Just a few thoughts here about the Prescott area real estate market. First of all, it's important, if you're from these parts, to remember that economically, the Prescott area doesn't typically follow most of the media's alleged "national" trends. We live (and have for many years) in some of the most desired living space in the whole country. I can remember when Prescott Valley only had about 5000 people, a couple of paved streets and everybody's sewage was dealt with by septic systems. Now the streets are all paved, almost everybody's on the sewer system, and there's around 35,000 of us! I heard on the radio yesterday that Prescott's over 40,000. Exceptional growth has been the trend here for almost two decades, and I don't think it's a news flash for any of us that the trend is continuing.
Yes, sales volume is down somewhere between 15 and 30 percent compared to the last couple of years, depending on exactly where in the area, and what kind of property you're talking about. But you've got to keep in mind that 2005 especially, was a radical exception to the rule in the real estate market, especially here! So what I'm seeing now doesn't worry me a bit. I see it as more of a return to sanity if not true normalcy. There's a lot of inventory and buyers are taking their time to look more carefully -- trying to find and make, the best possible deals. And, these days they actually have to qualify for a loan to get one, so they won't likely find themselves facing payments they can't make, or imminent foreclosure either! And, most important of all, is to remember that buying any kind of investment when the market on that investment is booming just ain't real smart. Profit on any investment is made when you buy it. Buying before the stampede is your best shot at getting a bargain. So, I say it's a terrific time to buy real estate. Prices will turn and start to rise again, and while I don't know exactly when that'll happen, I don't think it's too far off. So, give it some thought. Kick it around with friends & family. But whatever you do, don't just swallow all that media hype about how awful things are. It just ain't so here in the Prescott area. And, remember, all real estate is local!
So, ‘till next time, everybody enjoy the journey, because that's what it's about! Dave.
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