When will the Phoenix real estate markets return to normal? Either 2013 or 2014, according to several residential and commercial real estate experts who presented their opinions at Real Estate Forward, a forum sponsored by the Arizona Regional Multiple Listing Service
in conjunction with the Phoenix Business Journal.
The event drew a crowd of more than 170 participants and was held Wednesday at the Camelback Inn .
ARMLS CEO Bob Bemis said he wanted to combine the expertise of both the commercial and residential communities so that everyone could get a better picture of what truly is going on across the real estate spectrum.
“The residential and commercial people don’t talk as much as they should,” Bemis said.
Michael Orr, creator of the Cromford Report that includes in-depth local residential research, said he’s not sure the market will return to normal as we know it. He’s only willing to place a few bets on the next three or four months, which look modestly positive for home sales except when it comes to prices.
“They’re definitely not going up, but they’re not going down either,” Orr said.
Don’t get too excited, he said. Prices are not going to turn around quickly, but they could next year.
Foreclosures are dropping rapidly and are at the lowest level since September 2007. Short sales, he said, will be the largest part of the sales market for the time being.
“We’ve already been through the worst,” he said.
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.
Thank You Phoenix Business Journal
- Jan Buchholz
- Reporter
- Email: jbuchholz@bizjournals.com
Crouchman
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