Following is information from the recent editions of the Arizona Business Journal:
General information on Buckeye:
Population in 2005 20,780
Growth 1990-2005: 368%
Expected population 2030: 400,000
Median new home price 2005: $186,520
Median resale home price 2005: $204,950
Banner Thunderbird Medical will be adding a 200-bed tower, expanding its emergency department. Groundbreaking is set for early 2007
Forbes rated Arizona and Phoeinx as #15 when it comes to the best places for business based on positive economic climate and skilled work force.
Economy Tracker
Building permits in greater Phoenix area:
4,373 in April (-29% over April 2005)
4,967 in May (4,988 in May 2005)
4,538 in June (-21% over June 2005)
Unemployment
3.6% in April (4% in April 2005)
3.3% in May (3.9% in May 2005)
3.9% in June (4.1% in June 2005)
Median Home Price
$324,900 in May ($349,000 in May 2005)
$320,000 in June ($349,900 in June 2005)
Thursday, September 14, 2006
Where's Uzi???
It's been a hot, lazy summer, but the end is near! I know any explanation of why I have not kept up with the Blog is nothing more than a sorry excuse so I'll save you from it. Nonetheless, it's been a busy Summer and a good balance of business and fun. I've got tons of stuff to share with all of you so I'll be posting up some neat information once again so check back often and feel free to share your comments, email me etc.
Carpe Diem!
Uzi
Carpe Diem!
Uzi
Thursday, July 20, 2006
Market Update: June 2006
My apologies for the delay in getting June's market report posted. What can I say, the dry heat has absorbed all my energy!
# OF ACTIVE LISTINGS in entire MLS (may include properties outside of Phoenix):
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
May 06 – 43,505 (residential only)
June 06 – 44,286 (residential only)
ACTIVE LISTINGS
June 05 - Average list price: $422,291
June 06 - Average list price: $417,804 ($412,475 last month)
PENDING LISTINGS
June 05 - Average list price: $323,681
June 06 – Average list price: $364,993
SOLD LISTINGS:
June 05 - Average SALES price: $299,798
June 06 – Average SALES price: $340,129
LIST TO SALES PRICE RATIO:
June 05 - Average: 99.73%
June 06 – Average: 97.19%
DAYS ON MARKET
June 05 - Average: 36
June 06 – Average: 69
What does this mean for YOUR sellers? It means many things:
1. The number of active homes on the market continues to increase, although
the increase is smaller than in the prior month.
2. The average list price is LOWER than a year ago, but higher than May of
2006.
3. Even though the market has slowed, the average sales price continues to
be significantly higher than a year ago.
4. The average home that is priced according to the market will, on average,
be on the market for just over 2 months.
5. The home that is priced according to the market will, on average, sell
for 97.198% of the asking price (this is a slight decrease over May)
6. As of today, we have 44,811 homes on the market, 7,786 pending, and there
were 7,216 sales in the month of June. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 5.75 months AND that 93% of those homes under contract should close. If that follows, that means 7% of the homes under contract could either return to the market OR expire and leave the market.
7. Sellers need to understand there is still greater competition from the
new home market, as builders are offering higher incentives to lure in prospective buyers. In some cases, we are seeing incentives as high as $120,000 as well as co-brokes to agents as high as 12%
# OF ACTIVE LISTINGS in entire MLS (may include properties outside of Phoenix):
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
May 06 – 43,505 (residential only)
June 06 – 44,286 (residential only)
ACTIVE LISTINGS
June 05 - Average list price: $422,291
June 06 - Average list price: $417,804 ($412,475 last month)
PENDING LISTINGS
June 05 - Average list price: $323,681
June 06 – Average list price: $364,993
SOLD LISTINGS:
June 05 - Average SALES price: $299,798
June 06 – Average SALES price: $340,129
LIST TO SALES PRICE RATIO:
June 05 - Average: 99.73%
June 06 – Average: 97.19%
DAYS ON MARKET
June 05 - Average: 36
June 06 – Average: 69
What does this mean for YOUR sellers? It means many things:
1. The number of active homes on the market continues to increase, although
the increase is smaller than in the prior month.
2. The average list price is LOWER than a year ago, but higher than May of
2006.
3. Even though the market has slowed, the average sales price continues to
be significantly higher than a year ago.
4. The average home that is priced according to the market will, on average,
be on the market for just over 2 months.
5. The home that is priced according to the market will, on average, sell
for 97.198% of the asking price (this is a slight decrease over May)
6. As of today, we have 44,811 homes on the market, 7,786 pending, and there
were 7,216 sales in the month of June. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 5.75 months AND that 93% of those homes under contract should close. If that follows, that means 7% of the homes under contract could either return to the market OR expire and leave the market.
7. Sellers need to understand there is still greater competition from the
new home market, as builders are offering higher incentives to lure in prospective buyers. In some cases, we are seeing incentives as high as $120,000 as well as co-brokes to agents as high as 12%
Tuesday, July 11, 2006
Landlords Must Register Rental Properties in Maricopa County
If you own rental property in Maricopa County then, it is required to register those properties with Maricopa County. An owner who fails to file the required information may be fined $1,000 plus an additional $100 for each month the filing is delinquent.
You can download the registration form at
http://www.maricopa.gov/assessor/pdf/residentialrentalform.pdf
I hope this information was helpful for you and if you know of anyone who may benefit from this, please pass the information along.
You can download the registration form at
http://www.maricopa.gov/assessor/pdf/residentialrentalform.pdf
I hope this information was helpful for you and if you know of anyone who may benefit from this, please pass the information along.
Wednesday, June 21, 2006
Monthly Market Update: MAY ' 06 STATS
# OF ACTIVE LISTINGS in entire MLS (may include properties outside of Phoenix):
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
May 06 – 43,505 (residential only)
ACTIVE LISTINGS
May 05 - Average list price: $378,584
May 06 - Average list price: $412,475 ($417,901 last month)
PENDING LISTINGS
May 05 - Average list price: $304,765
May 06 – Average list price: $377,307
SOLD LISTINGS:
May 05 - Average SALES price: $289,339
May 06 – Average SALES price: $362,492
LIST TO SALES PRICE RATIO:
May 05 - Average: 99.73%
May 06 – Average: 97.28%
DAYS ON MARKET
May 05 - Average: 36
May 06 – Average: 71
What does this mean for sellers? It means many things:
1. The number of active homes on the market continues to increase.
2. Even though the market has slowed, the average sales price continues to
be significantly higher than a year ago.
3. The average home that is priced according to the market will, on average,
be on the market for just under 2.5 months.
4. The home that is priced according to the market will, on average, sell
for 97.28% of the asking price (this is a slight decrease over April)
5. As of today, we have 43,505 homes on the market, 8,676 pending, and there
were 7,583 sales in the month of May. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 4.65 months AND that 87% of those homes under contract should close. If that follows, that means 13% of the homes under contract could either return to the market OR expire and leave the market.
6. Sellers need to understand there is greater competition from the new home
market, as builders are offering higher incentives to lure in prospective buyers. In some cases, we are seeing incentives as high as $100,000.
Please check back as, I will continue to update these figures each month so that you can see how these numbers are changing. As has been the case, pricing a home competitively is becoming more and more important. Please feel free to contact me if you have any questions, or leave a comment to share with other readers. Until next time, carpe diem!
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
May 06 – 43,505 (residential only)
ACTIVE LISTINGS
May 05 - Average list price: $378,584
May 06 - Average list price: $412,475 ($417,901 last month)
PENDING LISTINGS
May 05 - Average list price: $304,765
May 06 – Average list price: $377,307
SOLD LISTINGS:
May 05 - Average SALES price: $289,339
May 06 – Average SALES price: $362,492
LIST TO SALES PRICE RATIO:
May 05 - Average: 99.73%
May 06 – Average: 97.28%
DAYS ON MARKET
May 05 - Average: 36
May 06 – Average: 71
What does this mean for sellers? It means many things:
1. The number of active homes on the market continues to increase.
2. Even though the market has slowed, the average sales price continues to
be significantly higher than a year ago.
3. The average home that is priced according to the market will, on average,
be on the market for just under 2.5 months.
4. The home that is priced according to the market will, on average, sell
for 97.28% of the asking price (this is a slight decrease over April)
5. As of today, we have 43,505 homes on the market, 8,676 pending, and there
were 7,583 sales in the month of May. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 4.65 months AND that 87% of those homes under contract should close. If that follows, that means 13% of the homes under contract could either return to the market OR expire and leave the market.
6. Sellers need to understand there is greater competition from the new home
market, as builders are offering higher incentives to lure in prospective buyers. In some cases, we are seeing incentives as high as $100,000.
Please check back as, I will continue to update these figures each month so that you can see how these numbers are changing. As has been the case, pricing a home competitively is becoming more and more important. Please feel free to contact me if you have any questions, or leave a comment to share with other readers. Until next time, carpe diem!
Wednesday, May 17, 2006
Real Estate Glossary: Terms a 1st Time Homebuyer should become familiar with:
Looking for your first home while exciting can be a very daunting experience. While most new home buyers can narrow down their wish list to the neighborhood, number of bedrooms and so forth many don't realize the numerous questions, deadlines and issues come up during the escrow period. Here are a few terms that might help give some understanging to the "first time homebuyer" as they venture out into the world of house hunting...
Adjustable Rate Mortgage: a mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.
Amortized Loan: a loan that is paid in equal installments during its term.
Assumable Mortgage: purchaser takes ownership to real estate encumbered by an existing mortgage and assumes responsibility as the guarantor for the unpaid balance of the mortgage.
Cloud on Title: any condition that affects the clear title to real property.
Consideration: anything of value to induce another to enter into a contract, i.e., money, services, a promise.
Deed: a written instrument, which when properly executed and delivered, conveys title to real property.
Discount Points: a loan fee charged by a lender of FHA, VA or conventional loans to increase the yield on the investment. One point = 1% of the loan amount.
Easement: the right to use the land of another.
Encumbrance: anything that burdens (limits) the title to property, such as a lien, easement, or restriction of any kind.
Equity: the value of real estate over and above the liens against it. It is obtained by subtracting the total liens from the value.
Escrow Payment: that portion of a mortgagor’s monthly payment held in trust by the lender to pay for taxes, hazard insurance and other items as they become due.
Fannie Mae: nickname for Federal National Mortgage Corporation (FNMA), a tax-paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional loans.
Federal Housing Administration (FHA): an agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
FHA Insured Mortgage: a mortgage under which the Federal Housing Administration insures loans made, according to its regulations.
Fixed Rate Mortgage: a loan that fixes the interest rate at a prescribed rate for the duration of the loan.
Freddie Mac: nickname for Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.
Graduated Payment Mortgage: any loan where the borrower pays a portion of the interest due each month during the first few years of the loan. The payment increases gradually during the first few years to the amount necessary to fully amortize the loan during its life.
Lease Purchase Agreement: buyer makes a deposit for future purchases of a property with the right to lease property in the interim.
Lease with Option: a contract, which gives one the right to lease property at a certain sum with the option to purchase at a future date.
Loan to Value Ratio (LTV): the ratio of the mortgage loan principal (amount borrowed) to the property’s appraised value (selling price). Example – on a $100,000 home, with a mortgage loan principal of $80,000 the loan to value ratio is 80%.
Mortgage: a legal document that pledges a property to the lender as security for payment of a debt.
Mortgage Insurance Premium (MIP): the amount paid by a mortgagor for mortgage insurance. This insurance protects the investor from possible loss in the event of a borrower’s default on a loan.
Note: a written promise to pay a certain amount of money.
Origination Fee: a fee paid to a lender for services provided when granting a loan, usually a percentage of the face amount of the loan.
Private Mortgage Insurance (PMI): see Mortgage Insurance Premium.
Second Mortgage / Second Deed of Trust / Junior Mortgage / Junior Lien: an additional loan imposed on a property with a first mortgage. Generally, a higher interest rate and shorter term than a “first” mortgage.
Settlement Statement (HUD-1): a financial statement rendered to the buyer and seller at the time of transfer of ownership, giving an account of all funds received or expended.
Severalty Ownership: ownership by one person only. Sole ownership.
Tenancy In Common: ownership by two or more persons who hold an undivided interest without right of survivorship. (In event of the death of one owner, his/her share will pass to his/her heirs.
Title Insurance: an insurance policy that protects the insured (buyer or lender) against loss arising from defects in the title.
Adjustable Rate Mortgage: a mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.
Amortized Loan: a loan that is paid in equal installments during its term.
Assumable Mortgage: purchaser takes ownership to real estate encumbered by an existing mortgage and assumes responsibility as the guarantor for the unpaid balance of the mortgage.
Cloud on Title: any condition that affects the clear title to real property.
Consideration: anything of value to induce another to enter into a contract, i.e., money, services, a promise.
Deed: a written instrument, which when properly executed and delivered, conveys title to real property.
Discount Points: a loan fee charged by a lender of FHA, VA or conventional loans to increase the yield on the investment. One point = 1% of the loan amount.
Easement: the right to use the land of another.
Encumbrance: anything that burdens (limits) the title to property, such as a lien, easement, or restriction of any kind.
Equity: the value of real estate over and above the liens against it. It is obtained by subtracting the total liens from the value.
Escrow Payment: that portion of a mortgagor’s monthly payment held in trust by the lender to pay for taxes, hazard insurance and other items as they become due.
Fannie Mae: nickname for Federal National Mortgage Corporation (FNMA), a tax-paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional loans.
Federal Housing Administration (FHA): an agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
FHA Insured Mortgage: a mortgage under which the Federal Housing Administration insures loans made, according to its regulations.
Fixed Rate Mortgage: a loan that fixes the interest rate at a prescribed rate for the duration of the loan.
Freddie Mac: nickname for Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.
Graduated Payment Mortgage: any loan where the borrower pays a portion of the interest due each month during the first few years of the loan. The payment increases gradually during the first few years to the amount necessary to fully amortize the loan during its life.
Lease Purchase Agreement: buyer makes a deposit for future purchases of a property with the right to lease property in the interim.
Lease with Option: a contract, which gives one the right to lease property at a certain sum with the option to purchase at a future date.
Loan to Value Ratio (LTV): the ratio of the mortgage loan principal (amount borrowed) to the property’s appraised value (selling price). Example – on a $100,000 home, with a mortgage loan principal of $80,000 the loan to value ratio is 80%.
Mortgage: a legal document that pledges a property to the lender as security for payment of a debt.
Mortgage Insurance Premium (MIP): the amount paid by a mortgagor for mortgage insurance. This insurance protects the investor from possible loss in the event of a borrower’s default on a loan.
Note: a written promise to pay a certain amount of money.
Origination Fee: a fee paid to a lender for services provided when granting a loan, usually a percentage of the face amount of the loan.
Private Mortgage Insurance (PMI): see Mortgage Insurance Premium.
Second Mortgage / Second Deed of Trust / Junior Mortgage / Junior Lien: an additional loan imposed on a property with a first mortgage. Generally, a higher interest rate and shorter term than a “first” mortgage.
Settlement Statement (HUD-1): a financial statement rendered to the buyer and seller at the time of transfer of ownership, giving an account of all funds received or expended.
Severalty Ownership: ownership by one person only. Sole ownership.
Tenancy In Common: ownership by two or more persons who hold an undivided interest without right of survivorship. (In event of the death of one owner, his/her share will pass to his/her heirs.
Title Insurance: an insurance policy that protects the insured (buyer or lender) against loss arising from defects in the title.
Tuesday, May 16, 2006
6 Part Series: Uncovering Selling Myths...Myth # 6
Myth #6: When you receive an offer, you should make the buyer wait. This gives you a better negotiating position.
Truth: You should reply immediately to an offer! When a buyer makes an offer, that buyer is, at that moment in time, ready to buy your home. Moods can change, and you don't want to lose the sale because you have stalled in replying.
Truth: You should reply immediately to an offer! When a buyer makes an offer, that buyer is, at that moment in time, ready to buy your home. Moods can change, and you don't want to lose the sale because you have stalled in replying.
Monday, May 15, 2006
6 Part Series: Uncovering Selling Myths...Myth # 5
Myth #5: You are better off selling your home on your own and saving money on the commission you would have paid to a real estate agent.
Truth: Statistically, many sellers who attempt to sell their homes on their own cannot consummate the sale without the service of a real estate agent. Homeowners who succeed in selling their home by themselves usually net less than if they had a real estate agent working for them. The National Association of REALTORSâ surveys consumers every year, including homeowners who succeeded in selling their home without a real estate agent. Over 70% of these homeowners say that they would never do it again.
Truth: Statistically, many sellers who attempt to sell their homes on their own cannot consummate the sale without the service of a real estate agent. Homeowners who succeed in selling their home by themselves usually net less than if they had a real estate agent working for them. The National Association of REALTORSâ surveys consumers every year, including homeowners who succeeded in selling their home without a real estate agent. Over 70% of these homeowners say that they would never do it again.
Friday, May 12, 2006
6 Part Series: Uncovering Selling Myths...Myth # 4
Myth #4: Your home must be every home buyer's dream home.
Truth: If you get carried away with repairs and replacements to your home, you may end up over-improving the house. There is a point where improving your home doesn’t pay off. The key is to consider what competing properties feature and look like. A highly-motivated real estate agent will consult with you on what competing properties have to offer – he/she can even show you competing properties so that you can make sound home improvement decisions.
Truth: If you get carried away with repairs and replacements to your home, you may end up over-improving the house. There is a point where improving your home doesn’t pay off. The key is to consider what competing properties feature and look like. A highly-motivated real estate agent will consult with you on what competing properties have to offer – he/she can even show you competing properties so that you can make sound home improvement decisions.
Thursday, May 11, 2006
6 Part Series: Uncovering Selling Myths...Myth # 3
Myth #3: Once a potential buyer sees the inside of your home, curb appeal won't matter.
Truth: Buyers probably won't make it to the inside of the home if the outside of your home does not appeal to them. Buyers and their agents often do drive-bys before deciding whether a home is worth their time to look inside. Your home’s exterior must make a good first impression so that buyers are compelled to stop and come inside. All it takes is keeping the lawn mowed, shrubs and trees trimmed, gardens weeded and edged, and clutter put away.
Truth: Buyers probably won't make it to the inside of the home if the outside of your home does not appeal to them. Buyers and their agents often do drive-bys before deciding whether a home is worth their time to look inside. Your home’s exterior must make a good first impression so that buyers are compelled to stop and come inside. All it takes is keeping the lawn mowed, shrubs and trees trimmed, gardens weeded and edged, and clutter put away.
Wednesday, May 10, 2006
6 Part Series: Uncovering Selling Myths...Myth # 2
Myth #2: Minor repairs can wait until later. There are more important things to be done.
Truth: Minor repairs make your house more marketable, allowing you to maximize your return (or minimize loss) on the sale. Most buyers are looking for homes that are ready for them to move into. If your home happens to attract a buyer who is willing to make repairs, he/she will begin asking for repair allowances that come out of your asking price. The amount of an allowance that you have to offer a buyer is usually more than what it would cost for you to make the repair (or hire someone to make the repair). Remember, buyers are comparing your home to other homes that are currently on the market. Your home should be inviting so that everyone who looks at it can see themselves living there.
Truth: Minor repairs make your house more marketable, allowing you to maximize your return (or minimize loss) on the sale. Most buyers are looking for homes that are ready for them to move into. If your home happens to attract a buyer who is willing to make repairs, he/she will begin asking for repair allowances that come out of your asking price. The amount of an allowance that you have to offer a buyer is usually more than what it would cost for you to make the repair (or hire someone to make the repair). Remember, buyers are comparing your home to other homes that are currently on the market. Your home should be inviting so that everyone who looks at it can see themselves living there.
Tuesday, May 09, 2006
6 Part Series: Uncovering Selling Myths...
I'd like to share with you some selling Myths - whether you are selling a home today or in the near future, hopefully these tips will help you:
Myth #1: You should always price your home high and negotiate down.
Truth: Pricing too high can be as bad as pricing too low. If you list too high, you'll miss out on buyers looking in the price range where your home should be. Offers may not even come in, because buyers who are interested in your home are scared off by the price and won't even take the time to look at it. By the time you correct the price and list your home at its fair market value, you will have lost that window of opportunity when your home draws the most attention from the public and real estate agents; i.e. the first 30 days that it is on the market. A well-trained real estate agent who looks out for your best interests will consult with you on your home’s fair market value and different pricing strategies for the current market.
Check back tomorrow for Myth #2 (if you can't wait, then feel free to email me via my website, http://www.uzi4azhomes.com and I'll be happy to get you the rest sooner...)
Myth #1: You should always price your home high and negotiate down.
Truth: Pricing too high can be as bad as pricing too low. If you list too high, you'll miss out on buyers looking in the price range where your home should be. Offers may not even come in, because buyers who are interested in your home are scared off by the price and won't even take the time to look at it. By the time you correct the price and list your home at its fair market value, you will have lost that window of opportunity when your home draws the most attention from the public and real estate agents; i.e. the first 30 days that it is on the market. A well-trained real estate agent who looks out for your best interests will consult with you on your home’s fair market value and different pricing strategies for the current market.
Check back tomorrow for Myth #2 (if you can't wait, then feel free to email me via my website, http://www.uzi4azhomes.com and I'll be happy to get you the rest sooner...)
Monday, May 08, 2006
Angie's List, The Phoenix Suns & a summer salad...
The idea of "community" with it's many connotations and implications has been in my thoughts lately. As a child, one doesn't quite grasp the deep and richness of the idea of "community" and perhaps not until one's early teens does it have any meaning to our daily lives. As a Realtor, we use the term perhaps a little too loosely. Is a "community" just a great neighborhood, is it a few square miles of parks, homes, schools and shops? While I dare say otherwise those are definitely some examples of what constitutes a "community" but to me a "community" is more thriving, alive and cohesive in the following instances.
My husband and I took a few nights off to go root for the Phoenix Suns against the Los Angeles Lakers in the first round of the Western Conference NBA Playoffs. We were at Game 5 of the series, Phoenix was down 1-3 and this would have been the elimination game. The Suns pulled out their "A" game and the crowd responded and gave the home team their full support. The same scenario duplicated itself this past Saturday at game 7. Exhilarating as the games were, the US Airways arena was thriving with a robust energy from the fans. As I observed the throngs of fans around me, I sensed and felt a living "community". This was something large and organic to some extent. Strangers engaged in standing behind a purpose greater than the combined parts of each and every one of us. Of course, it would be remiss of me if I didn't also let you know about the buzz you feel these days in downtown Phoenix, which is in and of itself another bustling community and that the light rail, the high rise condominium buildings and the historic districts uptown are shaping up an urban metro area that in my estimates will be a striking cosmopolitan city standing proudly with many International counterparts, but I'll ask you to be patient, I'll discuss downtown phoenix in another post.
So, how about an online "community". Well, blogging most certainly fosters that, as does EBAY, Craigs List and so forth. However, another list worth mentioning is ANGIE's LIST. http://www.angieslist.com is fast becoming an online "community" for everyone from home makers to contractors, to flippers and remodellers. What is Angie's List, well, it's a report card on 38 cities and various home improvement contractors and much much more. Check it out for yourself.
Lastly, the Summer Salad. For those of you who live here in this great metropolitan area we call The Valley of the Sun, you know that the next few months are going to be days filled with drinking plenty of water, eating cucumbers and water melons and sitting in the patios of many of our great restaurants with misters on as we'll seek refuge from the treacherous heat ahead of us. Yet, we go through this every year because we know that while those 3 to 4 months of unbearable heat is sheer torture, what lies ahead is months of crisp, cool desert breeze while most of the country is shoveling snow. In that we have and share our sense of "community" and just like that tossed salad of lettuce, tomatoes, cucumbers and anything else that makes for a "green community" we too are a community a like to the summer salad.
Until next time, to your health and wealth!
My husband and I took a few nights off to go root for the Phoenix Suns against the Los Angeles Lakers in the first round of the Western Conference NBA Playoffs. We were at Game 5 of the series, Phoenix was down 1-3 and this would have been the elimination game. The Suns pulled out their "A" game and the crowd responded and gave the home team their full support. The same scenario duplicated itself this past Saturday at game 7. Exhilarating as the games were, the US Airways arena was thriving with a robust energy from the fans. As I observed the throngs of fans around me, I sensed and felt a living "community". This was something large and organic to some extent. Strangers engaged in standing behind a purpose greater than the combined parts of each and every one of us. Of course, it would be remiss of me if I didn't also let you know about the buzz you feel these days in downtown Phoenix, which is in and of itself another bustling community and that the light rail, the high rise condominium buildings and the historic districts uptown are shaping up an urban metro area that in my estimates will be a striking cosmopolitan city standing proudly with many International counterparts, but I'll ask you to be patient, I'll discuss downtown phoenix in another post.
So, how about an online "community". Well, blogging most certainly fosters that, as does EBAY, Craigs List and so forth. However, another list worth mentioning is ANGIE's LIST. http://www.angieslist.com is fast becoming an online "community" for everyone from home makers to contractors, to flippers and remodellers. What is Angie's List, well, it's a report card on 38 cities and various home improvement contractors and much much more. Check it out for yourself.
Lastly, the Summer Salad. For those of you who live here in this great metropolitan area we call The Valley of the Sun, you know that the next few months are going to be days filled with drinking plenty of water, eating cucumbers and water melons and sitting in the patios of many of our great restaurants with misters on as we'll seek refuge from the treacherous heat ahead of us. Yet, we go through this every year because we know that while those 3 to 4 months of unbearable heat is sheer torture, what lies ahead is months of crisp, cool desert breeze while most of the country is shoveling snow. In that we have and share our sense of "community" and just like that tossed salad of lettuce, tomatoes, cucumbers and anything else that makes for a "green community" we too are a community a like to the summer salad.
Until next time, to your health and wealth!
Friday, May 05, 2006
10 Signs It's Time to Sell Your Home
1. The kids have all graduated from college. You and your husband finally have time to yourselves…then they move back home!
2. You have three spare rooms in a four bedroom house.
3. You have to shuffle your cars each morning to leave for work.
4. You spend more time driving to work than you do with your family.
5. You spend more money each month for storage than you do for your mortgage.
6. Your neighbor found a loophole in the homeowner's association rules and is raising donkeys.
7. You keep hearing faint voices telling you to "get out" and they're getting louder.
8. Grandpa Jed just struck oil while hunting in your back yard.
9.
An Independent Member BrokerThe dog’s house doubles as a guest room.You have to take a number to use the bathroom.
2. You have three spare rooms in a four bedroom house.
3. You have to shuffle your cars each morning to leave for work.
4. You spend more time driving to work than you do with your family.
5. You spend more money each month for storage than you do for your mortgage.
6. Your neighbor found a loophole in the homeowner's association rules and is raising donkeys.
7. You keep hearing faint voices telling you to "get out" and they're getting louder.
8. Grandpa Jed just struck oil while hunting in your back yard.
9.
An Independent Member BrokerThe dog’s house doubles as a guest room.You have to take a number to use the bathroom.
Thursday, May 04, 2006
Monthly Market Update: APRIL ' 06 STATS
Here are the latest STATS for the Phoenix Area Housing Market updated with APRIL’s numbers:
# OF ACTIVE LISTINGS:
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
ACTIVE LISTINGS
Apr 05 - Average list price: $397,692
Apr 06 - Average list price: $417,901 ($400,212 last month)
PENDING LISTINGS
TOTAL # -- 7,729 (9,826 last month)
Apr 05 - Average list price: $276,003
Apr 06 - Average list price: $386,519 ($365,945 last month)
SOLD LISTINGS:
Total last month: 6,801 (7,485 in March; 7,064 in March 2005)
Apr 05 - Average SALES price: $280,986
Apr 06 – Average SALES price: $351,764 ($335,555 last month)
LIST TO SALES PRICE RATIO:
Apr 05 - Average: 99.28%
Apr 06– Average: 97.69% (97.56% last month)
DAYS ON MARKET
Apr 05 - Average: 45
Apr 06 – Average: 72 (61 days last month)
What does this mean for sellers? It means many things:
1. The number of homes on the market continues to increase.
2. Even though the market has slowed, the average sales price increased significantly to $351,764.
3. The average home that is priced according to the market will, on average, be on the market for about 2.5 months.
4. The home that is priced according to the market will, on average, sell for 97.69% of the asking price (this is a slight increase over March) 5. We currently have 38,480 homes on the market, 9,357 pending, and there were 6,801 sales in the month of April. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 4.11 months AND that 73% of those homes under contract should close. If that follows, that means 27% of the homes under contract could either return to the market OR expire and leave the market.
6. Sellers need to understand there is greater competition from the new home market, as builders are offering higher incentives to lure in prospective buyers.
I will continue to make these figures available to you every month so that you can see how these numbers are changing. As has been the case, pricing a home competitively is becoming more and more important; however, we are seeing a little more activity this week in the market; with an increase in interest rates AND buyers starting to realize that the bubble has not burst, this may be a sign that buyers are becoming a little more active AND sellers are becoming more realistic in their expectations in this transitional market.
Stay tuned & Thanks for your time!
# OF ACTIVE LISTINGS:
Feb 06 – 34,507 (residential only)
Mar 06 – 37,215 (residential only)
Apr 06 – 38,483 (residential only)
ACTIVE LISTINGS
Apr 05 - Average list price: $397,692
Apr 06 - Average list price: $417,901 ($400,212 last month)
PENDING LISTINGS
TOTAL # -- 7,729 (9,826 last month)
Apr 05 - Average list price: $276,003
Apr 06 - Average list price: $386,519 ($365,945 last month)
SOLD LISTINGS:
Total last month: 6,801 (7,485 in March; 7,064 in March 2005)
Apr 05 - Average SALES price: $280,986
Apr 06 – Average SALES price: $351,764 ($335,555 last month)
LIST TO SALES PRICE RATIO:
Apr 05 - Average: 99.28%
Apr 06– Average: 97.69% (97.56% last month)
DAYS ON MARKET
Apr 05 - Average: 45
Apr 06 – Average: 72 (61 days last month)
What does this mean for sellers? It means many things:
1. The number of homes on the market continues to increase.
2. Even though the market has slowed, the average sales price increased significantly to $351,764.
3. The average home that is priced according to the market will, on average, be on the market for about 2.5 months.
4. The home that is priced according to the market will, on average, sell for 97.69% of the asking price (this is a slight increase over March) 5. We currently have 38,480 homes on the market, 9,357 pending, and there were 6,801 sales in the month of April. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 4.11 months AND that 73% of those homes under contract should close. If that follows, that means 27% of the homes under contract could either return to the market OR expire and leave the market.
6. Sellers need to understand there is greater competition from the new home market, as builders are offering higher incentives to lure in prospective buyers.
I will continue to make these figures available to you every month so that you can see how these numbers are changing. As has been the case, pricing a home competitively is becoming more and more important; however, we are seeing a little more activity this week in the market; with an increase in interest rates AND buyers starting to realize that the bubble has not burst, this may be a sign that buyers are becoming a little more active AND sellers are becoming more realistic in their expectations in this transitional market.
Stay tuned & Thanks for your time!
Monthly Market Update: March ' 06 STATS
Hello,
As you must be aware, lately there has been a lot of talk about the "cooling of the housing market, bubble talk etc." While rising interest rates, increased inventory and time to sell a house is taking longer and certainly affecting the national housing market, we in metropolitan Phoenix are experiencing continuous growth, appreciation in housing as well as a continuous increase in building permits.
Our anticipated population growth and job market is still strong and our market is not bursting or bubbling but rather leveling off to "normal"
conditions. As a service to my clients and many individuals/friends etc. who have a vested interest in real estate and the Phoenix market I'm starting a new service of sending each of you a monthly market update.
Here's the one for March 2006 ... please call me if you have any questions.
---------------------
Compiled on April 16th:
# OF ACTIVE LISTINGS:
Feb 06 - 34,507 (residential only)
Mar 06 - 37,215 (residential only)
ACTIVE LISTINGS
March 05 - Average list price: $335,133
March 06 - Average list price: $400,212 ($413,639 last month)
PENDING LISTINGS
TOTAL # -- 9,826 (9,241 last month)
March 05 - Average list price: $276,003
March 06 - Average list price: $365,945 ($408,244 last month)
SOLD LISTINGS:
Total in last 30 days: 7,485 (7,064 last month; 9,959 in March 2005)
March 05 - Average SALES price: $269,206
March 06 - Average SALES price: $335,555 ($347,974 last month)
LIST TO SALES PRICE RATIO:
March 05 - Average: 98.88%
March 06- Average: 97.56% (98.08% last month)
DAYS ON MARKET
March 05 - Average: 49
March 06 - Average: 61 (60 days last month)
What does this mean? It means many things:
1. You can see a big gap in the average listing price between homes that were active and pending vs. those that sold.
2. Even though the market has slowed, the average sales price is still increasing (only January was higher with an average sales price of $348,682).
3. The average home that is priced according to the market will, on average, be on the market for 2 months.
4. The home that is priced according to the market will, on average, sell for 97.56% of the asking price.
5. We currently have 37,215 homes on the market, 9,826 pending, and there have been 7,485 sales in the past 30 days. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 3.79 months AND that 76% of those homes under contract should close. If that follows, that means 24% of the homes under contract could either return to the market OR expire and leave the market.
6. For buyers this is a great time to enter the market and not feel rushed into making a quick decision.
7. Commercial market in Phoenix is exploding and vacancy factors have been at an all time low for office space/industrial/retail sectors.
Investors have also taken an increased interest in trying to pick up any available land (any type of zoning), multi units and condos.
I will continue to update these figures each month so that can see how these numbers are changing. Please let me know if this is helpful information
Thanks for your time!
As you must be aware, lately there has been a lot of talk about the "cooling of the housing market, bubble talk etc." While rising interest rates, increased inventory and time to sell a house is taking longer and certainly affecting the national housing market, we in metropolitan Phoenix are experiencing continuous growth, appreciation in housing as well as a continuous increase in building permits.
Our anticipated population growth and job market is still strong and our market is not bursting or bubbling but rather leveling off to "normal"
conditions. As a service to my clients and many individuals/friends etc. who have a vested interest in real estate and the Phoenix market I'm starting a new service of sending each of you a monthly market update.
Here's the one for March 2006 ... please call me if you have any questions.
---------------------
Compiled on April 16th:
# OF ACTIVE LISTINGS:
Feb 06 - 34,507 (residential only)
Mar 06 - 37,215 (residential only)
ACTIVE LISTINGS
March 05 - Average list price: $335,133
March 06 - Average list price: $400,212 ($413,639 last month)
PENDING LISTINGS
TOTAL # -- 9,826 (9,241 last month)
March 05 - Average list price: $276,003
March 06 - Average list price: $365,945 ($408,244 last month)
SOLD LISTINGS:
Total in last 30 days: 7,485 (7,064 last month; 9,959 in March 2005)
March 05 - Average SALES price: $269,206
March 06 - Average SALES price: $335,555 ($347,974 last month)
LIST TO SALES PRICE RATIO:
March 05 - Average: 98.88%
March 06- Average: 97.56% (98.08% last month)
DAYS ON MARKET
March 05 - Average: 49
March 06 - Average: 61 (60 days last month)
What does this mean? It means many things:
1. You can see a big gap in the average listing price between homes that were active and pending vs. those that sold.
2. Even though the market has slowed, the average sales price is still increasing (only January was higher with an average sales price of $348,682).
3. The average home that is priced according to the market will, on average, be on the market for 2 months.
4. The home that is priced according to the market will, on average, sell for 97.56% of the asking price.
5. We currently have 37,215 homes on the market, 9,826 pending, and there have been 7,485 sales in the past 30 days. This means that with the inventory we have right now, with no new homes entering the market, we have a supply of homes for the next 3.79 months AND that 76% of those homes under contract should close. If that follows, that means 24% of the homes under contract could either return to the market OR expire and leave the market.
6. For buyers this is a great time to enter the market and not feel rushed into making a quick decision.
7. Commercial market in Phoenix is exploding and vacancy factors have been at an all time low for office space/industrial/retail sectors.
Investors have also taken an increased interest in trying to pick up any available land (any type of zoning), multi units and condos.
I will continue to update these figures each month so that can see how these numbers are changing. Please let me know if this is helpful information
Thanks for your time!
Thursday, April 20, 2006
Welcome to Realty Talk Arizona
There's a lot of buzz today about current real estate market trends. It seems everywhere you turn, people are talking about the housing boom, interest rates, the housing bubble etc. Similarly, looks like there's a blog out there for just about every topic. I decided to combine my interest of both writing and real estate by harnessing the power of the Blog! Yep, not just another discussion thread but one I hope will serve as an interactive and educational experience for my clients, investors, first time home buyers, and anyone with a remote interest in Real Estate. So here goes...
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