Letter from the President - Bob Weiss

April 4th, 2008

  

Something is in the air...and, hopefully, it isn’t just Spring. After many months of negative media about the economy and housing market, there seems to be a sense that the real estate market may have reached bottom and is turning to a recovery period. A slow recovery, but an upturn none the less.

Patti Gerarde, a local appraiser, spoke at the Prescott Valley MLS meeting last week. She also works in the Phoenix are where she’s noticed the foreclosures in the starter-home subdivisions have sold and the remaining properties for sale are receiving multiple offers. With her 20+ years of experience in the industry, she takes this as a sign they may have bottomed out. A Scottsdale real estate agent, speaks of experiencing multiple offers on her higher end properties, as well. A good sign that all areas are increasing.

So, have we hit our bottom? It may be too soon to say. Most agents are experiencing much more activity than a few months ago—but is that activity a sign we’re in recovery? Or is it, that going in to Spring and Summer, we’re experiencing our normal increase in interest and sales. Unfortunately, we may have to wait until fall for a complete answer.