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Mary Maxie » Market News

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Mary’s Funny Real Estate Stories

Mary’s funny Real Estate Stories: Some MLS photos are good, some bad, but some are hilarious. One set of photos showed a master bedroom, with the owner still in bed! Couldn’t the realtor wait a minute till the person got up & made the bed? Another realtor obviously didn’t realize that when you take a photo in a bathroom where there are mirrors, that you can be seen in the mirror when the photo is taken. There she was in all her glory, taking a photo of the bathroom, & she was topless! Maybe the a/c was turned off & she was hot taking all those photos?

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home at mary.maxie@pruaz.com
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com

Oct is Breast Cancer Awareness Month

October is Breast Cancer Awareness Month

Ladies, & gentlemen who love ladies, Oct is Breast Cancer Awareness Month. Have a mammogram, do your self exam often, send a check to the Cancer Society in your area, attend a fund raiser, & say a prayer for a cure. (then you can think about ordering Justine’s Auction by Patrizia Murray from Amazon for insight into life & love after breast cancer). Let’s think pink & save all the tatas we can!

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home at mary.maxie@pruaz.com
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com

Phoenix Real Estate defies national trends

Phoenix Real Estate defies national trends
Phoenix housing market shows strong rebound
The Phoenix-area housing supply is down 42% from a year ago, foreclosures are down 52% from February 2011 and single family home prices have been trending upward since September 2011, according to a report authored by Michael Orr at the W.P. Carey School of Business at ASU. CoreLogic, meanwhile, also shows a local drop in foreclosures, so much so that the Phoenix foreclosure market is tracking below the national foreclosure rate of 3.43% of outstanding mortgages. That number locally in January was 2.85% of outstanding mortgages.
Read article – Phoenix Business Journal

Investors with Cash Driving Up Home Prices
Home sales are up across the valley. But many families looking for affordable places to live are getting squeezed out as more and more investors move in. Investors are taking advantage of foreclosed homes and short sales, paying cash. It’s good news for people who are stuck in underwater homes — prices appear to rising fast. “We went straight through normal and back from a fear-dominated market to a greed-dominated market with nothing in between,” said Mike Orr, a professor at ASU’s W.P. Carey School of Business. Orr says 40% of home sales are cash deals today, compared to about 10% in normal times.
Read article – MyFoxPhoenix.com

Short Sales Get Shorter: New Deadlines to go into Effect
As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up the process. This article covers some of the new requirements, including:
*Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.
*Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.
*Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale.
Read article – Realtor Magazine

Valley housing values, sales improve in Feb., foreclosures down
The Valley’s housing market improved by almost every measure in February, with an increase in values, an uptick in homes sold and a drop in the number of foreclosures. The ARMLS reports that 7,249 homes sold in February – up 1.3% from a year ago. “Sales above 7,000 units are seen as robust for the Valley’s market,” the report said. Median sale prices also rose, to $122,000 – up from $108,300 in May of 2011. The total number of homes on the market dipped 5.2 percent from the previous month, to 23,736. Inventory is down 41.6% since February 2011.
Read article – East Valley Tribune

Seniors, Young Adults Will Influence Housing
Aging Baby Boomers and their “Echo Boomer” children will significantly impact trends in the nation’s housing market over the next 20 years. Over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb. “Housing, jobs, and the economy are inextricably connected,” says NAR Chief Economist Lawrence Yun. “A strong recovery with favorable housing market conditions would encourage substantial growth in Echo Boomer households, which would help absorb the current vacant inventory and stabilize conditions for residential construction.”
Read article – Realtor Magazine
Phoenix home sales increase as prices move higher
Average sales prices have been rising slowly in the Phoenix metro area from a low of $151,400 in August 2011 to $166,000 in February. Median sales prices also have climbed from a low of $108,300 in May 2011 to $122,000 in February. List prices also are increasing. Pending foreclosures have dropped. There was a high of pending foreclosures in November 2009 with 50,568. That compares with 17,833 pending foreclosures in February. Distressed sales as a percentage of all sales are declining. February’s 3,723 distressed sales represent 51.4% of total sales. That compares with the highest level in September 2010 when distressed sales accounted for 74.1% of total sales.
Read article – Phoenix Business Journal

Mobile Devices Become More Important in Home Searches
Smartphones and tablets are being increasingly important tools for home buyers. A recent survey shows that 68% of mobile users contacted a real estate professional to schedule a showing based on their mobile search. What’s more, 98% of those who reported using mobile devices considered the tools valuable in their home search, and 46% said they were “essential.” See the full article to learn more about how they are using their mobile devices in their home search.
Read article – Realtor Magazine

When it comes to deciding which wood floor would suit your needs in the best way, consider the room’s use, what subfloor or existing floor that is there now, budget and your preferable design.

Solid hardwood floor. might outlast your house since it can go through several refinishing cycles. Installation needs underlayment, but it could be installed on existing subfloor. Hardwood provides an excellent design solution as it comes in many kinds of wood: oak, maple and ash.

Engineered floor. provides all the benefits of hardwood, it can be refinished as well but is easier to install and does not require underlayment subfloor and can be installed on any surface. Engineered hardwood flooring is made of wood, but it’s not solid. Instead it is a laminated product like plywood, with a thin but tough veneer of real wood on top laminated to three to five layers of less expensive wood (or fiberboard) and bonded under pressure with strong glues.

Laminate. is completely synthetic with a tough melamine wear coat over a paper or fiberboard core. The beauty of laminate flooring is that it can be made to look like any material; stone, ceramic tile, wood, and more – at a fraction of the cost of the real thing. The effect is achieved in the second layer, which contains a photographic representation of the real flooring material. It is easy to install and water resistant.

Bamboo plank floor. is an environmentally friendly material. Not only is bamboo a fast-growing and renewable crop, the companies that make bamboo flooring use binders with low emissions. Bamboo flooring is made by shredding stalks of the raw material, then pressing them together with a resin that holds the shreds in their finished shape.
Free Stuff from Mary@marymaxie.com
FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale
FREE Tips on Home staging your house for better showings
FREE Tips for First Time Home Buyers
FREE Tips for First Time Home Sellers
FREE The 10 Things Most Often Cited on Home Inspections
FREE Info on 180 day rule for foreign home buyers
FREE Info on FIRPTA Rules for foreign investors
FREE Info on what Canadian buyers of Arizona Real Estate need to know.
FREE shopping, golf, sports, Arizona Living info
FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament
FREE Market News from www.marymaxie.com
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Mary Maxie, Associate Broker, Prudential Arizona Properties 602-738-6597
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

Rise in Phoenix Housing shows path for other cities

Rise in Phoenix Housing Shows Path for Other Cities

The Wall Street Journal | Economy | March 12, 2012 9:57 PM

By Nick Timiraos PHOENIX—As home prices continue to drop in most cities, a nascent real-estate rebound here holds lessons for the rest of the country.

This sprawling desert metropolis was one of the hardest hit housing markets during the bust. Phoenix home prices declined 55% from 2006 through the end of 2011, and Arizona’s foreclosure rate jumped to No. 3 in the nation in 2009. Hundreds of thousands of homeowners are underwater, meaning they owe more than their homes are worth.

Now real-estate economists across the country are studying an early but surprisingly broad Phoenix turnaround. The sharp drop in home prices has brought new buyers into the market. Unlike other markets where housing recoveries have been snuffed out by big overhangs of homes for sale and foreclosed properties, inventories are lean here.

“Phoenix has hit a bottom,” says Thomas Lawler, an independent housing economist who was one of the first to warn six years ago that prices in overbuilt metros were poised to fall.

The nation’s hard-hit housing markets face a tough act: engineering a housing recovery without traditional trade-up buyers, many of whom are either unwilling or unable to sell because of huge price declines.

Phoenix has found a viable formula. Low prices are igniting demand from first-time buyers and investors who are converting the homes to rentals. The local economy is on the upswing with several big employers like Amazon.com Inc. and Intel Corp. hiring again, which is further increasing demand for housing. And the region is benefiting from a surge of buyers from Canada who are using their favorable exchange rate to scoop up bargains in the desert.

Local mom-and-pop investors are also playing key roles in soaking up supply. “I’m running my Realtor ragged looking at properties,” said Robert Gerundo, who last month stood inside a two-bedroom condominium, scribbling his signature on an offer to buy the unit for $50,200, slightly above the listing price set by the bank, which recently foreclosed on the unit.

Mr. Gerundo has bought 13 properties in Phoenix in the past two years and rents them out for as little as $950 a month. The 49-year-old, who drives around in a Jaguar with a Rutgers sticker on it, says he is making so much money as a landlord that he quit his job last year in New Jersey as a banker.

Nationally, housing demand still remains weak and bank-owned sales are expected to rise this year, putting more pressure on prices. Many economists say they expect home prices nationally could fall by another 3% or so this year before hitting a bottom next year. Most expect that prices will rise little for several years.

U.S. home prices fell another 2% in the fourth quarter on a seasonally adjusted basis, according to the Standard & Poor’s/Case-Shiller index tracking 20 cities. But prices rose by 2% in Phoenix, the biggest increase of any metro area in the country. Over the past year, prices in Phoenix are down by 1.2%, the smallest drop since its prices started falling in 2006.

Other markets are showing signs of life, too, as the spring buying season gets under way. Recent job gains for Detroit’s auto sector have helped rev up sales in recent months. Home prices in Washington, D.C., have fared better than in much of the country thanks to better employment prospects from government-related hiring.

Big price drops, like those in Phoenix, are another key. In Detroit, prices are down by 46% over the past six years and have fallen to levels last seen in 1994. Sales have picked up in Miami, where prices are down by 51% over the past five years.

But low prices alone haven’t been enough to so stabilize other epicenters of the housing bust where job growth still lags. In Las Vegas, where prices have tumbled 62% since 2006, including 8.9% over the past year, the local economy is heavily dependent on tourism and gambling, both industries that haven’t recovered. “A lot of markets in the country have hit a bottom, but I just don’t see them coming back the way Phoenix has,” says John Burns, a homebuilding consultant in Irvine, Calif.

The improving housing market in Phoenix isn’t much comfort to anybody who bought a home there a few years ago. More than 52% of mortgage borrowers owe more than their homes are worth, according to CoreLogic, a real-estate data company. And not everyone in Phoenix is convinced that the improvements will last, especially if the economy falters or oil prices soar.

Phoenix saw a small run-up in prices three years ago when federal tax credits spurred a buying frenzy, but prices dropped again once the credits expired. Others worry that banks have delayed foreclosures and will begin to saturate the market with more properties in the coming year. “It feels like a temporary bottom,” says Brett Barry, a real-estate agent who lists properties for Fannie Mae.

Such concerns haven’t discouraged buyers like Lloyd Sheiner from taking advantage of low prices to build an inventory of 143 homes, which he rents out to families that haven’t been able to hold on to their homes.

“The panic is over,” says Mr. Sheiner, an apartment and commercial real-estate investor who lives in Montreal and began buying 18 months ago after he concluded prices were too low.

His average renter, he says, is a family of four with parents who have jobs. “They’ve been sitting around their kitchen table with a $350,000 mortgage on a house worth $140,000,” he says. “And they’re saying to themselves, ‘Geez, what are we going to do? Do we spend the next 20 years of our life paying this down or do we start over?’ ”

His company, Living Well Homes, has built its own property-management infrastructure that allows tenants to submit work orders online and automatically deducts rent from their checking account. “We don’t go running around the valley banging on the door collecting rent,” he says.

Out-of-state buyers accounted for one-quarter of all purchases last month. One in every 25 sales went to a buyer that listed a Canadian address when registering the sale, according to the Cromford Report, a local real-estate publication. Many are flush with cash from a real-estate boom of their own in Canada and an exchange rate that has given Canadians unusual buying power.

Dean Selvey, a real-estate agent and investor who has built his business around marketing to Canadian snowbirds, last month set up a big booth at a two-day trade show in nearby Mesa called “Canadian Snowbird Extravaganza Celebration” that drew 5,000 attendees. “It’s chase the Canadians—that’s our market,” he says.

A few days later, Jon Mirmelli, a local real-estate agent who has bought nearly a dozen foreclosures as rentals, knocked on the door of a homeowner whose home was slated for a bank foreclosure auction. After introducing himself and informing the occupant about the imminent foreclosure sale, he popped the question: “If you’re not able to keep your house, would you be interested in renting it?”

From the porch, Mr. Mirmelli’s business partner sized up the condition of the three-bedroom house, which the current owner bought for $150,000 in a short sale two years ago. At courthouse auctions, homes are sold as is, meaning the buyers may have to evict the former owner.

Nearly 29% of homes sold last month went to buyers who indicated they planned to rent out the properties, according to the Cromford Report. That figure has been on the rise over the past two years. In mid-2010, the share stood near 15%.

Competition from investors is frustrating for aspiring first-time buyers like Adam Brenner. “This does not feel like a buyer’s market at all,” says Mr. Brenner, a pharmacist who estimates that he has looked at 60 houses since last fall. “You hear and read about how there are so many homes for sale, but once you start looking, it’s a pretty big shock.”

Many real-estate agents have reported more bidding wars in recent weeks, and some buyers are agreeing to escalation clauses, a bubble-era provision where they agree to pay a certain price above the highest offer.

Arizona makes it easier for banks to take back properties through foreclosure without going to court. The state saw the largest decline in the share of loans that were seriously delinquent or in foreclosure during 2011, according to Lender Processing Services. So-called judicial states such as Florida, where banks must process foreclosures by going through court, have seen growing backlogs, which some fear could eventually drag down Florida markets again in the future.

Now prices are firming up because fewer homes are selling out of foreclosure. Foreclosed properties accounted for 36% of all home resales in January, down from 55% one year ago and a peak of 66% in March 2009, according to DataQuick, a real-estate data firm. Those declines have fallen, in part, because banks are also becoming more efficient at approving short sales, where it allows a sale for less than the mortgage debt owed.

Mike Orr, founder of the Cromford Report, says concerns that banks will begin to dump more foreclosures on the market are overblown, at least in Phoenix. “People think there’s a glut of homes the banks are hiding somewhere, and that may be the case in other markets, but not here,” he says.

Still, a market recovery on paper means little to hundreds of thousands of underwater homeowners. Consider the case of Gil Monti. In just two days, he received five offers for this home—four above his asking price.

But that offers little comfort: He has been forced to sell the home, which he built 34 years ago and where he raised all three of his children, in a short sale for $275,000.

Mr. Monti was one of many people who refinanced his home repeatedly during the boom, pulling out cash along the way to fund home improvements and his kids’ college educations. He paid $100,000 in construction and land costs in 1978, and the home was valued at nearly $600,000 in 2006. He sold the property last month in a short sale because his “interest only” $473,000 mortgage reset last year, requiring full interest and principal payments.

He realized the depth of his troubles last year when a neighbor sold a home for just $199,000, a third of what Mr. Monti’s home was worth at the peak.

Mr. Monti isn’t alone. “The recovery that gives people like Gil the freedom to sell their property is not going to happen, possibly ever, for a lot of people here,” says Greg Markov, his real-estate agent.

Mr. Markov also represents Mr. Gerundo, the investor who bought 13 properties as rentals. “That recovery is already here” for Mr. Gerundo, Mr. Markov says. “His investment is not going down in value.”

Write to Nick Timiraos at nick.timiraos@wsj.com

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home at mary.maxie@pruaz.com
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com

Phoenix realtor vultures

Phoenix Realtor Vultures
Lately, whenever I show a house, there are typically anywhere from 2-8 realtors circling the house like vultures around a fresh kill, waiting their turn to get inside. More often than not, they have no client with them. This tells me several things:
1. There are very few houses available for sale
2. Those that are for sale are going to sell for more than list price, & often there’s a bidding war.
3. If it doesn’t seel right away, it’s overpriced or trashed.
4. If realtors are circling without clients, they usually represent investors who often don’t need to see the house, but just figure out if they can make a dollar or two by fixing and flipping.
5. There are so few houses for sale, that people are putting a high price on their offer, to get the house off the market, and then once they figure out it’s not an economically sound buy, they let it go back on the market.
6. There are several backup offers on every reasonably ‘good’ house.
7. Often a house goes on the market with several offers already accepted & backing up. This tells me that listers are offering the house to their own clients & clients of their office first, before putting it on MLS, so that they can double dip on the commissions. Not bad in & of itself, but discouraging for buyers.

If you or anyone you know wants to talk about pricing, short sales or anything else that’s going on in this crazy real estate market, please call me.

Arizona Short Sale Points To Ponder

Have you ever thought about a short sale on your home? Are you underwater but still managing to make your payments every month? Or maybe you have no idea what to do do next, & have had to stop making mortgage payments?

I’d be happy to sit down and explain a few things to you, and help you make the life-changing decision you will eventually have to face if you can answer ‘yes’ to any of the above questions.

I can give you information on the newest plans for folks such as you from banks, government and real estate buyers and investors. The only thing that remains constant is change, and as your real estate professional, I spend many hours each week in contact with bankers, investors, and short sale lawyers, accountants and other advisors to keep up to the minute on what’s happening in the marketplace. It changes almost daily, wo what you thought last week, or read in last week’s media may not be valid this week or next week.

Let’s talk about the following:
1. Avoiding foreclosure & the future problems that foreclosure can cause
2. Find out about forgiveness of deficiency
3. In many cases, dings to your credit score can be avoided or minimized
4. Yes, you can begin to rebuild your real estate assets immediately
5. After a short sale, there are non-traditional financing options available
6. Cash for keys from the bank
7. Sooner is better than later to deal with underwater housing
8. Short sales usually bring a higher value than a foreclosure
9. Laws continue to change, very quickly and very often, so stay up to date

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home at mary.maxie@pruaz.com
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com

Short Sale Foolishness

Short Sale Foolishness
Picture this scene: you & I are both underwater on our houses. Our two banks are willing to short sale both houses for 40% less than what we owe. Banks will allow us to sell to each other (with some finagling & changing things around) & have to move into each other’s houses, but won’t let us stay in our own homes and give us 40% off. How foolish! If the bank would take 40% off plus lower the interest rate we’re paying to what they are offering new borrowers, we could afford to stay in our own houses & make the payments. Yet they make us move out & rent for a couple of years, before allowing us to take out another mortgage on another underwater house & make those sellers move. The whole thing is a mess.

Want to know more about the Phoenix Scottsdale home scene?
Interested in learning about short sales & how they affect your credit?
Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home at www.marymaxie.pruaz.com
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com

Phoenix Real Estate Report Dec 2011

Hello!

Here is the Market Update through the end of December 2011. Please note that the Valley Wide graph represents all of the MLS. The table below that graph just represents recordings for new and re-sales for Maricopa County.

Inventory (All Areas & Types in MLS): Total active listings have dropped by 1376 units over the beginning of last month. As of January 11, we sit at 25,342 Actives for Single Family Homes and Condos. Sales are at 7042 for the last 30 days (as of January 11th), up by 53 units from December 2011. We are currently sitting at a 3.6 months of supply. If you subtract out the AWC Contracts (which are included in Actives in the Cromford Report), we are at an approximate 3.0 months of supply. Traditionally, 3-4 months of supply indicate a balanced market. Now is the time to take listings!

Distressed Market Pie Chart: This chart shows you the percentage of distressed properties that are being listed and sold. Short Sales represent 32% of the Closings for December (compared to 30% in November) and 36% of the active Listings for a 3.9 Months of Supply. Distressed Sales (Short Sales and REOs combined) accounted for 59% of the total sales for December. REO Sales have taken a dramatic drop to 27% of the sales from 30% last month. The listing success rate for Short Sales is 60.8%! Don’t avoid these listings! They are closing with greater success rate!

Closings (Maricopa County: New Construction and Re-Sales): There were 7806 closings in December 2011 vs. 6975 closings in November 2011, which equates to a 11.9% increase. There were 6991 closing in December 2010, which is a 11.7% year-over-year increase for 2011. And, for the entire year of 2011, there was a 9% increase in sales over the year of 2010!

Reality Check: The Median Sold Price for Maricopa County for December 2011 was $129,214, which is up .4% from November 2011. In December 2006, the Median Sold Price was $265,000! In December 2000, the Median Sold Price was $138,286. Use this at your listing appointments to help explain what has happened to our market and get realistic list prices!

Luxury: The Luxury Market of $1,000,000+ continues to have the lowest absorption rate of any market segment. There was a 6% absorption rate for the month of November. Only 66 properties in all of the MLS were sold for more that $1,000,000 in December 2011.

Please click on the link below to take you to the Graphs. You can save/print/email them from there! Use these with all of your clients, SOI and Open Houses! Everyone wants to know what is happening in Real Estate – Be the authority!! Remember that you can always go to www.eta-az.com and click on Sales & Marketing, then Market Update for this info as well!

CLICK HERE FOR CURRENT GRAPHS

MONTHS OF SUPPLY

East Valley: 2.5

NorthWest: 3.6

Paradise Valley: 8.8

Luxury ($1mil+): 16.4

Southwest: 2.7

Peoria/Glendale: 2.6

Camelback Corridor: 3.7

Cave Creek: 4.3

Ahwatukee: 2.9

Scottsdale: 5.7

Apache Junction: 3.3

Fountain Hills: 6.6

Buckeye: 3.1

Desert Ridge & Tatum Corridor: 1.9

Phoenix Real Estate Market Report Nov 2011

Phoenix Real Estate Market Report Nov 2011
Greater Phoenix – Single Family Detached

Market Headlines

· In every price range, sales prices in $/SF are now higher than a year ago.

· Inventory is still falling below $200,000 and constraining sales volumes.

· Above $200,000, supply is rising and demand remains relatively weak.

· After a noticeable weak patch during the summer, prices have regained strength.

· Lender-owned inventory is falling fast, especially at the lower price levels.

· Short sales are overtaking foreclosures as the primary mechanism to resolve mortgage debt problems.

1. Homes under $100,000

Summary: Supply getting tight and now constraining the market. Prices are rising and are now 2.7% higher than last year.

2. Homes Between $100,000 and $200,000

Summary: Supply lower and demand holding. Pricing is on a firm upward trend.

3. Homes Between $200,000 and $400,000

Summary: Supply is higher and demand is still unimpressive. Nevertheless, pricing remains extremely stable.

4. Homes Between $400,000 and $800,000

Summary: Supply is up only slightly and demand is stronger. Prices regaining ground lost in August and September.

5. Homes over $800,000

Summary: Supply is growing while demand remains below par. However prices remain remarkably stable.

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com

Greater Phoenix Real Estate: Cromford Report

Cromford-Report: Greater Phoenix – Single Family Detached

Market Headlines

* A big contrast exists between the market under $200,000 and the market above that figure

* Enthusiastic buying below $100,000 is causing significant price rises as inventory becomes tight.

* Above $200,000 the market continues to deteriorate slightly. 

* Above $400,000 there is potential for further price weakness unless demand improves.

* The overall average for sales pricing is now on an upward trend.

* REO inventory is falling fast, especially at the lower price levels.

Overview The demand for homes between $50,000 and $150,000 continues to be particularly strong as investors, many from out of state, seize the profitable opportunity of becoming landlords. Demand from owner occupiers remains relatively weak due to the difficult financing climate. The supply from foreclosures continues to fall very fast and short sales are becoming a more important part of the picture. Lenders are receiving far fewer homes into REO inventory as a larger percentage of the trustee sales result in a sale to a third party. The market below $200,000 is now highly supply constrained.

Homes over $400,000 are suffering from lower demand and the supply has started to creep back up. Demand for homes over $3,000,000 remains very weak especially compared with this spring.  

A clear and significant upward trend has developed in the price of homes below $200,000, particularly those sold by lenders. In contrast the pricing for homes over $400,000 is currently very stable but with the possibility of a bias to the downside. Because of the high sales volumes at the low end, price averages are very likely to push higher which may have a positive effect on sentiment. 

The period from the second half of August to the first half of September represents a low point which looks likely to be seen in hindsight as our second market bottom, the first having been April 2009.   

Foreclosures New notices of foreclosure continue to be filed at similar levels for the last two months, though more than 50% down from the levels of 2009. We now have fewer homes pending foreclosure than at any time since the middle of 2008. However, more of these are finding solutions other than the trustee sale and the completed foreclosure counts are now falling fast. 

 

More Arizona Real Estate Investors

More Investors Bypass ‘Flipping’ for Renting –
 
The days of flipping houses for big profits have all but vanished in many markets as more investors see bigger profits in rentals.  Investors flipped half of their purchases in July, which is down from 75% from a year prior. The other properties were being held onto to rent out.  A recent survey by the company HomeVestors found that their investor clients were 57% more likely than two years ago to buy a property for renting than to flip.  Read article:
http://realtormag.realtor.org/daily-news/2011/09/29/more-investors-bypass-flipping-for-renting
 
 Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:

*Register for frequent MLS updates on your new Arizona Home

*Disclosure issues affecting Phoenix Home buying

*Shopping, Golf, Sports, Critter Report,ArizonaLiving

*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597

Mary Maxie, Associate Broker, Prudential Arizona Properties

Frequent updates at my blog www.marymaxie.com

Phoenix Real Estate News: Snoring Rooms

Phoenix Real Estate News: Snoring Rooms

New home designers are adding a new room to today’s houses. It’s called a Snoring Room or sometimes a double master suite, or sometimes a sick room. It’s primarily so couple can get a good night’s sleep if one of them is snoring, or if one is ill, or coughing, or simply if one is a lark and the other is an owl.

Larks and owls always somehow seem to find each other. Larks are up with the birds, fall asleep at 9pm, and owls are night people, who want to party or read or work till the wee small hours of the morning and then sleep till noon. The REM sleep for larks and owls is totally opposite. The deepest sleep for a lark is early in the night, usually righ after they fall asleep. The deepest sleep for an owl is closer to wakeup time for them. Larks seldom nap or sleep during the day, because it’s too light out. They are more apt to nap if they nap at all, while they watch TV in the evening.

Owls can sleep despite sunlight, and if they need to nap, don’t care if it’s light out.

Whatever the reason for snoring rooms, people tend to sleep better when their sleep is not disturbed by noise or sickness or different sleep cycles, yet couples who want to remain close in the night, don’t wan’t separate bedrooms. They solve that problem by adding a room that is part of the master suite. Either may utilize it, depending on their individual sircumstances. It could be utilized at times as a nursery, office, library or just a sitting room too.

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:

*Register for frequent MLS updates on your new Arizona Home

*Disclosure issues affecting Phoenix Home buying

*Shopping, Golf, Sports, Critter Report,ArizonaLiving

*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597

Mary Maxie, Associate Broker, Prudential Arizona Properties

Frequent updates at my blog www.marymaxie.com

 

Phoenix homes: What home buyers want

 

Phoenix Homes: What home buyers want

 
Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer
preferences, identified these must-haves in new homes:1. Large kitchens with islands 2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.3. Home offices 4. Main-floor master suite 5. Outdoor living spaces 6. Ceiling fans 7. Soaking tub in the master suite and/or an oversize shower with a seating area 8. Stone and brick exteriors rather than stucco or vinyl 9. Community walking paths and playgrounds 10. Two-car garages, but three-car garages are even more desirable

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:

*Register for frequent MLS updates on your new Arizona Home

*Disclosure issues affecting Phoenix Home buying

*Shopping, Golf, Sports, Critter Report,ArizonaLiving

*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597

Mary Maxie, Associate Broker, Desert Dwellers Realty

Frequent updates at my blog www.marymaxie.com

Arizona Wine Country

 

Arizona Wine Country

 
I’ll bet you didn’t know that Arizona has 40 wineries in production and another 25 getting ready to go into production. They are almost all small boutique wineries, with limited production, but they are grouped so that you can take a one day or more wine tour and tasting, and see some fantastic desert scenery along the way.
No one really thinks of Arizona as wine country, but it makes a great holiday weekend. Ask me about maps and tours. And if you want to become a vintner, I can help you find a winery to buy and operate

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:

*Register for frequent MLS updates on your new Arizona Home

*Disclosure issues affecting Phoenix Home buying

*Shopping, Golf, Sports, Critter Report,ArizonaLiving

*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597

Mary Maxie, Associate Broker, Desert Dwellers Realty

Frequent updates at my blog www.marymaxie.com

Homeowner tax cut, new outlet mall in Phoenix

Homeowner Tax Cut, new outlet mall in Phoenix

Most county homeowners to get tax cut - For the first time since the downturn of metro Phoenix home values, most of the region’s homeowners can expect a noticeable drop in their property taxes.  Maricopa County property-tax bills are being mailed this week, and the average homeowner bill is expected to decline more than $60 from last year’s bill.  Most of those districts raised tax rates this year, but the overall amount of taxes those districts plan to collect is down almost 6 percent.  Read article:
http://www.azcentral.com/business/realestate/articles/2011/08/30/20110830maricopa-county-homeowners-property-tax-cut.html

Social Networking Reaches New Milestone - Social networking is getting even bigger: Half of all American adults now say they use a social networking site, according to a new survey by the Pew Research Center. Six years ago, only 5% of adults reported using social networking sites, such as Facebook, LinkedIn, or MySpace.  Women between 18 to 29 years old account for the “power users” of social networking sites.  Read article:
http://realtormag.realtor.org/daily-news/2011/08/29/social-networking-reaches-new-milestone 

Plans for outlet mall targeting Loop 101 area in Scottsdale
http://www.azcentral.com/business/realestate/articles/2011/08/29/20110829scottsdale-loop-101-outdoor-mall-plans.html

 Spring buying boosts home prices
http://www.azcentral.com/business/realestate/articles/2011/08/30/20110830US-Home-Prices0830.html

Consumer spending rebounds, rose in July
http://www.azcentral.com/business/articles/2011/08/29/20110829consumer-spending-rebounds-rose-08-pct-july.html

 New iPhone 5 likely in October
http://www.azcentral.com/business/consumer/articles/2011/08/29/20110829New

Want to know more about the Phoenix Scottsdale home scene? Call or email mary@marymaxie.com for free info on the following:

*Register for frequent MLS updates on your new Arizona Home

*Disclosure issues affecting Phoenix Home buying

*Shopping, Golf, Sports, Critter Report,ArizonaLiving

*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597

Mary Maxie, Associate Broker, Desert Dwellers Realty

Frequent updates at my blog www.marymaxie.com

Phoenix Market News: Get the best home inspector, not the cheapest

Phoenix Market News:Get the best home inspection not the cheapest

 
Get the best home inspection, not the cheapest. It always amazes me that people price shop for a home inspection on the biggest asset they will ever purchase, and will choose their inspector based on as little as a $25 difference. Before you choose an inspector, ask to see proof of the following:
1. Is the inspector certified/licensed by the state or federal authorities in your area?
2. Does the company have liability insurance (should be a minimum $1million)?
3. Does the company have Worker’s Compensation for its inspectors?
4. Does the inspector belong to a recognized national home inspectors’ group such as ASHI or NAHI, which mandates continuing education?
5. Does the inspector indemnify the realtor against any lawsuits for whatever reason, and does the inspector carry Errors and Omissions insurance?
There are many other reasons to hire an inspector, but if an inspector can’t satisfy me as to all of these, I won’t allow my buyers to hire him/her. I also ask for all these qualifications from inspectors before my sellers will allow them into my listings, on behalf of a buyer. I feel I need to protect my sellers as well. In these tough and litigious times, it only makes sense to protect your buyers, sellers, and yourself as a realtor.
In tough times, many home inspectors let their insurance, their national home inspectors’ group memberships and continuing education lapse, because it is very expensive to keep up. If they are offering a cheaper home inspection, it’s often because they don’t have propert qualifications, credentials, experience and insurance. Don’t assume that someone who had those things a year ago, still has them. Ask to see all of the above at least once a year, from whoever you recommend as an inspector.
Price shopping is not the way to choose a home inspector.

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