I voted early this morning for what I hope will be the next President of the United States. I got to the polls by 7am. I was (grudgingly) impressed by the voter turnout. There was already a significant voting line to cast their ballot to help guide the future of the country and Arizona.

There were 2 critical ballots as they pertain to Phoenix AZ real estate that also provided Scottsdale real estate owners the ability to shape laws pertaining to Phoenix real estate taxes, legislation for new home builder warranties and the AZ Homeowners Bill of Rights.

I thought I would take advantage of the opportunity to conduct my own exit poll on the sentiment Phoenix AZ real estate owners have regarding the state of the local economy and Scottsdale AZ real estate market.

I asked the following questions of 10 random people. By random, I mean 10 people who were standing closest to me in the voting lines.

Do you think Obama or McCain will win the election?

Not surprisingly, most indicated voting for McCain. We are, after all, Senator McCain’s home state. Interestingly, all said not only that they thought Obama would win, that he might even win AZ.

Which candidate do you think will be better for the Phoenix real estate market?

a topic of great concern to the voters that instigated some lively discussion. Everyone feared the liberal fiscal policy of Obama and feared that more personal income taxation and higher capital capital gains would prevent economic growth and Phoenix AZ real estate recover.

Do you think Phoenix AZ real estate has hit a bottom?

I saw some wry smiles as by now they have found I was a Scottsdale AZ real estate agent. No one, and I mean no one thought Phoenix az real estate was at a bottom. They were all in agreement that due to rising foreclosures that home prices would continue to decline for the next 12 months.

Do you think Scottsdale AZ real estate will recover by the end of 2009?

Considering the fact that I was voting in North Scottsdale AZ, the majority (though, not all), were confident that by the fall of 2009 we would see a stabilization and recovery in North Scottsdale real estate. In fact, the residents have noticed that due to the low amount of foreclosures in Scottsdale AZ and nearby Paradise Valley AZ that hoem prices declined a much smaller amount then nearby Phoenix AZ suburbs.

Do you think lower interest rates could cause another housing bubble?

The results were split. Most argued that lower interest rates might help. Several mentioned, that lower rates would not help as they are historically low and it has not mattered. Some did fear another era of people borrowing free money and a potential bubble.

No one thought we should raise interest rates (or taxes

Who is to blame for the phoenix AZ real estate crisis? 

Lenders and Wall Street greed was the pervasive answer. Bottom line, was that anyone could get a loan with no proof of ability to pay the money back. That includes sub-prime, and qualified borrowers who bought 2nd homes and investment properties with the hope of selling later.  Interestingly, No one blamed the government for lack of oversight. Most blamed individual greed.

I hope you voted. If not, get out and vote. Polls are open late into the evening. Remember 2004? Your Vote  Counts !!!

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Copyright © James Wexler * Exit Poll for Phoenix AZ real estate owners*

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