In regards to the Phoenix Real Estate Market, the big question on everyone’s mind is…. Are we experiencing a real estate bubble similar to what happened in 2005 – 2007? Based on what we’re experiencing in our current market, our answer is no.
Lending Practices | Then vs. Now
In our last real estate bubble, to say lending practices were loose would be an understatement. At that time adjustable rate mortgages, 100% financing, and non-qualifying loans were common. Now we have large down payments, substantial equity in homes, tougher lending guidelines, and appraisers who answer to underwriters instead of mortgage companies.
In addition to all of that, we’re seeing 30 year fixed mortgages as the norm in the Phoenix real estate market, with more buyers paying cash – even in the $2 million price range!
The Bottom Line
While we’re not able to predict the future, based on current market stats and all of the above, we see real estate in Phoenix staying healthy for a long time.
Want to learn more? Check out Steve and Erik’s market update video
About US
Steve Caniglia grew up in the real estate industry, and has been a licensed real estate agent in Arizona for 17 years. He loves real estate not only because of the relationships he has established, but because every day brings something new. Additionally, Steve loves the unpredictability that helps keep him on his toes. Per Steve, “I literally learn something new every day and know that is one of the big value adds that I bring to my clients – seventeen years of knowledge and a team of seasoned agents with a vast array of know how and expertise”. His goal with every client is to have them as clients for life, not just one or two transactions. You can contact Steve at (602) 301-2402 or [email protected]
Erik Jensen is a licensed Arizona real estate agent, and has been helping first-time, experienced, and luxury buyers find their perfect home for the last 15 years. Erik has knowledge that extends past the housing market. This knowledge includes home building, marketing, and lending/finance. He’s able to help educate clients on the structural quality of a home, point out any possible repairs or maintenance they may not be aware of, and even refer them to appropriate resources after the purchase. On the listing side, he’ll do whatever it takes to show a house in its best light, from professional photography and marketing to personally tidying up a house before a showing. Erik provides guidance and direction during every step of a transaction, always with the client’s best interest in mind. You can contact Erik at (602) 717-0017 or [email protected].
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