The Phoenix metropolitan area was one of the worst hit areas in the country during the housing market crash a few years ago. Looking back we can see that we hit the bottom sometime around September 2011. Since then we've seen a significant increase in home prices (23% year over year from September 2012 - September 2013). With this increase in home prices we've seen a significant drop in foreclosures. According the Arizona Republic foreclosures in the Phoenix metropolitan area have fallen from a high of 5,100 in March of 2010 to only 697 in September. This bodes very well for … (0 comments)
arizona real estate: Some positive news...
- 06/18/08 05:40 AM
Boy do we need it. As an industry and as a nation. According to the NAR pending home sales increased in April to their highest levels since October. (Read more here) Another article in the Washington Post (Read more here) today states that Americans have a more doomy outlook on the economy than the actual numbers are reporting. My answer to the columnists assertation would be that perception is reality. Although this recession (and some would say we're not even in a recession) is not as drastic or severe as other recessions, the perception is quite different. The major difference is … (4 comments)
arizona real estate: Phoenix real estate market update May '08
- 06/13/08 02:04 PM
Contrary to media reports the Phoenix real estate market is heating up. Here are May's numbers for the week ending 5/31/08: Active Listings: 12,846 Homes Pending: 1,854 Homes sold in last 30 days: 1,076 (up 8% over April '08, down 18% from May '07) Burn rate (Inventory on market/by homes sold last 30 days) = 12 months supply Avg. Sale price (Solds): $253,044 (Up 2% from Apr. '08, Down 19% from May '07) Avg. price per sq. ft. (Solds): $144.03 (Down $11 per Sq. Ft. from April. '08, Down 24% from May '07) Avg. Days on Market (Solds): 124 (Down 5 days, 4% from Apr. 08, Up 33 days, 36% from April '07) … (2 comments)
arizona real estate: Where's that global warming Al Gore invented?
- 03/17/08 04:13 AM
I don't know about you folks, but here in Phoenix we're having a somewhat colder winter/early spring than usual. By this time (mid-March) we are usually seeing temperatures move up into the low 80's even 90's sometimes. Yesterday we had a high of about 60. With wind and rain that made it seem colder. I know the folks back east and the midwest will probably comment that 60 would be nice, but when you're used to mid 80's this time of year, 60 seems down right frigid. On another note, our office, Windermere Phoenix Northwest raised about $950 this weekend at Anthem Days (which … (0 comments)
arizona real estate: The Arizona Lifestyle...
- 03/14/08 11:57 AM
In some of my previous posts I've mentioned the weather here in Arizona and the lifestyle it affords us. But I don't know if the rest of the country really understands what I am saying because Arizona does a terrible job of marketing itself. When most people think of Arizona they think Grand Canyon, desert, hot, and maybe Scottsdale. But there's far more to it here than that. Culturally Phoenix has a ways to go before it will rival New York, San Francisco, Los Angeles, or Chicago. But if you enjoy open spaces, beautiful natural scenery, a more relaxed lifestyle and the ability … (0 comments)
arizona real estate: Where do you think the real estate market is headed?
- 03/12/08 02:36 AM
I must get asked this question about 10 times a week. To which I reply, "I wish I knew. Then I could make millions." I'm sure stock brokers hear the same thing. At first it's annoying, but then you just learn to live with it. Here in the Phoenix real estate market we've been hit pretty hard. It has hurt many people. But we're all still alive. The market here was one of the first to slide into this downturn and signs are indicating that our housing market might be picking up, ever so slightly. But that's not what the average consumer hears. The professional … (1 comments)
arizona real estate: Comping homes in the Phoenix area...
- 03/06/08 05:10 AM
Setting a price for a home in the Phoenix area has become increasingly more challenging these days. Due to the number of short sales and foreclosures on the market, and ever more popping up daily, my business partner and I have found that the prior method of using sold homes as the barometer of a homes' value is out the window. Through our experience with buyers over the last year or so, we've come to realize that price is everything. No matter what type of upgrades a home may have in it, if it is not near the bottom of the … (0 comments)
arizona real estate: Self fulfilling prophecies...
- 03/04/08 03:41 AM
Much is made of the media's impact on the public's opinions and actions. Most seems to be true. Approximately every seven to eight years our economy goes through a boom/bust cycle. Obviously we are now in bust mode. 2000/01 saw the dot com crash and the economic impact of the 9/11 attacks. Before that it was the Asian currency crisis of 1994, before that it was the S&L crisis of 1987/88, before that the Iran hostage crisis which sent oil prices through the roof and economy in the tank, and I can go on and on. One thing I've noticed through the years … (3 comments)
arizona real estate: Presidential Election's Effect on Real Estate Market
- 03/02/08 12:12 AM
Over the past several months I've heard pundits, "real estate experts", and even our own broker proclaim that real estate buyer's will be sitting on the sidelines this year to see who is elected president. And many of them have proclaimed that every election year is a slow year for real estate. I've questioned the validity of those comments and harken back to the 2004 election year. One of the hottest years in real estate ever. Many economists have done studies of the impact of a president on our general economy. They have determined that the President's impact on the economy is generally negligible. As little … (1 comments)
arizona real estate: Battle of the sexes, real estate style...
- 03/01/08 08:23 AM
It's been my experience while selling homes that are distinct differences in the motives between men and women, husbands and wives. And ladies, when it comes to making the decision on which home to buy I would say most men would rather you decide. Now, when I say most I am using the Pareto Principal, the 80/20 rule. When I say most, I am saying about 80% of the population to which I am referring. I would say 80% would constitute most, of anything. So for those who fall into the other 20% please do not take offense to my generalities. They … (4 comments)
arizona real estate: Weather is nice, wish you were here.
- 02/29/08 01:04 AM
When you think of Phoenix, you think HOT! But, that's only for 3, maybe 4 months out of the year. The rest of the time we enjoy very nice, sunny, mild weather. Yesterday it was 80 degrees, on February 28th. After some of the coldest winters in recent history some of you from the midwest, east coast, and northwest might be salivating at 80 degree weather in February. That's what makes Phoenix real estate so attractive. Yes, it gets to 113 degrees in the dead of summer. But, having traveled to Florida, and Jamaica, New York during the summer, and even … (5 comments)
arizona real estate: Anthem Arizona - You have to see it to believe it....
- 11/23/07 03:36 AM
Anthem Arizona is my home. So I may be biased. However, I have not seen another community like it in all the U.S. For those unitiated, Anthem is a master planned community located in the northern most part of Phoenix built by Del Webb beginning in 1999. I is now nearing completion with only a few dozen more homes left to be completed. It is a community of about 35,000 people. All the family and friends I have had to visit over the 3 years we have lived here are all in agreement that it is one of the most beautiful and family … (3 comments)
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