Far too many times lately I am seeing landlords being foreclosed upon and the Landlord Tenant Act has no protection for the tanant. The tenant is given 72 hours notice to move out of the home or they are evicted. They also are losing all their deposits they gave the owner upon rental. Make sure you deal with a reputable party when renting a home and try to use a property manager that can further assist you with knowing your rights. JG Realty, llc checks their landlords to make sure that they are in a strong equity position before they will even take a listing for property management.
In Arizona there are approximately 55,000 homes listed in the Greater Phoenix Metropolitan area and of those 25% are vacant. Investors are trying to sell, lease and option their homes so they can continue to pay their mortgage and not be foreclosed on the property. When you or your clients are looking for a rental or lease make sure the landlord can pay their mortgage! With all the adjustable rate mortgages (ARM's) they may be able to afford the payments when you rent the home but that may change shortly after you rent the home.
For more on the Arizona Landlord Tenant Act click on the picture below.
A couple of items:
Don't let your client or anyone you know rent (lease) a home that may be behind in payments. (do your research...ask questions.)
Get a copy of the Landlord Tenant Act (ALTA)...Know your rights!
Deal with a Property Management firm that knows the Landlord Tenant Act.
Beautiful new custom home with all the fixins. Huge lot,granite counters,stainless steel appliances, dual vanity sinks in master and 2nd bath, jetted tub, even includes washer/dryer.
How many times have you taken a listing and the home smelled like smoke? For us it's been far too many. We have tried all different remedies of balming the home, candles, plug-ins, burning oils etc... For years we have had this in the back of our mind. In the market we are in it is critical to stage your clients home to look and smell the best! The sense of smell is one of the most powerful senses when it comes to buying a home. If it smells like dogs or unclean, people are turned off and walk away. Well in the whole search for the silver bullet to fix this we ran across a product that is Great! My wife who is a very successful Real Estate Agent thought it is such a great product she decided to become a representative for Scentsy Wickless. Here is why.
The product:
Great for Realtors to capture more Sphere of Influence
Smells great
Inexpensive
Safe (doesn't smoke, burn, leave any residue)
Is a great listing or sales gift
Great for open houses
I am not one to go soliciting a new product like this but the ideas are endless with this product. We are planning on putting them in escrow, lenders, beauty parlors, nail techs, corporate offices etc with: Compliments of JG Realty, llc and our Real Estate Business Cards. For Christmas we are giving these to all our A+ clients. At $25 for your choice from 45 different warmers this is an inexpensive gift. Scentsy Wickless burners makes a burner that is powered by a light bulb so you don't have to worry about burning your home down if you forget to turn it off. They have a large array of Scentsy Bars that last forever. All you have to do is turn on the light within the burner and put a little Scentsy bar in the burner and enjoy the great aroma!
If you are looking for a gift for a client or a friend take a look at the products in the following link:
The business starter kit comes with a nice burner, a pack of 6 Scentsy Bars, a jar sample of every scent, and catalogs of all the products.
Just label all the catalogs with your name and contact info and start spreading them around town. Talk about an easy way to meet hundreds of people to add to your sphere!
If you have any other great ideas on how to build your real estate business through a product like this please don't hesitate to let me know
Presently in the Phoenix Metropolitan area there are more than 57,000 active listings. How do you compete?
Active - 57852 Properties Found
Square Feet
Bedrooms
Baths
List Price
Sale Price
Agent DOM
Cumulative DOM
Min
0
0
0
$ 8,000
$0
0
0
Avg
2150
3
2.37
$ 437,402
$0
113
131
Max
27000
36
65
$ 29,000,000
$0
1278
1378
In markets like this you have to think outside the box and try anything to sell your clients home and lessen the impact on your sellers. What other options are there?
Seller Carryback
Lease Purchase Contracts
Lease Option
Any Others?
Depending on your clients situation and equity base some of the options may be attractive and allow the seller to make some additional money to cover their mortgage and even eventually sell their home. The value of homes is still decreasing and were not sure when we will level off. Put you best foot forward. Price the home properly and try to think outside the box to market and work on behalf of your sellers!
More than 1/3 of the properties listed on the market are Vacant. Why not offer them up as leases, lease options or a lease purchase? Lease options and Lease Purchases allow the seller to charge additional monies to help pay their mortgage. Usually these are done if the tenant really likes a property but has less than perfect credit to purchase the home. It allows the tenant time to improve their credit and hopefully qualify by the time their contract is due.
JG Realty is a full service Broker offering Residential Purchases, Sales, Leasing, and Property Management
Reverse offers are the sellers offering the property to a buyer that may have shown interest in the property. The agent fills out the purchase contract as normal and then sends the offer for the buyer to look at and hopefully sign or negotiate a deal.
What a creative way to spur interest in a property. If you submit the offer to the buyer, contractually he/she has to present the offer. It gets your home in front of the buyer again. And, if you are agressive enough maybe you can sell your home!
How many people do you know are doing reverse offers? Are any successful?
Lately I have been getting frequent calls from people outside of the US. Many Foreign Nationals are capitalizing on the weakness of the U.S. Dollar and deciding to invest in Arizona. Phoenix, Arizona is in Forbes Top 9 of places to buy right now because of the great value and the future growth. Below are both articles from Forbes for your reading pleasure.
Forbes rates Phoenix as being in the top 9 places in the nation to buy a home Click Here
Forbes rates Phoenix as the second fastest growing cities in the nation Click Here
In the Phoenix Metropolitan area we have more than 57,000 active listings and many foreclosure properties to boot. Also lending is getting substantially better for Foreign Nationals at 30% down.
Some of the typical places I am getting calls from are Canada, Ukraine and the United Kingdom. If you are looking for a great climate and a place that has great potential for the upcoming years Phoenix, Arizona is the place to invest. If you are not looking to live in the home JG Realty also offers full service Property Management. You can contact us any time for a no obligation consultation.
For more information on listings and our services please visit our website by clicking on the logo.
Too much to mention! Beautiful home completely redone with travertine floors, granite counters,travertine vanities, walk-in shower surrounded by shower heads, private master covered patio and more...
Seville Golf and Country Club had a solid October for sales volume with 11 homes sold. The sales price/sq.ft. has reduced to $155. Presently there are 5 homes pending and we are heading into holiday season that usually is slower. If you are planning on selling now is better than later. Economist Stephen Levy feels the market will continue to decline for a while. "Housing could take two, three or four years to recover, depending on how fast the prices adjust," says Stephen Levy, director of the Center for the Continuing Study of the California Economy
If you would like any additional information on Seville Country Club or any other community in the Phoenix area regarding existing listings or property management please don't hesitate to contact me. Click on the Logo to see much more information.
Property Type: Residential Status: Sold
Subject Property
#
ML#
COE Date
Address
Built
Fe Code
SqFt
List Price
LP/ SF
Sale Price
SP/ SF
ADOM
CDOM
1
2753684
10/30/2007
3306 E Powell CT Gilbert
2001
32R2G
1500
$224,500
$150
$218,000
$145
150
150
2
2790654
10/31/2007
6637 S Cartier DR Gilbert
2004
32RD2G
1665
$245,000
$147
$235,000
$141
119
119
3
2721337
10/19/2007
3803 E FLOWER CT Gilbert
2005
32.5FRDO2G
2135
$249,900
$117
$233,000
$109
161
157
4
2819454
10/05/2007
3690 E Janelle WAY Gilbert
2003
43FRDO2G
2158
$268,000
$124
$268,000
$124
37
37
5
2821441
10/23/2007
3743 E JANELLE CT Gilbert
2004
43FRDSLO3G
2339
$310,000
$133
$300,000
$128
54
71
6
2820154
10/31/2007
3294 E ISAIAH CT Gilbert
2007
42RO2G
2063
$314,103
$152
$316,553
$153
47
47
7
2771953
10/15/2007
3274 E ISAIAH CT Gilbert
2007
43FRNO3G
2418
$314,775
$130
$312,275
$129
17
17
8
2840388
10/11/2007
3894 E ANDRE AVE Gilbert
2005
42FRP3G
2035
$334,900
$165
$323,000
$159
9
9
9
2733325
10/17/2007
7026 S FOREST AVE Gilbert
2005
32RPO3G
2035
$390,000
$192
$352,000
$173
169
169
10
2768237
10/12/2007
6994 S Forest AVE Gilbert
2005
33FRPO3G
2606
$420,000
$161
$410,000
$157
126
126
11
2795631
10/18/2007
6550 S DELMAR PL Gilbert
2006
53.5FRDXPSO3G
3683
$899,900
$244
$870,000
$236
63
151
Average
2,239
$361,007
$348,893
87
96
Number of Properties: 11
( Average SalePrice / Average SqFt ) : ( 348893 / 2239 ) = $ 155.83
Welcome to my Blog!
This blog is intended to be an informational site for Professional Realtors and consumers alike. It is an interactive venue to offer opinions and ask questions. Please be respectful of others as well as keep the content relevant.