Don't be blind to the future!
Hi,
We are making our way through summer and it's almost time for the kids to go back to school here in the Phoenix area. Our children don't think a lot about the economy, gas prices or the real estate market. They think about not having time to play their video games, who their new teachers will be, and will their friends be in their classes. Priorities.
Of course, we adults think about the first set I mentioned, and of course, if you are reading this, specifically about the real estate market. We all know that we are in a slump. Call it what you want, a correction, a downturn, the apolcolypse. We still don't know how long it will last. There are many opinions on that, but most feel that real recovery won't come before 2009.
But, as I say in the title of this blog post, let's not be blind to the future. There have been many economic downturns in our past, but it always comes back. There are many that point to recent MLS statistics saying that we're making a comeback. Maybe not quite yet, but there are still many positive bits of news coming out. But, unfortunately, many in society tend to dwell on the negative, and the trend continues. Looking forward though, true investors (not the casaul investor or get rich quick hopefuls) are back in the market. They realize that even if the recovery takes a little while longer, we have most likely leveled out on the price floor. Now we just need to take care of the excess inventory.
Now, back to the title. There were various reports that came out a couple of years ago about the various megalopolis' or megapolitan areas around the country, and future projections for these areas. Phoenix is in the Arizona Sun Corridor which is expected to have a population of 10 million in the next 20-30 years (double the current population). There have been recent updates to these reports and the point I am making is, this downturn won't last forever. People are still migrating here from other parts of the country. They will continue to do so. The smart people look at all this and say this isn't a bad time to buy after all.
If you would like more information on future projections and information on the Arizona Sun Corridor, check out this link:
http://www.america2050.org/2008/06/megapolitan_arizonas_sun_corri.html#more
Within the article, you might want to look at the Morrison Institute report for in depth info.
Adam Tarr, ABR, ePro, Associate Broker
RE/MAX Excalibur
Scottsdale, AZ
480-850-5000
info@WeAreAZRealEstate.com