Scottsdale Real Estate Market – Bottoming Out?

This seems to be the question on everyone’s mind, whether you are buying or selling real estate. What IS going on with the Scottsdale Real Estate Market… From what I have seen locally the Scottsdale Real Estate Market is getting healthier and healthier, that’s not to say that it is now a seller’s market but it is defiantly stabilizing.

The hot topic everyone seems to be talking about when it comes to the health of the market is “shadow inventory” and how much of it is out there and how “scary” this is. I continue to talk with my clients about the reality of this in the Scottsdale Real Estate Market and how important it is to look locally for the real information. Here is a map that gives a great visual to the reality for us in Arizona with regards to “shadow inventory”.

This clearly shows that AZ is one of the states that has the lowest amount of “shadow inventory”.  The Scottsdale Real Estate Market further benefits from this as many of the areas in Scottsdale that saw a large number of distressed properties early in the downturn have further stabilized and some have even seen a small appreciation.

Nationally news articles are coming out about how we have hit bottom as well.  They often say that all though we have hit bottom we are not going to see a large recovery with prices but that we will bounce along the bottom. This is what I have been telling my clients for quite some time about the specific Scottsdale Real Estate Market.

Sellers in the Market

With all the news out there it can be extremely confusing, it’s confusing to me at times! But I do my research and look past the headlines so that I can help to guide my clients with accurate information especially in their local market, because sometimes it’s not as bad as they think. I’m not telling you that you can get what you could have gotten for your home back in 2006-2008 but you might be able to get more than you think. It really is a case by case basis.

Buyers in the Market

The best advise I can give my buyer clients is to not listen to everything you hear! Yes, the market has significantly changed from the boom years however if you think you can offer half of list price and purchase a home this will just not happen. The biggest challenge I have with buyers right now is educating them on what is really going on in the market. Yes there are deals out there but the Scottsdale Market is extremely competitive and (all things considered) if the home is priced right, in the right location, with beautiful finishes it will NOT last, and offering 75% of list price will  not work.

With the ever changing market the best advise I can give buyers and seller is to work with an experienced real estate agent within the Scottsdale Real Estate Market. We keep our finger on the pulse of the market and work to be your advocate through the process. Times have changed and will continue to change, but working with a professional can make all the difference.