For those intimate with the Phoenix single family market

[Robert Leitner]

I spent the last year trying to buy more single family properties in Phoenix. I put in a lot offers, won 4, and ended up having to walk away from for one reason. The prices have been skyrocketing with no end in site, supply problems, growing economy, etc, and I'm not seeing an end or even cooling off. Some say end of 2022. 

I would really like to buy more property there but I'm starting to question whether this is a bubble. I understand the factors driving it are different that the last Phoenix bubble, but are these prices sustainable over the long haul? 

I'd like to hear others thoughts...

[Bob Okenwa]

@Robert Leitner

I'd take a look at the west valley in areas like Goodyear, Verrado, Litchfield Park, anything within a mile or so of Westgate, Surprise Farms, and the Marley Park area of Surprise.

The prices are what they are and won't drop 50% like they did in 2008. Population growth and lack of affordable new construction is hurting supply big time. Last year new construction was so crazy that prices were climbing weekly, builders were doing lotteries again, and people who were fortunate enough to sign contracts at the beginning of the gold rush ended up with homes that were worth 30k or 40k more by the time their homes were actually completed.