I'd the fun in speaking with Tina Tamboer-Glatfelter with the Cromford Report on her take on the Scottsdale and Phoenix Real Estate Property marketplace prediction. For people who are not familiar with the Cromford Report, it was constructed by Michael Orr. Michael Orr is a well regarded Phoenix Real Estate Professional, and in my humble opinion there is no far better resource available. I asked Tina some questions on the Scottsdale and Phoenix Real Estate Industry Forecast.
What do you think the development in appreciation will be in the following year?
The Cromford Report tends to stay away from producing long-term predictions. Nevertheless with that said, it's reasonable to anticipate bank inventory to continue falling and eventually diminishing to a non-threatening degree in 2013. Without these discounted houses in the computations, median and average sale rates normally surge. Also as shareholders stick to the distressed inventory to other state governments, which will put conventional buyers back in the driver seat in several areas. Conventional customers needing financing depend more on appraisals, that are very conventional and may slow down the appreciation fees as fewer cash purchasers will be active. We may see prices fluctuate during the transition, but eventually get back on track to a sustainable appreciation fee.
What's the difference in this development for lower end value points vs.higher end price points?
Costs are driven in part by demand. Lower end demand is affected more by jobs, affordability and interest levels for example. Higher end demand might be affected more by corporate revenue and stock market overall performance. As past recoveries have trended, the lower end prices tend to recuperate first, then the more expensive follows 1 year after. If this pattern is valid for our recovery, then the entry level has been recuperating for over one year now and we must begin to view some alleviation for the more expensive in 2013.
We notice low inventory for Scottsdale, do you see this trend ongoing?
We have started to notice the inventory taking an upward turn as Scottsdale goes into a seasonal drop in demand, specially in the northern upscale communities. In the short-term, I predict we will see inventory in Scottsdale raise until "Buyer Season" starts in January.
What exactly does these details indicate to you? If you are looking to purchase, anticipate price ranges to be upward, but inventory being higher over the next year--so more alternatives, more dealing power etc. If you are looking to sell, costs will be higher but you'll have less dealing power the coming year than you'd in this seller's industry.
What do you think the development in appreciation will be in the following year?
The Cromford Report tends to stay away from producing long-term predictions. Nevertheless with that said, it's reasonable to anticipate bank inventory to continue falling and eventually diminishing to a non-threatening degree in 2013. Without these discounted houses in the computations, median and average sale rates normally surge. Also as shareholders stick to the distressed inventory to other state governments, which will put conventional buyers back in the driver seat in several areas. Conventional customers needing financing depend more on appraisals, that are very conventional and may slow down the appreciation fees as fewer cash purchasers will be active. We may see prices fluctuate during the transition, but eventually get back on track to a sustainable appreciation fee.
What's the difference in this development for lower end value points vs.higher end price points?
Costs are driven in part by demand. Lower end demand is affected more by jobs, affordability and interest levels for example. Higher end demand might be affected more by corporate revenue and stock market overall performance. As past recoveries have trended, the lower end prices tend to recuperate first, then the more expensive follows 1 year after. If this pattern is valid for our recovery, then the entry level has been recuperating for over one year now and we must begin to view some alleviation for the more expensive in 2013.
We notice low inventory for Scottsdale, do you see this trend ongoing?
We have started to notice the inventory taking an upward turn as Scottsdale goes into a seasonal drop in demand, specially in the northern upscale communities. In the short-term, I predict we will see inventory in Scottsdale raise until "Buyer Season" starts in January.
What exactly does these details indicate to you? If you are looking to purchase, anticipate price ranges to be upward, but inventory being higher over the next year--so more alternatives, more dealing power etc. If you are looking to sell, costs will be higher but you'll have less dealing power the coming year than you'd in this seller's industry.
About the Author:
Contact Jen Wehner or read this article Scottsdale and Phoenix Real Estate Market Forecast for more home buying details.
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