So I just got off the phone with a new client today and he’s disappointed.  It seems that he has been listening to the media reports of a sinking housing market when in fact the truth is far different.  Today I called on three listings for various clients.  EACH ONE HAD MULTIPLE OFFERS… ONE HAD 17!!!  How crazy is that?

In fact, in a quick random survey of other top agents in my Keller Williams Office, I found that every one… yes.. every one has multiple offers on their correctly priced lisings.  I guess there are two lessons here.

First, if you are looking to buy something.. get off the fence.  Now is really the time and you know why!  Multiple offers only means one thing.. PRICE INCREASES!  For example, at one of my listings, we had 7 offers.  Asking price was 95K.. selling price 115K!  We set the high mark for recent sales in the community.

Next, if you are a seller and you don’t have lookers or you don’t have offers, it only means one thing:  YOU ARE OVER-PRICED.  Buyers are saavy.  They know when someone is just not in line with expectations or the neighborhood.  I would suggest you talk to your real estate professional about your price and the action around your home. 

So here’s the bottom-line — don’t believe everything you read or hear in the media.  For the REAL facts on the market, ask me or any other real estate professional.  We’ve got the tools like the MarketSnapshot to show you the truth about what is happening around you.

As for the market right now..

There are 30,332 single family detached homes actively on the market in MLS. That is an increase of 256 listings for the week.

There are 37,617 active listings in MLS, which includes patio homes, town homes, condos and loft properties.

As always, if you have a question about your situation, contact me today.  If I don’t have the answer, I will get it for you!

Housing Market Stalled?—I don’t think so and can prove it! is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

I just worked with a great couple to find their dream home in the north Phoenix area. We narrowed their search down to two neighborhoods: one with new construction and one an established neighborhood with several resale opportunities. They really struggled with whether they wanted to pursue new construction or an existing home. Each choice has its advantages and there is no single answer that works for everyone.

You may be drawn to the shiny new, energy-efficient appliances, the great room, and the beautiful master suite offered in a new home. But you may also like the charm, the canopy of trees that drape over the sleepy neighborhood streets, and the established community of an existing home you’ve been eying.

Here are some things you’ll want to consider as you decide which route to take.

• The neighborhood. Many people are drawn to developed neighborhoods for the sense of community that has been established. The mature landscaping and developed trees are often a considering factor. However, new neighborhoods allow you to meet families who have also just moved in – creating a sense of togetherness automatically.
• Maintenance and repair. If you’re considering an existing home, be sure you have a good handle on the working status of all major systems. Hire a professional home inspector to check out the house. New homes and their appliances usually are under warranty for awhile.
• Home improvement. If you enjoy small repairs and home improvement projects around the house, then an existing home might be your cup of tea. But home enhancements can be done to both new and old.
• Existing features. When you buy an existing home, you typically don’t have to worry about buying the extras, such as blinds for the window, a security system, or a landscaped back yard.
• Land. In general, new homes may have less land than newer properties.
• Price. In general terms, existing homes tend to be less expensive than new properties. However, home prices have really been competitive lately for both new and existing home sales. And new home builders are offering some big incentives so no assumptions can be made here on which one will be more affordable.
• Traditional layout. If you like the formal living and dining rooms, an existing home will likely satisfy you. If you like bigger master bedrooms and more bathrooms, some of the new home options might suit you better.

At the end of the day, you have to go with what you feel most comfortable with and what you’re drawn to. There are pros and cons on both sides. If you are interested in buying or selling a home in the Phoenix area, contact me. I’m happy to help.

Considering new construction or a resale in Phoenix is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

We have experienced several months of gradually rising prices in the Phoenix-area housing market. This has been a warm welcome to homeowners.  New data is showing a flat year-over-year home-price appreciation from July 2009 to July 2010. Additionally, the report’s author predicts that the market is likely to stay flat until the middle of next year.

This data comes from the most recent Arizona State University-Repeat Sales Index (ASU-RSI) report which measures annual changes in average Phoenix-area home prices. The entire report, as well as the data collected, can be found here.

The report quotes Professor Karl Guntermann, the Fred E. Taylor Professor of Real Estate, who authored the new report with Research Associate Adam Nowak, as saying, “It is likely that house prices throughout the metro area will remain essentially flat for the next 12 months. While the improvement seen over the past 18 months isn’t likely to continue, there also is no evidence that house prices will resume a downward trend, contrary to some published reports.”

The last point Guntermann makes about no evidence to support a downward trend is important. A few studies have assumed that the market would feel another decline. However, Guntermann’s study – which is based on repeat sales – is the most reliable way to estimate price changes in the housing market. Repeat sales compare the prices of a single property against itself at different points in time, instead of comparing different homes with different quality factors. Distinguishing “comparable” properties is an inexact science whereas comparing the same home, offers more quality data.

The results of this study offers good news for homebuyers and owners alike. As a homeowner, your investment is retaining its value. As a prospective buyer, it has never been a better time to purchase a home. The market continues to stabilize, the mortgage rates remain low and there is plenty of inventory to choose from.

If you are thinking of buying or selling a Phoenix home, contact me. I’m happy to help.

New data shows the Phoenix housing market remaining stable is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

I was featured on REALTOR.com® again – they posted a blog I wrote called “Are low interest rates a silver bullet?” Go read the full post, but the gist was this: mortgage rates have fallen over the last two months to the lowest level in decades. In fact, there are rumors that rates could drip below 4 percent. However, they are not causing an immediate turnaround in the real estate market.

In the blog on Realtor.com, I ask – and attempt to answer – why not? Why are interest rates not the silver bullet the real estate market needs to turn around? Again, read more to learn my thoughts and I would also love to hear from you.

Phoenix real estate on Realtor.com – Are low interest rates a silver bullet? is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

For many home sellers, it’s been a hot summer but a cool housing market as inventory stays on the books for longer than sellers anticipate.

Indeed, resales plunged last month to the lowest level in 15 years. And despite the 4.44 percent mortgage rates and low home prices, July’s sales were less than sterling. Why aren’t homes selling? I’ve blogged about this before, discussing the weak economy and high unemployment rate. But I realized that all of this discussion – at the end of the day – didn’t get at the heart of the issue for home sellers who want to sell their property and move on. You need to know how to sell that house.

So for you, home sellers, know that it is more important than ever to stick out among the pack. Therefore, here are my top tips for home sellers in this slow housing market.

1. Price, price, price
In a market with a high inventory of foreclosed homes and short sales, people who are selling their homes the traditional way need to make sure they are priced competitively. I’m not saying that you need to list your home for the same price as the short sale next to you. However, the closer your selling price is to comparable homes, the better off you will be. A buyer in this market may be turned off by a home that is priced too high, because they don’t want to deal with the headache of negotiating to a lower selling price.

2. Offer incentives
You can stand out from the crowded short sale and foreclosure market by offering little perks, such as a credit toward closing costs, money to repaint the house or a one-year home warranty. Most buyers are hesitant to the headaches of buying a bank-owned property and these additional incentives could win them over.

3. Looking your best
The tried-and-true tips for selling a home still apply. Curb appeal is still a big interest for buyers as well as a home that is clutter-free, clean, tidy and well staged. Though it’s not necessary, hiring someone to professionally stage the house isn’t a bad idea.

Though this is a difficult market to sell, it’s not impossible by any means. There are a ton of buyers out there given that this is a great time to buy. You just need to be prepared to stand out as much as possible. With a little extra effort, you’ll be surprised at how much easier it can make the process.

If you have any questions or are interested in selling your home and want to discuss any of these tips or more, please contact me. I’m happy to help.

Tips to sell that Phoenix home is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

While experts predict that the rate of foreclosures in 2010 will exceed those in 2009 – and 2010 is being dubbed the Year of the Short Sale – there was some good news reported recently. RealtyTrac, an Irvine, Calif.-based data company, reported that the foreclosure rate dropped by about 5 percent during the first half of 2010.

This is, indeed, good news. However, even with that decline, still one in seven mortgages was delinquent or already in foreclosure during the first quarter of the year. That’s the highest rate since 1979, when the Mortgage Bankers Association began keeping records. And foreclosures remain high here in Arizona, with foreclosures making up 43 percent of the existing-home market activity last month, according to a recent study by ASU’s W. P. Carey School of Business.

On the upside – because there always is an upside – for many homebuyers, all of this means that there a lot of deals are out there for those who have the patience and energy to tackle buying a bank-owned property. In fact, there are still a lot of foreclosed properties just waiting to be bought. HousingWatch.com reported that “the shadow inventory of homes — those that have been repossessed by banks or are in default and will be offered for sale — was 7.3 million in the first quarter of 2010.”

So high inventory plus low home prices plus record-low mortgage rates –well that equals a great time to buy for a lot of investors . . . and just average Americans looking to enter the real estate market. People with steady jobs, good credit and a 20 percent down payment can find some amazing bargains.

And I’ve said it before and I’ll say it again: real estate is a good long-term investment. If you are in a position to take advantage of the low mortgage rates, it may be the best time to purchase a home in your lifetime.

If you are interested in buying or selling your home, please contact me. I’m happy to help.

Buyers find some great real estate deals in Phoenix is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

An article from the Arizona Republic today reported that, according to a new reading of credit-bureau data, Phoenix homeowners are doing a better job keeping up with their mortgage payments. For the second straight quarter, Valley mortgage delinquencies dipped in the April to June period.

According to the research from TansUnion, 62 percent of the metropolitan statistical areas showed a decrease in their 60-day mortgage delinquency rates since last quarter.

It’s great that this is a national trend and that Phoenix is part of it.

The Republic wrote that “As of midyear, 12.3 percent of Valley homeowners were 60 days or more late on payments, down from 12.71 percent in the first quarter and a cyclical peak late last year of 13.16 percent.”

Nationally, 6.67 percent of borrowers are two months or more past due in the second quarter, down from 6.77 percent in the first quarter. This data strongly suggests that the credit conditions in the housing sector have now begun to stabilize. For this statistic, which is traditionally seen as a precursor to foreclosure, reflects a decrease of 1.48 percent from quarter-to-quarter.

Why the stabilization? This is partly influenced by some borrowers having already exited the real estate market. However, the researchers also believe that those who remain in their homes are doing a better job of saving money, spending less and managing payments.

This study comes on the heels of a couple others that I have blogged about recently, including the fact that Valley bankruptcy filings have declined for the past four months. Additionally, Arizona’s jobless rate has stabilized in the 9.5 percent to 9.6 percent range this year and remains below the national average.

This is all good news when it comes to a stable housing market.

Quick facts from the study

How do we measure up to other metros:
Mortgage borrower delinquency rates in the second quarter of 2010 continued to be highest in Nevada (15.86 percent) and Florida (15.02 percent), while the lowest mortgage delinquency rates continued to be found in North Dakota (1.61 percent), South Dakota (2.23 percent) and Nebraska (2.61 percent). Twelve states showed increases in delinquency from the previous quarter with Rhode Island (+4.63 percent), New Mexico (+4.45 percent) and Washington (+3.39 percent) leading the pack.

Though we weren’t at the top of the pack, the Valley’s mortgage-delinquency ratio ranks as the 22nd highest of more than 360 metro areas examined. Not great but stabilization is key.

Forecast:
The researchers issued this prediction: “TransUnion believes that the 60-day mortgage delinquency rate will likely continue to drift downward in 2010, possibly nearing 6.4 percent nationally by the end of the year. Note that this forecast is based on various economic assumptions, including the assumption that both real estate values and the unemployment picture will improve gradually.”

I’ve said it before and I’ll say it again, real estate remains a good investment. And now is a great time to buy. Home values and mortgage rates remain low.

If you’re considering entering the real estate market, contact me. I’m happy to help.

Mortgage delinquencies on the decline – both in Phoenix and nationally is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

I was featured on REALTOR.com® again – they posted a blog I wrote called “The Year of the Short Sale?” Go read the full post, but the gist was this: 21.5 percent of Americans are still underwater – many of whom have been forced to consider a short sale of their home.

Last month, the New York Times quoted Jonathan J. Miller, president of the appraisal firm Miller Samuel and a market analyst, as saying that 2010 might well be dubbed the “Year of the Short Sale.” Indeed, as I’ve blogged about before, short sales are up 600 percent since 2008.

In the blog on Realtor.com, I looked at why 2010 is being considered the Year of the Short Sale and what it means for the national economy. Can short sales be exactly what we need? Again, read more to learn my thoughts and I would also love to hear from you.

Phoenix real estate on Realtor.com – The year of the short sale? is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

Begin Your Dream of affordable ownership and live among the pines at this 3-bedroom/1.5-bath 1300-SF condo in North
Scottsdale.

Located just about 20-minutes from Downtown Phoenix, this property features new paint, new carpet, new appliances, a master suite with walk-in closet for your wardrobe, cozy family room with fireplace and laminate floors. Don’t pass up this opportunity to get an unbeatable value in a luxury complex with all the ammenities.

Aventura – North Scottsdale Bank Owned 3/2 Condo is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos

According to new research from the real estate Web site Zillow.com, nearly 67 percent of all homeowners with mortgages in the Phoenix area are underwater on their homes.

I blogged last month about how the national average is closer to 25 percent and it’s true that the percentage of single-family homeowners who are underwater is declining. The new numbers out from Zillow.com show that around 21.5 percent of Americans are now underwater. Though the number is decreasing (thankfully) it is still historically high – but nothing close to the rate in Phoenix. Only Las Vegas has a higher rate than Phoenix, at 74 percent.

Given that the Phoenix, Las Vegas and Miami markets are similar in a lot of ways, I ran the numbers for those three metros. It was interesting to see that home prices in Miami-Fort Lauderdale have fallen 15.2 percent year-over-year, in Las Vegas they have fallen 12.4 percent with Phoenix home values having fallen the least of the three at 11.8 percent.

Though we would rather see home prices more stable than 11 percent, it was further confirmation that the local economy is healthier than comparable markets. Regardless, we would really like to see home prices bounce back. Declining home values trap people in their current homes as they wait for their homes to be above water, so to speak. But how long does one wait when their job has changed (and, therefore, their commute), their family has grown or other life changes necessitating a change?

This is the big question for many homeowners. I’ve worked with clients who have purchased a new home and, after closing on the purchase, turned around to foreclose on or short sell their initial home. This kind of strategic defaulting is growing more popular as people realize that it may be several years before they break even on their home but personal circumstances necessitate a move in the meantime. The blazing low mortgage rates aren’t hurting the situation either. Right or wrong, it makes a ton of financial and personal sense.

We all know that the U.S. economy still has a ways to go before it is fully recovered. However, conditions have stabilized significantly over the past 18 months. As I’ve mentioned, 2010 is being dubbed the Year of the Short Sale. I’m really looking forward to the next 18 months and what 2011 may be dubbed. Any predictions?

As always, please contact me if you are interested in buying or selling a Phoenix home. It’s trickier than ever out there and I’m happy to help.

Majority of Phoenix homeowners are underwater is a post from: Phoenix Real Estate-Phoenix Homes For Sale - Phoenix Condos