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Mary Maxie » Phoenix area Real Estate Market News

Tag Archive for Phoenix area Real Estate Market News

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

Mary’s funny Real Estate Stories

Mary’s Funny Real Estate Stories: Great house, great neighborhood, great price. Problem? block retaining wall/fence behind, belonging to commercial building, was leaning precariously toward the house. It had been water eroded, & cars from the parking lot above had run into the wall, which looked like it would fall into the yard & onto the house at any moment. Bank refused to do anything about it, like contact the commercial building mgr or have an erosion test done, or shore up the fence, so buyer walked. Banks get away with anything these days.

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

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: Canadians Love Phoenix

Phoenix Market News: Canadians Love Phoenix

 
Over 7000 residential properties in Maricopa County have Canadian addresses listed as their primary residence. The five primary reasons for this are:
1. Timing: the Canadian dollar is high, bargains abound in the valley, boomers have retirement money and oil bonuses in Canada.
2. Similar architecture to what the Canadians are used to, as well as similar amenities
3. Arizona weather: winter seems to last from September to June in Canada. It’s not just the snow and cold, but the lack of greenery for 8-10 months a year in many areas.
4. Outdoor lifestyle: Canadians are used to an outdoor lifestyle, and they love to bike, hike, golf, shop, attend sporting events and spend days by the pool, not to mention just dining al fresco.
5. Easy travel: most Canadians only have to change one or at most two time zones to get here, and it’s an easy non-stop three hour flight from western Canada. It’s only a 24-28 hour driving time from most points in western Canada, a bit more hauling a trailer.
Canadians have outstripped Californians as the largest percentage of out of state buyers at over 10%. They are buying in all areas of the valley, and generally paying cash, which certainly helps the market here.
The winter visitors’ bureau estimates 90,000 Canadians live in the valley permanently (that’s the ones who don’t take out US citizenship– likley twice as many who are now American citizens) Another estimate is 600,000 Canadians who visit the valley for at least part of every year, coming in by plane. The don’t keep track of those coming by car, so double that number and you’ll see why there seem to be a lot of Canadians around here.

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

Maxiemize Lifestyle with PhoenixAreaCanadianRealtor

Mary Maxie, Associate Broker, Desert Dwellers Realty

GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

 

Phoenix Real Estate News: Mold?

 
Who Ya Gonna Call?
What’s all this talk about mold? Do you have to be aware of it? Do you need to do anything about it? How do you know it’s there? How do you get rid of it? Does it really cause respiratory problems and brain damage? Is there insurance available to cover mold damage?
There has been much written about the unhealthy aspects of having bad molds in your home. But first, let’s talk about the good molds. Good molds do everything in our environment from causing the breakdown of plant matter that turns into good much for your garden and crops, to helping labs make penicillin, to allowing beer and wine makers to ferment their fruits to make alcoholic drinks.

We live with millions of different kinds of mold every day. Some are beneficial to our bodies, some are not. Some you can scrub off the tiles in your shower, and some you throw out with the green fuzzies from your fridge. Most of us will never feel ill effects from molds. Some of us may already know that we are allergic to molds such as tree, leaf and even wine molds.

However, the ones which have the bad reputation are a small percentage of molds which feed on cellulose products such as drywall, wood, carpet backing and some types of insulation. Moisture, cellulose and warmth need to be present for mold to thrive. Reliable sampling for molds in your home can be costly, and there are no standards for evaluating what level of exposure to mold is a problem.

Common sense methods of prevention or minimizing damage from molds in your home:
*Eliminate household water leaks of any kind, inside or out & clean & dry as soon as possible.
*Remove sheet rock/wallboard, carpets and padding that have been flooded in the past.
*Never have carpeting in bathrooms or wherever you have a water source.
*Keep humidity levels in the house below 50%
*Keep watering systems away from house foundation and make sure landscape is graded away from the foundation, so water doesn’t collect near the house & don’t let sprinklers spray stucco or siding.
*Inspect your home often. Some areas to check include anywhere on the roof or parapet wall that collects rain water, any place where there have been holes cut in your roof for ducting, vents, skylights, chimneys, etc, cooler condensate pans, drain lines/couplings, water pipes, sink/toilet leaks, leaks around washers, RO systems, garbage disposals, waste pipes, taps, water softeners, a/c units
*Not all mold is disposed of by the common bleach method. Proper mold removal procedures vary with the mold species. Many molds can be removed by anyone. Others should be left to qualified professionals using special methods. Only laboratory testing of samples can determine the species of mold present. Not all mold is visible: however, if you see any discoloration of any kind on walls, carpet, floors, flaking paint, warping of cupboards, baseboards, trim, you should consult a qualified mold tester or environmental hygienist.
For more information, please see www.hs.state.az.us/edc/oeh/moldfact.pdf

 

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

Maxiemize Lifestyle with PhoenixAreaCanadianRealtor

Mary Maxie, Associate Broker, Desert Dwellers Realty

GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

 

As of the end of July, 2011

      

July 2011 closings dropped from the record amount of closings that we saw in June.

 

WE HAVE A MAJOR PROBLEM, THERE ARE NOT ENOUGH HOMES TO SELL!

 

There is a serious lack of quality inventory. Most of what is on the market right now is either overpriced or in really bad condition. We need homes to sell and the market will be stagnant until there is more good inventory to sell. If you have been out there with buyers, you know exactly what I am saying.

 

THIS ALSO EXPOSES THE MYTH OF THE
“SHADOW INVENTORY”

 

If it is out there, bring it on! Yes, I said myth because there is no huge lump of inventory waiting to be dumped on the market. There never has been. It is a scary headline to sell newspapers. There are homes in various stages of forclosure that will come on the market when they are ready but it takes time.

 

The available inventory of homes for sale continues to drop dramatically. The available inventory for sale is at 15,732 SFD homes, 3% below last month.

 There were 7354 SFD closings in July. That gives us a market supply of only 2 1/4 months. Pending sales stay strong at 17,356 and continue to surpass the total available supply of homes.

 
I continue to believe that by the end of this year, we will start to some some good gains in value and that a year from now, we could see price appreciation around 10% +/- year over year. 
 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