The Scottsdale, Arizona real estate market has changed a lot in recent years, due to turmoil in the markets and recent problems in the mortgage and loan industry. It can be stressful and even dangerous for the uninitiated, but with the right guidance and the right Scottsdale Arizona real estate agent working for you, someone who knows the ins and outs of the local market, it is possible to get a great deal in the Scottsdale, Arizona , condo or house you are looking for.

Despite the “doom and gloom” you’ve probably heard about the “bursting housing bubble” and looming disaster, the fact remains that every market in the nation is unique and different from every other, and no one can really predict the future. . Home values ​​in the Scottsdale area are a good example. In May 2005, there were fewer than 10,000 housing units on the market and the average duration on the market was just over three weeks; with an average price of almost a quarter of a million dollars. Two years later, there were more than five times that number of homes on the market, and they were listed nearly three months before they moved. Although median prices were down slightly from the previous year (2006), home values ​​were still more than $20,000 higher than two years earlier.

What’s interesting here is that since May 2007, these prices have been flat and have even increased slightly as people continue to move to the Scottsdale area. Key indicators such as population, employment and personal income growth point to a Scottsdale, Arizona real estate market that will remain strong for years to come. The Phoenix metropolitan area has added an average of 100,000 new residents per month; US Census data suggests that the population of the state of Arizona could more than double in the next twenty-five years, increasing the demand (and therefore the price) for housing accordingly.

Meanwhile, homebuilders are cutting back on new construction until the balance between supply and demand is restored. If you are in the market for Scottsdale, Arizona real estate as a seller, you may want to wait a year or two if possible, or be prepared to lower the asking price.

Buyers, on the other hand, will have an easier time finding motivated sellers. Combined with today’s low mortgage rates, this is likely to make it easier to find a good deal. However, mortgage rates are likely to rise, along with demand, meaning now is the best time to buy.

In any case, the kind of boom in home prices that resulted in quick wins like the one seen between 2001 and 2007 is unlikely to be repeated. Scottsdale real estate is a long-term investment; Be prepared for the long term.