Jim -
First, thanks for listening! It was a great show.

It'll be interesting to see if Calgary continues to "track" Phoenix. Our markets sound similar (driven by different economics of course). We still have many seller's with unrealistic expectations. NO market can sustain 30, 30 , 50% appreciation for very long. Getting people to see that when they want top dollar for their home is difficult.

We had a seller recently remark "Oh my gosh, my home's dropped 4% in the last four months!"

Actually, his home had gained over 55% over the last 16 months. Yes, at one time it was up 59%. 55%, 59% -- neither is a bad return over 16 months!

Jay - what you and Greg are talking about (Phoenix real estate bubble bursting) is similar to what we're starting

to see here in Calgary (Canada). Our market was up a staggering 51% over the last year, but we hit the top in

June (see most recent stats @ http://www.jimsparrow.com/market-stats.php ). It was simple supply/demand economics - too many buyers for too few homes. Just like your market, we used

to list a home at noon and have several offers by the evening (often from buyers who wouldn't even see the home).

The new reality is convincing SELLER's they have to be sensitive to the market. Great properties continue to sell

quickly, but the avg days on market of 8 or 11 days is now over 30, with many properties on market for over 2 months!

Calgary real estate will continue to appreciate, just not at the rates everyone saw last year.

I'll see if I can't wedge it in there somewhere. I really have *no idea* what will become of this thing. Guess we'll know soon enough!

How bout a shout out for Mohave County?? Or would that be a type out?? Hmm..

Jim -
First, thanks for listening! It was a great show.

It'll be interesting to see if Calgary continues to "track" Phoenix. Our markets sound similar (driven by different economics of course). We still have many seller's with unrealistic expectations. NO market can sustain 30, 30 , 50% appreciation for very long. Getting people to see that when they want top dollar for their home is difficult.

We had a seller recently remark "Oh my gosh, my home's dropped 4% in the last four months!"

Actually, his home had gained over 55% over the last 16 months. Yes, at one time it was up 59%. 55%, 59% -- neither is a bad return over 16 months!

Jay - what you and Greg are talking about (Phoenix real estate bubble bursting) is similar to what we're starting

to see here in Calgary (Canada). Our market was up a staggering 51% over the last year, but we hit the top in

June (see most recent stats @ http://www.jimsparrow.com/market-stats.php ). It was simple supply/demand economics - too many buyers for too few homes. Just like your market, we used

to list a home at noon and have several offers by the evening (often from buyers who wouldn't even see the home).

The new reality is convincing SELLER's they have to be sensitive to the market. Great properties continue to sell

quickly, but the avg days on market of 8 or 11 days is now over 30, with many properties on market for over 2 months!

Calgary real estate will continue to appreciate, just not at the rates everyone saw last year.

I'll see if I can't wedge it in there somewhere. I really have *no idea* what will become of this thing. Guess we'll know soon enough!

How bout a shout out for Mohave County?? Or would that be a type out?? Hmm..