If you are wondering if this hot market is reminiscent to the set up of the housing crash of 2007? This time is different...
Today's market is fueled by a historic shortage of available housing which is showing up in the form of large price increases to both resale homes and rental properties, indicating a strong demand that will keep contributing to the high level of competition.
The following are the Year over Year Median Price increases to both purchase and rent prices in some of the most popular valley cities.
🌵Phoenix- +32% Own +25% Rent
🌵Scottsdale- +24% Own +16% Rent
🌵Peoria- +24% Own +24% Rent
🌵Surprise- +33% Own +23% Rent
🌵Cave Creek- +34% Own +7% Rent
With interest rates scheduled to increase throughout this year along with the rapidly rising prices, the cost of waiting to secure your new home is high. Meanwhile homeowners are sitting on huge amounts of equity, making this a great opportunity to sell and roll over profits into a new dream home.
