phoenix real estate market: Phoenix real estate on realtor.com – If Home Prices are Down, Why is Consumer Confidence Up?
- 02/25/11 12:55 AM
Check out the blog on realtor.com I was featured on REALTOR.com® again - they posted a blog I wrote called "If Home Prices are Down, Why is Consumer Confidence Up?" Go read the full post, but the gist was this: The S&P/Case-Shiller numbers were released on Tuesday and there was some disappointing news. Home prices are down in the majority of U.S. cities. However, a consumer confidence report was also released on Tuesday which indicated that not onle is confidence up, but so is spending. If Home Prices are Down, Why is Consumer Confidence Up? Read the blog to learn … (0 comments)
phoenix real estate market: Understanding the Phoenix short sale process
- 02/18/11 04:47 AM
Last year, I wrote a blog for realtor.com about the short sale process given that 2010 was being dubbed by the New York Times as the Year of the Short Sale. Much of the reasoning behind the title of the "Year of the Short Sale" is that - at the time - nearly 22 percent of homeowners were underwater on their home. With that many people underwater, how many options did they really have and the short sale process can definitely be appealing. And, according to Zillow, those numbers increased toward the end of the 2010 and currently around 27 percent … (1 comments)
phoenix real estate market: New numbers regarding the Phoenix foreclosure market
- 02/11/11 04:12 AM
This data came from RealtyTrac's U.S. Foreclosure Market Report for January 2011. RealtyTrac is a firm that tracks warning signs of foreclosures such as notices for defaults, scheduled home auctions, and home repossessions. The full press release can be found here. They reported that the number of homes receiving an initial default notice fell 1 percent last month from December 2010 and dropped 27 percent from January of last year. That being said, foreclosure filings - which is defined as including default notices, scheduled auctions and bank repossessions - has slightly different numbers. The foreclosure filings saw a 1 percent increase from the previous … (0 comments)
phoenix real estate market: Phoenix Home Values Report - February 2011
- 02/09/11 05:25 AM
Phoenix Home Values Report - February 2011 The numbers for January are in and well, they are mixed. Pricing is still soft, but the experts are saying there are many indicators that there are better times coming very soon. The Arizona Regional Multiple Listing Service or ARMLS released their STAT report today and you can click here to read it. Phoenix home values for homes coming on the market in January 2011 increased by nearly 7%. But don't get too excited because the median sales price for January fell by .2% to $110,000 compared to December. The average sold price in … (0 comments)
phoenix real estate market: Don't rent an apartment - buy a home in Phoenix
- 01/26/11 09:16 AM
Don't rent an apartment - buy a home in Phoenix Trulia, a top site for homebuyers, sellers and renters, says don't rent an apartment, buy a home in Phoenix instead. In data released yesterday, the site says that it’s cheaper to buy a home than to rent an apartment or home in 72 percent of major American cities – including Phoenix. The full press release can be found on trulia. Trulia’s data is based on reviewing the expense of buying a home versus renting a home in Phoenix and 49 other top major metros. Their findings show that it is more … (0 comments)
phoenix real estate market: Phoenix real estate update: less homes on the local market
- 01/21/11 02:02 AM
The Arizona Republic reported today that "the number of homes for sale in metro Phoenix is declining, a sign that the housing market could start to recover this year." The full article can be found here but the gist is this: The number of Phoenix homes for sale (as reported by the Arizona Regional Multiple Listing Service) dropped in December by almost 3,000 to 42,500. Why is this significant? Because real estate is much like many business equations in that the health of the market is based on supply and demand. With an over supply of homes (which we have experienced … (0 comments)
phoenix real estate market: ARMLS: Phoenix Real Estate Market Showing Momentum
- 01/17/11 04:27 AM
Today I want to share with you this news that just came out from the local MLS. For all of you who think the market is dead and nothing is moving.. guess what.. you might want to think again. It turns out that in the last thirty days.. which includes the holidays, more than 20% of those homes listed for sale in the Phoenix area went pending.. 20%!.. That's a lot. In Scottsdale, the number was nearly 15% and in Tempe, the number is nearly 17%. The experts call that the "absorption rate" and here's a chart of that rate for … (0 comments)
phoenix real estate market: Phoenix real estate market ranks high on online searches
- 01/17/11 04:22 AM
This week, Realtor.com released their top 10 most searched real estate markets of 2010. Looking back at 2010, we saw highs and lows in response to tax credits, interest rates reach historic lows, and an increased interest in buying real estate for investment purposes. There was an extraordinary amount of search traffic on Realtor.com, which was also the no. 1 most visited real estate Web site in 2010. Therefore, this snapshot has some real weight behind it. And the top ten most searched markets were (in order of most search activity to least) . . . drumroll . . . Las Vegas, … (0 comments)
phoenix real estate market: Top predictions for mortgage trends in 2011: it will continue to be a good time to buy a Phoenix home
- 01/12/11 01:08 PM
There are many real estate experts and analysts making varying predictions on different segments of the industry for 2011. Looking around, here are three predictions in relation to mortgages that I have found to be most consistent among analysts. 1. Mortgage rates will slowly rise This has already started happening but the Mortgage Bankers Association (MBA) predicts that mortgage rates will rise slightly in 2011, hovering around 5 percent. They think rates may increase to about 6 percent in 2012. True, mortgage rates have been in the 4 percent range this year so this will be an increase. But not by … (2 comments)
phoenix real estate market: Phoenix real estate on Realtor.com – Strategic Defaults Are a Trend for Homeowners
- 01/07/11 02:11 AM
I was featured on REALTOR.com® again - they posted a blog I wrote called "Strategic Defaults Are a Trend for Homeowners" Go read the full post, but the gist was this: Strategic defaulting is a topic that I've blogged about frequently. Largely because it's timely, yes, but it is also fascinating in its complexity of mixing homeownership philosophies of: a) your home as an investment and/or b) your home as a "home." Strategic defaulting is seen as somewhat controversial but I don't make any judgments on the matter. I can see both sides of the topic - and it's an interesting … (0 comments)
phoenix real estate market: Pending home sales up 3.5 percent; still a great time to buy a Phoenix home
- 01/03/11 04:26 AM
According to an index released by the National Association of Realtors (NAR), the number of signed contracts to buy homes rose in November by 3.5 percent. This was the fourth increase since June 2010. Regionally, pending homes sales were up in the West (18.2 percent) and Northeast (1.8 percent), but down in the South (1.8 percent) and Midwest (4.2 percent). A NAR spokesperson said that a third of the pending home sales most likely were purchases of foreclosures or short sales. This is consistent with home sales numbers all year long. And - as you know - since bank-owned and distressed … (0 comments)
phoenix real estate market: Bristol Palin becomes a Phoenix real estate owner
- 12/30/10 01:56 AM
Whether you agree with Sarah Palin's politics or not, you can't argue with the fact that the Palins have good business sense. They have done an exceedingly good job at finding business opportunities in book writing and publishing as well as the reality television circuit. And now, Bristol Palin has invested in the Phoenix real estate market. That's good business sense. The Arizona Republic reported that Bristol Palin bought a five-bedroom home in Maricopa (the city, not the county) for a screaming deal of $172,000. Other reports had additional details about the home which is reported to be 3,900-square feet in … (3 comments)
phoenix real estate market: Phoenix real estate holiday tidbit: Santa Claus is in Arizona!
- 12/30/10 01:53 AM
No, really, Santa Claus is in Arizona. All the time. Permanently. Also known as Santa Claus Acres, the small town is an uninhabited area in Mohave County, just 14 miles northwest of Kingman. But it hasn't always been uninhabited. Santa Claus has gone through various owners and concepts. Beginning back in 1937, the town added buildings and small attractions such as Christmas-themed gift shops with the idea of attracting families to their own desert-eske north pole. By 1942, it had become a full-fledged tourist spot. However, after about 12 years, the owner looked for resale opportunities for the town. After a … (0 comments)
phoenix real estate market: Three steps to financing your Phoenix home
- 12/24/10 03:56 AM
I shared a Keller Williams Special Report with you yesterday and - please - do take a few moments to review it. It outlines why now is a great time to buy (something I've been hammering here on my blog). But it made me think about the reasons why now is such a great time to buy. And one of the main reasons is because mortgage rates continue to be so competitive. Yes, they have increased slightly from historical lows - but they are still incredibly low, making homeownership a no-brainer for most Americans. But how does one go about getting … (0 comments)
phoenix real estate market: Phoenix real estate highlight: hike of the month is Camelback Mountain, Echo Canyon
- 12/24/10 03:52 AM
As promised, I'm highlighting a Phoenix hike of the month. This one is a reader-favorite. And how can it not be? It is a landmark in the Phoenix area and a strenuous hike best kept for fall and winter months. I guarantee: you'll be sweating and smiling; it's that kind of experience. Camelback Mountain has two hikes to the top - I'm featuring Echo Canyon this month. Camelback earned its name from its unique features: a two-summited mountain that - from afar - looks like a laying camel. The highest point of the mountain is a steep 2,704-foot peak. The mountain … (0 comments)
phoenix real estate market: Things to be Greatful for in the Phoenix Real Estate Market
- 12/20/10 09:09 AM
I was watching the news the other day and again, all they talked about was doom and gloom in the real estate market. So I got to thinking... since I know there were a lot of positive events that took place in our area this past year, maybe it is time for a short reminder: #1: Even though the tax credit expired nearly six months ago, sales have STILL remained on pace with 2009. #2: Although we had a slight swell in inventory for a few weeks this Fall, inventory levels are falling and are also on pace with 2009. #3: The Average … (1 comments)
phoenix real estate market: Home construction shows “signs of life” – still a great time to buy a Phoenix home
- 12/20/10 09:04 AM
According to MSNBC.com, the home construction industry was showing "signs of life" last month - November - while, as we know, foreclosures hit their lowest level in 18 months. Could this be a sign of good times to come in 2011? Perhaps. I continue to be cautiously optimistic as the nature of real estate - or any industry really - coming out of this recession is to experience ups and downs as we find out stable footing. However, this recent news and data continues to give us reasons to cheer. Here are some of those numbers, as reported by MSNBC.com In … (1 comments)
phoenix real estate market: Best Home Update Values for 2010-2011
- 12/20/10 09:00 AM
As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time. "This year's Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home," said National Association of REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. "Since resale value can vary by region, it's smart for home owners to work with aREALTOR® through the remodeling and improvement process; they … (0 comments)
phoenix real estate market: Phoenix foreclosures continue . . . but not during the holidays!
- 12/09/10 03:49 AM
Freddie Mac announced earlier this month that it has "ordered all evictions involving foreclosed occupied single family and 2-4 unit properties that had Freddie Mac mortgages to be suspended from December 20, 2010 to January 3, 2011." Happy holidays! They went on to provide a statement by Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac, that "if the property is occupied, [Freddie Mac] foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays." This is actually something that Freddie Mac has been doing for years. So if you're … (2 comments)
phoenix real estate market: Experts agree: Phoenix economy looks rosy in 2011
- 12/09/10 03:44 AM
Can you believe it's December already? The chill in the air sure makes it feel like winter but it still surprises me how quickly the year went by. I - like many of you - am already looking ahead to 2011; making predictions and plans for the coming year. Speaking of predictions, the 47th Annual Economic Forecast Luncheon was held this week at the Phoenix Convention Center. The luncheon is co-sponsored by Arizona State University's W. P. Carey School of Business and JPMorgan Chase. Top economic experts discussed their predictions to the over 1,000 attendees at the luncheon. They spoke about … (1 comments)
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