3 Reasons the Housing Market is NOT in a Bubble

With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.

Last decade, demand for housing was artificially propped up because mortgage lending standards were way too lenient. People that were not qualified to purchase were able to attain a mortgage anyway. Prices began to skyrocket. This increase in demand caused homebuilders in many markets to overbuild.

Eventually, the excess in new construction and the flooding of the market with distressed properties (foreclosures & short sales), caused by the lack of appropriate lending standards, led to the housing crash.

Where we are today…

1. If we look at lending standards based on the Mortgage Credit Availability Index released monthly by the Mortgage Bankers Association, we can see that, though standards have become more reasonable over the last few years, they are nowhere near where they were in the early 2000s.

2. If we look at new construction, we can see that builders are not “over building.” Average annual housing starts in the first quarter of this year were not just below numbers recorded in 2002-2006, they are below starts going all the way back to 1980.

3. If we look at home prices, most homes haven’t even returned to prices seen a decade ago. Trulia just released a report that explained:

“When it comes to the value of individual homes, the U.S. housing market has yet to recover. In fact, just 34.2% of homes nationally have seen their value surpass their pre-recession peak.”

Bottom Line

Mortgage lending standards are appropriate, new construction is below what is necessary and home prices haven’t even recovered. It appears fears of a housing bubble are over-exaggerated.  Give me a call to discuss the current market and how it affects you – J.P. Cook – 602-320-4253.

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3956 E Constitution Drive Gilbert, AZ 85296

$569,999

3 Beds

2 Baths

1,954 SqFt

Status Active

MLS # 6725786

Property Type Single Family Residence

Price Type --

Welcome to Segretto- The private and quiet community nestled in the heart of Gilbert- just minutes from the Agritopia Epicenter (home of some of the best dining in Gilbert), San Tan Marketplace and just a mile from the 202 freeway entrance! This adorable home features a bright and open floorplan with an oversized living room perfect for gatherings and entertaining! The gorgeous kitchen features white shaker cabinets, trendy backsplash, stainless steel appliances and a large kitchen island and breakfast bar. All fixtures throughout have been upgraded and updated including toilets, faucets and light fixtures. Don't forget the tankless water heater. This home backs to county island homes for ultimate privacy. Backyard beautifully landscaped with grass and a spacious covered patio!

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2471 E Stacey Road Gilbert, AZ 85298

$569,999

4 Beds

3 Baths

2,121 SqFt

Status Active Under Contract

MLS # 6739474

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after community of ADORA TRAILS in Gilbert! This single story home has 4-bedrooms, 3-full baths, a Den/Flex space & sits on a desirable corner lot. As you step inside, you'll be greeted by an open & inviting floor plan, perfect for modern living & entertaining. The 2nd guest bedroom, full bath & den'/flex space are perfectly appointed off the foyer of the home. The kitchen features granite countertops, ample cabinet space, a kitchen island with pendulum lighting & breakfast bar seating that seamlessly flows into the formal dining area & spacious family room complete with a 12' sliding glass door, overlooking the expanive covered patio. The primary suite has everything you could ask for complete with on on suite bath with dual sinks.... seperate shower/tub, a private toilet room & spacious walk in closet. The 3rd & 4th bedrooms are accompanied by their own full bath, making this home the perfect floorplan for a family, residents that work from home and/or someone who likes to entertain with guests! Outside, the easy maintenance front yard is perfectly designed & the backyard is complete with desert rock & ready for a new owner to create their dream oasis. Nestled at the base of the majestic San Tan Mountains, this family-friendly neighborhood offers the perfect blend of natural beauty & modern convenience. Residents of the master planned community of Adora Trails enjoy access to a wealth of community amenities including: 10-Acre Neighborhood Park, 12 Miles of Walking Trails, 10,000 Sq. Ft. Clubhouse/Activity Rooms, Fitness Center, Community Swimming Pool, Water Playground, Adora Trails Lake Featuring Fresh Water Fishing, Picnic Tables, Grilling Stations, Shaded Ramadas Playgrounds & Championship Basketball Courts.

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682 E Aurora Drive San Tan Valley, AZ 85140

$569,990

4 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6768688

Property Type Single Family Residence

Price Type --

Almost Complete! This gorgeous Santa Rosa II home offers a beautifully designed split floor plan with 4 bedrooms (in lieu of the home office) and 2.5 bathrooms. The spacious great room and kitchen, highlighted by a stunning vaulted ceiling, create the perfect setting for entertaining. The kitchen is a showstopper, featuring our Loft-inspired ''Looks'' collection with sleek dark blue cabinets, brushed nickel hardware, stylish floating shelves, and sparkling quartz countertops. The luxurious Primary Suite offers a serene retreat, complete with a spa-like bathroom and a generous walk-in closet. Every detail of this home has been thoughtfully crafted to create a blend of modern comfort and elegance. Don't miss your opportunity to own this beautiful home—make it yours today! Up to 6% of Loan Amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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31969 N 117th Avenue Peoria, AZ 85383

$569,990

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6755500

Property Type Single Family Residence

Price Type --

Acacia - We're building this home in the beautiful new community of Mystic in Peoria. Large walk-in shower at owner's bath with tile surrounds and floor. Pavers at drive, walk and entry. Kitchen upgrades include stainless steel gas appliance package with a 36'' cooktop, wall oven, microwave and glass canopy hood. Sonoma Maple Slate (Gray) cabinets with soft close doors & drawers, pull out trash drawer. AZT Hana Sky quartz countertops at kitchen. Upgrade flooring includes AZT 12x24 Sand Matte tile in all areas of the home except beds/closets. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3.

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5329 W Rainwater Drive Laveen, AZ 85339

$569,990

5 Beds

4 Baths

2,838 SqFt

Status Active

MLS # 6769226

Property Type Single Family Residence

Price Type --

MLS#6769226 Ready Now! The Pinnacle at Tierra Montana Encore presents a stunning two-story design with a spacious primary suite located on the main floor. This suite offers a large shower, soaking tub, dual-sink vanity, and a walk-in closet perfect for year-round storage. The open-concept layout connects the expansive gathering room to the gourmet kitchen and dining area, creating an ideal space for entertaining. Also on the first floor, you'll find a laundry room and a guest bedroom with a full bath, perfect for hosting overnight guests. Upstairs, three additional bedrooms, two full baths, and a generous loft provide ample space for family living. Structural options include: 5th bedroom and 4th bath in lieu of study and half bath.

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20287 W Catalina Drive Buckeye, AZ 85396

$569,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6783358

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Jade floor plan sitting on a LARGE LOT with over 10,250 SQ. FT and a 10' GATE in addition to the 4' gate. Brick pavers at drive, walk and entry. Multi slide door off the great room that leads out to the covered patio. Kitchen features include stainless steel gas appliance package with a 36'' cooktop, wall oven, Microwave, dishwasher and canopy hood. Barnett Latte stain cabinets with 42'' kitchen uppers, pull out trash drawer. AZT White Sands quartz countertops in and at enhanced countertop. White undermount single bowl sink. Dual sinks at bathroom 3. Upgrade flooring includes wood laminate in all areas of the home except for bedrooms and baths and so much more.

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20131 W San Juan Avenue Litchfield Park, AZ 85340

$569,990

4 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6767689

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Cinnabar with an 8' gate. 4 bedrooms, 2.5 baths, study with double doors and formal dining. Front court yard. Pavers at drive, walk and entry. Multi slide door that leads out to your covered patio. Stainless steel gas appliance package with double oven, 36'' cooktop, microwave and glass canopy hood perfect for the cook in the family. Maple (Slate-gray) cabinets with 42'' kitchen uppers, pull out trash drawer and 3 drawers ILO of cabinets in kitchen. AZT Delta terra quartz linen countertops in kitchen and at the enhanced kitchen island. Flooring includes EWS Riverside Firenza 20x20 tile with 5'' baseboards and 3 1/4'' door casings. Dual sinks in bath 2, gas stub for future BBQ and so much more. Please verify all information with onsite agent . Thank you!

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20095 W San Juan Avenue Litchfield Park, AZ 85340

$569,990

4 Beds

3 Baths

2,561 SqFt

Status Active

MLS # 6775719

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Cinnabar with 4 bedrooms + study, dining room, 3 full baths and 3 car garage. 8' gate for easy access to the backyard. Multi slide door that leads out the covered patio. Stainless steel gas appliances with 36'' cooktop, wall oven and canopy hood. Sonoma Maple Slate (Gray) cabinets with 42'' kitchen uppers, pull out trash drawer. Himalaya white granite countertops in the kitchen and at the enhanced kitchen island. Stainless steel single bowl undermount sink. Upgrade flooring includes EMS Baccarate 12x24 Astra tile in all areas of the home except bedrooms and closets. Dual sinks at bath 2. Soft water loop, garage service door, 8' tall garage door with two controls. Please verify all information with onsite agent . Thank you!

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720 E Aurora Drive San Tan Valley, AZ 85140

$569,990

3 Beds

2.5 Baths

2,094 SqFt

Status Active

MLS # 6755660

Property Type Single Family Residence

Price Type --

Ready for a Quick MOVE-IN!! - This Santa Rosa plan offers 3 bedrooms, 2.5 baths, and a versatile FLEX room, perfect for a home office or peaceful retreat. Part of our signature Classics ''Looks'' interior collection, the kitchen boasts a spacious island with breakfast bar, White Cabinets, and Quartz Counters. The open great room and dining area flow seamlessly to an oversized covered patio, ideal for indoor/outdoor living. Enjoy the convenience of our unique HovHub with a built-in desk as a drop zone near the garage entry. The Primary suite features a luxurious resort-style bath and spacious walk-in closet. Up to 6% of Loan Amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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274 S 164th Drive Goodyear, AZ 85338

Open House

$569,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6744181

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! Very spacious Jade floor plan with 5 bedrooms, 3 baths and 3 car garage. Multi slide door off the great room. Bedroom #4 has it's own private full bath and walk in closet perfect for a guest suite. All secondary bedrooms have walk-in closets. Plenty of storage space. Large walk in shower at owner's bath. Pavers at drive, walk and entry. Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Additional kitchen cabinets in Barnett Maple Boulder (Gray) with 42'' uppers and pull out trash bins. AZT Hana Sky quartz countertops in kitchen and the enhanced kitchen countertop. Upgrade flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except bedrooms and closets. Please verify all information with onsite agent . Thank you!

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4523 E Camino De Cafe -- Hereford, AZ 85615

$569,900

4 Beds

2 Baths

1,988 SqFt

Status Active

MLS # 6782421

Property Type Single Family Residence

Price Type --

Custom New Construction by Sun Canyon Homes. This home is located in the beautiful subdivision Ranchos San Pedro all home sites are up to one acre and have mountain views in several directions. This home has wood-look ceramic tile throughout, granite countertops, stainless appliances including refrigerator. Concert driveway to the street with plenty of parking in addition the 3car garage finished with epoxy floor finish. steal insulated garage doors withJackshaft Wifi openers. Large walk-in shower with double faucets. Built with high-quality construction materials. This home includes 2x6 exterior framing, Polyglass premium roof underlayment, R-21 open-cell foam insulation in exterior walls, and a Tyvek wrap vapor barrier for energy efficiency & durability plus a 2-10 Home Warranty.

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17871 W Southgate Avenue Goodyear, AZ 85338

$569,900

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6734110

Property Type Single Family Residence

Price Type --

30 DAY QUICK MOVE IN!! ASK ABOUT OUR LOWER THAN MARKET FINANCING! BEAUTIFUL 2-STORY HOME* EN SUITE ON 1ST FLOOR* FLEX ROOM & LOFT* WHITE SHAKER CABINETS* WOOD-PLANK LVP FLOORING* QUARTZ COUNTERTOPS* END LOT* N/S FACING!!!

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