Property Values

Prices and resales in the Metro-Phoenix are are insane!!!! Houses are selling within days of listing. And they are selling for WAY over list price. It's driving us appraisers insane! How can you appraise a property for say $250k, when the sales for the past 6 months show $200K??? But....by definition if someone is willing to pay that, then the house is worth that much. Historical data just can't keep up. We had our own house appraised last October, and I just re-ran comparables. The house has gone up $50k since then! Barry thinks this may be a bubble, but who knows when it will burst. Now is certainly the time to sell! But if you sell, then you have to buy a replacement, and the price is going to be sky-high. Who knows what to do?? Well, one thing to do....refinance!