your own personal goals! But it doesn’t look like home prices are going down anytime in the near future!