by Tim L. Greenfield, Associate Broker, ABR
Coldwell-Banker Residential Brokerage
www.greatscottsdaleliving.com

8-4-09   Grubb & Ellis BRE Commercial reported last week that the valley (metro) market is “near the bottom”.  The Case-Schiller Price Index also released last week showed that the metro market prices declined for the 36th Month in a row through May 2009. June re-sales are up year over year. The RL Brown Phoenix report was more upbeat about the new house construction market. A number of the New Home Builders have repositioned their product with lower price points.

Resale homes continue to grow month over month and year over year. Granted, about half of the re-sale houses are distressed, foreclosure (REO) bank owned or short sales.

Buyers across most market segments and price ranges in the metro area are still enjoying the “Buyer’s Market” for now.

Former Federal Reserve Chairman Alan Greenspan was quoted as saying he is “pretty sure we’ve already seen the bottom” of this recession. He also said he thinks they economy is slowly coming back, and that “collapse is now off the table”.

Last Friday the Federal Government released a report that hinted that the worst recession in the U.S. since WWII appears to be on the verge of ending. The economy only fell at a 1% annualized pace in the second quarter, which was better than anticipated.

It is time for Buyers to get off of the fence if they are waiting for prices to go much lower. It sounds like the window is closing, slowly possibly, but the pendulum is starting to swing back the other way.

If you looking for a buy in this market, especilly bank owned houses, call us.

Questions about the market? Call us at 480-231-5309 or hit our website  www.greatscottsdaleliving.com

Tim L. Greenfield
licensed in Arizona
equal housing opportunity

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by Tim L. Greenfield, Associate Broker, ABR
Coldwell-Banker Residential Brokerage
www.GreatScottsdaleLiving.com

August 3rd. 2009 

ASU researchers have found that the rate of housing price decline slowed and began to level off in April. 2009. There have still been significant year over year decreases across our metro area.

Does this mean our price slide over the last several years is over? ASU also thinks the bottom of the market may be determined to have been reached in May 2009. Only time and hindsight will determine if in fact May was the bottom.

Does it matter? As I have stated many times before, no.  Buyers who purchase properties / houses anywhere near the bottom of the housing price cycle, on the way down, at the bottom, or on the way up, will all be quite happy with their properties price appreciation over time as the market completes the correction, returns to “normal”, and appreciates as the cycle is complete. That is not even to mention the economic recovery of the entire country and overall economy from the recession we are currently experiencing. 

Additionally, there is a tax credit for first time Buyers of up to $8,000.00, and interest rates continue to be quite low.

 For additional information about the market please visit my website www.greatscottsdaleliving.com  

 Questions?  Call me.
Tim Greenfield 480-231-5309

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