My clients are asking, "Which direction is the real estate market headed in South Scottsdale AZ"? The Cromford 3-30-14 Real Estate Report by South Scottsdale Realtor wraps up the first quarter of 2014. Michael Orr who publishes this report from Arizona State University is showing us that the real estate market in South Scottsdale and the remainder of Maricopa County for the rest of the year has a high probability of being flat to down. Just to be clear, at this point, down does not mean collapse, if one looks at the previous video about the pending homes indicator the pattern that unfolds for the rest of the year is a gradual downward slope.
So what plan should a buyer or seller put into place if they are thinking of selling or buying in the South Scottsdale Area, which is the center of the Technology Corridor, sometime during the next few months. I believe the advice is simple; at this time it is a buyer's market and shows no sign of swinging over to the seller for the immediate future, therefore a Buyer should negotiate for reasonable concessions, and the seller should price the home at a price which is marked to the market. If the seller envisions getting the price that was being had from June of 2013, all that will happen is the seller will "chase" the market down and end up getting a lower selling price (not a sound strategy).
The Cromford Real Estate Report gives a very in-depth picture of what is occurring in today's real estate market in Maricopa county, which includes South Scottsdale. It is important to remember to use the key indicators of each city/zip code, as an example of key indicators; The Cromford Report Dashboard (call Jim Miner at 602-345-0433 for this indicator), days of inventory, pending listings, contract ratio, monthly sales volume, listing sales volume, and there are several others. If you want them, whether you are a seller or buyer, just email me at firstname.lastname@example.org and I can let you know what they are.
That is it for the end of the first quarter and the next report will follow at mid-week.