Nick Blog's the World!

I can only share from my perspective, and real estate seems to be the reason for doom and gloom, the forecast that all the media is talking about.

Most of the media are predicting a major fall in real estate prices, due to sub-prime loans, lack of buyers and too much inventory. In large part, the prediction is that real estate will affect the rest of the economy and we are due for a recession.

From traffic at open houses, I still see a demand for homes. Our traffic in well located homes has not changed much over the past three years. The thing that has changed is the mindset of the prospective buyers, who have been influenced by the media and are looking for much lower prices.

The other major change is the number of homes on the market. Several years ago we had between 5,000 and 7,000 resale home on the market compared to over 40,000 at this time.

Location, location, location, the three most famous words in real estate play an important part in the overall real estate picture. Not all sections of the Metro Phoenix area are the same.

My expertise is in the Northeast Valley, including Scottsdale, Paradise Valley, Northeast Phoenix, Carefree/Cave Creek and Fountain Hills. In these areas the commercial market is very strong and growing. By my estimates, we may have 150,000 new people working in these areas. (please call me for additional information). A lot of these major employment centers are under construction or scheduled to begin in the near future.

For the management teams our area is an excellent place to live. Granted, many others will have to drive for an hour to find “affordable housing” , or they will have to rent a home or an apartment. (another reason to buy rental homes at this time).

With a lot more homes on the market, it may take a little longer to sell your home but patience is the key to success. A price reduction is only necessary when it becomes an affordability issue, either due to a family change, job relocation or unfavorable financing.

The “R” word should not affect most people. If you have a job, and you are positioned to live and enjoy life at your current income level, then a recession is more of a frame of mind than an actual hardship on you.

Buying and selling real estate is part of our way of life. Don’t be afraid to make a move if the time is right for you. We will work closely with you and determine which real estate sales option is best for you; and then, together, we will design and implement a plan.

We are very proud of our new program Homes in Waiting® for those of you that are not in a hurry to sell.

We appreciate your business and confidence in our services. As you know, Jen and I rely upon your referrals to continue growing our business.