Are the tumbling real estate values in the Arizona active retirement communities nearing an end? Many realtors (myself included) who work in these communities feel so. And apparently we aren't the only ones. This morning Francesca Levy, writer for Forbes.com, gave us her take on the situation, giving special mention to our Phoenix, Arizona market. Click HERE to see her article.
As a rule, the values of the homes in the retirement communities have fared far better than a comparable property in the family communities. So... it stands to reason if forecasters are predicting the bottom for the greater Phoenix real estate market, the rebound for the retirement communities may be right around the corner.
Of course not all communities are created equal. Some will fare better than others and what it really comes down to is supply and demand.
Consider the following:
This last year we have seen the lowest inventories on record in Sun City Grand
Some buyers have become frustrated with not being able to find the "perfect" winter getaway
The Canadian exchange is looking favorable for the first time in over a year
Baby boomers are turning 60 at a rate of 7,918 per day and some of them want to move to AZ
Let's take a closer look at our neighbors to the North. Two years ago our Canadian friends came down in droves and helped our market considerably. Last year found the majority of them sitting on the fence because of the high exchange rate, many worried they were going to miss the bottom of our market. In recent weeks the exchange rate has gotten much better. If they roll into town again the way they did two years ago they could very well slingshot us into a rebound.
None of us has a crystal ball... but if you are trying to "time the market", or throw lowball offers around in a community where the nicer listings aren't sitting on the market for long, you might just find yourself missing the mark altogether.
If you are in the market to buy or sell a home in one of the Phoenix west valley active retirement golf communities, please call me or visit my website http://KathyAndersonRealtor.com. Here you will find information on homes for sale in Sun City Grand Surprise Arizona, resales in Corte Bella, Sun City Festival real estate, Arizona Traditions MLS listings, Trilogy at Vistancia and Sun City West, PLUS see a map of the Surprise AZ area retirement communities. Don't hesitate to call or email if you have questions.
Ken Meade Realty
Sun City Grand Office