** Showing my age with that 1980 Donna Summer ditty **
Tomorrow at 11:00 local time on 91.5 KJZZ, Greg Swan will be a guest on KJZZ’s Here and Now radio program. Greg runs the exquisite Bloodhoundblog and sums up the show there. Greg will be joined by a local real estate analyst for what promises to be an hour of unique insight.
Yours truly will be participating as the “Guest Blogger”. So tune in and turn on to what promises to be an interesting show on the Phoenix area real estate market.
UPDATE: Greg Swann (and Alan McGuire) were excellent guests and discussed a LOT about the Phoenix area market and market related economics. Very insightful stuff. You can download and listen to the show if you missed it (MP3 format). I highly recommend it if you have any interest in the Phoenix market. You can also view the on-line comments with commentary by yours truly and John Wake. Thanks to all who listened and commented.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
How bout a shout out for Mohave County?? Or would that be a type out?? Hmm..
I'll see if I can't wedge it in there somewhere. I really have *no idea* what will become of this thing. Guess we'll know soon enough!
Jay – what you and Greg are talking about (Phoenix real estate bubble bursting) is similar to what we're starting
to see here in Calgary (Canada). Our market was up a staggering 51% over the last year, but we hit the top in
June (see most recent stats @ http://www.jimsparrow.com/market-stats.php ). It was simple supply/demand economics – too many buyers for too few homes. Just like your market, we used
to list a home at noon and have several offers by the evening (often from buyers who wouldn't even see the home).
The new reality is convincing SELLER's they have to be sensitive to the market. Great properties continue to sell
quickly, but the avg days on market of 8 or 11 days is now over 30, with many properties on market for over 2 months!
Calgary real estate will continue to appreciate, just not at the rates everyone saw last year.
Jim –
First, thanks for listening! It was a great show.
It'll be interesting to see if Calgary continues to "track" Phoenix. Our markets sound similar (driven by different economics of course). We still have many seller's with unrealistic expectations. NO market can sustain 30, 30 , 50% appreciation for very long. Getting people to see that when they want top dollar for their home is difficult.
We had a seller recently remark "Oh my gosh, my home's dropped 4% in the last four months!"
Actually, his home had gained over 55% over the last 16 months. Yes, at one time it was up 59%. 55%, 59% — neither is a bad return over 16 months!