Elliot Pollack is a Phoenix area commercial real estate developer and heads up a well respected economic and real estate consulting company. His web site, ArizonaEconomy.com, is chocked full of information.
At a recent Urban Land Institute conference — Arizona Real Estate Trends Day, Pollack gave this presentation. I wish I’d had the chance to hear it, but at least we have the slides. If you like real estate and economic charts and have any interest in Phoenix real estate, it’s worth a look.
According to Pollack:
The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take 3-5 years.
Whether the bottom is 2008 or 2009 doesn’t matter because both years will be unimpressive.
The long-term economic outlook remains favorable.
The year is early. I suspect even Pollack would say that anything can happen. In either direction… Bottom line is, now more than ever it is good to pay attention and stay on top of the market conditions. Individual circumstances will weigh heavily in whether now is the time for you to buy or sell real estate.
Hat tip to Cash at REIPipeline.