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.
Real estate agents are tearing their hair out because they can't find homes for their buyers. Our listings with a flat rate discount broker prompted dozens of calls from desperate Realtors.