SW Valley realty outlook.
The omnipresent Jay Butler says;
“People are looking at the idea that the market will recover in three to five years, and what were once the hot areas will become hot areas again,” said Jay Butler, director of Realty Studies at Arizona State University’s Morrison School of Management and Agribusiness.
Jay leans negative which makes me think 3 to 5 years is a worse case scenario.
A Realtor says;
“My personal opinion is that during that 2005 frenzy, many builders went out and bought a whole bunch of land, and now they have no choice but to go ahead and build.”
Well, I guess that could explain why those darn Arizona homebuilders are sticking it to their previous clients by cutting prices instead of production.