The Reality Of 2010 Real Estate In Arizona

I spoke with a homeowner the other day. In response to my recommended price for selling his home in today’s market, he said he thought he’d just wait for the market to come back.

He wasn’t in any hurry. So you don’t really want to move to be near your children I asked. How long are you willing to wait? We are selling at 2002-2003 prices. It will be years before we see the peak prices we hit in 2005 which followed a couple of years of 20-30% increases. I’m guesstimating 5-7 years if things go well economically. Well, he says, my grandchildren will be grown by then. I guess I don’t want to wait that long. This is the reality of 2010 real estate in Arizona.