Phoenix Real Estate Blog

Arizona Classic Jazz Festival

What: The Arizona Cardinals play professional football at University of Phoenix Stadium in Glendale, Arizona.

When: In 2009: Various dates in November

Where: University of Phoenix Stadium

What: Jazz, and lots of it!

When: In 2009: November 5-8

Where: Chandler.

Arizona Wine Growers Festival at the Farm

What: The state's top wine makers showcase their finest wines at an interactive event where guests learn about Arizona wine production, walk through exhibits of the state's grape growing regions, taste dozens of wines and ultimately vote for their favorite.

When: In 2009: November 22

Where: Farm at South Mountain

ArtFest of Scottsdale

What: Fine art, live music, international foods, and an interactive family area featuring hands-on art activities and creative challenges for children. Over 200 select contemporary artists and crafts people from across the nation will show and sell one-of-a-kind artwork. Free

When in 2009: November 21, 22:

Where: Scottsdale Civic Center Plaza

The Big Pour

What: Hundreds of craft beers from breweries across the globe, seminars, food pairing tips and celebrated brewers and beer experts. Live entertainment.

When: In 2009: November 12 - 14

Where: Scottsdale.

Breast Cancer Awareness Events

What: Walks and runs to raise money to fight breast cancer.

When: In 2009: Various dates in October and November

Where: Salt River Project, 1600 N. Priest Drive in Tempe

Carefree Fine Arts and Wine Festival

What: Arts, crafts, entertainment, wine. Over 160 artists will have displays. This is Arizona's largest wine tasting event, featuring wines from Arizona, California, Australia, Germany, Austria, France and Italy. Sponsored by Thunderbird Artists.

When: In 2009: November 6 - 8

Where: Carefree

Certified Local Fall Festival

What: A family-friendly street festival featuring members of Local First Arizona. About 60 vendors on hand with entertainment provided by Arizona musicians, bands and performers. Beer & Wine Garden, raffle and silent auction raise funds for Local First, activitiers for young kids, craft booth.
When: In 2009: November 7

Where: 1651 E Camelback Rd

Chiles and Chocolate Festival

What: Desert Botanical Garden, Phoenix. Chili and chocolate products from local vendors, unique Southwest gifts, cooking demonstrations, Spanish Flamenco dance and Latin jazz.

When: In 2009: November 14, 15

Where: Desert Botanical Garden, Phoenix.

Corks and Cactus

What: Sample more than 70 wines from different regions of the world and talk with representatives from the different wineries. Hors d'oeuvres and desserts.

When: In 2009: November 13

Where: Desert Botanical Garden, Phoenix.

Cowboy Artists of America Exhibit

What: The Phoenix Art Museum hosts this event. Paintings, drawings and sculptures. Many never seen before.

When: In 2009: October 18 - November 15

Where: Phoenix Art Museum

Discover India Festival

What: Festival Highlights include cultural show, parade, food fair, Clothes and Jewelry Bazaar, cooking and cultural Demos, children's meal. Free admission.

When: In 2009: November 22

Where: Heritage Square, Phoenix

Downtown Phoenix Pub Crawl

What: Visit different downtown Phoenix bars and restaurants and enjoy entertainment, food samples, and drink specials only available to Pub Crawl participants. Take part in the Pub Crawl competition by collecting beads from participating locations. Free Trolley buses available until 3:30 a.m. to move participants to and from participating locations. 21+ only.

When: In 2009: November 13

Where: downtown Phoenix

Fall Concerts in the Park

What: At Gilbert's Freestone Park Amphitheater, located by the lake in Freestone Park. Bring a blanket or lawn chair. Free. Food and beverages are available to purchase.

When: In 2009: November 12

Where: Gilbert's Freestone Park

Fantasy of Lights

What: Downtown Tempe's tree lighting ceremony, parade and entertainment.

When: In 2009: November 27

Where: Tempe Beach Park.

Ford Ironman Triathlon

What: Visit more than 80 downtown Phoenix art galleries, studios and art spaces. Free.

When: In 2009: First Friday of the month.

Where: Phoenix

What: Arizona's Ironman triathlon features a 2.4-mile swim, a 112-mile bike and a complete marathon (26.2 miles). Many vantage points for spectators to view the races, sports expo.

When: In 2009: November 22

Where: Tempe.

Fountain Festival of Arts and Crafts

What: Arts, crafts, food, music, entertainment.

When: In 2009: November 13-15

Where: Fountain Hills Park.

Friday Night Bull Riding

What: At 7:30 p.m. and 9 p.m. Entry fees to participate in Open Bull riding, Novice Riding Calf Riding (10 yrs & under), Sheep Riding (6 yrs & under). Admission fee to be a spectator.

When: In 2009: November 6, 13, 20, 27

Where: Rawhide Western Town.

Gila Bend Desert Shrimp Festival

What: Cooking contest, shrimp eating contest, shrimp coloring contest, bobbing for shrimp, kids sand castle building contest, live entertainment, arts & craft vendors.

When: In 2009: November 7, 8

Where: Gila Bend

Gilbert Days

What: A week-long celebration of Gilbert’s rich western heritage. Re-enactment of the historical Pony Express ride, Gilbert Days Parade, food, entertainment, Chili Cook Off, Gilbert Days Jackpot Roping, Competition Barrel Racing, Lil’ Dudes Rodeo, carnival and more family-friendly activities.

When: In 2009: November 13-22

Where: Gilbert

Glendale Glitters Spectacular

What: Glendale's kick-off to the holiday season. A million lights, music, fireworks, crafts, train rides, Santa and more.

When: In 2009: November 27, 28

Where: Glendale

Glendale's Live at the Library

What: Musical entertainment from 7 to 8 p.m. at the Main Library. Concerts are free. Call 623-930-3573 for more details.

When: In 2009: One or two Thursdays per month

Where: Main Library

Great Cajun Cook-Off

What: Features cooks and restaurants competing for the title of “Best in the West” gumbo and jambalaya. Competitors will bring their gumbo/jambalaya to the event already prepared and ready to serve in “tastes”. Live music, children's activities.

When: In 2009: November 1

Where: Heritage & Science Park, Phoenix.

Heard Museum Spanish Market

What: Nearly 70 of the Southwest's best Hispanic artists will show and sell their work at the annual Heard Museum Spanish Market. Artwork includes an array of Santos, furniture, jewelry, tile work, glitter art, tinwork, paintings, carvings, pottery and more. Admission is free.

When: In 2009: November 14, 15

Where: Heard Museum, Phoenix.

IHBA NAPA Auto Parts World Finals

What: World Champions will be crowned and Top Fuel Hydro drag boats will reach speeds approaching 250 miles per hour during the three-day event. Firebird Lake at Firebird International Raceway

When: In 2009: November 20 - 22

Where: Firebird International Raceway

Jazz 'n the Plaza

What: Jazz ‘N the Plaza is a fall jazz concert series in partnership with Smooth Jazz 95.5 KYOT. It features a new jazz performance each week. The concerts are free and open to the public, seating is on a first come, first serve basis. Refreshments and food available for purchase. Montelucia Resort & Spa, Paradise Valley

When: In 2009: November 11, 18

Where: Montelucia Resort & Spa, Paradise Valley

Litchfield Park Arts in the Park

What: Free outdoor concerts at the Wigwam Resort Front Lawn, 3 p.m. - 5 p.m.

When: In 2009: November 15

Where: Wigwam Resort

Litchfield Park Festival of Arts

What: Fine arts & crafts, live musical performances, festival fare and wine tasting. Located next in the heart of the historic Wigwam Resort, this unique outdoor festival features an Artisan's Village filled with over 300 Fine Arts and Crafts booths. Artist demonstrations, International food court, huge indoor Book and Antique sale and children's activities.

When: In 2009: November 7, 8

Where: Located next in the heart of the historic Wigwam Resort

Mesa Old West Days

What: The event showcases the rich pioneer and territorial history of Mesa, Arizona. Old west activities, costumes, music and dance.

When: In 2009: November 7 - 8

Where: Mesa, Arizona

Monarch Butterfly Exhibit

What: Marshall Butterfly Pavilion at the Desert Botanical Garden.

When: In 2009: September 26 to November 15, 2009

Where: Desert Botanical Garden.

MOO MOO Palooza
What: Tour a dairy, hay rides, petting zoo, photo opportunities with Daisy the Cow, hay bale maze, Joann’s craft corner, soccer kick, Tractor Garden. The Agriculture Industry will be well represented through the dairy and answer questions. Live DJ, door prizes, milk and ice cream.

When: In 2009: November 11

Where: Superstition farm

Native American Recognition Days at DBG

What: Independent and classic cinema and documentaries relating to art, artists, and works on view in the Museum, usually followed by discussion. Free with paid museum admission. First come, first seated.

When: In 2009: Various dates in November

Where: Phoenix Art Museum.

Music in the Garden

What: The Desert Botanical Garden concert series features a variety of music on Friday nights at 7 p.m. Ticketed event.

When: In 2009: November 6

Where: Desert Botanical Garden

NASCAR

What: Checker O'Reilly Auto Parts 500 Presented by Pennzoil Event Weekend.

When: In 2009: November 12-15

Where: Phoenix International Raceway.

What: The Desert Botanical Garden host two concerts presented in conjunction with Canyon Records featuring diverse local Native American music.

When: In 2009: November 7, 8

Where: The Desert Botanical Garden

Orchid Show and Sale

What: Sponsored by the Orchid Society of Arizona. Arizona State Veterans Home, Phoenix. Free admission.

When: In 2009: November 7, 8

Where: Arizona State Veterans Home, Phoenix

Out to Lunch Concerts

What: These lunchtime concerts will feature local artists playing a variety of music including folk, country, jazz, Dixieland, oldies, and world music. Chairs and lawn seating are available, but guests are encouraged to bring stadium cushions and blankets. Brown bags and picnic baskets are welcome All Out to Lunch concerts are free and open to the public. Wells Fargo Garden at Mesa Arts Center. 12:30 to 1:30 p.m.

When: In 2009: November 5, 12, 19

Where: Mesa Arts Center

Palette of Homes Tour

What: Guests enjoy access to some of the most talented architects, builders and interior designers in town, while sampling gourmet fare from top, local chefs. Fundraiser to Benefit Free Arts of Arizona.

When: In 2009: November 8

Where: 103 West Highland Avenue, Suite 200, Phoenix, AZ 85013

Pet-A-Palooza

What: A family and pet-friendly festival and walk. Benefit for homeless pets at the Arizona Humane Society.

When: In 2009: November 7

Where: Peoria Sports Complex

Phoenix Parade of the Arts

What: A festival celebrating the uniqueness and creativity of Greater Phoenix. Live music, street performances, visual arts, and the public procession of the Parade of the Arts with unique floats and costumes. Family appropriate with activities for children.

When: In 2009: November 14

Where: Downtown Phoenix

Phoenix Suns Basketball

What: Our professional basketball team plays hoops at the US Airways Center.

When: In 2009: Various dates in November

Where: US Airways Center

Scottsdale Fashion Week

What: From Scottsdale Fashion Square to Scottsdale Waterfront to Southbridge. Two runways: a tented New York Fashion Week-style tent as well as a runway under the stars. Also includes a Luxury Pavilion (fine living purveyors of fashion, design, spas, and health care), and a Milan-style Wearable ArtWalk.

When: In 2009: November 5 - 7

Where: Camelback Road and New Marshall Way

Scottsdale Festival of Greece

What: Live music, local Greek folk dancers, the professional Olympian Dance Troupe of Chicago, Greek cooking class, and other programs including Greek films, seminars, and pottery classes. Some activities are focused on children.

When: In 2009: November 6, 7, 8

Where: Scottsdale.

Thanksgiving Day Parade

What: Thanksgiving Day Parade in Fountain Hills. Free. Starts at 9 a.m. Floats and marching bands.

When: In 2009: November 26

Where: Fountain Hills

Veterans Day Celebrations

What: Many of the cities in Greater Phoenix have special ceremonies, parades, luncheons and other community activities to honor our veterans.

When: In 2009: November 7 - 11

Where: Anthem Community Park

West Valley Senior Games

What: A variety of athletic events for all participant 50+ young

When: In 2009: November 21

Where: Avondale

Woofstock

What: Walks, contests, demonstrations, entertainment for you and your dog. Free admission, entry fee for events.

When: Tumbleweed Park, Chandler.

Where: In 2009: November 21

ZooLights

What: Lights, animated displays, and carousel rides at the Phoenix Zoo.

When: In 2009: November 26 - January 10, 2010

Where: Phoenix Zoo

Phoenix Real Estate Blog: Fun Activities in the Phoenix Area in November

Bob Stahl (MyPhoenixMLS) — Mon, 02 Nov 2009 12:11:25 -0600

4th Friday Art Walk

What: Photography, jewelry, crafts, paintings, sculptures and more. Live music.

When: In 2009: 6 p.m. 9 p.m.

Where: Mesa Riverview.

Ahwa-Turkey Stomp / Car and Motorcycle Show

When: In 2009: November 21

Where: Ahwatukee Community Swim & Tennis Center.

Apache Junction Art Festival of the Superstitions

What: Juried fine-art show with live musical entertainment, theatrical performance groups and a Cultural Cuisine Court. Kid Zone.

When: In 2009: November 14, 15

Where: Central Arizona College.

Arizona Antique Show

When: In 2009: November 21, 22

Where: Arizona State Fairgrounds in Phoenix.

Arizona Classic Jazz Festival

What: The Arizona Cardinals play professional football at University of Phoenix Stadium in Glendale, Arizona.

When: In 2009: Various dates in November

Where: University of Phoenix Stadium

What: Jazz, and lots of it!

When: In 2009: November 5-8

Where: Chandler.

Arizona Wine Growers Festival at the Farm

When: In 2009: November 22

Where: Farm at South Mountain

ArtFest of Scottsdale

When in 2009: November 21, 22:

Where: Scottsdale Civic Center Plaza

The Big Pour

What: Hundreds of craft beers from breweries across the globe, seminars, food pairing tips and celebrated brewers and beer experts. Live entertainment.

When: In 2009: November 12 - 14

Where: Scottsdale.

Breast Cancer Awareness Events

What: Walks and runs to raise money to fight breast cancer.

When: In 2009: Various dates in October and November

Where: Salt River Project, 1600 N. Priest Drive in Tempe

Carefree Fine Arts and Wine Festival

When: In 2009: November 6 - 8

Where: Carefree

Certified Local Fall Festival

Where: 1651 E Camelback Rd

Chiles and Chocolate Festival

What: Desert Botanical Garden, Phoenix. Chili and chocolate products from local vendors, unique Southwest gifts, cooking demonstrations, Spanish Flamenco dance and Latin jazz.

When: In 2009: November 14, 15

Where: Desert Botanical Garden, Phoenix.

Corks and Cactus

What: Sample more than 70 wines from different regions of the world and talk with representatives from the different wineries. Hors d'oeuvres and desserts.

When: In 2009: November 13

Where: Desert Botanical Garden, Phoenix.

Cowboy Artists of America Exhibit

What: The Phoenix Art Museum hosts this event. Paintings, drawings and sculptures. Many never seen before.

When: In 2009: October 18 - November 15

Where: Phoenix Art Museum

Discover India Festival

What: Festival Highlights include cultural show, parade, food fair, Clothes and Jewelry Bazaar, cooking and cultural Demos, children's meal. Free admission.

When: In 2009: November 22

Where: Heritage Square, Phoenix

Downtown Phoenix Pub Crawl

When: In 2009: November 13

Where: downtown Phoenix

Fall Concerts in the Park

What: At Gilbert's Freestone Park Amphitheater, located by the lake in Freestone Park. Bring a blanket or lawn chair. Free. Food and beverages are available to purchase.

When: In 2009: November 12

Where: Gilbert's Freestone Park

Fantasy of Lights

What: Downtown Tempe's tree lighting ceremony, parade and entertainment.

When: In 2009: November 27

Where: Tempe Beach Park.

Ford Ironman Triathlon

What: Visit more than 80 downtown Phoenix art galleries, studios and art spaces. Free.

When: In 2009: First Friday of the month.

Where: Phoenix

What: Arizona's Ironman triathlon features a 2.4-mile swim, a 112-mile bike and a complete marathon (26.2 miles). Many vantage points for spectators to view the races, sports expo.

When: In 2009: November 22

Where: Tempe.

Fountain Festival of Arts and Crafts

What: Arts, crafts, food, music, entertainment.

When: In 2009: November 13-15

Where: Fountain Hills Park.

Friday Night Bull Riding

What: At 7:30 p.m. and 9 p.m. Entry fees to participate in Open Bull riding, Novice Riding Calf Riding (10 yrs & under), Sheep Riding (6 yrs & under). Admission fee to be a spectator.

When: In 2009: November 6, 13, 20, 27

Where: Rawhide Western Town.

Gila Bend Desert Shrimp Festival

What: Cooking contest, shrimp eating contest, shrimp coloring contest, bobbing for shrimp, kids sand castle building contest, live entertainment, arts & craft vendors.

When: In 2009: November 7, 8

Where: Gila Bend

Gilbert Days

What: A week-long celebration of Gilbert's rich western heritage. Re-enactment of the historical Pony Express ride, Gilbert Days Parade, food, entertainment, Chili Cook Off, Gilbert Days Jackpot Roping, Competition Barrel Racing, Lil' Dudes Rodeo, carnival and more family-friendly activities.

When: In 2009: November 13-22

Where: Gilbert

Glendale Glitters Spectacular

What: Glendale's kick-off to the holiday season. A million lights, music, fireworks, crafts, train rides, Santa and more.

When: In 2009: November 27, 28

Where: Glendale

Glendale's Live at the Library

What: Musical entertainment from 7 to 8 p.m. at the Main Library. Concerts are free. Call 623-930-3573 for more details.

When: In 2009: One or two Thursdays per month

Where: Main Library

Great Cajun Cook-Off

What: Features cooks and restaurants competing for the title of "Best in the West" gumbo and jambalaya. Competitors will bring their gumbo/jambalaya to the event already prepared and ready to serve in "tastes". Live music, children's activities.

When: In 2009: November 1

Where: Heritage & Science Park, Phoenix.

Heard Museum Spanish Market

When: In 2009: November 14, 15

Where: Heard Museum, Phoenix.

IHBA NAPA Auto Parts World Finals

What: World Champions will be crowned and Top Fuel Hydro drag boats will reach speeds approaching 250 miles per hour during the three-day event. Firebird Lake at Firebird International Raceway

When: In 2009: November 20 - 22

Where: Firebird International Raceway

Jazz 'n the Plaza

When: In 2009: November 11, 18

Where: Montelucia Resort & Spa, Paradise Valley

Litchfield Park Arts in the Park

What: Free outdoor concerts at the Wigwam Resort Front Lawn, 3 p.m. - 5 p.m.

When: In 2009: November 15

Where: Wigwam Resort

Litchfield Park Festival of Arts

When: In 2009: November 7, 8

Where: Located next in the heart of the historic Wigwam Resort

Mesa Old West Days

What: The event showcases the rich pioneer and territorial history of Mesa, Arizona. Old west activities, costumes, music and dance.

When: In 2009: November 7 - 8

Where: Mesa, Arizona

Monarch Butterfly Exhibit

What: Marshall Butterfly Pavilion at the Desert Botanical Garden.

When: In 2009: September 26 to November 15, 2009

Where: Desert Botanical Garden.

MOO MOO Palooza
What: Tour a dairy, hay rides, petting zoo, photo opportunities with Daisy the Cow, hay bale maze, Joann's craft corner, soccer kick, Tractor Garden. The Agriculture Industry will be well represented through the dairy and answer questions. Live DJ, door prizes, milk and ice cream.

When: In 2009: November 11

Where: Superstition farm

Native American Recognition Days at DBG

When: In 2009: Various dates in November

Where: Phoenix Art Museum.

Music in the Garden

What: The Desert Botanical Garden concert series features a variety of music on Friday nights at 7 p.m. Ticketed event.

When: In 2009: November 6

Where: Desert Botanical Garden

NASCAR

What: Checker O'Reilly Auto Parts 500 Presented by Pennzoil Event Weekend.

When: In 2009: November 12-15

Where: Phoenix International Raceway.

What: The Desert Botanical Garden host two concerts presented in conjunction with Canyon Records featuring diverse local Native American music.

When: In 2009: November 7, 8

Where: The Desert Botanical Garden

Orchid Show and Sale

What: Sponsored by the Orchid Society of Arizona. Arizona State Veterans Home, Phoenix. Free admission.

When: In 2009: November 7, 8

Where: Arizona State Veterans Home, Phoenix

Out to Lunch Concerts

When: In 2009: November 5, 12, 19

Where: Mesa Arts Center

Palette of Homes Tour

When: In 2009: November 8

Where: 103 West Highland Avenue, Suite 200, Phoenix, AZ 85013

Pet-A-Palooza

What: A family and pet-friendly festival and walk. Benefit for homeless pets at the Arizona Humane Society.

When: In 2009: November 7

Where: Peoria Sports Complex

Phoenix Parade of the Arts

When: In 2009: November 14

Where: Downtown Phoenix

Phoenix Suns Basketball

What: Our professional basketball team plays hoops at the US Airways Center.

When: In 2009: Various dates in November

Where: US Airways Center

Scottsdale Fashion Week

When: In 2009: November 5 - 7

Where: Camelback Road and New Marshall Way

Scottsdale Festival of Greece

When: In 2009: November 6, 7, 8

Where: Scottsdale.

Thanksgiving Day Parade

What: Thanksgiving Day Parade in Fountain Hills. Free. Starts at 9 a.m. Floats and marching bands.

When: In 2009: November 26

Where: Fountain Hills

Veterans Day Celebrations

What: Many of the cities in Greater Phoenix have special ceremonies, parades, luncheons and other community activities to honor our veterans.

When: In 2009: November 7 - 11

Where: Anthem Community Park

West Valley Senior Games

What: A variety of athletic events for all participant 50+ young

When: In 2009: November 21

Where: Avondale

Woofstock

What: Walks, contests, demonstrations, entertainment for you and your dog. Free admission, entry fee for events.

When: Tumbleweed Park, Chandler.

Where: In 2009: November 21

ZooLights

What: Lights, animated displays, and carousel rides at the Phoenix Zoo.

When: In 2009: November 26 - January 10, 2010

Where: Phoenix Zoo

Phoenix Real Estate Blog: A Housing “Mini-boom”

Bob Stahl (MyPhoenixMLS) — Fri, 30 Oct 2009 14:15:01 -0500

On Tuesday I blogged about the fact that home prices rose in Phoenix for the third straight month since August 2006. But there's more good news: the number of home sales was up, too -- across the nation, actually -- leading one real estate expert to dub this a real estate "mini-boom."

"There's a mini-boom going on in the housing market," said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

Nationally, sales rose 9.4% in September - a higher increase than had been expected, according to the National Association of Realtors. Locally, sales were incredibly strong compared to last year - the number of homes sold in Phoenix was up 16% to 8,922. And the number of homes sold in Scottsdale was up 16.1% to 1,851.

The "mini-boom" is fueled in part by the soon-to-expire First-time Homebuyer's Tax Credit, as well as a still-increasing number of foreclosures.

According to the Arizona Republic, "The foreclosure rate has accelerated in more centrally located, often pricier neighborhoods while slowing down a bit in newer, more remote communities where the foreclosure floodgate burst in late 2007."

What does it mean for you?

If you're a buyer, the rapidly rising number of home sales means that we're moving ever closer to the point where demand and supply are once again in balance, and then to the point where demand outstrips supply and prices rise.

At the same time, with a still-high number of foreclosures on the market, there are great deals to be had, even in the centrally-located, established neighborhoods of Phoenix and Scottsdale. And, if you move fast, the homebuyer's tax credit is effectively an $8,000 rebate on the purchase of a home.

If you're a seller, the real estate "mini-boom" will afford you the opportunity to sell your home for a higher price, in less time. If Congress extends the homebuyer's tax credit, demand will continue to ramp up, and with the recession now "officially" over, consumers will likely soon regain confidence and loosen the purse strings.

What do you think? What's your prognosis for the "mini-booming" real estate market? Are you planning to buy or sell soon? Click on the "comments" link below and join the conversation!

Want to know more? Click here to watch my "October Market Update" video.

Phoenix Real Estate Blog: Phoenix Home Prices Rise for Third Straight Month

Bob Stahl (MyPhoenixMLS) — Wed, 28 Oct 2009 14:27:56 -0500

Home prices rose in the Phoenix area for the third straight month in August – a sign that the real estate market may well have hit bottom and caught the recovery wind.

According to the S&P/Case-Shiller Home Price Index, the median price of resold homes in the Phoenix area was up 1.6% in August compared to July. Prices rose 1.1% in June – the first time they increased since the real estate bubble began to deflate in August 2006.

Source: http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/0,0,0,0,0,0,0,0,0,2,1,0,0,0,0,0.html

Prices in most of the other markets measured by the Case-Shiller index rose as well, and were up 1% overall. And that’s a good thing, according to real estate professor Susan Wachter. “If the increases are consistent across the markets, this is key,” she told the AP. “Then we’re seeing the formation of a bottom.”

Relative affordability – the median price in August was just about the same as in May of 2001 – is driving buyers back into the Phoenix market in huge numbers. Local economist Elliott Pollack said that the residential real estate sector is “on its way to becoming a positive force in the economy” again.

What do you think? How have rising home prices affected you? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Are Buyers Buying?

Bob Stahl (MyPhoenixMLS) — Wed, 07 Oct 2009 17:12:39 -0500

In a word: Yes!

The anecdotal evidence

I’m listing a house for a friend in Queen Creek, one of Phoenix’s “bedroom” communities – hit particularly hard by the real estate crash. She’s short-selling her house because it’s worth about $150,000, but she owes $290,000.

When we were making a listing plan the other day, she asked how long she should expect the house to be on the market. We looked at the MLS for sales of similar houses in her neighborhood and found that two of the same model at about the same price had sold in the last week – one had been on the market for 12 days and the other had been on the market for 8 days.

That echoes the experience of many buyers and sellers in the areas hardest hit by the real estate crisis. In some Phoenix areas, buyers are once again entering bidding wars. One buyer I know entered 12 bids (all at market value) and was outbid every time.

So that’s the anecdotal evidence that buyers are once again buying. Do hard numbers back it up?

In another word: Yes!

The hard numbers

Active listings

Active listings is a measure of the number of homes currently listed for sale on the MLS. As demand heats up – as more buyers enter the market, the number of active listings falls. As the following charts show, active listings in both Scottsdale and Phoenix haven fallen dramatically over the course of the year. That’s great news!

Months supply

One indicator of the health of the housing market is “months supply” – basically the number of months it would take to sell all the homes currently on the market, at the current rate of sales. Months supply in Phoenix peaked at more than 20 months in early 2008 (as you can see from the chart below). Now it’s back to pre-boom/bust levels. In Scottsdale, months supply is down from its height-of-the-crisis peaks, but still a bit above pre-boom/bust levels.

So the hard numbers do bear out my anecdotal evidence that buyers are once again – yes, buying.

What do you think? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Fun Activities in the Phoenix Area in October

Bob Stahl (MyPhoenixMLS) — Wed, 07 Oct 2009 16:54:22 -0500

From Oktoberfest to Halloween, October in the Valley has events to please folks of every persuasion. Check them out (and thanks, as always, to About.com for the listings):

4th Friday ArtWalk

What: Photography, jewelry, crafts, paintings, sculptures and more. Live music.

When: October 23 from 6 p.m. to 9 p.m.

Where: Mesa Riverview

Arizona Dance Festival

What: The Arizona Cardinals play professional football.

When: Home game on October 11 at 1:15 p.m.

Where: University of Phoenix Stadium in Glendale

What: Showcase different dance artists, including emerging artists as well as professionals from all genres and styles of dance.

When: October 8 – 10

Where: Tempe Center for the Arts - Studio

Arizona Fall League Baseball

What: After the regular baseball season is over, there are six more weeks of baseball in October and November when each of the 30 Major League Baseball teams selects 6 prospects to play in the AFL.

When: Various dates in October and November; visit http://mlb.mlb.com/mlb/events/winterleagues/schedule/?sid=l119 for schedules

Where: At stadiums around the Valley

Arizona Irish Festival

What: Irish music, dance, craft fair, music and dance workshops, and a wee folks fair.

When: October 31

Where: At the Irish Cultural Center, located at Margaret T. Hance Park in Central Phoenix.

Arizona State Fair

What: Rides, food, competitions, concerts, exhibits – two weeks of fun.

When: October 16 - November 8 (except Mondays)

Where: Held at the Fairgrounds in Central Phoenix

Arizona's Ultimate Women's Expo
What: More than 500 exhibits of products and services including fashion, beauty, health, fitness, home, careers, financial planning, education.. A full schedule of speakers on four stages, book signings, celebrity appearances, and cooking and design demonstrations, including design experts providing amazing tips on preparing your home for the holidays.

When: October 17, 18

Where: Phoenix Convention Center

Breast Cancer Awareness Events

What: Walks and runs to raise money to fight breast cancer.

When: October 4, 11

Where: 1600 N. Priest Drive in Tempe

Chandler's Day of Play

What: An event to promote heath, wellness, and fitness for kids of all ages. Free activities will get the kids playing and their minds active, while parents can explore the various booths on health, wellness, and fitness.

When: October 17

Where: Tumbleweed Park

How much: Free admission.

Cowboy Artists of America Exhibit

What: The Phoenix Art Museum hosts this event. Paintings, drawings and sculptures.

When: October 18 – November 15

Where: Phoenix Art Museum

Crave Arizona

What: The Scottsdale food & wine community celebrates a uniquely Arizona epicurean experience. This event was formerly known as Eats 3.

When: October 22 - 24

Where: SouthBridge in downtown Scottsdale

Day of The Dead

What: Day of the Dead exhibitions, festivals, parties, and celebrations in the Phoenix area.

When/Where: Various dates in October at various locations around the Valley. Visit http://phoenix.about.com/od/events/a/dayofthedead.htm for more information.

Dogathon

What: A dog social / charitable festival. Dog competitions and contests, dog adoption, dog medium, doga, training, photo booth, charity parade.

When: October 31, November 1

Where: Scottsdale Waterfront / Southbridge

Downtown Chandler Art Walk

What: Visit more than 40 artisans set up along the streets in front of the unique shops and cafes of Historic Downtown Chandler.

When: October 7

Where: Historic Downtown Chandler

How much: Free

Earth and Space Exploration Day

What: Special science-related activities for students age 5 and up, teachers, and anyone interested in exploring Earth and space alongside real scientists. This free family event provides hands-on educational activities related to current research, as well as public lectures, a visit from an astronaut and a guided field trip to Tempe Butte. Students get a "passport" that is stamped upon completion of an activity. Free teacher resources will be available such as hand-outs, supplies, and posters.

When: October 24

Where: School of Earth and Space Exploration at Arizona State University, Tempe

Empty Bowls
What: For a donation, you select a unique, handcrafted ceramic bowl from thousands of beautiful donated bowls. The contents of the bowl, won't fill you up, but it is similar to the total amount of food consumed on a daily basis by many less fortunate around the world. You keep the commemorative bowl as a reminder that someone else’s bowl is always empty. Proceeds from the event benefit Waste Not.

When/Where: October 16 at Arizona Center and October 17 at AJ's Fine Foods (4 Locations)

Fall Concerts in the Park
What: Bring a blanket or lawn chair. Free. Food and beverages are available to purchase.

When: October 8

Where: At Gilbert's Freestone Park Amphitheater, located by the lake in Freestone Park.

Fall Plant Sale
What: The Desert Botanical Garden Plant Sale offers a large variety of arid-adapted plants, pottery and other garden accessories. Garden professionals are on hand to answer questions and assist. No admission charge to enter the Fall Plant Sale.

When: October 16 - 18

Where: The Desert Botanical Garden in Phoenix

Fall Rhythm Fest
What: The City of Chandler sponsors this event featuring music, food, activities and fireworks.

When: October 17

Where: Tumbleweed Park

How much: Admission and parking for the Rhythm Fest is free. There are charges for the food and beverages and the kids activities.

Family Day at the Arizona Mineral Museum
What: Demonstrations and activities for children, gold panning, mineral & jewelry dealers & mineral displays.

When: October 17

Where: Arizona Mineral Museum, 1502 W. Washington, Phoenix, AZ 85007

How much: Free

Feng Shui Festival
What: Presentations by Certified Feng Shui Consultants, Asian food, demonstration of Asian exercise Tia Chi and Chi Gung. Hands on events for children, vendors and local artists.

When: October 17 - 18

Where: Home Expo Center in Scottsdale

Festival in the Desert - Music & Art
What: Live music and fine arts and crafts. More than 30 bands perform.

When: October 9, 10, 11

Where: JW Marriott Desert Ridge

Founders Day Celebration
What: Food vendors, local businesses, artist village, Bark Park, local bands, activities for citizens of all ages, history displays, Maricopa High School Band.

When: October 10 from 2 p.m. to 8 p.m.

Where: Pacana Park, Maricopa

How much: Free admission.

Front Porch Festival
What: Arts, crafts, hands-on activities and more.

When: October 19

Where: Catlin Court, Historic Downtown Glendale

How much: Free admission and parking.

Halloween, Pumpkin Patches, Haunted Houses, Halloween Festivals and Events
What: Here are some of the best Halloween events in the area. Some of the festivals are month-long events.

When/Where: Various dates in October and various locations around the Valley. Visit http://phoenix.about.com/od/halloween/tp/Halloween.htm for more information.

Harvest Festival
What: Rosson House exhibit, face painting for children and vendors in the park displaying artisan wares such as spinning, jewelry making, photography and painting.

When: October 17

Where: Historic Heritage Square.

Hispanic Heritage Month Festivals and Events
What: Music, dance, literature, art, and more at events across the Valley celebrating Hispanic Heritage Month.

When/Where: September 15 through October 15 at various locations across the Valley. Visit http://phoenix.about.com/od/events/a/HispanicHeritage.htm for more information.

International Gem & Jewelry Show
What: Diamonds, silver, gold, opals, rubies, watches, earrings, necklaces, rings, settings, on-site sizing and repairs.

When: October 30 - November 1

Where: WestWorld, Scottsdale

Kokopelli Krush
What: Teams of two will compete to see how much grape juice they can make in just two minutes - with their feet. Entertainment, art display, food and wine tasting--but not the wine stomped by the teams.

When: October 23 - 25

Where: Downtown Chandler

Litchfield Park Arts in the Park
When: October 18 from 3 p.m. to 5 p.m.

Where: Wigwam Resort Front Lawn

MACFest
What: MACFest offers a consistent, easy, and affordable way for the many wonderful artists in Arizona to expose and sell their work. Only quality, original, handmade works of art may be exhibited.

When: Every Saturday

Where: Downtown Mesa

How much: Exhibitors pay a small fee. Free to the public.

Mesa Storytelling Festival

What: Celebrates the art of storytelling, love of reading and power of the imagination. National, Regional and Youth talent gather to share a wide array of stories from folk tales to tall tales to tales from all over the globe. Food and vendor booths, live music.

When: October 23, 24

Where: Mesa Arts Center

How much: Free admission on 10/24

Monarch Butterfly Exhibit
What: See the monarch butterflies

When: September 26 to November 15

Where: Marshall Butterfly Pavilion at the Desert Botanical Garden in Phoenix

Movies at the Museum
What: Independent and classic cinema and documentaries relating to art, artists, and works on view in the Museum, usually followed by discussion.

When: October 7, 25

Where: Phoenix Art Museum

How much: Free with paid museum admission. First come, first seated.

Music in the Garden
What: The Desert Botanical Garden concert series features a variety of music. Ticketed event.

When: October 2, 9, 16, 23, 30 at 7 p.m.

Where: Desert Botanical Garden in Phoenix

Music on Mill
What: A showcase of local musicians performing on the streets. Musicians and performers, covering various musical genres, will activate public space and give visitors a positive, unique experience. Musicians at Music on Mill can be identified by branded donation paint cans that will be placed at each of their locations. The public is encouraged to donate towards performances so musicians return week after week.

When: Every Thursday evening from 5 p.m. to 9 p.m.

Where: Mill Avenue District, Tempe

Native American Connections Parade
What: Share in the rich cultural Native American heritage as tribes from all over the Southwest showcase their traditional songs and dances on this years' parade route through downtown Phoenix. There will be a Pow Wow after the parade at the Central High School softball field.

When: October 10

Where: Downtown Phoenix

Native Foods and Craft Fair
What: Features Native American farmers and artists from various local American Indian communities. Demonstrators and vendors display their arts and crafts, including gourd crafts, saguaro cactus jewelry, pottery, herbal products. Children’s craft area. Pumpkin patch and pumpkin decorating. Adult and a children’s watermelon eating contest.

When: October 17

Where: Pueblo Grande Museum, Phoenix.

How much: Free admission. Frybread available for sale.

Oktoberfest Celebrations
What: There are several places around town where you can get that Oktoberfest spirit. Dress up in your Bavarian best, eat bratwurst and dance to the polka all day long, if you'd like.

When/Where: Various dates in October at various locations around the Valley. Visit http://phoenix.about.com/od/events/tp/oktoberfest.htm for more information.

Phoenix Coyotes Hockey
What: Our professional NHL hockey team hopes to howl its way to the Stanley Cup.
When: Various dates in October; visit http://coyotes.nhl.com/club/schedule.htm to check out the schedule.

Where: Jobing.com arena in Glendale

Phoenix Pagan Pride Day

What: Ritual demonstrations, workshops, vendors, Art Walk, children’s area, entertainment, raffles.

When: October 10

Where: Phoenix

Phoenix Suns Basketball
What: Our professional basketball team plays hoops.

When: Various dates in October

Where: US Airways Center in Phoenix

Railfair
What: Model train displays and exhibits, moon bounces, and other entertainment.

When: October 10, 11

Where: Scottsdale's McCormick-Stillman Railroad Park.

How much: Admission to Railfair is free. Train rides are $2 and carousel rides are $1 each with children age three and younger riding free with a paying adult.

Scottsdale ArtWalk
What: Every Thursday evening the Scottsdale Art District invites you to spend a casual evening walking downtown and enjoying fine art.

When: Every Thursday evening

Where: Scottsdale Art District

How much: Free

Sun Devil Football
What: Arizona State University's football team competes for PAC-10 glory.

When: Home games on October 17 at 7:15 p.m. and October 31 (Homecoming)

Where: Sun Devil Stadium in Tempe

Taste of Greece Food & Dance Festival

What: Three days of Greek folk dancing and live music, plus Greek foods and pastries prepared daily by Greek Chefs.

When: October 23, 24, 25

Where: Peoria

Uncorked & Unplugged
What: Uncorked & Unplugged is a casual yet sophisticated evening under the stars celebrating the foods from fine local area restaurants as well as fine wine and spirits. Live entertainment. A benefit for the Boys & Girls Clubs of Greater Scottsdale.

When: October 18

Where: Desert Ridge Marketplace.

Western ArtWalk
What: Western art, live entertainment, food sampling and more along Main Street, Marshall Way and throughout downtown Scottsdale. More than 100 galleries will participate.

When: October 15

Where: Downtown Scottsdale

Wickenburg Fly-In & Classic Car Show
What: Aircraft of all types flying in throughout the morning, displays, information, 75 classic cars, static airplane display.

When: October 10

Where: Wickenburg Municipal Airport

How much: Free admission

World Water Day Festival
What: This family, fun day will feature hands-on activities on water quality monitoring, aquatic insects, watersheds, water magic tricks, ground water, recycling, games and hikes! Girl Scouts can earn their Water Drop Patch, Boy Scouts work on Merit Badges. Learn water conservation tips for use at home, money saving ways for recycling and saving water, and discover the importance of wetlands.

When: October 24

Where: Rio Salado Habitat Restoration Area; use 2439 S. Central entrance

How much: Free

Howl-o-ween at the Pheonix Zoo

What: Help us in our scariest endeavor to find the mysterious creature haunting the zoo; Join us for a spooky train ride that even our youngest victims will be sure to enjoy; Ride the "Scare"-ousel for a web spinning good time; Take a seat and rest in peace with our ghost storytelling; Beware of those who try to take the treasure at the Pirates of the "Scare"-ibbean; Ride the wagon to the darkest corner of the zoo where even we don't dare to venture on our own; Find out what's in the coffin dropped off in the graveyard by the funeral carriage; DJ music and much more!

When: October 30 and 31 from 6:30 p.m. to 10:30pm

Where: Phoenix Zoo

How much: $6 for Phoenix Zoo members; $8 for non-members; Two years and younger are free

Did I miss one of your favorite October events? Click on the comments link below and share it with us!

Phoenix Real Estate Blog: Think You Don’t Need an Inspection on a New Home? Think Again

Bob Stahl (MyPhoenixMLS) — Fri, 02 Oct 2009 15:30:18 -0500

Imagine lying awake at night listening to your brand new, $357,000, golf course home cracking. Or needing to replace the roof on your new home even before you replace its light bulbs. Or being forced to move out – just months after you moved in – because of toxic mold growing in your new home.

These are problems that can arise, even in newly-built homes.

The solution? A home inspection.

Despite what many people think, a home inspection is a must, even when you’re buying a newly-built home. An inspection by a reputable, licensed home inspector will help you avoid buying one of the 17% of new homes with significant defects. Visit http://www.nabie.org/, the National Academy of Building Inspection Engineers, to find an inspector in your area.

The Wall Street Journal also recommends getting another home inspection (in addition to the one you get before you buy the home) just before the builder’s warranty expires, because some problems don’t show up until the home is one or two years old. That way, at least, any problems that have come up can be fixed at the builder’s expense.

(For more details on the importance of a home inspection, check out my free report, Home Inspection? Worth EVERY Cent!)

What’s behind shoddy construction?

Estimates suggest that more new homes had significant problems since the height of the real estate boom. Builders and sub-contractors wanted to build as many homes as possible to keep up with the red-hot demand, at times sacrificing quality in the process. “The furious pace of home building from the late 1990s through the first half of the 2000s contributed to a surge in defects, experts say.”

Fortunately, you can take steps to help ensure that you don’t buy a home with significant defects, by hiring a reputable, licensed home inspector before you sign on the bottom line – whether the home you’re buying is brand new or 100 years old.

What do you think? Have you been affected by shoddy new home construction? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Should You Continue to Pay for a Home When You Owe More than it’s Worth?

Bob Stahl (MyPhoenixMLS) — Mon, 28 Sep 2009 14:10:27 -0500

I know I just wrote a response to a Realtor.com “Hot Topic” – about what goes in to your credit score and how it affects you as a home buyer. But their most recent hot topic was too interesting to pass up. The question: “Should you continue to pay for a home where you owe more than it’s worth?”

I’ve blogged before about strategic defaults – where a homeowner, who can afford his mortgage, intentionally stops paying and either lets the bank foreclose or tries to negotiate a short sale. The posts generated a lot of attention – a firestorm, really. Some people thought that strategically defaulting could be a sound business decision for some people. Others found it morally reprehensible.

Zillow.com estimates that 22% of all homeowners in the U.S. have negative equity. In the Phoenix Metro area, 80% of homeowners with nonprime mortgages do. The average amount of negative equity (among subprime and Alt-A borrowers) is $73,314.

Does it makes sense for those homeowners to continue to pay on their homes, or should they walk away? I must sound like a broken record, but I have to say that I’m not advocating for strategic defaults; nor am I condemning them. That said, there are a number of factors to consider when thinking about “walking away”:

1) How “upside down” are you? One of my newest clients is trying to negotiate a short sale for her home, even though she can still afford her mortgage. She lives outside of Phoenix where the bubble and bust were particularly dramatic. She owes almost twice what her home is worth. If we assume that the market will return to a normal rate of appreciation in the next few years, it would take her more than a decade to get out of the hole.

Contrast her situation to one of a North Scottsdale homeowner who owes just 5% more than his home is worth. Again, assuming that the market will return to a normal rate of appreciation in the next few years, it shouldn’t take this homeowner more than a year or two to get right-side up again.

2) Do you have to move? Even if you owe more on your home than its current market value, that’s all on paper – unless you need to sell today. My new client, in addition to being way upside down, needs to move because her husband has a new job in Desert Ridge (which means a three hour commute every day right now).

If you don’t have to move – and you likely won’t have to move in the near future, staying put is probably the best thing to do.

3) Are you willing to accept the consequences of walking away? Even if you are able to negotiate a short sale with the bank, you’ll feel the ramifications of your choice for several years. First, if you’ve missed your mortgage payment in the run-up to the short sale, those late payment dings will hurt your credit score for 2 years. If the bank forecloses, that black mark will stay on your credit for 7 years, and will probably prevent you from buying another home for at least 4 years.

Clearly, answering the question, “Should you continue to pay for a home where you owe more than it’s worth?” is tough – and it should be. No matter your circumstances, a mortgage is a contract – a promise you made to the lender that, in exchange for the money to buy a home, you would repay that money as agreed. Breaking that promise, while it may be the right decision for some people in some circumstances, shouldn’t be taken lightly.

What do you think? Are there circumstances in which walking away is the right decision? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: What Affects a Homeowner’s Credit Rating?

Bob Stahl (MyPhoenixMLS) — Thu, 24 Sep 2009 14:28:24 -0500

Last week Realtor.com asked “Do you know what affects a homeowner’s credit rating?” It’s a good question – and an important topic – so I thought I’d blog about it today.

The most commonly used credit scoring method is the FICO score. There are 5 factors that are used to determine your FICO score, as you can see in the chart below. The percentages reflect the relative importance of that factor; in other words, payment history is the most important factor, but is only slightly more important than amounts owed.

Source: MyFICO.com

The whole point of a credit score is to offer lenders a quick and easy way to estimate the risk associated with lending money to you. If lending money to you is riskier, because you’re more likely than someone else to default, the lender will charge you a higher interest rate to compensate for that higher risk (or will simply not lend to you at all). So all of the factors that are used to determine your credit score are factors because they’re statistically relevant ways to estimate the risk you represent to a potential lender.

Payment history

The payment history factor is fairly simple to understand: it takes into account how you’ve paid your bills. After all, your history of debt repayment is an excellent indication of whether or not you’ll pay your debts on time in the future. It includes delinquencies, foreclosures, bankruptcies – as well as how many accounts were paid late, the amount(s) that were paid late, and how recent those delinquencies are.

Amounts owed

Almost as important as how you’ve paid your bills is the amount of debt you hold. That’s because the more debt you hold, the higher risk there is that you will become overburdened with debt and unable to meet your obligations.

In fact, when I spoke with a local real estate attorney about the topic of strategic mortgage defaults, he told me that there can be a trade-off between payment history and amounts owed, at least for people who have other non-mortgage debt. “If a person makes the decision to stop paying his mortgage, and instead puts that money to paying off other debts, then the credit hit that comes from the short sale or foreclosure will be partially offset by a credit boost from having less other debt.” (Not that I’m advocating for strategic mortgage defaults.)

Length of credit history

The length of time that you’ve had credit and debt is a good indication of your credit risk because the longer your history of on-time debt repayment, the more certain a lender can be that you will continue to repay your debts on time. If you’ve just begun to establish your credit history, on the other hand, the lender has less “past behavior” to judge you on.

New credit

Research has demonstrated to the credit companies that people who take out a lot of new credit at one time pose greater credit risks than those who have not taken out new credit lately. The “new credit” factor incorporates, for example, the number of recently opened accounts you have in proportion to older accounts and the number of times you’ve recently applied for new credit.

Types of credit used

This factor considers the types of debt you have – installment debt (like a mortgage) and revolving debt (like credit cards).

Why does it matter?

Your credit score will affect not only whether you’re able to qualify for a mortgage, but also the rate you can get. The following table is an example of how much less a person with a higher credit score might pay each month:

Source: MyFICO.com

On a 30-year fixed, $150,000 mortgage, a person with the highest credit score would pay $150 less every month – and $54,133 less over 30 years – than a person with a fair (620-639) credit score.

Clearly, having a higher credit score pays off. At the beginning of the year, I blogged about how to boost your credit score. Check out those two posts to learn how to boost a poor credit score (or maintain a good one!).

What do you think? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: September Phoenix and Scottsdale Real Estate Market Update

Bob Stahl (MyPhoenixMLS) — Wed, 16 Sep 2009 14:32:10 -0500

I decided again this month to look to Trulia to help me give you a more a detailed analysis of what's going on in the Phoenix and Scottsdale real estate markets. A couple of notes:

Median sales price, recently sold, and foreclosures numbers are based on public records

Average listing price, homes for sale and open homes numbers are based on Trulia listings

Phoenix

The median sales price of homes in Phoenix during the June-August period was $97,448 (based on 10,200 home sales). That's up 4.8% from the May-July period, but still 39.9% lower than the same period one year ago. But while the median price is much lower than last year, the number of sales is much higher - up 40.2% over 2008. There are currently 19,293 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

Phoenix Recently Sold Homes

Scottsdale

The median sales price of homes in Scottsdale during the June-August period was $307,000. That's 22.2% lower than the same period one year ago, but still 2.3% higher than 5 years ago. And while the median price is lower than last year, the number of sales is higher - up about 16% over 2008.

Scottsdale Recently Sold Homes

Phoenix housing market analyst R.L. Brown said that, overall, "it is obvious from the data that we collect and analyze on the Phoenix metro housing market that the market indeed continues to improve in almost all sectors." Specifically:

"New home permits in July continued to show strength, and we expect this pace to continue as builder bring newly-positioned product on line and as spec inventories continue to decline."

"The resale market also continues at a strong pace, up 59% over the same month last year. Real estate investors and bargain hunters shop the bank owned offerings and "normal" sellers have become more realistic re-pricing their offerings to meet the market. Multiple offers are typical for the good properties and locations."

Those are the numbers. What's your view? Click on the "Comments" link below and join the discussion!

Phoenix Real Estate Blog: Now May Be the Time to Buy – Here’s Why

Bob Stahl (MyPhoenixMLS) — Fri, 11 Sep 2009 14:20:03 -0500

I’ve said it before and I’ll say it again: now may be a great time to buy a house in Phoenix. Have home prices stopped falling, for good? Will they rise again soon? I can’t answer those questions, but I can offer two great reasons to buy now:

Reason #1: The First-time Home Buyer’s Tax Credit Is Set to Expire on December 1

Congress is debating an extension of the first-time homebuyer’s tax credit, but as the law stands now, it’s set to expire on December 1. Part of the Housing and Economic Recovery Act of 2008, the tax credit gives up to $8,000 (10% of the home’s purchase price) for homebuyers who qualify.

You qualify if:

You purchase a principal residence (not vacation home or investment property) between April 8, 2008, and before Dec. 1, 2009.

You (and your spouse, if married) have not owned a home in the three years prior to a purchase.

Your income is less than $170,000 (for married couples filing joint tax returns) or $95,000 (for single filers).

You are disqualified if:

You sell your home before the end of the year.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

You are a nonresident alien.

For more details about the tax credit, check out the IRS website.

The hitch, of course, is that you must close escrow on your home before December 1. And while that may seem far away (we’re not even counting “Shopping Days ‘Til Christmas” yet!) remember that the mortgage financing and home buying process can take a while.

“In the past, home buyers could usually close on the deal within 45 days after signing a contract to buy, says Lawrence Yun, chief economist for the National Association of Realtors. But these days, buyers should give themselves at least 60 days, he says. You'll need to give yourself even more time if you're interested in buying a home that's in foreclosure or is a "real estate owned" property (REO) — a home the bank repossessed after failing to sell it at a foreclosure auction. "The window of opportunity is closing fast unless the tax credit is extended," Yun says.”

Reason #2: Mortgage Interest Rates Remain Near Historic Lows

According to the Associated Press, “The average rate for a 30-year fixed mortgage was 5.07 percent this week, down from 5.08 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive levels for people looking to buy a home or refinance.”

But they may not be low (this low, at least) for much longer. “Rates should stay low for another month or two as government efforts to keep them low remain effective, predicts Michael Larson, an interest rate and real estate analyst with Weiss Research. . . But it won't last forever. Rates will eventually trend upward, Larson said, as the economy starts to turn around. . .”

What do you think? Are you planning to buy a home soon? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Will Credit Flow More Easily Again? Yes, But. . .

Bob Stahl (MyPhoenixMLS) — Wed, 09 Sep 2009 14:14:54 -0500

When I can, I like to respond to the Realtor.com “Hot Topic” which they typically refresh every week or so. This week’s is “Will credit flow more easily again?” My answer, in two words: Yes, but . . .

Yes

Last September, when the global credit markets went to hell in a hand basket, everyone realized (overnight, it seems) that mortgage lenders had grossly underestimated the risk associated with their mortgages (in other words, rates of borrower default, it turned out, were far higher than lenders and investors had predicted).

As a result, lenders of all kinds clamped down on lending. They had no idea what kind of catastrophe the next month, week, or even day would hold. They held tight to their money, not knowing if they would need the cash to shore up balances hit hard by defaults on their existing loans. Suddenly, even borrowers with credit scores of 700 and documentable incomes high enough to easily afford their mortgage payments were being turned down for loans, or charged much higher interest rates.

But that was a knee-jerk reaction that has since proved to be overkill. Credit has loosened since the end of last year, and will continue to, as real estate markets stabilize and we all begin to see the economy turning upward. When lenders once again feel confident in the stability of their current loan portfolios and the health of the economy in general, they will look to credit-worthy consumers to lend their money to.

Why will they do that? Because lenders make money by lending. They clearly got overzealous during the real estate boom, thinking they could make ever-more money by lending ever-more money to anyone with a pulse. Now they realize that was a flawed tactic. But it hasn’t changed the fact that mortgage lenders (as well as credit card companies, banks, investment companies, and others who are in the business of lending money) make money off of the interest they charge their borrowers.

But. . .

Credit will never (we should hope) flow as easily as it did during the real estate boom. I hate to say it, but there are some people who are simply not financially ready to be homeowners. Perhaps their incomes aren’t high enough. Or they haven’t established a history of repaying debt on time. Three years ago, those types of borrowers (really, anyone with a pulse) could get a mortgage loan. Today, banks realistically require enough income to pay the loan as well as other expenses (like, food) and a reasonable history of repaying credit on time.

(To learn about improving your credit score so that you can prove to lenders you’re a good credit risk, check out my post, 4 Steps to Better Credit.)

In other words, credit issuers (mortgage lenders, credit card companies, banks) have realized that they underestimated risk for a long time. With more realistic beliefs about borrowers' risk, they will necessarily issue less credit (or, at least, will issue credit to fewer borrowers) than they did during the boom. At the same time, as they "chill out" from the credit freeze and Depression scare, they will issue more credit than they have over the last year.

What do you think? Will credit flow more easily again? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Fun Activities in the Phoenix Area in September

Bob Stahl (MyPhoenixMLS) — Wed, 09 Sep 2009 14:12:26 -0500

Need to get out of the house? There are plenty of fun activities to do in the Phoenix area during the month of September. Check them out (and thanks, as always, to About.com for the listings):

9/11 Memorial Events

What: Observances around Phoenix to honor the victims and heroes of the terrorist attacks on America on September 11, 2001.

When: In 2009: Various dates in September

Where: Phoenix

Arab American Festival

What: More than 40 singers, musicians and dancers from all over the Arab World. Activities include kids rides, fashion show, Hookah Lounge and an Arabic Food Court.

When: In 2009: September 26 - 27

Where: Murphy Park and Glendale Amphitheater

Arizona Deaf Festival

What: The Arizona Cardinals play professional football at the University of Phoenix Stadium in Glendale, Arizona.

When: In 2009: Various dates in September

Where: University of Phoenix Stadium

What: Free. Deaf-related exhibits, performances by Deaf groups and individuals, educational seminars on hearing loss, a Kids Corner. Arizona Deaf Festival will be an opportunity for the Deaf to celebrate and for the hearing to learn about the Deaf world. Encanto Park, Phoenix.

When: In 2009: September 19

Where: Encanto Park, Phoenix.

Arizona Diamondbacks Baseball

What: The Arizona Diamondbacks play professional Baseball at Chase Field.

When: In 2009: Various dates in September

Where: Chase Field.

Arizona Fall Frenzy

What: Three days of hot recording artists and musical acts with rides, water fun, arts and crafts booths, a gaming center, food vendors and more.

When: In 2009: September 18 - 20

Where: Tempe Beach Park

Arizona Home and Building Expo

What: Home building, home improvements, interior design and home building products and services. Over 700 booths.

When: In 2009: September 12, 13

Where: Phoenix Convention Center

Arizona Restaurant Week

What: Close to 100 fine dining establishments in the Greater Phoenix area offer a prix-fixe three course meal for $29.

When: In 2009: September 19 - 26

Where: Greater Phoenix area

Art of Recovery Expo

What: One-day event offering education, resources and entertainment. Exhibitors include counselors, agencies, treatment facilities, out patient clinics, marriage and family therapists and specialists in areas such as eating disorders, gambling addiction, and financial recovery/credit restoration, tax issues, educational opportunities, legal advice and more. Free

When: In 2009: September 19

Where: Phoenix Convention Center

Avondale's Entertainment Series

What: Free concerts and shows will be held at Avondale Civic Center Amphitheater. Bring lawn chairs and blankets. Pack a picnic dinner (no glass containers or alcohol), or purchase a meal from a vendor.

When: In 2009: September ?

Where: Avondale Civic Center Amphitheater

AVP Tour Pro Beach Volleyball

What: Glendale, Arizona is one of the stops on the national pro beach volleyball tour.

When: In 2009: September 24 - 26

Where: Glendale

Ballet Under the Stars

What: Free performances at various parks in the Greater Phoenix area.

When: In 2009: September 24 - 27

Where: Greater Phoenix area

Car/Motorcycle Show and Expo

What: All proceeds benefit the Centennial High School Band Program

When: In 2009: September 19

Where: Peoria Sports Complex

Chandler Center for the Arts' Summer Concert Series

What: Family-friendly, free to the pubic concerts that will are held in the 350-seat Bogle Theatre. Tickets are not required and seating will be on a first-come, first-served basis. Foyer doors will open one hour prior to show-time.

When: In 2009: September 11

Where: Bogle Theatre

Crossroads of the West Gun Show

What: The shows offer hundreds of tables of interest to both the once a year hunter and the avid collector.

When: In 2009: September 12 -13

Where: Arizona State Fairgrounds

Downtown Chandler Art Walk

What: Visit more than 40 artisans set up along the streets in front of the unique shops and cafes of Historic Downtown Chandler. Free.

When: In 2009: First Wednesday of the month

Where: Historic Downtown Chandler

El Zaribah Shrine Circus

What: Performances at WestWorld in Scottsdale.

When: In 2009: September 18, 19, 20

Where: WestWorld in Scottsdale

Fiesta Septiembre

What: Mariachi groups, folklorico dancers, salsa and margarita contests, outdoor mercado, food and beverage cantina, historic photo exhibits

When: In 2009: September 5

Where: Wickenburg.

Fun to be Fit Festival

What: Visit more than 80 downtown Phoenix art galleries, studios and art spaces. Free

When: In 2009: First Friday in September

Where: Phoenix

What: Antertainment festival with fun, interactive sports and recreation activities, a diverse expo, presenters, workshops, celebrities and health assessments for every member of the family

When: In 2009: September 19, 20

Where: Phoenix Convention Center

Get Out Performing Arts Expo

What: The Expo features performing arts organizations from around the entire Valley. Free.

When: In 2009: September 12

Where: Mesa Arts Center

Grand Avenue Festival

What: Historic building tours, fashion shows, music performances featuring local talent, and a variety of other activities in downtown Phoenix.

When: In 2009: September 26

Where: Phoenix

Hell City Tattoo Festival

What: A Phoenix tattoo convention held in central Phoenix. Get tattooed, enter tattoo competitions, attend educational seminars, visit the Heck City kids area and more.

When: In 2009: September 4 - 6

Where: Central Phoenix

Hispanic Heritage Month Festivals and Events

What: Music, dance, literature, art, and more at events across the Valley celebrating Hispanic Heritage Month, September 15 though October 15.

When: In 2009: Various dates in September

Where: Across the Valley

Kidsfaire

What: A trade show and family entertainment event. Indoors and air conditioned. Performances, characters, entertainment pavilions, vendors.

When: In 2009: September 19, 20

Where: University of Phoenix Stadium

Make It Happen Music Festival

What: All ages event where local bands perform. All proceeds going to the Music Therapy program at Cardon Children's Medical Center

When: In 2009: September 12

Where: Mesa Amphitheatre

Maricopa County Home and Garden Show

What: Hundreds of exhibitors. Seminars, demonstrations, and displays at the Arizona State Fairgrounds.

When: In 2009: September 25 - 27

Where: Arizona State Fairgrounds.

Mesa Day of Play

What: Open gym, youth activities, rock wall, Family Movie Night. Free.

When: In 2009: September 25

Where: Jefferson Recreation Center

Monarch Butterfly Exhibit

What: Marshall Butterfly Pavilion at the Desert Botanical Garden.

When: In 2009: September 26 - November 15

Where: Desert Botanical Garden

Movies in the Ballpark

When: In 2009: Various dates in September

Where: Phoenix Art Museum

What: Park concessions will be open. No alcohol, glass containers or chairs may be brought into the event. Factory sealed, pre-packaged single serving snack items permitted. One factory sealed plastic water bottle not more than 1 liter in size per person. Free

When: In 2009: September 4

Where: Goodyear Ballpark

Music on Mill

What: A showcase of local musicians performing on the streets. Musicians and performers, covering various musical genres, will activate public space and give visitors a positive, unique experience. Musicians at Music on Mill can be identified by branded donation paint cans that will be placed at each of their locations. The public is encouraged to donate towards performances so musicians return week after week.

When: In 2009: Every Thursday evening from 5 p.m. to 9 p.m

Where: Mill Avenue District, Tempe

Phoenix Cooks!

What: Attend Phoenix Cooks! classes, culinary demonstrations, sample Chef creations and spirits, marketplace. The ultimate foodie event is the Phoenix Cooks! Dine-Around.

When: In 2009: September 5

Where: Phoenix

Phoenix Mercury WNBA Basketball

What: The women of the Phoenix Mercury play professional basketball at the US Airways Center.

When: In 2009: Various dates in September

Where: US Airways Center

Scottsdale ArtWalk

What: Every Thursday evening the Scottsdale Art District invites you to spend a casual evening walking downtown and enjoying fine art. Free.

When: In 2009: Every Thursday evening

Where: Scottsdale Art District

Smithsonian Museum Day

What: See which Arizona museums offer free admission on this annual recognisiton of affiliates of the Smithsonian Institution.

When: In 2009: September 26

Where: Several Museums around the valley

So Long To Summer Fest
In 2009: September 12

What: Live bands, a midway with interactive inflatable slides and rides, face painting, climbing walls, attractions for children, teens and adults, a food and beverage court, and sponsor giveaways and booths.

When: In 2009: September 12

Where: Freestone Park Ball Field Complex, Gilbert

Sun Devil Football

What: Arizona State University's football team competes for PAC-10 glory at Sun Devil Stadium in Tempe, AZ.

When: In 2009: Various dates in September

Where: Sun Devil Stadium

Teddy Bear Day

What: Make-and-take arts and crafts, "beary" special treats and bear-related shopping in Historic Downtown Glendale.

When: In 2009: September 5

Where: Historic Downtown Glendale.

Tempe Play Day

What: Children and adults participate in structured and unstructured games, races and events, including: kayaking on Kiwanis Lake, kickball, jump roping, tennis drills and skills, inflatable games, chalk art, the annual NFL Punt, Pass & Kick youth skills competition, baseball and softball skills challenges and more.

When: In 2009: September 19

Where: Kiwanis Park

Tukee Fest Rockin' in the Park

What: Bring your blanket, chairs, family and neighbors for food, music and rides.

When: In 2009: September 26

Where: Ahwatukee.

Phoenix Real Estate Blog: Step 1: Market your home. Step 2: Market your home. Step 3: Market your home.

Bob Stahl (MyPhoenixMLS) — Wed, 02 Sep 2009 11:20:04 -0500

No, my “paste” function didn’t get stuck on repeat. The fact is that marketing your home is the most critical factor that will determine whether, when, and for how much you sell your home. It should be steps 1, 2, and 3 when you’re listing a home for sale. (REALTOR.com periodically posts “Hot Topics” for REALTORS® to blog about. This week’s was about marketing.)

Question: As a real estate agent, how do you market your listings?

a) Newspaper ad

b) Single listing site

c) Featured home on my website

d) Other

Answer: All of the above!

Just as successful businesses don’t use one single marketing strategy to the exclusion of all others, so is it with real estate. Successful real estate agents use a number of marketing tools to market their clients’ homes.

That said, some are more popular than others.

Listing online

Once the mainstay of real estate marketing, newspaper ads have become dramatically less popular. With the rise of searchable home listing sites like REALTOR.com, Zillow.com, Trulia.com, and others, flipping through the pages of a physical newspaper is, for most buyers, so 1999.

And that’s the key in successfully marketing your home to sell – going where the buyers are. Sure, you can get a killer deal on a 1/4 page ad in the newspaper, but if very few buyers read it, what’s the point?

Another benefit of advertising listing online is the ease of measurability. You can easily measure the number of impressions your ad or listing received (how many times it appeared on a page that a web visitor was looking at), the number of clicks on that ad or listing, and more. That way, you can see what’s working – and what isn’t – and make smart changes in response.

A picture is worth. . . well, you know

It’s so cliché I hate to say it, but a picture is worth a thousand words. And a video is worth a thousand pictures. That’s why I often create virtual home tours for my clients’ listings and then post those virtual tours online (on the same sites where I post the listing).

How often have you caught yourself whiling away the afternoon viewing virtual tours on the web? (Admit it!) Therein lies the success of this strategy.

It’s all (or partly at least) about who you know

They say that most real estate transactions are the result of connections. That’s why the best real estate agents have extensive networks of other buyers’ agents and sellers’ agents – across the country – who act as one big referral network. That way, I can target my clients’ listings to buyers’ agents who help buyers in that particular neighborhood, for example.

Market, then market some more

At the end of the day, marketing – online, offline, through connections, with a yard sign, whatever – is how you’ll get the word out about your home for sale.

When interviewing real estate agents to help you sell your home, ask about their marketing strategies. Ask how much they spend on advertising and where they advertise. (How much money a real estate agent spends on marketing is not nearly as important as how he spends it.) Ask what kind of innovate technologies they use to market your home. And perhaps most importantly, ask to see the proof.

What do you think? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: First-time Homebuyer? The Market Is Your Oyster

Bob Stahl (MyPhoenixMLS) — Wed, 26 Aug 2009 15:20:59 -0500

There was an article last week in SmartMoney Magazine about how the housing bust has transformed the real estate market into a first time homebuyer's paradise. "In this market, first-time buyers are getting VIP treatment. Indeed, they're the star players in a nascent market revival."
Real estate market a buyer's paradise
In fact, according to the National Association of Realtors, in the first part of 2009 first-time homebuyers accounted for nearly half of all home purchases, which is far greater than in the past. There are a number of reasons why:

The new $8,000 tax credit for first-time homebuyers

Fewer homeowners are buying new homes, because depressed prices make it difficult to sell the homes they have

With prices as much as 30% lower than they were at the peak of the bubble, homes are now much more affordable for first-time buyers

Mortgage interest rates, for those who qualify, are still near historic lows

Down payment options
On the flipside, during the mortgage loan feeding frenzy at the height of the boom, many lenders were offering easy 100%, "no money down" loans. Those, among conventional lenders, at least, are a thing of the past. Today, conventional mortgage lenders have much more stringent credit expectations and require down payments of 10 or 20%.
But as I mentioned earlier this month, the FHA still guarantees loans with as little as 3.5% down. That's why, according to mortgage banker Matt Maret, that 90% of all new loans in Maricopa County right now are FHA loans.
The FHA's 203(b) Mortgage Insurance program "provides mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD." Generally, to qualify for an FHA loan you must:

Meet standard FHA credit qualifications

Purchase a home priced within the FHA loan limits (currently $346,250 for a single-family home in Maricopa County)

Have a 3.5% down payment, which can come from a family member or employer. You'll have to pay an annual mortgage insurance premium

The benefits of an FHA loan
According to the FHA, the benefits of an FHA-insured loan include:

Easier to qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so it's easier for you to qualify.

Less than perfect credit - Even if you have had credit problems, such as bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

Low down payment - We have a low 3.5% down payment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.

Costs less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

What do you think? Click on the "Comments" link below and join the discussion!

August Phoenix and Scottsdale Real Estate Market Update

Bob Stahl (MyPhoenixMLS) — Fri, 21 Aug 2009 14:54:21 -0500

As you know, I usually get my monthly market statistics from ASU, but the Real Estate Studies director Jay Butler said they’re having some problems with their programs and the numbers will be a while. So this month I turned to Trulia, which offers detailed city-level market statistics. A couple of notes:

Median sales price, recently sold, and foreclosures numbers are based on public records

Average listing price, homes for sale and open homes numbers are based on Trulia listings Phoenix The median sales price of homes in Phoenix during the May-July period was $93,000 (based on 10,855 home sales). That’s 45.3% lower than the same period one year ago. But while the median price is much lower than last year, the number of sales is much higher – up 53.6% over 2008. There are currently 19,894 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

Phoenix Homes For Sale

Phoenix Recently Sold Homes

Phoenix Homes For Sale

Phoenix Recently Sold Homes

Scottsdale The median sales price of homes in Scottsdale during the May-July period was $310,000. That’s 26% lower than the same period one year ago, but still 3.3% higher than 5 years ago. And while the median price is lower than last year, the number of sales is higher – up about 6% over 2008.

Scottsdale Homes For Sale

Scottsdale Recently Sold Homes

Phoenix housing market analyst R.L. Brown said that, overall, “it is obvious from the data that we collect and analyze on the Phoenix metro housing market that the market indeed continues to improve in almost all sectors.” Specifically:

“New home permits in June reached the highest level in six months, and the pace is expected to continue upward as builder bring newly-positioned product on line and as spec inventories continue to decline.

The resale market also soars, with 9,947 resales counted in June, as real estate investors and bargain hunters shop the bank owned offerings and as “normal” sellers re-price their offerings to meet the market. Multiple offers are typical for the good properties and locations.” Those are the numbers.

What’s your view? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Survey Says, Homeowners More Optimistic About the Future

Bob Stahl (MyPhoenixMLS) — Tue, 18 Aug 2009 14:37:59 -0500

As I was driving to meet a client yesterday, I was listening to NPR and the story was about the economy. The central question, as it always is, was whether or not we’ve hit bottom. I won’t go into the details, I mention it only to recall what the interviewee said, “At the end of the day, you have to look at yourself, look at your neighbors – how are you feeling about the economy? Are you spending money?”

In other words, the economy won’t really begin to recover until consumers start spending again. And that won’t happen until consumers have confidence in the strength of the economy.

The same is true in the housing market. Real estate prices won’t recover until homebuyers (not only speculators) feel that it’s the right time to start buying again. Increased demand will eventually put upward pressure on prices. But it all starts with confidence.

So I was thrilled when I got back to the office last night and read that Zillow.com’s Homeowner Perception Survey had revealed that 30% of homeowners here in the West believe the value of their home will increase in the next 6 months. 51% believe home values will remain the same, and only 19% believe that home values will continue to fall over the next 6 months. Nationally, 34% of homeowners believe their home’s value will increase; 47% believe it will stay the same, and 19% believe it will fall.

But. . .

While Zillow’s news is great news, and could bode well for the economy, we have to read it in context. In the same survey, Zillow found that homeowner’s perceptions of the current value of their homes is still distorted.

While 83% of all homes across the U.S. lost value in the second quarter of the year, only 60% of homeowners believed their homes had lost value.

While only 4% of homes had unchanged values, 19% of homeowners believed their home’s value had not changed.

While only 13% of homes gained value, 22% of homeowners believed their homes had increased in value.

In the Phoenix metro area, though, optimism (at least that prices won’t continue to fall) seems warranted. Price declines in the Phoenix area have been less steep over the past months (comparing prices to a year ago), which is a clear signal to many experts that the market has bottomed and is turning around. Yes, prices are still down compared to last year, but they’re down less -- and that’s the road to eventual price increases.

According to housing market analyst RL Brown, “It is obvious from the data that we collect and analyze on the Phoenix metro housing market that the market indeed continues to improve in almost all sectors.”

Onward and upward.

What do you think? What’s your perception of housing prices and home values in the Phoenix area? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Selling? Price Your Home Right from the Get-go

Bob Stahl (MyPhoenixMLS) — Fri, 14 Aug 2009 14:35:14 -0500

Trulia reported today that as of August 1, 26% of Phoenix home sellers had made at least a 1% reduction in their original asking price. The average reduction is 13% for a total of $84,109,665.

“The reality is, today’s sellers need to price aggressively to avoid reductions. Consumers are looking for value and when they find a good deal, they are taking advantage of market conditions,” said Trulia’s co-founder & CEO Pete Flint.

Erring on the side of pricing your home too high might seem like a good idea -- after all, if you don’t see any interest in your home at the original price, just cut it, right? Well, not really.

The fact is that buyers’ real estate agents know the market values in your area. They know the ballpark of your home’s value. If you price your home above that, they’ll discount your listing and move on. And they won’t come back, even if you lower your price later.

How to price your home right from the get-go

If you’re working with a real estate agent to sell your home, he should tell you what the market value of your home is, so that you can set a competitive price right from the beginning. If you’re not planning on working with an agent -- or at least not yet -- you can visit www.MyPhoenixMLS.com for a free market snapshot to estimate your home’s value.

Consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25% of comparable homes.

. . .But don’t be afraid to reduce the price

Absolutely you should price your home competitively from the start. But if you’re still not getting any nibbles of interest, you should consider reducing the price.

And you should do it quickly. 90 days on the market is about average in Phoenix right now, so give it at least 30 days before you make a price reduction. But don’t delay beyond that. Homes that languish on the market for much longer than average often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long.

What do you think? Have you been trying to sell a home? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Are You a Buyer-Customer or a Buyer-Client?

Bob Stahl (MyPhoenixMLS) — Wed, 12 Aug 2009 14:28:40 -0500

You think your real estate agent is working for you. But is he?

Maybe. Then again, maybe not.

While it seems intuitive that your real estate agent would act in your best interests -- and only your best interests -- when helping you buy a home, that’s not necessarily so. In fact, if you haven’t established a buyer-client relationship with your real estate agent, he could be working for the seller’s best interests -- steering you to particular homes or encouraging you to make a higher bid than you would otherwise.

That’s why it’s so important to understand, first, what it means to be a buyer-customer and buyer-client, and second, to talk with your agent (or prospective agent) about which relationship you have. The chart below -- from the Real Estate Buyer’s Agent Council (REBAC) website -- highlights the differences between buyer-customers and buyer-clients.

I think that it’s always the best idea to have someone working for you, and only you, when you’re buying or selling real estate. If you agree, and want to make sure that you have a dedicated buyer’s representative working for you, talk with your real estate agent. Ask:

· Do you represent buyers, sellers or both?

· What services are provided to (or excluded from) me, based on my status as a buyer-customer or buyer-client?

· When does representation begin? When does it conclude?

· If I’m not ready to commit to your normal term, can you offer me a one-day buyer agency agreement or a 24-hour opt-out clause?

· How is dual agency addressed in your firm?

Dual agency is when the same real estate brokerage firm represents the buyer and the seller in a transaction. Imagine that you’re working with a dedicated buyer’s representative. The house you fall head-over-heels in love with is listed by the same real estate brokerage that your buyer’s rep works for. How can the brokerage be completely, and exclusively loyal to both you and the seller? Firms address dual agency differently, and laws vary by state. Talk them over with your buyer’s rep.

One great place to find buyer’s representatives in your area is the REBAC website, http://rebac.net/index.cfm. REBAC awards Accredited Buyer’s Representative (ABR®) designations to real estate agents who have completed specialized training in delivering the best in buyer-representation services. (Side note: While I’ve worked as a buyer’s representative for many years, I recently earned the ABR® designation.)

What do you think? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Buyers, Should You Treat Foreclosure Listings Differently? The Answer May Surprise You. . .

Bob Stahl (MyPhoenixMLS) — Fri, 07 Aug 2009 21:52:58 -0500

A huge percentage of the existing home sales in the Phoenix area these days are foreclosures. Some need heavy-duty repair work, others are practically move-in ready. Some are in blighted inner-city neighborhoods. Others are in master-planned communities with swimming pools, tennis courts and golf courses.

Wherever you look, whatever your price range, there are great deals to be found in foreclosed (often called bank-owned, or REO) homes right now. But it will pay to know what you're getting yourself into -- to look before you leap, if you will. Because the fact is that buying a home that has been repossessed by the bank is different -- even if not completely dissimilar -- from buying a home from the owners who are relocating, moving up, whatever.

When you buy a foreclosure, you'll have to play by slightly different rules. And, you'll have to be even more vigilant about the inspection -- unfortunately, foreclosed homes are often damaged but are nearly always sold by the bank "as is."

So here are some tips to make your bank-owned home buying experience a great one:

1. There are a number of assistance programs designed to help homebuyers purchase foreclosed properties. The last time I checked, programs were offered by the state, by Maricopa County and by the cities of Phoenix and Chandler.

2. A home auction can be a great way to find a foreclosed home at a good price. But know that while the Arizona Department of Real Estate does require home-auction companies to have a real estate license, it doesn't regulate the auction process itself, so even manipulative tactics are not illegal (though "frowned upon" by above-board auction companies, according to the Republic article).

If you're thinking about bidding on a home at auction, consider these six tips first. As I always say, Knowledge is Power!

Auction Tip #1: Read the Rules

Auction Tip #2: Do Your Homework First

Auction Tip #3: Come With Financing

Auction Tip #4: If It Looks Too Good To Be True, It Probably Is

Auction Tip #5: Get Help

Auction Tip #6: Caveat Emptor

3. Know your market. If you don't already live where you plan to invest, make sure you get to know your investment market well - what neighborhoods you should stay away from, where great hidden deals might be, where the hottest new development is, etc.

4. Develop an investment strategy. Foreclosure investing is like any other type of real estate investing - develop a strategy for what you want to accomplish, the risks you are willing to take, and how long you plan to be investing and then stick to that strategy.

5. Develop your best practices. There are a lot of foreclosure buying techniques out there. Decide which is best for you, given your investment strategy.

6. Be a bit skeptical. Just because a home is in foreclosure doesn't mean it's automatically a good deal.

7. Ask for help. Foreclosure investing takes a lot of work. Invest in the help of a trustworthy team.

8. Make friends with mortgage lenders. Often, you'll get the best deal if you can negotiate a good purchase price with the seller and get the lender to forgive a portion of the debt (the difference between the sales price and the loan balance, for example).

9. Move fast, but not too fast. You'll need to act quickly once you find a foreclosure property that you want to buy - before other investors beat you to it. At the same time, you don't want to be too rushed or you may make a decision you'll regret later.

10. Know the law. There's more legalese involved in a foreclosure transaction than in a traditional home sale. Plus, foreclosure laws differ from state to state. Read up on your state's foreclosure laws and ask your real estate agent to recommend a good real estate attorney with experience helping people purchase foreclosed homes. According to U.S. News, a detail as tiny as the wrong font size on your documents could hold up the transaction or -- worse -- land you in legal trouble.

What do you think? Have you invested in foreclosure properties? What's your experience been? Click on the "Comments" link below and join the discussion!

Phoenix Real Estate Blog: “Strategic Defaults” – A Mortgage Lender’s Perspective

Bob Stahl (MyPhoenixMLS) — Thu, 06 Aug 2009 14:48:58 -0500

I blogged the week before last about strategic defaults -- when a homeowner decides to default on a mortgage (typically through a short sale or by letting the bank foreclose) even though he can still pay the mortgage. Typically, a homeowner does a strategic default because of negative equity -- when the mortgage is more than the home’s market value.

On July 24, I talked about the recent academic paper citing that 26% of all mortgage defaults are strategic. On July 27, I wrote about the nuts and bolts of a strategic default -- include the process and its consequences. Yesterday I had a long chat about it with my friend Matt Maret, a mortgage banker with Bell Mortgage. It was fascinating to get a mortgage lender’s take on this trend toward “strategic” defaults.

Matt echoed the real estate attorney’s statement that Arizona’s anti-deficiency laws protect a homeowner’s other assets (besides the home) in the event of a default. But Matt qualified that the anti-deficiency protection, as of September 1, will apply only to primary residences, not to second homes or investment properties. (In other words, if the home is not a primary residence and the owner defaults, the bank can seize other assets, garnish wages, etc. to satisfy the balance owed.)

Matt also elaborated on one option I talked a bit about last week -- the short sale. He said that the FHA will lend to a person who has a short sale on record (even if it was yesterday) -- as long as there are no late payments on the person’s credit (and that person is otherwise qualified, of course).

I have heard from clients that banks will reportedly not entertain the idea of a short sale if the homeowner is not in default. Matt, though, said that all it takes is a good real estate agent to “help” the bank understand that the choice is 1) accept the short sale offer; or 2) foreclose on the property. “The lender will always choose the short sale,” Matt said. Why? “Because they’re not going to be able to sell the home for more than market value anyway and they’ll accrue upwards of $50,000 in legal costs to foreclose.”

Even if the home is foreclosed, Matt said, a person could qualify for an FHA loan 2 years after the foreclosure. And while FHA loans fell out of popularity during the real estate boom (because FHA didn’t allow “funny business” like no-document loans) they’re immensely popular now. In fact, Matt said that 90% of all loans originated in Maricopa County now are FHA loans. That’s in part because of tighter requirements for conventional loans and in part because the FHA will still make a loan with as little as 3.5% down (conventional lenders are now requiring at least 10%).

At the end of the day, Matt said that often the economics of a strategic default just make sense. Moral considerations, that’s another story. . .

What do you think? Have you thought about a “strategic default”? Click on the “Comments” link below and join the discussion!

I have to say that I am not an attorney and none of the information I’ve presented here should be construed as legal advice. If you have questions about foreclosure or “strategic defaults” or are thinking about defaulting on your mortgage, consult with a legal professional.

Phoenix Real Estate Blog: Neighbor’s An Eyesore? What You Can Do About It

Bob Stahl (MyPhoenixMLS) — Tue, 04 Aug 2009 14:14:10 -0500

They’re a growing problem, especially in those Valley neighborhoods most heavily affected by foreclosures. They’re unkempt yards and houses, and they can wreak havoc on the values of homes in the neighborhood.

If you’re a buyer, of course you’re going to consider the condition of homes near the one you’re considering to buy. First, who wants to live next to an ugly house or yard? Second, if you ever plan to sell the home, you could have difficulty because of eyesore neighbors. Finally, the kind of neighbors who don’t keep up their homes and yards are the kind of neighbors who can be problematic in other areas -- loud noise, strange company -- too.

For those reasons, if you’re thinking about selling your home and there’s an eyesore nearby, you’ve got to do something about it. After all, it’s still a buyer’s market and competition is still tough for sellers. To maximize the chances your home will sell, for the most money, you want your neighborhood (or at least your closest neighbors) on their “best behavior.”

What you can do about it

. . . If the home has been foreclosed (or is being foreclosed and the homeowners no longer live there)

If the eyesore house has been foreclosed, then it’s owned by the bank, which has responsibility for maintaining the home – at least to your city or homeowners association code. Your first step should be to figure out what’s specifically allowed and not allowed according to the code.

Most bank-owned homes will be listed for sale by a real estate agent. A good first step may be to call the listing agent and point out the problem. If that doesn’t work, file a complaint with the HOA or city code department.

Seeing a complaint through to resolution can take time, though. If the problem is the yard, the quickest (and most likely easiest) way to resolve the problem might be to take care of it yourself, or get a group of neighbors together to do it. Remember, of course, that you should get permission first as you’ll be on someone else’s property.

. . . If the home is owner-occupied

If the homeowner lives in the house, addressing the “ugly house” problem can be more difficult. Start with a high level of tact and diplomacy. Go to the neighbor’s home and talk face-to-face. Offer a solution to the problem. For example, if the lawn is overgrown, bring the name and number of a great lawn service.

Explain why the state of your neighbors’ home or yard is important to you. Explain, even if it’s not yet true, that a buyer was interested in your home, even to the point of making an offer, but expressed concern about the neighbor’s home/yard. (This is the old “blame it on Mom and Dad” trick that really works. You can also blame it on your real estate agent. Whatever works.) Say “I really have to sell my house because . . . and would really, really appreciate your help.”

If your appeal to your neighbor’s kinder side doesn’t work, file a complaint with the HOA or city code department (again, assuming that the problem is an infraction of the code). Most HOAs take those kinds of complaints seriously and will work hard to resolve the problem (but you’ll probably alienate your neighbor, so try diplomacy first).

What do you think? Have you dealt with an eyesore in the neighborhood? Click on the “Comments” link below and join the discussion!

Phoenix Real Estate Blog: Fun Things to Do in Phoenix in August

Bob Stahl (MyPhoenixMLS) — Mon, 03 Aug 2009 14:37:04 -0500

Two words: heat advisory. Okay, three: yuck. But despite the searing heat, there are a whole bunch of fun activities this month in the Phoenix area. Check them out (and thanks, as always, to About.com for the listings):

4th Friday ArtWalk

What: Photography, jewelry, crafts, paintings, sculptures and more. Live music.

When: August 28, 6 p.m. 9 p.m.

Where: Mesa Riverview

Arizona Cardinals Football
What: The Arizona Cardinals begin pre-season football games during August.

When: August 22 and 28 at 10 p.m.

Where: University of Phoenix Stadium in Glendale

Arizona Diamondbacks Baseball

What: The Arizona Diamondbacks play professional baseball

When: August 10, 11, 12, 14, 15, 16, 28, 29, 30 (see http://arizona.diamondbacks.mlb.com/schedule/index.jsp?c_id=ari for times and details)

Where: Chase Field in downtown Phoenix

Birds in the Garden

What: Join expert birders for a morning bird walk along the Garden trails. Everyone, including first-time birders, is welcome. Wear a hat, sunscreen and comfortable walking shoes. Bring binoculars if available.

When: Every Monday in August, 7 a.m.

Where: Desert Botanical Garden, Phoenix

How much: This activity is included in the regular admission fee.

Chandler Center for the Arts' Summer Concert Series

What: Family-friendly, free to the pubic concerts that will are held in the 350-seat Bogle Theatre. Foyer doors will open one hour prior to show-time.

When: August 1, 14, 21, 29

Where: Bogle Theatre

How much: Free. Tickets are not required and seating will be on a first-come, first-served basis.

Downtown Chandler Art Walk

What: Visit more than 40 artisans set up along the streets in front of the unique shops and cafes of Historic Downtown Chandler.

When: First Wednesday of the month

Where: Historic Downtown Chandler

How much: Free

Gazpacho Cook-off & Flamenco Juerga

What: Visit more than 80 downtown Phoenix art galleries, studios and art spaces.

When: First Friday of the month

Where: Downtown Phoenix

How much: Free

Flashlight Tours

What: Nights in the desert are anything but dull. Nighthawks fly, night-blooming flowers open, toads sing and owls watch as you roam the trails of the Desert Botanical Garden in Phoenix, never knowing what will be around each corner. Wear walking shoes, and bring a flashlight.

When: Desert Botanical Garden in Phoenix

Where: Every Thursday and Saturday in August at 7 p.m.

How much: Flashlight tours are free with admission, but require reservations. Call 480-941-3510.

What: Contestants will throw tomatoes into a blender & create the best Gazpacho the Valley has ever tasted. Enter your Gazpacho, have it judged by celebrity judges and win the title of Tomate Grande along with a $50 grand prize. Then enjoy a fun-filled evening of Flamenco dance, guitar and light tapas.

When: August 22

Where: the Studio, Tempe

Glendale Summer Concert Series

What: Summer concert series

When: Every Saturday night from 7 p.m. to 9 pm.

Where: Arrowhead Towne Center Amphitheater in Glendale

Hot Summer Nights Concert Series

What: Family friendly free concerts showcasing some of the Valley’s best musical acts, ranging from authentic Latin beats to 80’s pop. Event features face painting, balloon animals, cotton candy and popcorn. The street will be closed down for these parties and exclusive retail and food discounts will be available from High Street shops and restaurants.

When: August 8, August 15

Where: CityCenter of CityNorth, Phoenix

Maricopa County Home and Garden Show

What: Hundreds of exhibitors. Seminars, demonstrations, and displays.

When: August 7, 8, 9

Where: University of Phoenix Stadium.