Arizona Real Estate
Market Trend of Maricopa County Residential Property
27/11/2007 10:27
Home values soar across the Valley
06/11/2007 13:38
The Business Journal of Phoenix, October 12, 2004
Home values soar across the Valley
The Valley's resale housing market slowed in September, recording 7,780 sales.
That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.
Read More...
Home values soar across the Valley
The Valley's resale housing market slowed in September, recording 7,780 sales.
That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.
Read More...
The Top Ten Reasons It’s a Great Time To Buy Real Estate!
05/11/2007 19:20
- No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the ‘feeding frenzy’ that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer’s market.
- You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you ‘make them an offer they can’t refuse’.
- Patience is tolerated. In the hot seller’s market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
- Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
- There are plenty of specs. In the not too distant past buyer had to ‘play games’ if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
- Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold ‘as is’. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
- Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective landlords.
- Location, location, location. Today’s buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
- Real Financing is available. The ‘wink, wink’ zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It’s a great time to buy real estate!
by Paul Pastore
Trend report: Phoenix market will be hot in '08
23/10/2007 00:20
Trend report: Phoenix market will be hot in '08
Andrew Johnson The Arizona Republic Oct. 18, 2007 12:00 AM
If there's one thing that economists and real-estate analysts agree upon, it's that the housing market will not rebound from its free fall soon.
But beyond that, it gets pretty murky.
For example, many experts can't seem to agree on the effect the housing downturn will have on commercial real estate. Some believe the market has already weathered the storm; others believe the worst is still to come.
The picture grew even hazier Wednesday with the release of a new report ranking Phoenix as No. 9 on a list of 15 U.S. commercial real-estate markets to watch in 2008.
The list was part of the Urban Land Institute and PricewaterhouseCoopers' annual report, "Emerging Trends in Real Estate 2008," which gauges investment and development prospects in the U.S.
Phoenix's rampant population growth, proximity to California and burgeoning presence as a hub for warehouse space makes it market to watch next year, the report said.
The conclusions were based on interviews with more than 600 real-estate investors, developers and analysts.
Pete Bolton, a senior managing director of CB Richard Ellis' Phoenix office, agrees with the report's conclusion. He believes Phoenix's market fundamentals, including supply and demand, immigration and job creation, will help the commercial real-estate market stay strong through the next year.
"The huge driver . . . behind this is job creation," Bolton said.
The report says that the regions that will fare the best are those that are 24-hour cities with major export and import hubs.
As a result, the top commercial real estate markets, from an investment standpoint, are New York City, Seattle, Boston, San Francisco, and Los Angeles, among others.
Phoenix is not a "global pathway" like the ones listed above.
But it is in the midst of a transformation that includes a light-rail system and several developments in the downtown core that range from the addition of an Arizona State University campus to new office towers.
All of that could give it enough vibrancy to withstand the housing slowdown.
As a result, the ULI study predicts that while Phoenix's commercial real-estate market is likely headed for some kind of correction, it won't be as severe as the one that has hit the residential market.
Phoenix does have some factors working against it though, and it will need to aggressively plan for and manage existing and future growth.
"The region needs revamped infrastructure to keep pace with all the growth, including more roads, and improved sewage treatment and water systems," the report said.
Bolton, of CB Richard Ellis, is among those who believe that the much-talked- about commercial real estate correction has already started.
He says the big question is whether tighter standards as a result of the subprime-lending implosion will slow investing.
Tighter underwriting won't go away in the coming months, said Paul Boyle said, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix.
But Boyle doesn't think that will cause an overall slowing in investments on the industrial side next year.
"I just think the buyers may be more selective," he said.
Not everyone is as optimistic. Elliott Pollack, a Valley economist, said the housing downturn's impact on commercial real estate will really start to show in 2009.
"Things are going to be very strong through 2008 because of that which is already in the pile," he said. "But, beyond that, things are going to get weak. I would expect (2007-2008) is the peak in this cycle for commercial real estate."
Andrew Johnson The Arizona Republic Oct. 18, 2007 12:00 AM
If there's one thing that economists and real-estate analysts agree upon, it's that the housing market will not rebound from its free fall soon.
But beyond that, it gets pretty murky.
For example, many experts can't seem to agree on the effect the housing downturn will have on commercial real estate. Some believe the market has already weathered the storm; others believe the worst is still to come.
The picture grew even hazier Wednesday with the release of a new report ranking Phoenix as No. 9 on a list of 15 U.S. commercial real-estate markets to watch in 2008.
The list was part of the Urban Land Institute and PricewaterhouseCoopers' annual report, "Emerging Trends in Real Estate 2008," which gauges investment and development prospects in the U.S.
Phoenix's rampant population growth, proximity to California and burgeoning presence as a hub for warehouse space makes it market to watch next year, the report said.
The conclusions were based on interviews with more than 600 real-estate investors, developers and analysts.
Pete Bolton, a senior managing director of CB Richard Ellis' Phoenix office, agrees with the report's conclusion. He believes Phoenix's market fundamentals, including supply and demand, immigration and job creation, will help the commercial real-estate market stay strong through the next year.
"The huge driver . . . behind this is job creation," Bolton said.
The report says that the regions that will fare the best are those that are 24-hour cities with major export and import hubs.
As a result, the top commercial real estate markets, from an investment standpoint, are New York City, Seattle, Boston, San Francisco, and Los Angeles, among others.
Phoenix is not a "global pathway" like the ones listed above.
But it is in the midst of a transformation that includes a light-rail system and several developments in the downtown core that range from the addition of an Arizona State University campus to new office towers.
All of that could give it enough vibrancy to withstand the housing slowdown.
As a result, the ULI study predicts that while Phoenix's commercial real-estate market is likely headed for some kind of correction, it won't be as severe as the one that has hit the residential market.
Phoenix does have some factors working against it though, and it will need to aggressively plan for and manage existing and future growth.
"The region needs revamped infrastructure to keep pace with all the growth, including more roads, and improved sewage treatment and water systems," the report said.
Bolton, of CB Richard Ellis, is among those who believe that the much-talked- about commercial real estate correction has already started.
He says the big question is whether tighter standards as a result of the subprime-lending implosion will slow investing.
Tighter underwriting won't go away in the coming months, said Paul Boyle said, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix.
But Boyle doesn't think that will cause an overall slowing in investments on the industrial side next year.
"I just think the buyers may be more selective," he said.
Not everyone is as optimistic. Elliott Pollack, a Valley economist, said the housing downturn's impact on commercial real estate will really start to show in 2009.
"Things are going to be very strong through 2008 because of that which is already in the pile," he said. "But, beyond that, things are going to get weak. I would expect (2007-2008) is the peak in this cycle for commercial real estate."
Mortgage applications rise 0.7%
22/10/2007 23:59
Mortgage application volume increased a seasonally
adjusted 0.7% last week, according to the Mortgage
Bankers Association's latest survey.
Applications were also 0.7% higher compared with the same week during 2006. Read More...
Applications were also 0.7% higher compared with the same week during 2006. Read More...
The Current Housing Market Is a Great Time for Buyers
18/10/2007 14:28
With
Prices low and sellers wanting to move on, desperate
to sell, regardless of how many concessions they
might have to make to close their deals. With more
than half a million brand new homes languishing on
the market unsold across the US and a lot of existing
homes that will take an estimated 8-9 months to sell
with an average realtor, buyers have plenty to be
happy about.. Read
More...
In Todays Arizona Republic
17/10/2007 07:20
Today in the Arizona Republic's Business section
reads in bold headlines "Homeowners slash prices". I
would have to say this is a very true statement,
although I would assume their is a bit more to the
story than they say. Absolutely in today's housing
market you need to be towards the bottom of the CMA
in your neighborhood or even the lowest priced home.
They state that one Chandler man slashed his price by
60,000, but the fail to say the price was most likely
way over priced to start with. That is the name of
the game, price the property to SELL. We need to get
a little more realistic about buyers today, emotions
runs high but price still makes the deal. So the long
and short of it is, get it cleaned up without
breaking your back and price, price, price.
Is the Open House What It Used to Beach
15/10/2007 23:34
While 80 percent of home buyers used the Web to
search for properties, only 42 percent visited open
houses last year, Read
More...
Buying Your First Home
14/10/2007 10:15
Everyone wants the American Dream of homeownership. But before you start looking, there are a number of things you need to consider.x
Read More...New York magazine lists Phoenix among top second-home choices,
08/10/2007 09:22
New
York magazine lists Phoenix among top second-home
choices, The Phoenix Business Journal, reports that
Phoenix is one of 11 cities touted as "Best Places to
Live" in the current issue of Resident
magazine.
Read More...
TV star reveals home-flipping secrets
07/10/2007 07:01
If you have been
fascinated by reports about how to earn profits
fixing up and quickly selling houses for large
profits "Flipping Confidential" by Kirsten Kemp
reveals how she profitably flips houses. As TV host
of The Learning Channel's "Property Ladder," Kemp has
become an expert at how to recognize houses with
profit potential and those to avoid.
Read
More...
Top Ten American Houses
06/10/2007 19:16
CNN Money presented us with their top 10 favorite
houses in America, selected from the American
Institute of Architects list of the top 150
American Structures. I know these came out a
while ago (March, 2007 ), but I sure do like
them. so I wanted to put these magnificent home
photos up again. Read
More...
Arizona's Real Estate Employee Discount Program
06/10/2007 15:34
I am very happy to
announce the Arizona Business Resource Division
Program has been growing by leaps and bounds.
Read
More...
The home forclosure process
05/10/2007 11:54
Some of the basics on foreclosures
3 types of Foreclosure Sales:
1) SHORT SALES
The homeowner has negotiated with the Lender to put his own house up for sale for less than is owed on the mortgage. The homeowner benefits by limiting the damage to his credit, the Lender benefits by not having to foreclose and sell the home themselves. Read More...
3 types of Foreclosure Sales:
1) SHORT SALES
The homeowner has negotiated with the Lender to put his own house up for sale for less than is owed on the mortgage. The homeowner benefits by limiting the damage to his credit, the Lender benefits by not having to foreclose and sell the home themselves. Read More...
What if my mortgage lender goes broke?
03/10/2007 11:06
A few clients of mine have asked me the question "can
my mortgage company close and cause trouble with my
mortgage payment? Read
More...
Today's Current Housing Market
02/10/2007 09:44
Here’s
what Gary Keller, co-founder and chairman of Keller
Williams Realty has to say about waiting out the
current market: Read
More...