Phx metro 2014 housing predictions (Phoenix, Scottsdale: tech jobs, wages, live)

[jdahunt]

I'm glad I listened to MN back when I was on the "shadow inventory" kick...not sure if we would have even bought since we would have most definately had to pay much higher prices while waiting for the inventory to hit the market.

Its not easy to accept that your point of view is wrong sometimes but you will sure appreciate the end results if you pay attention.

[grassfeeder]

the bottom line is the numbers never lie, and the larger sample of data you have - the better off you are.

MN for the win......

[Discovery1]

Originally Posted by grassfeeder

the bottom line is the numbers never lie, and the larger sample of data you have - the better off you are.

MN for the win......

hahaha NO
MN only win if Phoenix metro is down by end of 2014

[TiredOfyycCold]

Originally Posted by grassfeeder

the bottom line is the numbers never lie, and the larger sample of data you have - the better off you are.

Mn for the win......

^^^^ +1

[Ceballo]

Is anyone paying attention to multi family demand and supply for the past 6 months?

If you didn't then let me tell you that supply is up 700% in 6 months, YES 700%!!!

The supply and demand divergence is mind boggling and this isn't consistent with a "durable market recovery with escape velocity.
Well, maybe there is a "escape velocity" in supply.

Just like the stampede to get it.....now there is stampede to get out.
But there are no more GREATER FOOLS, especially with tens or hundreds of thousands of single family rentals pouring on-line.

This is 2008 all over again, just different puppets.

[DetroitN8V]

I know nothing scientific but I typically check the new listings in my zip code daily. It's staggering how many houses have come on the market recently. I'm concerned that the inventory is growing too large and will force prices downward.

[Zippyman]

Originally Posted by Ceballo

This is 2008 all over again, just different puppets.

PANIC!

lol..

bring it on!

[miran]

I wouldn't call it a panic, far from it.
However in my case I purchased a second home in San Tan Valley for $85K at it's bottom in 2011 when 1 Canadian dollar bought you $1.03 American dollar. Now in less than 3 years, it will cost me $1.11 canadian to get $1 american. Than is also 14% change.
That mean if I were to sell the home I purchased for $85K US today for the same price I made almost $10k just in the exchange rate. My home in the US is now worth about $150K US or about $165K Canadian and cost me about $82K Canadian That is a huge profit in less than 3 years.
Where I am going with this is? It now costs more to purchase a home and maintain it the because of the exchange rate.
There will be less and less foreign purchases and I'm my case are thinking of selling because of the profit and now it costs me more each year to maintain.

[Desertspiritsteve]

I have the feeling that the economy is getting soft again. I don't think we have good jobs yet for people to buy homes, and once they do they won't be able to use the house for an ATM (hopefully). I'm doing ok, but I sure see lots of people begging on the streets.

[JohnSoCal]

Originally Posted by DetroitN8V

I know nothing scientific but I typically check the new listings in my zip code daily. It's staggering how many houses have come on the market recently. I'm concerned that the inventory is growing too large and will force prices downward.

This is normal for all areas, not just Phoenix, when there is a large increase in prices. A lot of people put their homes on the market at a high price to test the market.