By: Payam Raouf
It's over for now! Roger that.
We did say that once we get through the panic selling and people getting used to the virus, home prices in phoenix metro will fly and it is doing exactly what we told you.
Now so much money is sitting on the side line that trying to pick up a deal here and there is making no sense at all!
New or resale are untouchable. It’s a Big Gamble. Investing in Single Family Residential Property at these prices is pretty risky unless you have to.
They say inflation is at bay! Bay of Pigs perhaps.
Everyone just went at it at once, the whole world printing money with very little or even no backing. The mother of all gambles. It’s a Roulette. Put all your chips on red or black and watch where it lands.
For now, the ball is spinning and the crowd is cheering. At some point this game is going to turn into the Russian Roulette.
Any other options, NONE!
Yes, we can keep printing money. but ... author of "End the Fed," predicts such money creation will lead to disaster, ... resulting in chaos and civil unrest.
I also want to join the fun. Considering, I know it all, I should be able to score some. Where do you keep your money, at the bank? I have already lost my buying power by 10% this year so far!
I guess I am going to ride this election out. It is a game changer. By then the ball has landed either on red or black. It’s a game of luck and hope the casino is not cheating.
home price gains to No. 1 in US
Photo by: Feverpitched/Getty Images/iStockphoto
Sold Home For Sale Real Estate Sign in Front of Beautiful New House.
By: Angela Gonzales, Phoenix Business Journal
Posted at 9:06 AM, Jul 31, 2020
and last updated 9:14 AM, Jul 31, 2020
Phoenix has reported the highest year-over-year gains in home price growth, well ahead of other key U.S. cities.
With a 9% year-over-year gain in May among 19 cities measured by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, Phoenix was followed by Seattle, at 6.8% and Tampa, Florida, at 6% growth. The national average was a 4.5% annual gain, down from 4.6% in the previous month.
Phoenix-area housing demand continues to skyrocket, while supply languishes, said Jim Belfiore, founder of Phoenix-based Belfiore Real Estate Consulting.
"The perfect storm is here, and with mortgage interest rates so low, buyers should expect home prices to continue to rise unabated," Belfiore said.
Even despite the surge in prices, the average home sales price in the Valley in June was $305,000 — about $70,000 less than the national average sales price — while the median price was $368,600, according to the Arizona Regional Multiple Listing Service.