Exciting News as the AAR reports: AAR asked the association’s five regional vice presidents to report on the state of their market areas going into 2012. The regions are beginning to see distinct signs of promise, but distressed properties are expected to continue to play a large role.
REGION 4 Scottsdale Area, Southeast Valley Regional, Western Pinal What will this year of 2012 hold for us?
As REALTORS®, change is probably the only certainty. The Mayan calendar ends this year, which could eliminate the need for any planning… But that’s not much fun! What we do is fun. Never a dull moment navigating the real estate maze! Throughout our region, 2011 showed a lot of change as inventory declined, the number of foreclosures went down and successful short sales began closing in record numbers. There were actually a few traditional listings happening in our area, though prices remain lower than most original sales prices, keeping everyone stressed. Of course, people need to live somewhere, so if you are comfortable in your home and can sustain the payment, then the best advice is to sit tight. Not what a REALTOR® wants to hear! I anticipate we will see more and more regular sellers this year. The huge numbers of homes built during the “boom” are finally old enough to allow the owners to sell and at least not lose all of their equity. The newspapers still show many foreclosures every day. They are not showing up as active inventory at the same pace as in 2010 and at the start of 2011, but the fact that they exist is an issue that we’ll need to deal with, so I expect the REO market to stay strong through 2012. Pinal County is on the verge of some serious new growth—positive changes for the real estate community, for sure. Union Pacific railroad has added another set of tracks through all of Pinal County and is still trying to finalize approval for a switching station in the Red Rock area. A project called Phoenix Mart (named for the bird, not the city) is slated for this year, adding over 3,000 jobs. And the county seat of Florence has a new copper mine being developed, promising another 5,000 jobs. This mine project is environmentally friendly and has received some strong local support. Please take a look. This is an election year that will certainly see change: donate to RAPAC! Work hard and make a difference.
Susan Abdallah, GRI AAR Regional Vice President – Region 4 CG Cactus Realty LLC (Casa Grande)
Arizona’s Five Regions Take Stock of 2012 Short Sales Aplenty but Also “Glimmers of Hope” in the New Year Arizona REALTOR® Magazine — January 2012
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