By Frank May, Real Estate Agent
We are a quarter of the way through 2022 and I can’t believe how quickly time flies. It seems like only yesterday that my dad was taking me shooting out in the desert which, back then, was 55th Avenue and Pinnacle Peak. Now that area has some of the most beautiful homes in the Valley. I remember hearing about a community that was going to be built out past 115th Avenue and Happy Valley Road so I drove out there to find nothing but a dirt road. Later though, that space turned out to be one of the largest communities in Peoria—Vistancia.
Fast forward to today and we are still growing. It was recently announced that a developer from Texas just bought 5,261 acres that goes from the north edge of Vistancia all the way up to Carefree Highway. The name of this community is Saddleback Heights and, according to the city planner, it will be able to have over 8,000 homes, three golf courses, two parks, and two schools. This will be massive and will create a lot of needed housing for the Upper Westside. I will keep you updated on that community as news unfolds.
How is the housing market currently in the Upper Westside? The answer is that we still have very few homes for sale and they are selling fast. Most homes that are priced well are receiving multiple offers and selling for more than they were listed for. So, if you’re a homeowner, your home’s value is continuing to go up daily.
Is there any bad news? Well, besides the uncertainty in the world, the interest rates for mortgages have been going up. So far this hasn’t seemed to slow anything as a lot of buyers are more motivated to get something under contract before they go up even more. If interest rates continue to rise, we shall see at what point that slows things down. I believe it has to slow down the number of buyers, and in turn, that will slow the increase of home values. I still don’t see a crash coming but I do see that slowdown in appreciation on its way. We have had double digit increases for so long and that can’t continue forever. Also, property taxes will be going up. I’ve been looking at the estimation of what is called Full Cash Value (FCV) from the Maricopa County Assessor for 2023 and I am seeing it anywhere from 24%-32%. To put that in perspective, the 2022 increase was mostly between 5%-8% in 85383. So be ready for an increase coming soon.
I hope I’m not causing any anxiety, but it is good to know what is coming and I believe the good far outweighs the bad. We still live in one of the most sought-after areas in the Valley.
If you would like to receive an update on what your home is valued at each month, email me at
[email protected] or you can call/text me at 623-203-1800. If you have any real estate questions you are always welcome to contact me as well.
Frank May grew up in the Valley, graduating from Northwest Christian School and Northern Arizona University. He is a real estate agent with RE/MAX Fine Properties and has been helping both buyers and sellers for over 20 years. He has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003. Learn more at MayTeam.com.
