I'd the joy in talking to Tina Tamboer-Glatfelter with the Cromford Report on her take on the Scottsdale and Phoenix Real Estate Property market forecast. For people that are not acquainted with the Cromford Report, it was constructed by Michael Orr. Michael Orr is a highly regarded Phoenix Real Estate Expert, and in my very humble viewpoint there is no far better resource available. I asked Tina a few questions on the Scottsdale and Phoenix Real Estate Market Forecast.
What do you feel the trend in appreciation will be in the following year?
The Cromford Report tends to refrain from making long term forecasts. Nonetheless with that being said, it is sensible to anticipate bank inventory to continue falling and ultimately decreasing to a non-threatening degree in 2013. Without these mark down properties in the computations, median and standard sale rates normally surge. Also as shareholders stick to the troubled inventory to other states, which will put traditional buyers back in the driver seat in several areas. Conventional customers requiring financing rely more on appraisals, that are very conventional and may slow down the appreciation costs as fewer cash buyers will be active. We may see prices vary during the transition, but eventually get back on track to a sustainable appreciation price.
What is the difference in this trend for lower end value points vs.increased end price points?
Prices are driven partly by demand. Entry level demand is affected more by employment, cost and interest levels for example. Higher end demand may be affected more by corporate profits and stock market performance. As past recoveries have trended, the lower end prices usually recuperate first, then the higher end follows one year after. If this pattern is valid for our recovery, then the lower end has been recovering for around a year now and we need to start to view some alleviation for the higher end in 2013.
We notice low inventory for Scottsdale, do you find this trend ongoing?
We've began to notice the inventory taking an upward turn as Scottsdale enters into a periodic decline in demand, mainly in the northern upscale areas. In the short term, I foresee we will see inventory in Scottsdale boost until "Buyer Season" starts in January.
What exactly does these details indicate to you? If you are looking to purchase, expect costs to be upward, but inventory being higher over the next year--so more alternatives, more discussion power etc. If you're looking to sell, price ranges will be higher but you will have less negotiating power next year than you would in this seller's sector.
What do you feel the trend in appreciation will be in the following year?
The Cromford Report tends to refrain from making long term forecasts. Nonetheless with that being said, it is sensible to anticipate bank inventory to continue falling and ultimately decreasing to a non-threatening degree in 2013. Without these mark down properties in the computations, median and standard sale rates normally surge. Also as shareholders stick to the troubled inventory to other states, which will put traditional buyers back in the driver seat in several areas. Conventional customers requiring financing rely more on appraisals, that are very conventional and may slow down the appreciation costs as fewer cash buyers will be active. We may see prices vary during the transition, but eventually get back on track to a sustainable appreciation price.
What is the difference in this trend for lower end value points vs.increased end price points?
Prices are driven partly by demand. Entry level demand is affected more by employment, cost and interest levels for example. Higher end demand may be affected more by corporate profits and stock market performance. As past recoveries have trended, the lower end prices usually recuperate first, then the higher end follows one year after. If this pattern is valid for our recovery, then the lower end has been recovering for around a year now and we need to start to view some alleviation for the higher end in 2013.
We notice low inventory for Scottsdale, do you find this trend ongoing?
We've began to notice the inventory taking an upward turn as Scottsdale enters into a periodic decline in demand, mainly in the northern upscale areas. In the short term, I foresee we will see inventory in Scottsdale boost until "Buyer Season" starts in January.
What exactly does these details indicate to you? If you are looking to purchase, expect costs to be upward, but inventory being higher over the next year--so more alternatives, more discussion power etc. If you're looking to sell, price ranges will be higher but you will have less negotiating power next year than you would in this seller's sector.
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Check out this short article Scottsdale and Phoenix Real Estate Market Forecast or get in touch with Jen Wehner for more information about investing in property in Scottsdale.
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