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phoenix: Sales Up, Prices Down - 07/12/09 02:39 PM
Why the Paradox?
The answer is at once simple and complex. The Phoenix AZ market is currently driven by the lenders selling foreclosed properties. In addition, there are many people who face foreclosure. Currently there are over 40,000 notices of default pending. These factors depress listing prices.
Buying activity is centered on these foreclosed homes, with the dominant players being investors chasing these homes with CASH. It is very difficult for the traditional buyers to successfully compete in this market.
Sun City is slightly different, in that there are few foreclosed homes and buyer activity has been stable, if lower than … (1 comments)
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phoenix: Phoenix and Sun City Area Market Outlook - 09/12/07 09:44 PM
Today's outlook for the Phoenix area, which includes homes for sale in Sun City, Sun City West, Surprise, Peoria and Glendale Arizona is far better than in much of the nation. Job growth continues at a healthy rate, unemployment is less than the national average, and real income is increasing. Inventory of homes for sale is excellent, giving those who wish to buy a home a great selection to choose from.
Today's tip for buyers. Don't get an adjustable mortgage. Most ARM's have a start rate near that of the conventional 30 year fixed mortgage. This means there is little advantage to … (0 comments)
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phoenix: My New Sun City Home for Sale - 08/14/07 01:47 AM
19826 N. 101 Ave, Sun City AZ. 85373
This is perfect for the home decorator. It is a one owner home, impeccably maintained since it was built. Mr and Mrs Clean lived here.
The home features 2 bedrooms and 1.75 baths with formal dining. Located on a quiet cul-de-sac in Sun City's desiraable phase 3 neighborhood, it is convenient to shopping, freeways, medical care. Minutes away from Phoenix Arizona.
In the spring, take your choice of pro baseball teams. It is located near spring training facilities for the Padres, Mariners, Royals and Rangers. Soon to come will be the Dodgers. It is also near … (1 comments)
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phoenix: Open House Saturday, 8/11/2007 - 08/10/07 03:57 PM
JUST LISTED!
OPEN HOUSE Saturday, 8/11/07 from 10:00AM to 2:PM
WHERE: 5431 W. Cochise Dr. Glendale AZ 85302
This fine 4 Bedroom 3.5 Bath home with private pool, spa and game room is being offered for $375,000. The home is perfect for a family with teenagers. Your kids can frolic in the pool or spa, or play games in the game room. You will know who they are with and where they are.
Call me at 623-977-1776 for directions.
Peoria schools and a Glendale address.
… (0 comments)
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phoenix: Mortgage Update 8/10/07 - 08/10/07 11:35 AM
Yesterday, Freddie Mac (the Federal Home Loan Mortgage Corporation) reported that mortgage rates were at a 2 month low.
30 Year fixed rates averaged 6.59%, down from last month's rate of 6.68% and the year's high of 6.74%.Freddie Mac also reported 15 year fixed rates at 6.26% from last month's rate of 6.32%.
In spite of news articles to the contrary, mortgage loans continue to be available to qualified buyers at reasonable interest rates. There does not seem to be a factual basis for people to hold off buying any more.
Jim Little, Your Sun City Realtorhttp://jclittle.com/Ken Meade Realty17001 N Del Webb BlvdSun City … (0 comments)
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phoenix: Facts About Glendale Arizona - 08/09/07 12:22 PM
Home of the "Jiffypop" stadium.
Officially known as the University of Phoenix Stadium, home of the Cardinals football team, to those of us old enough to remember, the stadium looks like the Jiffypop popcorn containers. Yes folks, that was before microwaves, let alone microwave popcorn.
Not only does Glendale host the Cardinals, but the NHL Coyotes call Glendale home, and the Los Angeles Dodgers are bringing their spring training facility to Glendale in the near future, to be near the other Cactus League teams
Glendale is located in the rapidly-growing northwest Phoenix metropolitan area. Glendale is known for its excellent medical and educational … (5 comments)
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phoenix: Thoughts on the Flat Housing Market, and Mortgage Crunch - 07/29/07 11:42 AM
The housing market in my area is spotty, with Sun City and Surprise homes selling at a slightly increasing rate, while Sun City West, Peoria and Glendale flat. Prices are, in,fact, down from the 2005 record prices. Inventory is high in all areas, and the "I'll sell if I get my outrageous price" folks have been dropping out of the market.
It is a Buyer's Market!
Oh really? In that case, where are the buyers? Why aren't they buying?
Conventional wisdom on this and other forums, and in the media says it is "greedy" sellers who won't lower prices that is to blame.
It is an … (4 comments)
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phoenix: Think Foreclosures are a Good Deal? Really? - 07/28/07 11:45 AM
Want to Buy a Foreclosure? Think about it first.
Many buyers are coming to me with the intent to buy a foreclosure property.
Why? They think they will save a lot of money. After looking at many, most decide not to do so. They find the costs to be much more than they expected.
Reasons are:
The former owner couldn't pay the house payment. Do you really believe they did any repairs?The first thing a lender does when foreclosing is to stop any maintenance, and turn off the uitilities, including often the water. With the water turned off, what do you think happens to the … (3 comments)
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phoenix: A Big New Employer Comes to Surprise - 07/26/07 11:46 AM
Crescent Crown Distributing has announce that it will build a regional headquarters an distribution facility at the Surprise Pointe commericial park.
Crescent expects to employ 250 people initially, growing to 600 jobs in the near future. The company also has a distribution center in Phoenix, which it will keep open. That facility employs nearly 600 people.
Crescent is a beer distributor, representing many high end brands such as Heineken, Miller, Labatt and others. The company expects to sell more than 16,000,000 cases of beer in Arizona in 2007.
Surprise City Councilman Joe Johnson said. "This brings real jobs the average citizens of Surprise can … (3 comments)
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phoenix: Monsoon? Comes at Last - 07/23/07 01:15 PM
Monsoon season is officially here!
Although the weather guessers say that the monsoon season is now with us, (defined as 3 consecutive days of dew points averaging 55 degrees or higher) you can't tell it in the west valley..
The east valley got hammered on Saturday night, up to 1.81 inches of rain. None in Sun City, or in Surprise. Is the monsoon going to be a nonsoon?
Earth Fissures open. Definition: Earth fissures are cracks at or near the Earth's surface resulting from differential land subsidence. This is caused by over-pumping of ground water, followed by heavy rains. The result can be fissures.
The storms … (4 comments)
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phoenix: Rent vs Buy? - 07/20/07 11:58 AM
Renting a home is an expensive luxury!
The average rent in the Phoenix area is now $809 per month. Occupancy rates are 98% occupied. Rentals are getting very scarce and costly now.
If you were paying $809 per month, how much home could you buy? After converting this rent payment and factoring in the tax advantage of home ownership you could buy a home worth $140,000. There are currently 2200 homes for sale in the Phoenix area for $140,000 or less.
Are you paying $1000 per month? A home valued at $175,000 is within your reach.
All of this doesn't consider that historically, home ownership … (8 comments)
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phoenix: The Monsoon is Coming, Is Your Home Ready? - 07/14/07 11:48 AM
As if triple digit heat isn't enough, in Arizona, July is the start of the monsoon season.
The monsoon season is a change in weather caused by a seasonal change in the wind direction. Here that means the wind direction no longer typically comes from the west, but now from the south.
These monsoon winds bring very humid air from the Gulf of California and the Pacific Ocean causing sometimes phenomenal thunderstorms in the afternoon and evening. Often dust storms (the red cloud) accompanies the monsoon storms.
It is important to prepare your home for these storms to prevent unnecessary damage to … (2 comments)
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phoenix: Summer in the (Sun) City - 06/22/07 03:20 PM
Summer is here! At last the coffee I left in the car is still as warm at 5:00PM as it was when I left it there in the morning.
Besides heat, Summer brings some other nice things to Sun City. The quail babies don't hatch before the days are in the triple digits. The pace of life slows a little with the rise in temperature. When you feel a little warm, take a dip in one of the seven community swimming pools. Fewer bowling leagues means more open bowling.
On the subject of bowling, Next week the professional bowlers will be at R.H. … (2 comments)
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phoenix: Cool Places in Arizona, Revisited - 06/05/07 04:35 PM
There are far to many wonderful trips to take in Arizona. The image we have here is that this is a vast desert with nothing but sand and saguaros. Nothing could be farther from the truth. Arizona is a state with life zones from the lower Sonoran desert of the south to near arctic tundra in the north.
I have posted more interesting and beautiful places, all within a couple of hours of Phoenix and the Sun Cities. To view information on these sites, click here. Please keep these places in mind when planning your next trip.
… (4 comments)
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phoenix: Cool Places in Arizona - 06/04/07 04:48 PM
During the hot summers, even the crazy "zonies" like me who like hot weather like to get away once in a while. One of my alltime favorite places is Montezuma's Castle.
Montezuma's Castle is slightly more than one hour north of Sun City and Phoenix on I17 in the Verde Valley. It is just a few minutes off of the freeway, accessible to most, with easy trails and great places to take pictures.
Originally built by the Sinagua (Spanish for "without water") indians, the ruins are a 20 room cliff dwelling. The dwelling is high enough to protect the original residents from enemy … (0 comments)
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phoenix: Good News, More Jobs - 06/02/07 02:35 PM
Yesterday, the Department of Labor announced that the number of new jobs created in May was almost double the number created in April.
This is good for the outlook for sales of both family homes and retirement homes. Families may be able to start moving up at last, freeing up the older generation to move on also. For more on the ripple effect on retirement communities, click HERE.
… (2 comments)
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phoenix: Market Outlook - 06/01/07 10:52 AM
Bank of America's monthly industry survey of real estate agents throughout the nation has reported that buyer activity decreased in May. It also reported that what buyers there were showed hesitation to step up and buy.
Factors in the trend were primarily the fear of continuing falling prices, followed by tightening credit. Both tighter credit and tighter appraisal are impacting the prospective buyers. Gulf states also are severly impacted by inability to get insurance caused by high hurricane losses in the past and an anticipated active hurricane season this year.
… (0 comments)
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phoenix: Arizona Home Foreclosure News - 05/06/07 11:09 AM
In today's Arizona Republic, Catherine Reagor's column reported that while foreclosures and mortgage delinquencies have increased in the Phoenix market this past year, but Arizona still ranks low overall in the nation on this metric. In fact, Arizona in the bottom 10 in the U.S.
Reagor gives the large appreciation in the 2004-2005 period a great deal of credit in keeping the Arizona foreclosure rate as low as it is. She states the equity has allowed some homeowners to either sell even or with extra equity, or refinance out of costly loans into better long term solutions.
I hope continued growth will also … (1 comments)
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phoenix: Old is new again. - 05/04/07 03:48 PM
An article in today's Arizona Republic, http://www.azcentral.com/business/articles/0504biz-money0504.html, says Private Mortgage Insurance is now on the comeback.
Since the market is adjusting, and the news is all bad on option arms, 100% subprime, piggyback loans,ie 80/10/10, and all of the other creative programs PMI is no longer a bad word.
Some of us can remember when there was FHA, VA, and 80% conventional loans only. What a revolution when PMI came about. Someone with as little as 5% could buy a home! We will continue to have many more programs than we did then, but now PMI is becoming an economic option again. No … (0 comments)
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phoenix: Zillow vs Arizona; A tempest in a teapot? - 04/24/07 03:12 PM
Over the last two weeks, much has been said about the Arizona Republic's report that Arizona Board of Appraisers have issued cease and desist orders against Zillow for "giving appraisals without a license". This mornings news said that the legislature is addressing this issue, apparently in Zillow's favor.
My question is why now? The first cease and desist order was in July 2006, the second in November. Neither has been enforced, Zillow has continued giving Zestimates. If the Board was correct or serious, why didn't they enforce these orders? If they weren't why did they issue them in the first place?
My … (7 comments)
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Jim Little, Your Sun City Arizona Realtor
Sun City,
AZ
More about me…
Ken Meade Realty
Address: 17001 N. Del Webb Blvd, Enter your address line 2 here, Sun City, AZ, 85373
Office Phone: (623) 977-1776
Cell Phone: (623) 521-6768
Email Me
My comments and opinions for the northwest Maricopa county and the Adult communities there. Specializing in Del Webb's Sun City, Sun City West, and Sun City Grand, and the neighboring communities of Surprise, El Mirage, Peoria and Glendale Arizona
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