I know it's gotta be tough out there for Phoenix realtors - no buyers, market tanking, and 100% more realtors scrambling for crumbs. But try honesty for a change - you might actually get a sucker (I mean buyer) with a little honesty...
"Mesa/Phoenix was the number one appreciation area in the US in 2005 with 34% average appreciation for single family detached homes.
So you think the bubble has burst or may soon...not to worry.
Phoenix area population is 3.7 million - that's a 1.5 million increase in the past 15 years. In 2016, Phoenix area population is expected to be 5.2 million, a 1.5 million increase in the next 10 years. Phoenix metro area will add an additional 1.5 million to the population base in 66% of the time as the last 1.5 million increase."
July 13, 2006
Phoenix realtor - "So you think the bubble has burst or may soon.. not to worry!"
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18 comments:
I believe real estate agents should have to disclose all thier own property ownership and debt just like stock brokers do.
I would be nice simply if many of the real estate agents went backrupt by not being able to make thier own mortgage payments.
True, Arizona population growth projections are what supported the big runup in prices in the last few years. But in a "normal" (non-bubble) market, home prices don't go up because population increases. They go up if and when new construction does not keep pace with population growth. If construction runs ahead of population growth, prices fall. That's what's happened here, and it will be years before balance returns. Not to mention affordability.... if people can't afford to buy, they won't move to Phoenix.
keith check out these numbers looks like americans have switched from the housing ATM to the plastic ATM
http://tinyurl.com/r67gy
phoenix area getting hit by an LA style crime spree. That murder of a RE agent (which made fox Cable) and a series of random shootings over past several months of passerbys along the roads. Lots of rage in phoenix these days: Is it the 110' temps or the plummetting RE prices fueling the rage?
Alot of what attracted people to Phoenix has waned....I've been here since '85 and the changes since are disheartening. The summer heat has always been a bit of a drag (but bearable considering the upside)... but the sprawl, people, crime & now the retarded RE prices certainly do make the PHX area less attractive. I think you other bloggers are right on about the pending decrease in the influx rate. Additionally, cost of living is a big factor that drives larger employers into or out of Metro markets. Phoenix is not nearly as affordable as it once was. What's interesting is the complete state of denial the RE "professionals" currently are in. Before long you could see alot of them seeking other employment.
as long as phoenix housing remains at half the cost of san diego and los angeles, there will be a migration (albeit slowing) from those cities to the valley. and the US census shows median incomes to be about the same for the 3 cities. and finally, now that the builders are drastically lowering their new build prices and offering incentives, the comps are going to DRAMATICALLY drive down resale pricing for the FB's.
"Past performance is not representitive of future returns".
They should have to publish this like stock brokers. I love how they take the past performance and bank on numbers for a future project based on this past. No guarantee as others have pointed out that the same conditions will hold in the future.
I also have not heard the "Baby Boom retirements". I think this drove a lot of speculation ahead of it.
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