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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

36001 N Kennedia Lane Queen Creek, AZ 85140

Open House

$475,000

2 Beds

2 Baths

1,342 SqFt

Status Active

MLS # 6676359

Property Type Townhouse

Price Type --

Discover the charm and comfort of this fully furnished Muros floorplan nestled within the Resort Collection of Encanterra Country Club. Positioned mere moments away from both clubhouses, this residence boasts a prime location backing onto a tranquil greenbelt and parkview lot, offering a serene retreat from the hustle and bustle. Step inside to experience the seamless flow of an Open Concept design, where the kitchen, dining area, & great room converge harmoniously. The heart of the home shines with an expansive island adorned with upgraded cabinetry, countertops, & a stylish backsplash, creating an inviting space for both culinary creations & casual gatherings. A dedicated den, complete with elegant French doors & built-in cabinetry, awaits, providing an ideal spot for work or study. The split floorplan ensures privacy and comfort, with a spacious owner's ensuite offering a peaceful oasis to unwind and rejuvenate. Venture outdoors to discover the allure of the east-facing backyard, where you can bask in the Arizona sunshine and relish in the picturesque surroundings. With its thoughtfully designed layout and desirable amenities, this home embodies the essence of Arizona living, presenting an unparalleled opportunity to embrace a lifestyle of luxury and leisure. Arizona Living is Right Here Waiting for You!

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14638 W Raindance Road Surprise, AZ 85374

Open House

$475,000

4 Beds

3.5 Baths

1,986 SqFt

Status Active

MLS # 6640401

Property Type Single Family Residence

Price Type --

Beautiful & spacious 3-bdrm, 2.5-ba main home with a 296 sq ft Casita with bath.Located in the guarded, popular Sun Village 55+ Community. A variety of amenities such as an 18-hole par 3 golf course, restaurant, community pool, and a lake.The interior of the home boasts neutral decor, tile floors, & vaulted ceilings.The gourmet kitchen includes tiled countertops, an island, and an eat-in kitchen w/ backyard views that adjoin the eating area & family room. The primary suite features backyard access, a private bath w/ dual sinks, a skylight, a W/I shower and W/I closet. The 2nd bdrm has direct bath access. The home has been recently painted both inside & out, & includes a 5-ton AC unit, private formal dining & living room. Casita's are difficult to find! Great Value & Centrally Located.

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9455 E Raintree Drive Scottsdale, AZ 85260

Open House

$475,000

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6671237

Property Type Apartment

Price Type --

HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.

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354 W Coolidge Avenue Coolidge, AZ 85128

Open House

$475,000

4 Beds

2 Baths

1,751 SqFt

Status Active

MLS # 6675103

Property Type Single Family Residence

Price Type --

NEW- HUGE PRICE REDUCED!!! This retail storefront is Zoned Mixed Commercial Use and is NOT zoned for residential only! The property was most recently used as a group home. Whether you are going to run a business and occupy a portion of the buillding or set up an office this is an amazing Store front location. This retail storefront was recently and thoughtfully updated in 2023/2024. Updates include New premium Vinyl flooring with 5'' baseboards, kitchen cabinets, granite countertops, sleek stainless hood vent, stainless sink in kitchen with upgraded faucet, new waterheater and closet, bathroom vanities toilets and exhaust fans, new interior/exterior led lighting, new paint interior/exterior, wall panels, 25' rear entry gate floor paint on back patio.

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4525 N 66th Street Scottsdale, AZ 85251

Open House

$475,000

3 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6620593

Property Type Townhouse

Price Type --

Welcome to your new home in a prime Scottsdale location. This three-bed, two-bath townhouse has BRAND NEW LVP flooring throughout, is light and bright, and offers a great floorplan. With 1,962 square feet and an open-concept layout, you have ample space to relax and entertain. The property boasts a larger lot in the community, ensuring privacy & tranquility with the added luxury of no neighbors behind. This gated community offers exclusive amenities, including three community pools, a clubhouse, a workout facility, and a tennis court. Take advantage of the Arizona sunshine & cool off in one of the sparkling pools, or challenge friends & family to a friendly game of tennis. Located within walking distance to Old Town Scottsdale, you'll have access to some of the best dining, shopping, and entertainment the city has to offer. Fashion Square Mall is also just a short stroll away, providing endless shopping opportunities. If you enjoy the outdoors and hiking, Camelback Mountain is just minutes away! With short-term rentals allowed, this property offers the potential for a lucrative investment opportunity. Whether you're looking for a stunning primary residence or a profitable rental property, this townhouse is the perfect choice. Don't miss out on this incredible opportunity - schedule a viewing today and make this beautiful townhouse your new home or investment property!

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1843 E Anchor Drive Gilbert, AZ 85234

Open House

$475,000

3 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6681758

Property Type Single Family Residence

Price Type --

Location! Location! Location! This very well taken care of one-owner home in the desirable Val Vista Lakes community boasts 3 bdrms, 2 bathrooms, plus a family room and a bonus room that can be used as an office, den, or pool table room! The open floor plan has a spacious kitchen with eating area plus a peninsula for barstool seating and a huge walk-in pantry! The mstr bdrm includes his and hers separate closets, dual vanities in the bathroom and a private toilet area, along with french doors out to the backyard! One guest bdrm also has a walk-in closet. The 2-car garage includes tons of storage cabinets. The backyard has a large grass play area and a large side yard to store all your toys! The extra-long driveway is also a huge plus. The amenities at Val Vista Lakes include 4 spacious... sports parks, meandering bicycle paths, and a luxurious clubhouse. The clubhouse features an eight-court championship tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. A great place to call home!

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6030 W Riviera Drive Glendale, AZ 85304

$474,999

4 Beds

2 Baths

2,120 SqFt

Status Active

MLS # 6693144

Property Type Single Family Residence

Price Type --

Welcome to this lovely 4-bedroom, 2-bathroom home. Offering 2,120 sq ft, the charming exterior has great curb appeal. While the interior features a spacious formal living and dining area, and a family room with a cozy fireplace. The kitchen showcases white cabinetry, granite countertops, subway tile back splash, stainless steel appliances, and a kitchen island. Master suite has a beautiful view overlooking the pool and master bath has dual sinks and a lovely custom tile walk-in shower. Home has shutters, tile plank flooring in all the right places and new carpet in bedrooms. Additional bathroom has been updated throughout and offers a subway tile shower. The large backyard offers a pool and ample space for outdoor activities. Located is a highly sought location. Must see this beauty.

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9814 N 50th Drive Glendale, AZ 85302

$474,999

5 Beds

2 Baths

2,378 SqFt

Status Active

MLS # 6676449

Property Type Single Family Residence

Price Type --

MASSIVE PRICE IMPROVEMENT!! Almost 2400 square feet of living space. One large bedroom above the garage is perfect for a private rental, next to the laundry and off the right of the kitchen. The rest of the home is ideal for a growing family, with a large open kitchen and dining room. Front entry opens to an open large living room, with a den, perfectly outfitted for a large home office. Three additional bedrooms on the north side of the home. The backyard has pavers to compliment the fantastic pool and peaceful backyard. This will not last. Be in your home before the heat hits to relax in your new pool! The seller has already completed a FULL inspection. Call me for details on how to get your FREE appraisal and $1000 guaranteed close!!!

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40386 W Michaels Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6682259

Property Type Single Family Residence

Price Type --

The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and deluxe shower with separate tub. A private study with French doors, three bedrooms and two baths round out the residence. A covered patio is included!

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20276 W Montecito Avenue Litchfield Park, AZ 85340

$474,995

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6686921

Property Type Single Family Residence

Price Type --

Explore this Dynamic Emerald home ready for quick move in on homesite boasting driveway pavers and front yard landscaping. Included features are an inviting covered entry, quiet study, large living room well appointed kitchen with 42'' cabinets, quartz counter tops, stainless steel appliances, roomy pantry and center Island. Enjoy the elegant dining room and spacious great room, a lavish primary suite showcasing a generous walk-in closet. The private bath has cultured marble counter tops and convenient laundry and covered patio and 2 car garage. This home also has an In-Law suite with its own entrance, plumbing for a stackable washer-n-dryer, is pre-plumbed for sink and has a power outlet for a refrigerator. The suite has its own living room, bedroom and private bathroom.

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21673 N Daniel Drive Maricopa, AZ 85138

$474,995

4 Beds

3 Baths

2,721 SqFt

Status Active

MLS # 6633355

Property Type Single Family Residence

Price Type --

Explore this exciting Tourmaline home! Highlights: a primary suite with a walk-in closet and attached bath, three inviting secondary bedrooms, a convenient laundry, a generous great room and dining area, a loft and a well-appointed kitchen with a center island and a built-in pantry. You'll also appreciate designer-curated details, such as quartz countertops in the kitchen and bathrooms, tile flooring, two-tone paint, a tile surround in the primary bath, a concrete paver driveway and walkway, and more!

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18570 W Honeysuckle Drive Surprise, AZ 85387

$474,995

3 Beds

3 Baths

2,092 SqFt

Status Active

MLS # 6651225

Property Type Single Family Residence

Price Type --

Welcome to this eye-catching Emerald home, ready for quick move-in! Included features: a covered entry; a spacious great room with center-meet doors leading onto a covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a center island and stainless-steel appliances, including a gas range; a convenient laundry; a lavish primary suite showcasing an oversized walk-in closet and a private bath; and a second suite offering a private entry, a living room with a laundry closet, a bedroom and an attached bath. This home also has wood laminate flooring, cultured marble bathroom countertops, added windows, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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