Will Scottsdale Real Estate Start to Recover After the Election?
Posted by Judy Orr on
I sure wish I had a crystal ball. There are so many different opinions out there, and I'm talking about trusted individuals that I look up to for their wisdom. Yet they all have different views of the real estate market.
The Real Estate Predictions
I can't remember if it was our own National Association of REALTORS (NAR) or a large real estate publication that told us we would see a recovery in the 3rd quarter of 2008. That sure didn't happen. They pretty quickly changed their prediction to the 4th quarter which didn't ring true to me because in the Scottsdale area our 4th quarter is always slow due to winter and the holidays. So when I read that I wasn't convinced and my gut feelings were correct. We are still seeing ever declining prices and…
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is because of the MLS (Multiple Listing Service) and the correct price. They expect other forms of marketing but don't know how these methods work and what they're really used for. I'm going to explain some marketing tools to debunk the myths.
I would never expect a buyer or seller to do something I wouldn't do. It is a confusing market right now. It has been a Buyer's Market for some time and prices continue to plummet in most areas. This makes it difficult for buyers to make a decision to buy now or hold out until the real estate market hits bottom.
as being a member of 3 separate real estate organizations I belong to. I have read a couple of articles that upset me with their implications. These articles state that we, as real estate agents, need to shoulder some of the blame for the current state of short sales and foreclosures, meaning the buyers we worked with that are now losing their homes.
works and the fact that no one is guaranteed a "deal" when purchasing one of these properties. In fact, I've seen many foreclosed and short-sale properties where the bank won't budge on price and the prices are simply too high for the condition of the property. On the foreclosed property I handled in Scottsdale, the mortgage holder was ready to reduce the price right when we got an offer. That fact made the lower offer more acceptable to the bank since they were thinking of reducing it anyway.
I rarely cite other blog posts even though I read quite a few and many of them are good. But I usually have enough to write about so don't need to talk about other people's blog posts. However, once in a while I find a gem that moves me. I recently read a post about Real Estate Speculators Establishing Bottom-dollar Price for Lender-Owned Homes in Phoenix written by Greg Swann of Bloodhound Realty. That's not even the whole post title. Of all the good blog posts I read, why would I share one talking about the Phoneix market, since I work in North Phoenix? I don't think this particular agent works in my area so I'm not worried about it. Phoenix is huge!
I am seeing more and more short sale listings as 2008 continues on it's slow course in Scottsdale real estate sales. These listings are competing with the many other real estate listings that are being sold by home owners that want or need to move. In some cases short sale prices and foreclosures are now being used as comparables by appraisers. I've been on both ends of short sales. I had a short sale listing and have presented buyer offers to several short sale listings.
I haven't posted for a while because we've been busy with our monthly real estate newsletter. We have been experimenting with different formats and have been forming a team of different real estate service providers that are sponsoring the newsletter titled Classic Dream Team, Eye-on-the-Market News.