phoenix real estate market: Greater Phoenix Metropolitan Area Real Estate Markets Begin to Stir. It's Alive!
- 06/30/09 11:18 AM
My regular readers will know that I am not a fan of government intervention. Rarely, if ever, does it result in a better product, good or service. Typically, it adds cost and bureaucracy. Having said all that, as a Realtor, it is also my job to stay abreast of any programs that might assist my clients. Naturally, the first government aid is the $8,000 tax credit that first time buyers receive if they buy a home. A first time buyer, by the way, is categorized as someone who has not owned a home in the past three years. There are some … (0 comments)
phoenix real estate market: Strippers Arrested in Phoenix Area Real Estate Scam
- 05/31/09 05:07 AM
Well, there's a headline I never thought I would write. But it's not what you think. As a Realtor, some of the worst homes we sometimes see, are bank-owned. In other words-Foreclosures. It never ceases to amaze me that some folks, admittedly a minority, think it is okay to vandalize the home they are losing. It is common to see a home where light fittings and light switch cover plates have gone missing. To the extent that the homeowner may have customized their home with better fittings, it is somewhat understandable. However, many people go to the extent of smashing what … (0 comments)
phoenix real estate market: Why No-One Likes A Short Sale
- 04/19/09 04:19 AM
Short sales, along with foreclosures are a large part of the Phoenix area real estate market. Here are some tips to guide you through the minefield.The general consensus is that short sales, where the owner owes more than the home is worth and asks for debt forgiveness, are a good deal. I am here to tell you, that while they can be, they are sometimes more trouble than they are worth. Both for the potential buyer, and for real estate agents.Let me explain. First of all, there has been a growing tendency, which I deplore, here in the Phoenix area, to … (0 comments)
phoenix real estate market: Pending Sales Are Up In Phoenix
- 04/09/09 04:13 AM
A rise in pending transactions bodes well for the future of real estate in the Phoenix metropolitan area.As we have noted in the past, the free-market, when it is allowed to operate always has and always will re-dress the housing market. You may not like the way in which it is achieved, but it will occur naturally, if left to regular market forces. By this, I mean that well intentioned programs to enable folks to stay in homes they still cannot afford, only delays the inevitable.Twice in recent memory, November 2008 and March 2009, prices have dropped so drastically, partly due … (0 comments)
phoenix real estate market: Pricing is Key; Always Was, Still Is.
- 04/02/09 07:48 AM
Pricing your home to sell is always a main factor in marketing your home. The sagging Phoenix real estate market makes it vital.The old adage in selling real estate was always, "Location, location, location". While that still holds true to a large extent, there are other factors just as crucial, not least of which is - Price.I was reminded of this again, today, as I was sifting through the MLS. Time after time, the same old frequent flyers kept popping up. Homes that were $550K two years ago when they should have been $500K, now marked down to $400K, when they … (0 comments)
phoenix real estate market: Are Short Sales A Good Deal?
- 03/21/09 03:23 AM
A quick look at short sales vs. foreclosed properties, in the Phoenix metropolitan area real estate market. A short sale, as opposed to a fore-closed home, is neither good nor bad, in and of itself. The real question is whether the house you are attempting to buy is worth the price you will have to pay. Let's back up a moment, and discuss the difference between the two. Briefly, a short sale is where the home is worth less than the amount owed, and in order to sell the home, the lender(s) must forgive some of that debt. A foreclosed home … (0 comments)
phoenix real estate market: Making Phoenix Home Buying Easier
- 02/17/09 01:46 AM
Freddie and Fannie try to make it easier for you to buy a home, not like it's been that hard in the last few years.Sometimes, here in Phoenix, and other parts of the nation, you will come across a home for sale in which you will be encouraged to use either "Homepath", or "Homesteps".Let's look at "Homepath" first. This is a program for homes that are owned by Fannie Mae. Naturally, they need to shift their inventory, so they are trying to make the home-buying process as streamlined as possible. No appraisal is required as they have priced the home right … (0 comments)
phoenix real estate market: Foreclosures Are Up In The Greater Phoenix Metropolitan Area
- 02/15/09 10:29 AM
Free market principles at work as sales jump to meet drop in prices. I have said this before but it bears repeating. When the free market is allowed full rein, it will correct itself. Echoing a national trend reported recently, we discover that as prices tumble, in part due to the increase in foreclosures, buyers in Phoenix are stepping up in larger numbers. Our misguided government's attempts to cure the market by forestalling foreclosures will only delay the inevitable. The renewed push to lower lending standards, or provide tax credits to first time buyers are merely band-aid fixes. They are just … (0 comments)
phoenix real estate market: Pricing Your Home in Phoenix or Anywhere USA
- 02/13/09 03:28 AM
A home or any commodity, is only worth what the market will bear. A troubled Phoenix real estate market doesn't change that.Quite often, we hear from sellers that they need to net X amount of dollars from their home sale, despite its value being considerably less. Well, I'd like a second home in the south of France, but that's not going to happen, either.The point is, you have to be realistic in your hopes for your home, and be able to adapt your plans accordingly, or you are effectively buying your home back at your inflated asking price.The other side of … (0 comments)
phoenix real estate market: North Phoenix Real Estate Market, Healthy or Not?
- 01/22/09 03:23 AM
How is the real estate market faring in the environs north of Phoenix, Arizona? In response to various inquiries, I delved into the statistics of an anonymous Phoenix area neighborhood to check the pulse of the market. Around this time of year, whilst attending a never-ending round of cocktail parties that being a busy Realtor entails, one question is posed time after time..."How's the real estate business?" the truth is- not bad! It could be, and has been, far worse. So I decided to run the numbers on a neighborhood that has homes for sale from the low $200's, up to … (0 comments)
Predicting future events is never an easy job, and more often than not, a futile exercise of vanity over reality. However, that has never stopped me from sticking my neck out! Further complicating the issue this year is the fact that we will be installing a new administration on January 20th, 2009. Also, due to the strange peccadilloes of the electorate in general, we have managed to re-elect virtually every member of Congress, (leastwise those … (0 comments)
phoenix real estate market: Phoenix Real Estate, How Far Have Prices Fallen?
- 11/06/08 08:31 AM
The final chapter on the fate of two Valley of the Sun homes, that we have written of previously. Some months ago, I wrote of two homes that had come onto the market due to the owner's need to re-locate (our blog). I will briefly re-cap the stories. Couple "A" bought a phoenix home in March 2006 for $335,000, with a substantial down payment of $185,000; or more than 50% of sales price. Couple "B" bought a more grand home, also in Phoenix, in December 2005 for the sum of $530,000, with a 10% down-payment of $53,000. This summer, both couples … (0 comments)
phoenix real estate market: Phoenix Real Estate, No more Mr. Nice Guy?
- 08/12/08 04:18 AM
In the extremely competitive real estate market that is gripping the nation, and particularly the greater Phoenix area, should your agent be a nice guy? Let me explain. First of all, should your real estate agent be a "nice"guy? (or gal, I know!) Well, whether you are selling or buying, what you need most of all, in any market, but especially in tough markets like Phoenix, is an experienced and competent agent. Many tout their longevity as a plus, and it is to an extent, but their competence is much more relevant. Ask yourself, who would be better? A motivated, 4 … (0 comments)
phoenix real estate market: Reverse Mortgages Help Phoenix Homeowners
- 10/17/07 10:54 AM
A few days ago, Mrs. K was talking on the phone to Grandma, who was lamenting the fact that Grandpa never "believed" in life insurance so he had never taken out a life policy. Later, as we discussed it, I pointed out that while there had been no insurance windfall after his demise, he had provided for his spouse by ensuring that their home was paid off in full. In fact, Grandma has not had a mortgage payment in twenty years.It is unusual for a realtor to cover this subject as it is somewhat out of our area of expertise. Which … (2 comments)
This is a blog dedicated to Real Estate issues in Arizona. Hosted by Gary (a licensed Broker)and Shannon (a licensed Sales Associate) Kiernan operating in the greater Phoenix area. Check out our website at www.garizonaproperties.com, search for properties or ask us a real estate question.
My regular readers will know that I am not a fan of government intervention. Rarely, if ever, does it result in a better product, good or service. Typically, it adds cost and bureaucracy. Having said all that, as a Realtor, it is also my job to stay abreast of any programs that might assist my clients. Naturally, the first government aid is the $8,000 tax credit that first time buyers receive if they buy a home. A first time buyer, by the way, is categorized as someone who has not owned a home in the past three years. There are some … (0 comments)
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