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What Needs to Happen to Bring the Real Estate Market Back? PDF Print E-mail
Written by Craig Mann   
Friday, 15 August 2008
How world events effect Prescott's real estate market.

realestatesigns2.jpg There is no shortage of opinions on when the real estate market will cycle, or when the economy will bounce back to life. What it really depends on is "What" more than "When".

The "What" mostly has to do with a general confidence that people have or don't have about a large set of circumstances and conditions all over the world. Do you think it helps our local Prescott Real Estate market that Russia is invading it's neighboring countries? How about the fact that this is an election year and in a couple of months we'll have a whole new set of officials and a new president?

Uncertainty in our minds has a definite effect on people. If the future looks gloomy people tend to hunker down, circle the wagons and stay put.

The laws of supply and demand are also having a big effect on real estate. There is a huge supply of homes and land and for the last 18 months demand has been low. This isn't changing just yet although there are some signs of life in the demand area. Prices of homes are still coming down and that may accelerate the process.   

Even the weather has an effect. If the Phoenix area has a drastically hot summer it causes some people to give up their dream in the valley of the sun and head for Prescott, a mile high in the mountains of Central Arizona.

So the theory is that the market will bounce back when people decide all is well with their view of the world and the local market. It's a subjective idea, different for everyone, but when it happens it will be obvious. There are plenty of us waiting in the wings.

Live it up!

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Craig Mann is a local ERA realtor. If you have questions, you may call him at 928.899.4528. Alternatively, you can visit his web site, CraigMann.net    
 

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Wow, great insight!
written by Grizz Harcourt, August 17, 2008
That was the absolutely worthless. The tri-city real estate market is swirling the bottom and Craig chalks it up to Russia's recent week long adventure in South Ossetia and Phoenix temperatures? He's really got his finger on the pulse of the real estate market. Craig- the market has been swirling downward for 2 years now. Do you have any thoughtful insight to offer? If not, spare us the pablum.
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