Phoenix homes overvalued? What???

phoenix home valuesI read recently in a report published by CNNMoney that Phoenix home values are currently 35% overvalued.  WHAT????  Overvalued as compared to what… a Volkswagon?

I only ask because yesterday I wrote an offer on nice little condo with mountain & pool views in Phoenix. This condo sold in 2006 for $180,000. List price today? $54,000.

There are over 2000 homes/condos for sale in the Phoenix metro area that are priced UNDER $55,000.

Home values have fallen 50-70% in many areas. Call me crazy, but I wonder how can anyone think Phoenix is overvalued?  3 years ago absolutely, but today? Not so much.

About The Amy Jones Group

Mindy Jones Nevarez is the owner of Amy Jones Group Keller Williams Integrity First. The Amy Jones Real Estate Group has been recognized as the #1 Real Estate Team in Chandler by the Phoenix Business Journal and voted Best of Our Valley for 4 years.

The Amy Jones Group specializes in real estate in Chandler, Sun Lakes, Gilbert, Mesa, Tempe, Ahwatukee, and Phoenix.