Where do you see the Phoenix real estate market going? (Chandler: for sale, apartment)

[dajohnson99]

I have lived in Nevada, Texas, and California. Both CA and NV are "boom and bust" states - TX is steadier. I've thought about moving to AZ because I just love everything about it. My question is - do you see the Phoenix market going into a bust-cycle in the next few years? Or will homes continue appreciating?

I would really appreciate the insight of local realtors or long-time Phoenix residents.

Thank you!

[spoonman1]

Homes in Phoenix have continued to rise, however, compared to California (and Denver, Seattle, Portland,) they are an absolute bargain. Makes me think prices will continue to rise. I’m no expert though.

[Zippyman]

Originally Posted by dajohnson99

I have lived in Nevada, Texas, and California. Both CA and NV are "boom and bust" states - TX is steadier. I've thought about moving to AZ because I just love everything about it. My question is - do you see the Phoenix market going into a bust-cycle in the next few years? Or will homes continue appreciating?

I would really appreciate the insight of local realtors or long-time Phoenix residents.

Thank you!

Phoenix has been on a tear since the crash.. Pretty sure the economists said that the bottom of the market was 2011 & it's been straight up from there - the crash forced pricing to go irrationally low, so we're in uncharted territory (and still not back to peak pricing yet in much of Phoenix proper). That said - since the 1970's, there really hasn't been a ten-year run without at least a small correction before, so it's reasonable to expect some kind of correction in the next few years. I think you're pretty safe buying a median house if you have a real down payment & a stable job. Odds are, even if the wheels come off again - rents won't be any cheaper than your payments. But I wouldn't double down at current prices and expect a payday. I sold off my rentals in Phoenix & won't be buying any more unless things change substantially.

[newtoaz20172]

On my street, there are 7 houses for sale. Mostly just older north scottsdale retirees/older folks cashing out.

The house across the street is an absolute dump and going for about 400k and maybe 1300 sqft? Doesn't even have a backyard. It is rather amusing. The owner had zero upkeep and everyone sort of knew it was the worst house in the neighborhood. The backyard was a PILE OF DIRT 5 months ago.

so yes, I believe it'll be a bust.

edit: to be fair, they did redo a bit of it for sale

[CAHLUV]

Originally Posted by dajohnson99

I have lived in Nevada, Texas, and California. Both CA and NV are "boom and bust" states - TX is steadier. I've thought about moving to AZ because I just love everything about it. My question is - do you see the Phoenix market going into a bust-cycle in the next few years? Or will homes continue appreciating?

I would really appreciate the insight of local realtors or long-time Phoenix residents.

Thank you!

I agree with many that its still a bargain in AZ compared to other markets but like the past has shown its all about how big or small the correction in real estate will be.

[AZJD]

No bust in sight, just steady appreciation at normal levels.

Middle class is leaving California in droves and are moving to Arizona. Will only help
With price increases.

[DetroitN8V]

I think a correction may be on the horizon. Most of the more centrally located, nice areas command a minimum of $500k for something decent. In many areas $1M still means having to compromise.

[Colt AZ]

Originally Posted by AZJD

No bust in sight, just steady appreciation at normal levels.

Middle class is leaving California in droves and are moving to Arizona. Will only help
With price increases.

California has a middle class?

[FirebirdCamaro1220]

Originally Posted by DetroitN8V

I think a correction may be on the horizon. Most of the more centrally located, nice areas command a minimum of $500k for something decent. In many areas $1M still means having to compromise.

Yeah, that condo complex Portland on the Park, at Central&Portland has units selling from $500k up to $1.6mil. I don't know who outside the professional class can afford that here. My one bedroom apartment at Capital Place is $1,350/month; also high for this area

[AZJD]

Originally Posted by Colt AZ

California has a middle class?

Had....


I have friends in the Bay Area and they make $200,000 a year and are just average middle class people. And still can’t afford to buy a home.

I toured some builds in Chandler a bit ago and 50% of the cars in the lot had California license plates.

Best place in the USA to live...only if you’re rich. Arizona is a great compromise.