Where do you see the Phoenix real estate market going? (living in, moving to)

[SarcasticPhxDude]

I am a Realtor and might be biased but I have been licensed for almost 20 years and been full time most of that period. I personally see today's market here locally as one of the best I have seen. There are no expert signs at this time for a bust.

Too many good jobs, too many good high paying jobs, too much infrastructure, less flip investors, tighter guidelines for financing than at least in 2007 which was a joke. Are there 0 down loans, down payment assistance-sure--but those borrowers have to have jobs, and good debt to income ratios.

We would have to not go up at all in the next 3ish years, to then go down to see an impact. What is more likely is 3-5% annual appreciation, and then maybe leveling off, and even if we did go down we are back to where we are now--that is not what I would call a bubble.

We also know real estate is cyclical and will go down eventually but I don't think it will be a bubble burst.

[BIG CATS]

Originally Posted by DetroitN8V

I do too. That one sold in September for $662k in Coronado. It was under contract in a month.

That's crazy. My in-laws have an almost 5K sq ft place in a gated community for that price. Granted it was purchased 15 years ago, but dang. Crazy what people will pay.

[DetroitN8V]

Originally Posted by BIG CATS

That's crazy. My in-laws have an almost 5K sq ft place in a gated community for that price. Granted it was purchased 15 years ago, but dang. Crazy what people will pay.

It's almost 2700 sq ft. I doesn't seem unreasonable to me. Comparing it to prices 15 years ago is useless. You should see some of the garbage available in that range if you want to live in central/downtown, Camelback East/Baltimore, or Arcadia.

[Finper]

Originally Posted by BIG CATS

Not too bad.


Ever check out this site? Its full of MCM goodness.
https://www.modernbuildinganddesign.com/

Loved most of those modern designs. Designers and architects are doing really exciting cool stuff with mid century/modern design lately. And no granite in sight

[MN-Born-n-Raised]

Originally Posted by DetroitN8V

That's cool for a den or an office, but I can't imagine such a dark and heavy kitchen.

I agree, those rainbow homes look stupid.

Here's a blend of historic and modern done well:

The kitchen picture you posted would not be something I'd buy. But I'm with you on the dark cabinets and green granite. It shouts 1995.

IMHO, the secret to get more years out of a kitchen is to use woods that are NOT stained. So like jimj said,natural hickory to my eyes is more timeless. I'd use natural and knotty hickory in a 2000 or 2018. But I like "warmth". With granite or man made stone, lighter colors with creams feel luxurious (unless you are look for a contemporary look which I personally despise in every circumstance).

But it's a matter of time before the sink looks old or arches in cabinets etc.

For flooring. Again, natural, non-stained woods or stone flooring will stand the test of time longer. I'd really hesitate to go with the plank style flooring or glass back splash because those days are numbered. I'm also a fan of mixing and matching woods even in the same wood. We all remember the honey oak stained era. Followed by the deep cherry, then maple, then hickory, then alder. So if it is all the rage, I'd probably punt and find a different style so that you are not hanging out with the masses.

In our lake house in northern MN, it's easier to make it timeless because slate, travertine and non-stained woods seem to always work. So in our kitchen, we have natural oak cupboards, pine ceiling, knotty hickory flooring, and a wainscot of maple. You can over power with all wood so we have the majority of sheetrock painted with accent colors. I used about 10 different wood species over the house. And different stone flooring too. Still, nothing is forever. A 12" square piece of slate says year 2000 all over it. So if you intertwine larger and bigger cuts and at angles, that will extend the life even more.

Independent of all that, every-so-often, you need to change things up for the sake of it. The bigger homes that I always prefer, remodels are expensive. So I try to minimize how often I need to change things up.

[DougStark]

Originally Posted by ghdana

So the Phoenix market is one that is seen as overvalued right now. https://www.bizjournals.com/phoenix/...onsidered.html

That being said I feel comfortable enough that I'm closing on my house in Red Mountain Ranch next week.

Overvalued? We haven't even fully recovered from the devastating crash of the 2000s boom? West coast cities, Denver are overvalued--not Phoenix IMO.

[bunding761031]

The state of Arizona, especially the Phoenix MSA, is very boom-and bust. The housing market has not yet rebounded from the great real estate bubble a few years ago. The rental market is also completely saturated as rents are quickly rising. Plus, the job market in the Phoenix area is very luckluster as wages are low. The state of Arizona needs to have a warning label for prospective residents. Many people move here thinking it's great but move out after a few years when they see how things really are.

[DetroitN8V]

I believe some areas are already well over pre-recession pricing currently. Arcadia and Coronado seem to be.

[slowdude222]

Comparing and competing are time wasters. I live in a community where people show off the new stuff they buy. They show off cars, faucets, furniture, yard art, golf clubs, golf carts and the like. Why? too feel important? I could care less. I'm glad they have the resources.

[Finper]

What I'm seeing living in Ca is a big exodus of people moving out of state (especially San Fran area). A lot are moving to neighboring states like Nv and Az. These are smart innovative ambitious people. That reason alone I think Phoenix real estate is in no danger of a crash and will raise in value in the next few years.