The Arizona Regional Multiple Listing Service hosted an event recently with several residential and commercial Phoenix real estate experts. Over 170 people attended the event at the Camelback Inn. The consensus of the experts was that the Phoenix and Scottsdale real estate markets will rebound by 2013 or 2014. Experts included ARMLS CEO Bemis and Michael Orr, creator of the Cromford Report. Both have in depth local real estate knowledge on the state of the Scottsdale real estate market. Michael Orr said the market has stabilized and he expects modest positive indicators within the next 3 or 4 months. “They’re definitely not going up, but they’re not going down either,” Orr said.
No one expects prices to rise quickly but they could as soon as next year. Scottsdale foreclosures for sale are droping and we are already through the worst. Scott Golba, who owns a property management firm and is an expert on residential rentals, was practically jubilant. “This is not the time to go out and buy one home. It’s time to buy two or three homes,” Golba said.