Well it's going to be an issue of excellent news and not so good news, based on which argument of the fence you stand: buyer or seller.
If you're a seller, I expect that prices within the Phoenix metropolitan area will remain flat, with a possibility of some areas losing another 10% in value. The reason being we are not completed with distressed properties. In fact, Bank of America's recent moratorium on foreclosures, since expired, only served to kick that may in the future. Add the fact that the state of Arizona is suing them, and you can deduce that 2011 may also be a rocky year.
At this time I have to add, and that i have said this before, that the banks will also be their own worst enemy. Their languid responses to short sales, (anywhere from two to 12 months) is costing sales and delaying the possibility of a return to some normal market; whatever which will mean in the future. Their utter disdain for the conventions and customs from the real estate market is definitely not winning them any friends one of the ranks of real estate professionals. So, keep offering insulting commission rates for which are arguably more difficult transactions and find out the caliber of agent you will attract. Keep insisting that potential buyers MUST pre-qualify together with your Aunt's second cousin at Billy-Bob's Ammo, Pizza and Mortgage Emporium. Let me know the way it all calculates for you personally. Many real estate pros have long memories so that your future won't be bright.
I believe the main problem using the banks, because of their corporate culture, is that some of the people tasked to approve a brief sale possess the stones to actually sign off on that loss. Too often they are scrambling for excuses to kick it upstairs, or off to another lackey, so as to avoid responsibility for just about any decision-making. This further exacerbates the issue.
On the positive side, it will not be a poor year for buyers, price-wise a minimum of. For individuals who saw prices sky-rocket in '05 and '06 and who thought that the imagine home-ownership passed away for ever, the reprieve continues to be extended. It will likely be a demanding and perhaps fraught experience due to the above-mentioned reasons, and the cautiousness, understandably, of the appraisal community. However, for all those buyers with a steady job and a a good credit score score you will see some good deals to be had.
Here's hoping that everyone enjoys a contented, prosperous and more importantly, a healthy 2011.
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