“Imagination is more important than knowledge…”
DAILY REAL ESTATE NEWS | TUESDAY, JUNE 25, 2013
Double-digit price gains in the last year with multiple bid situations that have caused homes to sell for above asking prices have been fueling renewed fears over a housing bubble forming. Could some areas be overheating?
“Prices in some areas are just out of control,” says Scott Tamkin, a real estate professional with Keller Williams Realty in Los Angeles. “As soon as a good property comes on the market at a reasonable price—bam! It’s gone in multiple offers, often times in cash.”
Tight supplies of homes for-sale, low mortgage rates, high buyer demand, and a high number of investors are all helping to drive home prices up in many housing markets. Prices are rising despite major improvements in the economy, particularly with jobs and incomes.
“Home prices need to moderate,” says Lawrence Yun, chief economist at the National Association of REALTORS(R). “It’s bad news in terms of affordability and certainly not sustainable for prices to rise and incomes to lag.”
Certain markets are heating up faster than others. For example, big cities in the Sun Belt region–such as Los Angeles and Phoenix–have seen prices increase nearly 20 percent in the past year. Meanwhile, other big cities like Baltimore, Nashville, and Columbia, Mo., are up only 3 percent to 5 percent, according to NAR data.
The previous housing bubble was marked by double-digit price gains for 45 straight months from August 2002 to April 2006. But housing experts note that the housing market has only seen its first double-digit gain with home prices this year.
“Economists are cautious to dub the buildup as a bubble just yet,” CNNMoney reports. “Though rising speculation, still cheap money, and potentially easier lending would give prices room to run.”
“We’ve never been able to truly identify bubbles until after the fact,” adds Mark Fleming, chief economist at CoreLogic.
Source: “Housing Market: From Recovery to Bubble–Already?” CNBC (June 22, 2013)
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial and Landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
In my opinion we are at bottom of the cycle in Commercial Real Estate in Phoenix, so there is only one way and it’s called we are going up again and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME. IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.
Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales. I have been working with banks for many years – I learned how to work with them.
If you have any questions about the 1 to 3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Walter Unger CCIM
Kasten Long Commercial
2821 E. Camelback Road, Suite 600
Phoenix, AZ 85016
Office : 602-445-4141
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