PHOENIX - It's a seller's market, according to Zillow, as the real estate website recently ranked the Phoenix housing market as "very hot" for sellers.
"This combo of value, space and location, I mean, it's the trifecta for us," said June Cohen. She and Kenneth Naiff bought a condo in the new Soho development in Scottsdale.
The couple believes Soho offers them the life-work concept they need, as Naiff is a renowned astro-photographer.
Cohen and Naiff came from North Scottsdale, but broker Keith Mishkin says many buyers are still pouring in from California, Canada, and beyond.
"People recognize that Phoenix is still one of the most affordable locations in all the entire southwest outside of Albuquerque and Tucson," said Mishkin, who is with Cambridge Properties. "This is the most affordable market in the Southwest."
Mishkin said since the couple bought the condo less than two years ago, it has already appreciated 25%. For buyers on the fence waiting, Mishkin's advice is to explore some new buyer's programs now, and to try and buy a property now.
Mishkin also says he does not see a bubble growing in the Phoenix market, and sees home prices continue to climb.
"Supply and demand. We're having 100,000 net migration coming here every year," said Mishkin. "That being said, in 10 years from now, we're going to have another million people living in Metropolitan Phoenix."