52nd Street Road Closure UpdateWell, the road closure on 52nd Street still continues to be a pain in the (you know where). McDowell to Thomas Roads are still torn up to pieces and there is no southbound access. It's loud, and ugly, and appears to have no end. Well, at least it did until recently.
If you have other questions about happenings in the Arcadia area, feel free to call me at 602-332-5662 or visit www.jpbenedict.com. Regards, J.P. Benedict Intrest Rates on the Rise?I just learned from a very reliable source in the bond market that interest rates could rise as much as 2 or 3 points in the next 9 months. Although I have yet to confirm this with a secondary source, this would make a huge impact on the home-buying landscape. 2 to 3 points means an 8 or 9 percent interest rates, which means hundreds of dollars in monthly payments. If this turns out to indeed be true, then my suggestion is to buy now and lock it in while you still can. This is probably as affordable as our housing market in Phoenix is ever going to get, so take advantage of it! I'll give another update as I get more info on it. J.P. Benedict Arcadia, Scottsdale, Tempe
Make it Happen...Phoenix Sports Complex!
Vote Today, for Prop A!Well, there's a bill on the ballot today called Proposition A. It's a measure allocating funds to parks and preserves in Phoenix. Although I am typically never for giving money to the government, this is one of the few things I am all for. Parks are a tricky thing because they really don't have an immediate financial benefit. Other than home builders, who create small parks as an attraction to their communities, most businesses/developers really don't have any financial incentive to produce parks, or create preserves. This is why I believe it is important that we, as citizens, take the initiative to set aside money for this specific purpose. Land within the Valley is being bought up and developed, and we will soon not have any more places to put these parks. 60% of funds raised will go towards regional parks, new and old. It'll add park rangers, lighting, security, programs for youth, as well as maintenance. The other 40% will go towards preserves, trails, and the like. Last month, I talked about the soccer field proposal over off of McDowell Road, near 40th Street. This measure goes hand in hand with that. It's great for our social network, and great for our children and future generations. I've already sent in my early ballot for it, and I hope you'll vote as well. Even if you are against it, do your civic duty and get out there to vote! How to get rid of Mosquitos at the Vacant House Next Door...Armls (www.armls.com) posted a new bulletin for agents visting its site recently about how neighborhoods can combat the Mosquito epidemic that has been sweeping the Valley as a result of the Foreclosed homes with standing, untreated pools. You know the type...The kind that turn green (sometimes brown or black), grow algae almost to the point where you swear the creature from the black lagoon will pop out of it. It is common knowledge that standing water attracts mosquitoes, and that pools left without running pumps can be a breeding ground for these mosquitos. In fact, there has already been a human case of West Nile Virus this year, and it's just barely swimming season. To combat this issue, Maricopa County is doing something cool. People can contact the Maricopa County Vector Control office to pick-up Gambusia fish, these fish actually eat mosquitos. You'll also have to report the property to the county and post as notice about it, but you can do your listing or your neighborhood good by helping out. Don't let there be a second contraction of the West Nile Virus. Before doing any of this, please make sure you have permission to do this. I, of course, don't want anyone getting into trouble and bringing this back to me. However, I consider this a civic act of goodwill. For assistance or more information on West Nile virus, please contact Vector Control at 602-506-0701 or visit www.maricopa.gov/wnv . If you are buying or selling property in the Arcadia, Tempe, or Scottsdale area call your local expert agent at 602-332-5662 or visit www.jpbenedict. Regards, J.P.
Managing Expectations in Real EstateI was in the office the other day when I overheard a colleague say something profound. He was on the phone with someone else when he said "Our job is not so much about Real Estate as it is about managing expectations." The moment he said it, it made perfect sense. 80% of my job is managing expectations. As a REALTOR, I really don't have the real decision making ability in the transactions I perform. I am there to inform, protect, and set up proper expectations. For example, one of the trends that I have been noticing as of late with first time homebuyers is the need to get the extreme "deal". Most buyers, today, realize that the market has been heading south now for awhile, and want to be able to snag that deal of a lifetime where a property is listed at 50% of market. While there is nothing wrong with wanting a deal like that, the likelyhood of a deal like that is very slim. Professional investors, with years of experience have a hard time getting 80% of market value with all cash offers, so how can a first time homebuyer, needing seller assistance expect to get that deal? This isn't so much the buyer's fault as it is the agent's responsibility to sit the buyer down and explain to them the realities of the market. Just because there is a lot of inventory doesn't mean every seller is an idiot. I've written a ton of terrible offers with one set of clients in particular, that were always 50k, 60k, 70k+ under list price. They seemed more interested in getting a steal than in the home itself. Everytime we got rejected we would see the property sell for more than our offer. Sometimes it would happen immediately, and sometimes it would still be active for weeks before it would get sold. Regardless, the rejected offers caused aggravation for my buyers (as well as myself). They probably viewed it to be my failure as an agent to not be able to get them a deal. If I had taken the proper steps ahead of time, and had a "heart to heart" chat with them about the realities of their offers, I might have had more luck. As it turns out, they ended up buying property driving by a new build without me, on a property that didn't at all match the specs we had been looking for the whole time. Last I checked, they were still battling with the sales office to reduce the price on that new build. That mistake cost me hours of wasted time and thousands of dollars in lost commissions. On the other side, it's extremely important in this market that a seller knows the realistic market value of his or her home and lists their home at the proper price. In this market, it does no one any good to price high, and "negotiate down" from there. That philosophy will lead you to be rethinking your strategy months later when it hasn't sold. A great game I play with my sellers is role play. I put them in the shoes of the buyer and ask them "if you were a buyer, looking at these comps, what would you pay for this house?" They always struggle with the question, and want you to give them the answer. It is very important that you make them look at the comps, and say for themselves. If after a long conversation they are stuck in their ways, then it's up to you, as an agent, as to whether or not they are worth your time. Otherwise, you are going to be stuck with a listing that won't sell, and a seller that won't be happy with you. Managing these expectations is very hard. It's hard to tell an excited and motivated new client to come back down to Earth. Sometimes, you feel like you are killing their dreams. However, you must view it as your job and responsibility to do it. In most cases, this will lead to saving money, reducing aggravation, and saving one of the most valuable things of all....time. Not doing, on the otherhand, would be a disservice to them, usually ends up in worse deals for the client, and always ends up a waste of time to you. Thanks for listening, J.P. Benedict Arcadia, Phoenix, Tempe, and Scottsdale Real Estate Expert Is the Real Estate Market Crash Really Over?After reading the Wall Street Journal's "The Housing Crisis is Over" by Cyril Moulle-Berteaux, the whole real estate community is excited at the prospect of being over the worst of the crash. All the economic indicators point to a market that has bottomed out and is on track to be on the way back up. After all, we're seeing a reduction in inventory over the past several months, and less inventory will lead to a better ratio of sales to homes on the market, which will lead to a better market, right? I mostly agree with that, and would completely agree with it if we were under different circumstances. It's always good to have less inventory on the market than we've had over the past year and a half. 50,000 homes in the Phoenix area is just too much. Especially when you're only selling 3,000 in a month (general figure for AZ MLS). However, We are still seeing a reduciton in home values, and I don't see that ending any time soon with the volume of foreclosures flooding the market with bank owned properties and short sale listings. As a market, we need to flush these out types of properties before we will see values stabalize and rebound. Right now, listings agents keep slashing prices to get quick offers, just so the banks can deal with the values. This is causing a trickle effect that keeps pushing values down. From the looks of things, this could still take some time depending on how our government handles the "crisis". Either way, it's a great time for buyers and should be so for awhile. Homes are finally affordable in the Phoenix area again, and all types of buyers should be able to get into something that won't bankrupt them the way the escalation of home values during the boom did. This is such an interesting topic, there is surely more to come.
Thanks for Listening,
J.P. Benedict Arcadia, Tempe, Scottsdale, Central Phoenix Real Estate
Parents are Harder on the Older Children
Did you ever get the "my younger sibling has it so much easier than I had it?". I know I did. I remember having a 7:30 bedtime, never being allowed to eat anything with sugar in it, having to stand in the corner for "time out", and not having cable! Yes, I know that sounds terrible, but it was drastically different than my younger brothers, who consistently stayed up past 10pm as young children, ate whatever they wanted, and were given much more leeway with parental restrictions. The study, “Games Parents and Adolescents Play,” by Duke University, Johns Hopkins University and the University of Maryland show that there actually is a difference between the older and younger siblings in the way they get treated (http://www.sciencedaily.com/releases/2008/04/080416152245.htm). The study also shows that parents are much more likely to financially assist younger children vs. older children in times of distress, and a mathematical model for severness of punishment of the older children vs. the young ones. One of the main reasons behind this disparity is parents wanting to set precedents of behavior for the younger children by following through with punishments for the older children. I asked my Mom about this and she said she was just more tired by the 3rd and 4th children and didn't have the energy to deal with it like she used to be able to! Can you believe it? I knew this all along! Pre Foreclosure Short Sale Home for Sale in the West Valley of Phoenix So I have this preforeclosure listing in the West Valley for $120,000.00. It's a 3 bedroom, 2 bathroom, 1461 square foot, brand new single family home. Located in a great, developing area, here's an amazing opportunity to pick up a nearly new home for next to nothing. This home features upgraded wood blinds, roof tile, upgraded windows, and fans. The backyard has a $10,000 spa and backyard watering system. The master bedroom and guest bedrooms are all spacious and well laid out. This is a clean, move-in ready home. Please contact me asap for more details as the bank is ready to go on this one. You can email me at jpbenedict@longrealty.com or see more details about this property at www.jpbenedict.com.
Incentives to Perform a Short SaleI have been performing Short Sales for the past six months or so. While I am now understanding the process required to perform a successful short sale, I am still unclear about the incentives to perform a short sale as opposed to just letting a property foreclose. Is it really just about the credit hit? My understanding is that banks can still 1099 you and make you sign a promissory note for the difference in a short sale, and not in a foreclosure. If this is true, why would someone want to even do a short sale? From a seller's point of view, it doesn't make sense to me. Can someone please help me with this? |
J.P. Benedict Phoenix, AZ More about me… Long Realty, The FOX Group Office Phone: (480) 516-0555 Cell Phone: (602) 332-5662 Email Me
J.P. Benedict's Blog about Real Estate in Phoenix, Scottsdale, and Tempe. Learn more about J.P. at http://www.jpbenedict.com.
;) Links;) Tags (Tag Cloud);) Archives
|
You still have time to make a difference and help secure land for a newly proposed Phoenix Sports Complex instead of condos. There are so many benefits from having a city park in this particular location, I can't see any other development doing greater good for that area. Please get involved today with this!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved
