Real estate values rise and fall in cycles. Currently home prices are nearing a top in many areas.Skyrocketing housing prices in California are prompting nearly a quarter of
residents to seriously consider moving to areas with more affordable housing.
California had
nation's third fastest rate of home price appreciation last year, behind Nevada and Hawaii.
Prices climbed more than 18 percent compared to
previous year, 84% in
past five years and a whopping 338 percent since 1980.
Less than one in five... 19%... of
state's households can afford
median priced single-family detached home, which was $465,540 in September.
Guess what? Lots of these Californians are selling their homes for big dollars and moving to other states where they can buy a similar home for a fraction of
price.
Arizona and Nevada are prime target areas.
In those states
number of sales of homes to San Francisco Bay Area residents has risen by as much as (gulp!) 6,000% percent. That huge demand forces prices up!
Here in
Phoenix area we are smack dab in
middle of a home buying frenzy. In
last three months we have put four of our rental homes on
market. Each of them sold in ONE DAY! Offers above asking price are common.