Scottsdale Market Report November 2013

Breaking news! The Case Shiller Index just came out with a report that said that Phoenix and Scottsdale prices have gone up 40 percent in the last two years.
40 percent? Oh my God!
Amazing!
How has that affected you?
Well, I met with a client this morning and he said, Ashley, I am ready to move, find me the perfect house, and then we’ll list mine because it’s clear it’s going to sell in a matter of a week! Because the market is on …fire!
No it’s not…that was the summertime!
That was 109 days ago. Right, that was the end of the summer, when we still had more buyers, and less sellers, but now not so much, maybe a little more buyers…
So, in a balanced market we can expect what, 3-5% appreciation per year right?
Yea, it’s about normal, going back to normal. Now the shift is has to change because people’s mindset is still based on the Case Shiller going up at 40%, houses are flying off the market…and that’s just not the way it is anymore.
And you know the media takes forever to catch up to us.
Well, obviously but this is why we’re straightening you out.
Now we’re going to see average days on market get between eighty and one hundred days. Now we’re going to see homes that just will not sell because they are overpriced, or just not upgraded, or updated to the price that they need to get out of that house.
Right.
The market’s changing, you now have competition if your trying to sell.

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