Although the market has been shifting for over a year, suddenly everyone is talking about it. There are continual news stories in the local and national press about the gains in the market. Phoenix-Scottsdale is one of the liveliest and robust markets in the country.
How long will the prices continue to rise? The future looks bright for 2013. I predict 2013 will be a positive year in the Scottsdale real estate market, but of course, no one knows. What we do know is that buyers are taking advantage of prices while they are still affordable. Since we hit bottom, suddenly everyone is jumping off of the fence and getting into the market. As more buyers flood into Scottsdale trying to pick up a deal, the number of homes on the market is shrinking. We had only half as many homes on the market at the end of 2012 than we did at the end of 2010. As inventory shrinks, prices are nudged upward. Check out the Scottsdale home prices charts. It is pretty clear how much the market has changed in a short period of time.
Many of those buyers are investors who see the homes as mere commodities, similar to a stock or bond. Other buyers are families who want to use the home for family vacations and gatherings. Pre-retirees make up a big percentage of buyers in North Scottsdale. Those are people who aren’t quite ready to retire yet but want to lay the foundation for their retirement plans now. They know that the type of home they want, may not be in their price range in 3 or 5 years. The prices of golf homes in Scottsdale golf communities are rising especially fast. They are buying the home now while prices are still low. Generally, the pre-retirees use the home as a vacation home for a few years and then it eventually becomes a place to enjoy their retirement in the sun.
Whatever your reason for purchasing a home in Scottsdale, you would be wise to watch the Scottsdale real estate trends closely. Don’t wait too long to take advantage of our low prices in Scottsdale. Contact us to start your home search or schedule an appointment to view homes in Scottsdale AZ.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260