Scottsdale AZ Real Estate | Bill Duffey | REMAX | Carefree, Cave Creek, Paradise Valley and North Phoenix - Homes, Land and Commercial PropertiesRE/MAX Excalibur REALTOR®Bill Duffey, Scottsdale AZ |
| January 2007 MONTHLY NEWSLETTER from Bill Duffey RE/MAX Excalibur 480- 585- 2904 HAPPY NEW YEAR! Hope you all had a wonderful holiday season! The Buyer’s Market Continues… You know the economy is in trouble when the Federal government gives money back! Are we in a Recession? One thing is for sure, they are sure not going to tell us, until we are well into it! Nationally, we are very close. In Arizona, our employment numbers are still very good, compared to the national average and although there are signs of an economic slowing, we are in relatively good shape. Don’t confuse the national outlook with our Scottsdale area market. Yes, real estate is moving at a slow rate but we will do better than most areas of the country! As the value of the dollar continues to slide, foreign investors will continue to pump money into the U. S. to capture the “deals”. A good sign! The second half of 2008 should be better, than the first half. If you are considering listing your home, you need to be in the market – NOW! Call me to list your home, as there is no time to spare. This will be a very short selling season! You should have listed in December, as I indicated in my November newsletter. Remember, last year, over 13,000 homes listed and sold in Scottsdale (see chart, below). You cannot sell your home, unless it is listed – obviously. It may take awhile, but homes are in fact, selling! Be patient. Statewide, sales are down and listings are about the same, as last year. We are slowly chipping away at that huge inventory and builders have all but stopped building on spec. If you are a Buyer – NOW, is the time to buy! If you are trying to find the absolute low in the market – most likely you will miss it, anyway. Look for the bargains, right now. Besides the huge inventory, I have a number of properties (homes and land) that are not yet listed that are a great value. Just give me a call. Regards, Bill Arizona's economic challenge for 2008Betty Beard The slumping housing industry isn't expected to rebound for almost a full year. Commercial real-estate growth may be slowing. Tax collections, another sign of economic health, are slumping. What lies ahead for Arizona's economy in 2008?
"The increasingly entrepreneurial climate in Arizona should also help in 2008," said Barbara Walchli, Phoenix portfolio manager for the Aquila Rocky Mountain Equity Fund "You can see it at the university level, the number of venture capitalists in the state, the business incubators, the amount of medical research now being done in the state. The Internet is making it possible for entrepreneurs to live and work in Arizona." Jay Butler, Director, Arizona State University Realty StudiesExpectations: Much slower growth due to slowdown in housing market, as well as slower commercial real estate. "Since real estate and related industries are in a depression, it might not fit the definition of a recession, but it will feel like one. A key concern in early 2008 will be the impact of the employer-sanctions law on the overall economy and employment." Dennis Hoffman, Director and associate dean for research and doctoral programs, Arizona State University's Center for Competitiveness and Prosperity Research.Exceptions: Most likely scenario is slow growth in first half of 2008 with some improvement in second half, assuming no more shocks in addition to housing, credit and oil problems. Risks include possibility that housing problems will spread to commercial real estate. "The U.S. economy will avoid recession but only by a whisker." Georganna Meyer, Chief economist, Arizona Department of Revenue.Expectations: "I expect the real estate market and contracting to continue to have reduced activity in 2008, but recovery should begin in 2009. As a result, I expect state tax revenues will grow only slightly in 2008, if at all. Whether we're in a recession or not, the results will be the same." J. Scott Sperling, Economist, Moody's Economy.com, West Chester, Pa.Expectations: "I estimate that Arizona may already be in a recession, but if not, it is quite likely that Arizona will slip into recession in early 2008. We expect the housing situation will continue to deteriorate through the first half of the year, optimistically, and will be deeper than the national correction. The recession could extend longer if the current credit liquidity crisis persists through the second half of the year." Marshall Vest, Economic and Business Research director, University of Arizona.Expectations: "It will be a number of months before economists can say for sure that Arizona's economy is contracting, but recent trends in the data that we do have are ominous. The homebuilding industry is in a freefall, mortgage-lending operations are closing, and other sectors that are part of the state's 'growth industry' are experiencing declining activity." Employment is declining in manufacturing, financial services, employment services, and information. *********************
***************************** HANDY? Do you take pride in making small repairs or even in tackling big projects at home? Well, you are to be admired. You have courage, and tools, probably. You're probably wondering what I know about how to be handy. I confess, I'm not a handyman. But because I'm busy helping people buy and sell homes, I'm constantly in and around homes that either need repair, or are currently under renovation. So while I'm helping people move, I can collect top-secret ideas from craftsmen, handymen and others who really know what they are doing 'on the job.'GO TO MY CONCIERGE PAGE FOR A LIST OF VENDORS. <click here Hope you enjoyed this newsletter...let me know if you have suggestions or if you would like me to write an article on any real estate subject.
Please remember that selling or buying your home is not a "do-it-yourself" project. Call me, and I'll handle all the details. I also have a "Moving Coach"! The service is Free for my clients. *Please consult your tax adviser. Please note: This email and any attachments contain confidential and/or privileged information for the sole use of the intended recipient. If you are not the intended recipient you may not read, disseminate, distribute or copy this email message or any attachments. Please notify the sender immediately (by reply email or phone) if you have received this email message by mistake and delete this email message, along with any attachments from your system. Email transmission cannot be guaranteed to be secure or error-free, as information could be intercepted, corrupted, lost, destroyed, delayed or may be incomplete. The Sender does not accept any liability for any errors, omissions or viruses in the contents of this email message or any attachment. This email also conforms with the Arizona Commercial Electronic Mailing Act of 2003. Your Privacy is important to me. I do not share your email information with any other party. If you do not wish to network in this way and desire to be removed from my newsletter email list, simply send me an email with "remove" in the subject line (click on the "email Bill" link. You will be excluded from the list, in a few days. Copyright 2008 Bill Duffey. All Rights Reserved.
Please put "remove" in the subject line. NOTE: If your home or property is currently listed for sale with a licensed Real Estate Broker, this is not intended to be a solicitation of that listing. It is not our intention to solicit the listing of another real estate Company. GO TO MY CONCIERGE PAGE FOR A LIST OF VENDORS. PS: I never receive any compensation from any vendor, ever!
LEGAL STATEMENT <please click here to read Regards, Bill Duffey |
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