At Home In Scottsdale | Your Guide to Scottsdale Real Estate

Just read this article “Don’t Fear Falling Home Prices“, where Yale Professor Robert Shiller (of the famed Case-Shiller 20-city home price index) has an interesting insight on our current home market.

“There’s nothing troubling about a gradual correction of home prices. If we keep our incomes at the current level and home prices go down we are richer, we can buy more housing,” Shiller says.

And he goes onto say in the more extensive Reuter’s article, “Gradual home price drop good: Yale’s Shiller“:

“We want a gradually declining market, we don’t want a collapse in our institutions,” Shiller said.

“The purpose of this should be to try to maintain confidence, which is a dangerous thing to lose, and we want to also maintain a sense of fair dealing, that we’re a society that cares about its people,” he added.

And here at home, where entry level single family homes in south Scottsdale were starting at astonishing levels, just two short years ago, we are now seeing entry level prices hovering about $200,000, a price that many more people can afford. When you couple that with the excellent school system, extensive recreational opportunities, and other amenities, the lower home prices will make Scottsdale home ownership more accessible for those who have planned, saved, and are ready to purchase a home.

Schiller states:

“In major cities, we see often the service people can’t live there any more, the firemen, school teachers. This is not the way we want our society. We want affordable housing,” he said.

So, as much as it hurts to see housing values go down, in the long-run, I do believe that it will all work out so that we have a much more stable market, and people will have the security of owning and living in their own home.