New Government Refinance Program Reduces Monthly Payment And Not Principal Amount Owing

Posted in Great Real Estate Investment Opportunites, Real Estate, Real Estate, Winter Visitor Second Homes on 04/24/2012 01:28 pm by admin

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People in the real estate business keep themselves updated about government programs that affect their investments. Real estate investors in Phoenix, for example, keep tract of issues like rentals and other payments, refinancing, loans and other government programs that have an impact on the Phoenix real estate industry. Lately, the issue that affects Phoenix properties is the new government program on refinancing. If you keep a close watch of the development, you will know that this new program reduces monthly payment, but it does not reduce principal amount owning.

A Phoenix realtor who is new in the business might miss this. And if he happens to be your real estate agent, you are in for an investment mess. If you are buying a property in Phoenix, you must choose an agent who is updated with all the laws and ordinances on real estate. Successful Phoenix real estate investors know this. Your main concern must be on how to look for the right agent out of all the thousands of agents operating in Phoenix now.

Have Yourself Represented Wisely

If you notice that your agent is not representing you well, terminate his services once the contract ends and find a better one. Failure to end the contract might get you into trouble, aside from the fact that you will be paying for the commissions of two agents now. This is particularly true if you are looking for second homes. Second homes are in demand now in Phoenix, with Canadians making up a big bulk of the market. Many properties in Phoenix now are being converted into Canadian second homes, from villas to bachelor’s pad to apartment units.

An agent with long years of experience in the business and with an excellent track record is ideal. Experienced agents may demand high commissions, but it is going to be money well spent if you know they can be trusted to give you the best deal. Ask some Phoenix real estate investors about percentage that is below their average asking price. This will give you a better idea how efficient they are in their job. Make sure everything is put into writing before contracts are signed.

No Quick Results, No Quick Money

One thing you must understand: investing in Phoenix real estate will not give you quick money, as advertised by those TV infomercials. There’s no get-rich-fast formula in the real estate business. You need to work hard for it. Investors who do their homework, who research a lot, who are observant of the market’s movements, and who learn from other more experience agents are the ones who will reap substantial rewards in the future.
Strategies

Using time-tested strategies can help. Again, these strategies don’t provide results overnight. One effective strategy is “flipping” properties. This means buying a house then renovating it to suit the demand in the market. We mentioned about Canadian second homes. That’s one example of this strategy. You can buy properties and remodel it to accommodate Canadians who are hunting for second homes. It is simple buy-and-sell business.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

 

Mortgage Forgiveness Debt Relief And Debt Cancellation Expires Dec 2012

Posted in Great Real Estate Investment Opportunites, Phoenix and Scottsdale Realtors, Real Estate, Real Estate, Winter Visitor Second Homes on 04/19/2012 11:07 am by admin
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Broker/Owner

When it comes to real estates and real estate transactions, each state in the US has its own set of laws and ordinances that must be followed under penalty. If you are planning to buy Phoenix real estate, you need to be familiar with the laws that govern the purchase. The real estate business is complicated to people who don’t know the law. You don’t need to have a college degree for it but a basic knowledge about Phoenix properties will make things easy for you.

For example, you need to understand mortgage forgiveness debt relief and cancellation in Phoenix, which are said to expire at the end of this year. If you are not familiar about this and many other related issues, your transactions will be affected.

This article will try to help you understand the ins and outs of the business. You will find this useful, especially if it’s your first time to venture into real estate. All big-time Phoenix real estate investors pass through the learning stage that you are in right now.

Simple Steps To Follow When Venturing Into Real Estate

First, if you plan to buy a Phoenix real estate property, you need to hire the services of a real estate agent. As the first step in your real estate venture, this is very critical, but something that will not cost you a single penny. It is a myth to say that you will be able to save if you do away with a Phoenix realtor. The truth is that most, if not all, sellers will pay realtor’s fees. Besides, if you don’t have an agent, the agent of the seller becomes your agent by default, which means that agent will get double commission.

Second, be sure to hire an agent who can get you the best deal in the market. The agent must be able to get you the lowest price for the highest quality possible. This is especially important if the purpose of your purchase is to rent the property out as one of Phoenix’s second homes. Phoenix is among the few estates that are favorite destinations for Canadian second homes.

Third, require your Phoenix real estate agent to go with you in inspecting possible properties to buy. This will help ensure that they get paid by the seller.

Fourth, have everything in writing. This is a standard operating procedure, which is oftentimes ignored, especially in small transactions. The importance of documenting everything cannot be overemphasized. The real estate business is covered by law and therefore needs all the legal aspects of it recorded. There are many legal cases involving Phoenix properties. If you don’t document everything in writing, you don’t have anything to show as evidence.

Fifth, when looking for a Phoenix property to buy, consider your space requirements. Who will occupy the house? Are you going to rent it out as one of Phoenix’s Canadian second homes, or are you simply planning to make as your private getaway on weekends? These things will have a bearing on your decision.

Sixth, you must shop around. There’s real estate property boom in Phoenix now. You can find what you want practically anywhere. But instead of making it easy for you to choose, this only makes it overwhelming for you. That’s why you need to shop around, take notes and make comparisons.

 

Real Estate Stats of Sold, Pending Sales and New Inventory in Phoenix Arizona

Posted in Current Market Stats for Phoenix Real Estate, Great Real Estate Investment Opportunites on 04/10/2012 02:39 pm by admin

Reproduction of this document allowed by Arizona Regional Multiple Listing Service who provided the document


SALES Month over Month
Total sales in March increased by 1,620 sales (22.3%) to land at 8,869. This continues the upward sales trend begun in January.
SALES Year over Year
March sales of 8,869 fell 10.7% below the March 2011 figure. However, it is slightly above the 12 month average of 8,453. High sales figures, a consequence of the Valley’s strong affordability, contrast sharply with the decade record low sales figure of 2,912 sales in January 2008.

ARMLS STAT APRIL 2012

NEW INVENTORY
New inventory rose slightly (6.8%) in March to 9,492. New listings, which had been on a downward trend line since April 2011, reversed direction in January and have been following an upward trend since then.

TOTAL INVENTORY
Total inventory, which began a decline from 56,227 in November 2009, continued to fall in March by 7.9%, to 21,863. The reduction in total inventory to this level is reminiscent of inventory numbers in 2003 and 2004, the Valley’s last normal market. 3

NEW INVENTORY
New inventory rose slightly (6.8%) in March to 9,492. New listings, which had been on a downward trend line since April 2011, reversed direction in January and have been following an upward trend since then.

TOTAL INVENTORY
Total inventory, which began a decline from 56,227 in November 2009, continued to fall in March by 7.9%, to 21,863. The reduction in total inventory to this level is reminiscent of inventory numbers in 2003 and 2004, the Valley’s last normal market.


MONTHS SUPPLY OF INVENTORY (MSI)
Market wide MSI fell to 2.47 months in March, the lowest level since September 2005. While the market wide MSI is not indicative of inventory supply in smaller market niches, it does signal declining inventory and upward market pressure on pricing.

NEW LIST PRICES
New list pricing continued upward in March. The median new list price rose 3.5% to $149,900. The last time the median new list price hit the $149,000 mark was in May of 2009, when pricing was still in free fall. The average new list price rose 1.4% to $232,900, continuing the positive pricing momentum started in August. 4

SALES PRICES
After remaining relatively flat for the first eight months of 2011, median sales pricing began a slow and steady rise in September 2011, which continued in March to land at $129,900. The median sales price climbed 19.9% from the decade low of $108,300 in May 2011. The average sales price rose 8.4% in March to $180,600. The last time average sales price was $180,000 was in January 2009, while pricing was declining.
Median sales price hit its decade high of $264,800 in June 2006 to tumble 59.1% to its low of $108,300 in May 2011. Average sales price fell 56.8% from its decade high of $350,400 in May 2007 to $151,368 in August 2011. The upward pricing we have seen over the last months is welcome, but should be seen only as the first steps in the right direction of a long climb.

THE ARMLS PENDING PRICE INDEX™
The Pending Price Index is a forecasting tool unique to ARMLS, which uses pending proper-ties in the MLS system to predict median and average pricing 90 days into the future. The thirty day predictions have proved to be the most reliable, usually within the acceptable margin of +/- 5%. The 60 and 90 day predictions are less so, as they are more heavily influenced by short sales, whose closing dates are less reliable. STAT depends solely on the data in the MLS system for its predictions, and postponed closing dates, particularly on Short Sales, cause deviations from STAT’s published predictions by unacceptable margins. Last month’s STAT predicted the median sale price for March to be $126,000, missing the mark by 3.10%, with the actual median price of $130,000. STAT predicts the April median price to land at $133,000. The average price prediction last month was $174,000, missing the actual April average price of $181,000 by 3.79%. STAT predicts the average sales price for April to be $180,000.
The current market is relatively brisk with less than three months’ supply of inventory. While ARMLS will continue to track 60 and 90 day predictions, it is temporarily suspending its reporting on the 60 and 90 day predictions until their reliability settles down to more closely resemble actual pricing metrics.

ARMLS STAT APRIL 2012

PPI SUPPLEMENT
The PPI Supplement focuses on newly pended properties added to the total pending pool each month. Looking back over the most recent four months of new pending data, STAT reports a shift in the makeup of pendings at the various price points. Pending properties in the ranges $50,000 and under and the $50,001 to $100,000 declined 3.7% and 7.64%, respectively, over the last four months. The $100,001 – $150,000 declined .93% over that last three months.
Also noteworthy is the percentage rise during the December to March period, in the $150,001 to $200,000, the $200,001 to 250,000, the $250,001 to $300,000 and the $300,001 to $350,000 price ranges. These in-creased 2.46%, 2.25%, 1.24%, 1.14% and 1.21 %, respectively. Changes in the percentage of properties in the $350,001 and above are too small to be significant at this point. As the inventory in the lower ranges is absorbed, buyers are shifting to more plentiful inventory in the higher price ranges, which are still very affordable. Pricing recovery will first be seen in incremental gains in the pending pool.
Pending Contracts Signed In March
Price Range PPI Avg PPI Med PPI Units Units % of Total
<=50,000 35,088 36,550 737 7.57%
50,001 - 100,000 78,338 80,000 2,186 22.46%
100,001 - 150,000 125,893 125,000 2,478 25.46%
150,001 - 200,000 173,230 171,000 1,507 15.48%
200,001 - 250,000 226,105 225,000 933 9.58%
250,001 - 300,000 275,100 274,000 554 5.69%
300,001 - 350,000 326,331 325,000 377 3.87%
350,001 - 400,000 375,754 375,000 266 2.73%
400,001 - 450,000 427,168 425,000 172 1.77%
450,001 - 500,000 478,457 480,000 76 0.78%
500,001 - 550,000 528,305 525,000 86 0.88%
550,001 - 600,000 577,791 575,000 71 0.73%
600,001 - 650,000 635,347 637,500 47 0.48%
650,001 - 700,000 679,768 680,000 37 0.38%
700,001 - 750,000 733,255 740,000 29 0.30%
>=750,001 1,279,186 1,025,000 178 1.83%

PPI SUPPLEMENT – $/SQ FT
The PPI – $/SQ FT report examines on a rolling four month basis incremental gains and losses in the price per square foot of newly pended properties, added to the pending pool each month. Since ranges above $350,001 have relatively small numbers of pendings each month, they are more vulnerable to influence by one or several atypical sales, and are thus not statistically significant. In the ranges from $50,001 through $350,000, there were only small price per square foot gains, with the $200,001 to $250,000 and $250,001 to $300,000, showing increases of 3.13% and 1.89%, respectively.
Pending Contracts Signed In February
Price Range PPI Avg PPI Sq Ft PPI Units Avg Pending Price SqFt
<=50,000 34,898 1,166 769 30
50,001 - 100,000 78,183 1,501 2,334 52
100,001 - 150,000 125,661 1,805 2,397 70
150,001 - 200,000 173,788 2,079 1,422 84
200,001 - 250,000 226,283 2,353 781 96
250,001 - 300,000 275,802 2,604 476 106
300,001 - 350,000 326,449 2,762 306 118
350,001 - 400,000 374,685 2,976 217 126
400,001 - 450,000 427,532 3,095 122 138
450,001 - 500,000 477,282 3,388 100 141
500,001 - 550,000 530,024 3,460 55 153
550,001 - 600,000 577,562 3,388 56 170
600,001 - 650,000 629,825 3,748 36 168
650,001 - 700,000 669,182 3,646 22 184
700,001 - 750,000 730,287 3,959 27 184
>=750,001 1,394,592 5,195 166 268

FORECLOSURES PENDING
Foreclosures pending in March increased by 196 units, to end at 18,029. Foreclosures pending remain on the steady downward trend line, begun from a high of 50,568 per month in November 2009. Foreclosures pending are the precursors to lender owned inventory and sales. Steady declines in properties are good news for the Valley’s pricing recovery. This is the third month in a row foreclosures pending has hovered around 18,000. Prior to January, this level was last seen in second quarter of 2008.


AVERAGE DAYS ON MARKET (DOM)
Average Days on Market dropped another day in March to 92. This metric fell below 100 in September, and has remained in the 92-95 day range since then. Market wide DOM is not reflective of DOM in smaller markets, which are influenced by the supply and demand of that specific market niche. DOM as reported in STAT is a barometer of overall market health. STAT recorded its highest DOM of 138 in February 2008.

DISTRESSED SALES
Distressed sales as a percentage of total sales fell 4.6% in March, to 46.8%. This is the first time since ARMLS began tracking this metric that it dipped below 50%. Distressed properties have unduly influenced Valley pricing for some time. In September of 2010, its percentage reached an all-time high of 74.1% of total sales.
In March, there were 2,275 short sales closed compared to 1,872 lender owned sales. In the past foreclosures dominated short sales, but in November 2011, the trend reversed, and short sales have eclipsed lender owned since. This possibly reflects greater lender appetite for workout

COMMENTARY
March STAT reports a continuation of good news seen over the last several months. A 7.9% decline in inventory to 21,863, coupled with a 22.3% rise in sales to 8,869, exerts positive pressure on pricing. Once again STAT reports gains in all four pricing metrics: median and average prices, for both listing and sales. The upward pricing trend that began in the August/September time frame continues. Although not robust, it is steady and definitely upward.
MSI dropped to 2.47 in March, which makes for a brisk market, fueling Subscriber complaints over lack of adequate inventory. The current forces of supply and demand should support this upward pricing trend. Valley pricing fell approximately 60% between June 2006 and the Q2/Q3 2011, leaving much ground to be made up. Many doubt that the high average of $350,400 or the high median of $264,800 will be matched in this recovery.
At the Scottsdale Area Association of REALTORS® Economic Forecast on April 2, NAR Chief Economist Lawrence Yun reported on the recovery and forecasted some trends and concerns for Phoenix Metro, Arizona and the nation. While the Valley has record affordability and historically low interest rates, other factors are impeding recovery.
As the Valley watches inventory dwindle, particularly worrisome, according to Dr. Yun, is that builders are not restocking to keep up with the US population growth of 3 million per year. Some areas are seeing shortages already. Large builders have been able to tap their stock holdings to get the necessary capital to build, but other medium to small builders are stuck without access to funding.
While interest rates are historically very low, many homebuyers are still denied credit. Banks have tightened their lending standards, keeping many buyers out of the market. The FNMA average credit score is 720, and the FHA average score is 650. Consumers with credit scores of 720-760 rep-resent only 20% of the population. If lending standards were set back to the year 2,000, Dr. Yun believes that sales could be 15-20% higher than they are today.
Banks, though profitable, have not seen their stocks rise. Investors are staying away from bank stocks, fearing the negative effects of lawsuits. There has been only partial implementation of the Dodd-Frank legislation1, which has left banks and investors uncertain of the implications of full implementation. This further encourages them to hoard cash, and hold firm on restrictive lending standards.
Arizona, California, Florida and Nevada, where job losses were the most severe, are now leading U.S. job expansion. Arizona posted a 40,600 job growth year over year through February.2 From August through December, the four above states added 222,100 jobs, 28% of the U.S. increase in employment, according to Labor Department figures.3 While unemployment for Phoenix is 8.3%,3 greater Phoenix job growth increased by 37,800 jobs (1.6%) from a year ago, according to Economist Elliott Pollach’s March 12 publication.4
While important indicators are moving in the right direction, and there are many positive metrics in March STAT, there are still hurdles and issues to overcome. As STAT has said in months past, this recovery is steady as she goes.

 

Investors Take Advantage Now of The Best Phoenix Prices

Posted in Canadian Retirees, Great Real Estate Investment Opportunites, Phoenix and Scottsdale Realtors, Real Estate, Winter Visitor Second Homes on 03/22/2012 06:51 am by admin

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If you are planning to buy real estate properties, Phoenix is one great option. The Phoenix real estate business is showing great promise and is bouncing from a housing crisis. Your choices are endless, from Phoenix vacation houses, be it a single story home or a condo unit, to any of Phoenix second homes in posh locations. The weather in Phoenix is great almost the entire year, and the city has complete amenities that cater to tourists, from shopping malls to restaurants to golf courses.

It’s not surprising that a lot of Phoenix real estate investors are now taking advantage of the best prices in Phoenix properties. The wide range of choices, however, will make it difficult for you to choose which property to buy. To save time and effort, it is best that you hire a Phoenix realtor to do the job for you. But whether you need a realtor’s help, or you want to do the searching yourself, this article offers some basic information.

There’s No Shortage Of Housing Options

Thousands of new and existing properties are sold in the country each year. You will never experience any shortage in housing options, no matter what’s the state of the country’s economy. The challenge, in fact, is not where to look but which of these Phoenix real estate properties to choose. The housing market can be very complicated to one who is new in the business, especially for someone like you who is making a purchase for the first time. The market is always changing, and if you are not familiar with its movements, you will get lost. You may have a list now of some prospective Phoenix properties available, the list becomes obsolete before you know it due to other properties that enter the picture and are available within just a matter of minutes.

Buyers, therefore, are facing a market that is never static. To keep in touch with the situation, you need to a Phoenix realtor to help you to help you assist what is it you’re looking for and where to get it and at what price.

What Are You Looking For?

There is more to a house than just a mere collection of rooms and spaces. Some properties that have three baths and four bedrooms at the same prices may vary in their designs, their distance to town centers, the sizes of lots, the taxes paid, and exterior interior finishes. List down what you particularly want in a house, including the features and amenities that everyone in your family will enjoy. Do you want a pool, an extra large kitchen, a garden? Do you want a colonial look for your home, or a villa or a bungalow? And what about the budget? How much have you set aside for a purchase? All these will have to be taken into consideration to make your purchase smooth.

And not to be taken for granted are your needs in the coming years. If you plan a big family, or you plan to rent out a portion of the property for additional income in the future, it is best that you choose a big property, even if you don’t see any need for it at present. If you think your income is going to increase considerably in the future, choose something that is expensive enough for your means. You can apply for a loan program where payment increases monthly in the future

Where To Look

Communities and neighbourhoods offer different attractions that give each house its identity and worth. There are communities known for their historic properties, and there are others that boast of a highly-urbanized environment, with a quick access to modern facilities and amenities. The choice is yours to make. Just be sure not to delay your purchase. You are not the only one who is trying to take advantage of the prices of real estate properties in Phoenix these days.

 

Phoenix Real Estate Starting to Climb in Price

Posted in Canadian Retirees, Great Real Estate Investment Opportunites, Phoenix & Scottsdale Property Available and Sold, Phoenix and Scottsdale Realtors, Real Estate, Real Estate, Winter Visitor Second Homes on 03/13/2012 08:28 am by admin

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If you want a great option when planning to buy a vacation house or condo unit, check out Phoenix Real Estate. The great weather for most of the year, an endless choice of restaurants, golf courses and shopping centers are some of the most important reasons for choosing Phoenix to be your next vacation destination. This article provides you with tips in searching for Phoenix properties.

The first thing that you must do is discuss your plans with your family. Buying a property is a major decision that has major implications in your family’s income. Besides, you are not the only one who will stay in your new house in Phoenix. Ask your spouse or your children for their opinion, and if they have any criteria in mind that will help you choose a property that everybody will love. The fact that the real estate prices in Phoenix are starting climb is one reason that you need to carefully weigh all the implications of making such a purchase.

The increase in real estate prices has encouraged Phoenix real estate investors to be more aggressive with their products.

After discussing your plans with your family and agreeing on some criteria to use in buying a property, start researching about Phoenix real estate properties. You can do this by going online and visiting various websites dedicated to Phoenix real estate investors. You will be overwhelmed by the information that is available online, especially if you search for Phoenix second homes. To save time, narrow down your search to the city of your choice, the type of house you want and your price range.

Hiring A Realtor

If you don’t have any experience about the real estate business, hire the services of a Phoenix realtor, who can arrange a property search for you. A realtor knows where to go and whom to approach for available properties, allowing you to save time and effort. Some realtors will help you check out seven houses a day. They will not recommend you houses beyond that number because the tendency is you will forget most of the details of the visit because they are too many. You can have a clear image of each house if there are not too many of them in a day. It also helps if you bring a camera with you so you can compare their look when you arrive home. You can also let your spouse and family take a look at the pictures and help you decide which property to buy.

Aside from taking pictures, take down notes of the details of the house that might have caught your attention. Did you see any part of the house that needs repair or repainting? This is important because you will be the one to spend for these things once you bought the property. Some realtors will offer you brochures about the properties. Ask for a copy. These brochures carry descriptions of the house, its parts, its price and even its history. But don’t rely too much on brochures because they are made by the owners of the property and will definitely not include details that will turn you off. But these brochures are good source of information about the property.

After you have done your inquiry of each property, the next thing you do is to prepare all the documentation in one solid presentation. You need this in making an offer to the owner of the property. In some states, you will be required to show proof of funds, if not a pre-qualification form that you can get from a lender.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

 

Phoenix Housing Prices a Steal but for How Much Longer?

Posted in Canadian Retirees, Current Market Stats for Phoenix Real Estate, Manufactured Homes as Second Home, Phoenix and Scottsdale Realtors, Real Estate, Winter Visitor Second Homes on 03/06/2012 10:28 am by admin

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Phoenix is not your type of place that releases happy housing reports. That’s why everybody pays attention at news stories talking about a positive Phoenix real estate market. In June last year, Phoenix saw the liveliest resale movement in six years. It helped raise total property sales. In June alone, there were over 10,500 sales of existing and new houses, including condo units, in the metropolitan areas of Maricopa and Pinal counties. The figures were 8.3 percent from May and 1.5 percent from June. Starting in 1994, sales have been rising at 1.8 percent at the average from those months.

How long will this rosy Phoenix properties picture last? The future looks bright, so far. But until when nobody knows. What’s sure as of now is that Phoenix real estate investors are taking advantage of the boom, whether in the market for new homes, condo units or in Phoenix second homes.

Must Buyers Wait A Little Bit Longer?

The news is uneven as far as prices are concerned. In June, buyers in the Phoenix area paid $122,900 median for all resale and new condo units or houses. This is up 2.4 percent from the previous month 12 percent off from last June. This seems to support the argument suggesting that buyers must wait a bit longer before making a purchase. A sobering fact, however, is that the Phoenix’s June median was close to 54 percent lower than the $264,000 peak in June of 2006. It was the time when property buyers were willing to pay any price for a home.

As everybody predicted, distressed sales played a big influence in increasing the data, with investors and buyers even from abroad were rushing to grab properties at huge discounts. It was a good time for both the buyer and the Phoenix realtor. What’s distressed sales? They are short sales and foreclosure resales comprising 64 percent of the resale market in Phoenix.

First-Time Buyers Falling Behind

The share of Phoenix real estate investments bought fell from the early part of last year, but it has been up since last June. The cash buyers’ share showed the same trend, at 41 percent last June. Continuing to fall behind are the first time buyers, with small down payment mortgages with the backing of the Federal Housing Administration. But despite reports of distressed sales, there is high possibility of a slight rise in prices, although a falling inventory seemed to be a factor – it was 11 percent down in Phoenix in June from May. Filings for foreclosure in Phoenix and other cities are also falling. This is either because of saturation in the market or due to some legal problems. This could change, however. Phoenix brokers all say that competition is increasing for distressed deals.

Phoenix Home Buying Made Easy

Whatever the future of the Phoenix real estate industry is, buyers need tips to make it easier for them to pick their dream vacation home.

Think of how you will benefit from the new home. What’s the reason you want to buy a home in Phoenix? Is it for family use only? Do you plan to rent it out on days that you are not using it? Do you want a villa type or one with a modern design that reflects your personality? Although you can buy a Phoenix property by yourself, you will save a lot of time and effort if you get a realtor because of the every-dynamic real estate trends in Phoenix. A realtor knows the ins and outs of the real estate business. She knows where to go and whom to approach. She can also help you with looking for prices that are within your budget.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

 

“Phoenix Housing Crisis Turning Corner”,

Posted in Current Market Stats for Phoenix Real Estate, Great Real Estate Investment Opportunites, Phoenix & Scottsdale Property Available and Sold, Phoenix and Scottsdale Realtors, Real Estate, Real Estate, Winter Visitor Second Homes on 02/29/2012 05:16 am by admin

new picture.jpg ResizedSuffering from a bad economy for years, the Phoenix real estate industry is showing indications of recovering from one of the worst housing crisis it has suffered for a long time. Phoenix properties sales are picking up in most part, although the prices of Phoenix second homes are still in decline despite record low borrower’s rates in mortgages.

The country’s economy is still battling back from the blows of the worst housing crisis since the Great Depression. But the Phoenix real estate investors may now be close to turning a corner despite a slip in home values. It’s now a good time to see a Phoenix realtor if you are interested in the Phoenix real estate business.

In Phoenix, home sales have been observed to perk up and stabilize, while builders pull a rising share of building permits for new homes. As foreclosures’ bloated inventory picks over, the housing market’s bottom is most likely to be seen soon in Phoenix.

High-End Market

Phoenix and the Scottsdale enjoy a relatively health high-end market. Scottsdale and Phoenix second homes buyer are now developing a huge vacation market, something that the region hasn’t seen in years. But while the prospects are good, it is still premature to say that it’s a rosy picture for Phoenix, which is predicted to sustain losses in housing value of 7.1 percent this year. The following is a list of cities and their corresponding forecast: Phoenix (7.1 percent), Scottsdale (6.2 percent), Tucson (5.8 percent), Yuma (7.3 percent), Flagstaff (5.8 percent)

In Scottsdale, Phoenix second homes investors sitting on empty properties praying for profits are getting to a rare sight. The Scottsdale market is among the most affluent areas in the State of Arizona. Here, wealthy individuals, professional athletes, celebrities, former Wall Street players spend their retirement. But again, the outlook is pretty but there are still a lot of issues to be resolved before a full stabilization can be felt.

Tucson’s housing market has been slowed down progressively by a sales slump, and the prices of homes looked like they were posing a comeback. But tight conditions on mortgage lending and high rate of unemployment pull down the region. Tucson is experiencing foreclosures and other problematic properties. In Yuma, two military bases are hurting and helping the market at the same time. The ongoing housing crisis is impacted by military personnel transferring assignments every two years. In mountain-high Flagstaff, the market is suffering just as much as the market for many second homes. This is mainly due to the city’s limited size.

The Picture Looks Good Overall

Economists are saying the housing statistics indicates that the year 2012 will see the housing industry beginning to turn the corner. They note that the housing industry has prolonged business cycles. Recessions in regional housing usually take three to five years before finding their bottom and the country’s housing recession has been behaving in the same pattern, bouncing along a bottom these past couple of years. The affordability of housing has been rising in a dramatic way because of the combination of rock-bottom rates of mortgages and deflation of home price, economists say. They foresee the year to be the time for prices to start growing once more, with the affordability in housing stopping further declines.

This year, households will pay off their debts and enjoy an easier access to credit. Some households will even add Home Equity Lines Of Credit in this year’s third quarter, which is a first since the start of the financial crisis. All indications point out to an increase in consumer confidence in the present economic situation. In the latter part of last year, many housing statistics moved sideways, but economists saw positives in the figures. They noted that sales in existing homes and single-family properties are increasing, confidence among homebuilders has improved while affordability has reached an all-time high.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

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Phoenix Real Estate Your Next College Fund

Posted in Canadian Retirees, Current Market Stats for Phoenix Real Estate, Great Real Estate Investment Opportunites, Phoenix & Scottsdale Property Available and Sold, Phoenix and Scottsdale Realtors, Real Estate, Winter Visitor Second Homes on 02/10/2012 05:24 pm by admin

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When you’re searching for a place to buy second homes, or any real estate property, Phoenix is one great option. Whether you are looking for a condo unit, a vacation villa, or a simple, one-storey house that you plan to rent out for the weekend and holidays, Phoenix is perfect. The primary reason for this is the weather in Phoenix, which is great most of the year. Phoenix also has plenty of malls, restaurants, gold courses and other tourism spots.

People may also want to check out Scottsdale or Glendale for properties to buy. Glendale properties and Scottsdale properties basically share the same advantages with Phoenix when it comes to weather and other tourism amenities.

But this endless choice of Phoenix properties to buy poses some problems to buyers, especially those who are new in the real estate business. If you don’t have any experience yet in buying Phoenix real estate properties, you need to hire the services of a Phoenix realtor. An experienced realtor helps you save time and effort in your search for a good property to buy.

But whether you hire the services of a Phoenix realtor or you want to do it on your own, you need to learn some basic tips in the real estate business to protect yourself from real property scams going on in the market these days.

Family First

Buying a property is a major decision that you have to discuss with your family. The purchase usually involves a huge amount of money, which will surely have an effect on your day-to-day family expenses. It’s not only but your entire family who will use the property. This means you are not the only one who will benefit, or suffer, from the choice you make. Discuss with your family which of the many available Phoenix properties to buy, the amount you can afford for it and whether you will rent it out on some parts of the year. For all you know, your family is actually interested in one of those Glendale properties, or Scottsdale properties, not a property in Phoenix.

Start Search on the Internet

Once you have settled the most important things with your family, come up with a list of choices and narrow it down. To make your list, go online. The Internet is an amazing place to look for Phoenix real estate properties to buy. Focus your search on the Arizona area so you will not be flooded with useless information.

Most companies that sell second homes, or any type of real estate properties, have websites where you can get their contact information. In fact, some companies are now allowing online reservations, making it all the more convenient for you. Once you get their contact information, schedule an appointment so you can check the property yourself. The websites usually have photos of the properties on sale, but it’s always better to check the property on-site and see it with your own eyes.

Don’t Forget To Take Notes

In major decisions, like buying properties, you cannot afford to miss out anything, including the smallest detail of the deal. Have a pen and notebook with you while you inspect the property and discuss the deal with the tour guide and later on with the owner or the real estate agent. What’s there in the house that attracts you? Is there any part that needs repair? Part of this taking of notes is the taking of pictures. So don’t forget to bring a camera with you.

These simple tips can make a whole lot of difference as you choose which of the many Phoenix real properties is best for you and your family.

 

Phoenix Real Estate Value Reset-Time to Buy

Posted in Great Real Estate Investment Opportunites, Phoenix & Scottsdale Property Available and Sold, Real Estate, Real Estate, Winter Visitor Second Homes on 01/24/2012 12:52 pm by admin

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The question that always bugs the mind of a person planning to buy a Phoenix real estate property is this: When is the best time to make the purchase? Real estate experts will always tell you that the best time to buy Phoenix properties is now. The reason for this advice is that nobody can accurately predict what the market will be in the future. And if you keep on waiting for predictions to come true, you will end up not buying any property at all.

Today’s economic condition is unpredictable. At present, there are low interest rates in the realty business. There are plenty of properties that have low prices. This is not only true in Phoenix. Even Scottsdale properties and Glendale properties are selling at prices even the average wage-earner can afford.

You may opt to wait for the market to even improve further. But can you be sure if things will not deteriorate in the future? Buying properties, such as condo units, second homes, apartment units, vacation homes, involves some amount of risk. Among the risk you will have to take is making the purchase now.

If you are still in the process of planning about making a purchase, it’s best if you consult a Phoenix realtor. A realtor can help you with all aspects in a real estate purchase. Consider the following factors in choosing a property to buy:

How Far Is It From Other Places?

This is important in any type of property you choose, whether it is for a vacation house for your family or if it is a property you plan to rent out during weekends and holidays. If you love travelling up to the northern part of Arizona, you may choose to buy a property in the town’s northern parts. It all depends on what you and your family or your prospective guests love doing. The value of a property is higher if it is close to recreational areas.

Buying A House

If it’s a house you are planning to buy, determine the type of home you want. Do you want a house in a posh community complete with all the luxuries of everyday living? Or do you want a house located at a good distance from the neighbors? Or do you want one of those second homes that are attracting a lot of potential buyers from other countries like Canada?

There are only few of the many questions you need to answer before you decide what type of home you want to buy.

Safety And Security

Another important consideration is the safety of the area where your future property is located, whether you buy the property for your family or to be rented out. Crime is everywhere, but there are areas everywhere that are really prone to all types of crime more than other areas. You need a credible, trustworthy, experienced Real Estate agent who has the ability to supply you with the ability to check out the particular area you are interested in and a Realtor that is not going to knowingly take you to those areas.

 

Complete Real Estate Stats 2011Phoenix, Scottsdale, Glendale

Posted in Current Market Stats for Phoenix Real Estate, Great Real Estate Investment Opportunites, Phoenix & Scottsdale Property Available and Sold, Phoenix and Scottsdale Realtors, Real Estate, Real Estate on 01/17/2012 11:00 am by admin

Maureen Business shootReproduction of this document allowed by Arizona Regional Multiple Listing Service who provided the document
1

STAT 2011 Year in Review focuses on the state of the Valley’s recovery over the last twelve months, placing the gains and losses over the year in perspective. Overall, the tale is positive.

SALES
Sales rebounded in 2011 enthusiastically, topping out at 101,436, the second highest total sales of the decade. It was surpassed only by 2005 with 104,725 sales, at the height of the real estate bubble. STAT and other conventional wisdom have focused on late mid-2002 and 2003 to mid-2004 as our last normal markets.1 Total sales for 2002, 2003 and 2004 were 67,950, 80,052 and 98,922 respectively, and 2011 compares favorably.

ARMLS STAT 2011 YEAR IN REVIEW 2

ARMLS STAT 2011 YEAR IN REVIEW

INVENTORY
Total new listings in 2011 (121,041) fell slightly below the 2002 figure of 125,738. Correcting itself from the decade high 173,363 after the housing bubble burst in 2006.

MONTHS SUPPLY OF INVENTORY (MSI)
The decade MSI pattern follows the Valley’s journey from its normal market (starting in 2002 to mid 2004) through the buying and selling frenzy of mid decade (late 2004 – early 2006) to the correction of the late decade (2007 – 2010). Average MSI in 2011, 3.81, more closely re-sembled the average MSI of 2003 (4.31), at the midpoint of our last normal market 3

DAYS ON MARKET
Marketwide days on market (DOM), while not indicative of DOM in smaller market niches, is a measure of overall market health. In 2011 DOM started the year at 113 and continued on a downward trend to finish the year at 95.

FORECLOSURES PENDING
Foreclosures pending, which fuel the Valley’s foreclosure sales, reached their pinnacle in No-vember 2009 at 50,568, and finished 2011 at 19,979, 60.49% below the decade high. The av-erage foreclosures pending per year stubbornly held at 44,237 and 44,698 for 2009 and 2010. In 2011 it took an abrupt downward turn all year.

ARMLS STAT 2011 YEAR IN REVIEW 4

ARMLS STAT 2011 YEAR IN REVIEW

DISTRESSED SALES
Distressed properties as a percent of sales started the year at 70.2%. Despite a series of hic-cups in direction over the course of 2011, it crashed through the 60% barrier the last two months of the year, at 59.4% and 59.8% respectively. Not only did the percent drop 10.4% over 2011, but the short sale to foreclosure mix shifted by year end, to see short sales over- take foreclosures for the first time, albeit by a small amount. 5

PRICING
Pricing remains the last bastion of resistance to the Valley’s recovery. Both List and Sales median and average prices showed very little movement over the course of 2011, stagnating at the presumed bottom. Median List price started 2011 at $124,900 and finished the year not much higher at $129,900. Average List price followed the same pattern, starting at $204,300 in January and finishing in December at $200,200.
Sales pricing mimicked the same lackluster performance of List pricing. Median Sales price began with $110,000 and ended 2011 at $117,000, well below the median List price. Average Sales price in January was $157,000 and ended at $162,200. All four pricing metrics, List and Sales, took a full twelve months to go practically nowhere. On a positive note, given how long pricing has stalled, the Valley’s pricing has probably hit bottom. What is in dispute is how long it will stay there.
Pricing cannot correct itself until the forces of supply and demand4 equalize. Both List and Sales pricing are cur-rently unduly influenced by the large numbers of distressed properties that compete for buyers. The slowing of foreclosures pending, if continued at the current rate, should stabilize in 2012, leading to a gradual decline to normal levels of foreclosures in the active property pool. Likewise, growing lender appetite for short sales over foreclosure will also diminish foreclosure influence on pricing.
National predictions on home prices are a slow but steady upward climb in 2012.5 Given 2011’s underpinning metrics (inventory, sales, MSI and foreclosures pending), the Valley’s pricing is poised to gain traction in 2012.

ARMLS STAT 2011 YEAR IN REVIEW 6

UNEMPLOYMENT and JOB GROWTH
Phoenix Metro started the year with a 9.28 unemployment rate,2 with the rate’s overall trend line for 2011 downward. Preliminary figures for November are estimated at 7.7%3, a drop of 1.58% from January, wetting our appetite for the December’s final. Arizona ended 2011 as a top ten growth state, now adding jobs faster than the national average.6

ARMLS STAT 2011 YEAR IN REVIEW

THE 2011 FINAL TALLEY
In the 2011 “gaining momentum” column, STAT places unit sales, total inventory, marketwide MSI, falling DOM, declining foreclosures pending, distressed property’s falling % of sales, falling unemployment and job growth. In the stagnant “needs improvement” column, STAT cites all four pricing metrics: median and average List and Sales prices. In the loss column, STAT sees little that is moving in the wrong direction.
All in all, 2011 was a pretty good year on the road to recovery.
1http://content.yudu.com/A1s4h3/JuneJuly2011/resources/index.htm?referrerUrl=http%3A%2F%2Fwww.armls.com%2Fnews%2Fwave-ezine
2 EBEller Online

 
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