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Is the Phoenix market in a bubble again? Are Phoenix homes going to go down in value again? Everyone has their opinion on the market. A lot of times, however, there are little to no facts used to actually form that opinion. And unfortunately those non-factually based opinions get disseminated to others. Thus, creating misinformation. Michael Orr of the Cromford Report has become arguably the leading statistician and gatherer of real data that has allowed the Phoenix market to actually see what is happening. The Phoenix Business Journal saw his latest report and this report demonstrates why our market isn't headed for another bust. Here is the article about why our market will not burst, and why waiting for those lower prices probably won't be occurring. Mr. Orr has tirelessly compiled this data so we could help educate our clients and the public on what is actually occurring. And, we thank him for that. This is data that is real, and very clear.
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RE/MAX Properties Unlimited - Westfield, NJ
Blair, so after all the analysis, what is your short term and intermediate term outlook? Are you still seeing a lot of investors and out of state money buying?
Jun 20, 2013 05:09 PM
Hunt Real Estate ERA - Phoenix, AZ
Rob, great question. There are investors yes, but dwindling down for residential purchases. Out of town money is still big-Canada, midwest and North Dakota.
Short and long term-homes under 200k will keep going up nicely. Homes 200-500 not as much percentage wise but still go up.
If builders continue to hold back building and luxury still sells like it is, the market will be fine. I expect it to "stabilize" in 2.5 years.
Jun 21, 2013 05:34 AM
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