jerry murphy: Should the Federal Government Bail Out the Banks...
- 03/13/08 02:26 AM
The answer in my mind is YES! Even though I am a proponent of a free market system and a laise faire government policy toward the economy I do believe that at times the system needs assistance from the government. (see the Great Depression if you don't agree with me) And we are definitely in one of those situations right now. The stock market responded with unbridled enthusiam the other day when the Federal Reserve announced it was going to infuse $200 billion into the credit markets to try to slow down the credit crisis. Then yesterday investors gave it a second … (3 comments)
jerry murphy: 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)
jerry murphy: Anthem Days are here again...
- 03/10/08 03:22 AM
One of the biggest and most anticipated events of the year in the master planned community that I live in is Anthem Days. As I mentioned in a previous post, Anthem is a truly unique community. We absoluteyl love it. And we are spoiled by it indeed. Anthem Days is two day event, usually in the middle of March which entails a fair and a multitude of activities for the kids, plus a trade fair for the local business owners. It attracts thousands of people from all over the Phoenix valley. It is a very fun time for the whole family, the … (0 comments)
jerry murphy: Arggghhhhh! Weeeeeds!
- 03/08/08 02:51 AM
One of the nasty little secrets they don't tell you about Arizona is, you do get weeds. (Read more about weeds) And well, they grow like weeds. Every winter after we get some heavy rains you count on having weeds pop up immediately afterwards once the weather begins to warm up. It's amazing how quickly and how plentiful they grow. When I drive around my community here in Anthem I can see them spring up almost within hours after a heavy rain. With the rock desert landscapes most of us prefer to have here it is nearly impossible to pull them … (2 comments)
jerry murphy: 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)
jerry murphy: Staying Positive in a declining Real Estate market...
- 03/05/08 01:05 AM
Yesterday I wrote about the negativity of the media and how it can pervade our psyches. The flip side of that is how to stay positive in the face of all the negative economic news and the continue deterioration of the housing market. We must remember that this too will pass. It's a painful process indeed, but if we keep on focusing on the things that bring us business, maybe double up our efforts in some respects, when all of this passes we will be on top. I always remind myself that the fact that I am still in the business at … (7 comments)
jerry murphy: 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)
jerry murphy: Bank repos and reality...
- 03/03/08 02:03 AM
Over the past several months my business partner and I have shown several buyers bank repossed homes. I think we all need to educate our clients on the prospects of bank owned properties. Now don't get me wrong, I have come across a few that were in good condition and had some nice upgrades. But, on average, the bank repos tend to be in some state of physical distress. We need to inform our buyers of this. Many of my buyers have had a notion in their heads that they are going to get the Taj Mahal for half the price. … (4 comments)
jerry murphy: 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)
The answer in my mind is YES! Even though I am a proponent of a free market system and a laise faire government policy toward the economy I do believe that at times the system needs assistance from the government. (see the Great Depression if you don't agree with me) And we are definitely in one of those situations right now.
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