real estate market trends: Changes in Arizona
- 04/21/15 04:19 AM
Changes in Arizona are growing....what changes? The population growth has reduced. Home ownership is down. Renters are up. The sizes of household is up. Employer types is changing. What does it all mean? Is this only happening in Phoenix or all over the country? I have many questions and few answers. Ch-ch-ch-ch-changes Turn and face the strange Ch-ch-changes Arizona is still the 6th largest market in the country, but it's only growing at 2.3 percent this year. At this rate, it will be tough for us to maintain our typical growth rate of bringing in or birthing a million new people every 10 … (0 comments)
real estate market trends: The February Surge in Real Estate Sales
- 03/25/15 10:00 AM
What will the future hold for the Phoenix housing market? As of February there was a surge in Real Estate Sales. January numbers were not impressive but things changed in February. Michael Orr discovered a more than 30 percent jump in pending sales across the Valley at the end of February. The big question now is, who are the buyers? Housing expert Mike Orr meticulously tracks and tallies real estate sales data for Arizona State University's W.P. Carey School of Business. He called January's home-sales activity "the lull before the storm." Housing market watchers are hopeful that Millennials and the … (0 comments)
real estate market trends: Boomerang buyers returning to housing market
- 03/24/15 07:32 AM
What is a boomerang buyers? Boomerang buyers were thrown out of the mortgage market after foreclosures or short sales during the crash but now can qualify for a home loan again. They were in a 'time out' from the mortgage market. This 'time out' period varies depending on what kind of loan you are trying to get-- FHA loans require a 3 year time out if you had a foreclosure or short sale Conventional loans require a 7 year time out if you had a foreclosure or short sale VA require a 2 year time out if you had a … (3 comments)
Commentary by Tom Ruff of the Information market The overall health of our housing market continues to improve. The two most important metrics that determine where the market is headed are supply and demand. STAT is a 30,000 foot view of these dynamics, so it is important agents create similar metrics on individual submarkets. It is important to view supply and demand from a neighborhood, price point, and … (0 comments)
real estate market trends: Buyers Willing to Camp Out to Snag a Home
- 03/24/15 07:26 AM
Back in the 1960s the trend of camping out overnight for a buyer to select new home became quite common but now it has been several years since this has happened. However it looks as if this trend could be returning in certain areas which include Las Vegas and Phoenix. Buyers camping out overnight to be first in line to purchase a new home is becoming increasingly popular in so-called Sunbelt areas such as Las Vegas and Phoenix. Buyers want to get the first and most desirable lots before prices begin to rise in particularly well located developments in Arizona. … (1 comments)
Supply and Demand problem in Phoenix future? What if? The questions are flying right now. Could there be a supply and demand problem in Phoenix future? Maybe....maybe not. There are a lot of what if's involved. Right now a buyer can get a loan for record low rates. That same buyer can purchase a home for 3% down with a conventional loan. This COULD get more buyers off the fence. With the current supply of homes we COULD get into a bidding war situation again. According to Michael Orr-- Phoenix is not ready for a big increase in demand. … (2 comments)
The Chrystal balls are coming out. There are tons of 2015 real estate predictions. Most folks say 2015 will be better that 2014 but not an amazing year. However that all depends on who you are and what you want. Most folks want to see growth....prices rising. If you are a first time home buyer, well that is not what you want. You want to get a great house at low price. When folks say they want to see real estate growth....they are either sellers or people studying the growth of the economy in general. And growth of … (0 comments)
real estate market trends: Market Summary 2015
- 01/23/15 06:22 AM
Market Summary for the Beginning of 2015 Are you curious what a market summary for 2015 will look like? As time goes on we will see more and more predictions for the year. This is an early swing at the year. The average person will assume that November was a fairly normal month and that December was full of holidays. Not true. Instead there were only 17 working days in November and 22 in December. That is a 29% increase in the number of days in which title companies could close sales and county recorders could file deeds. As … (0 comments)
real estate market trends: Phoenix Population Shifting
- 01/23/15 06:16 AM
There is only one constant in life--change. Things will always change...sorry get used to it. In terms of population statistics (yawn) baby boomers have been a major part of our population. Until recently. The Valley – at least Maricopa County – has seen its baby boomer numbers drop since the recession. Maricopa County's boomer population decreased by 6.25 percent from 2007 to 2013, according to real estate research firm RealtyTrac. In 2007, boomers made up close to 24 percent of Maricopa County's population. That share dropped to just over 22 percent in 2013, according to RealtyTrac. Conversely, less urban Arizona … (1 comments)
real estate market trends: 2014 Real Estate Market Review
- 01/23/15 06:04 AM
Hindsight is so much easier than predicting the future. I learned years ago that you had to learn from history in order to grow....if not you were doomed to relive the same mistakes over and over. If you are interested I thought I would do a 2014 Real Estate Market Review. It is a new year and a new perspective is in order. First lets go back a bit more and look at 2013 in the Phoenix area. The real estate market in 2013 was one in which there was a shortage of homes available for sale in comparison to … (0 comments)
real estate market trends: Phoenix land purchases slowed in 2014
- 01/04/15 05:23 AM
Phoenix land purchases slowed in 2014. Builders spent $510 million on Phoenix land compared with $709 million in 2013. If you were interested in buying a new home, 2014 may have been the best time. Builders had been offering deals including no payments for a year and discounts of 10 percent to 20 percent on houses already built as they try to sell inventory. Will this continue in 2015? That is hard to say. MORE … (0 comments)
This is the question on everyone's mind. Why are first time home buyers not buying homes? Are they playing hard to get? You may be thinking to yourself who cares...first time home buyers are only one segment of the real estate market. What difference does it make? The answer is plenty! Real Estate is much like dominoes. So many things can be effected in real estate by just one thing. Without first time home buyers there is a domino effect that impacts the rest of the market. So we all care....... First time Home buyers
;)
;)
