The Greater Phoenix Area Real Estate Video Blog with Mario Romero

Q: Is a Wave of Foreclosures Set to Crush Our Housing Market?

sold500@ix.netcom.com (Mario Romero) — Fri, 28 Aug 2020 14:45:00 -0700

I don't foresee a wave of foreclosures crushing our market. Here’s why.

With the housing market strengthening every day and more Americans returning to work, our housing sector is recovering from the pandemic faster than what was expected. However, many people are still asking the question: Will we see a wave of foreclosures given the current crisis?

Thankfully, research shows that the number of foreclosures is expected to be much lower than what the country experienced during the last recession. According to Black Knight, Inc., the number of mortgages in active forbearance has been leveling off over the past month. Of the original 4,208,000 families granted forbearance, only 2,000,588 homeowners got an extension. This shows that people are paying their mortgages again. Either that, or they never tried lengthening their payments in the first place. They may have applied for forbearance out of caution, but they never acted on it.

The housing market is in a better position than many think, and much of this is due to the fact that today’s homeowners have more equity than in years past. According to John Burns Real Estate Consulting, over 42% of all homes are owned free and clear. This means they’re not tied to a mortgage. The other 58% average roughly $177,000 in equity. This figure is keeping many homeowners afloat.

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A perfect storm for a wave of foreclosures is not in the housing market forecast.

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While ATTOM Data Solutions indicates that there’s a potential for foreclosures to increase throughout the county, it’s important to understand why they won’t rock the housing market this time around. As of right now, the active quarterly foreclosure number stands at 74,860. That’s over 7.5 times lower than the number of foreclosures we saw in 2009. Even if the number of quarterly foreclosures doubles, they’ll only reach a normalized range, historically speaking.

Equity is growing, jobs are returning, and the economy is slowly recovering. A perfect storm for a wave of foreclosures is not in the housing market forecast. While our hearts are with anyone who ends up in a foreclosure situation as a result of this crisis, we do know the homeowners have more options than they did 10 years ago. For some, this may mean selling their house and downsizing without equity, which is a far better outcome than foreclosure.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.

Q: What Do the Experts Say About Future Home Prices?

sold500@ix.netcom.com (Mario Romero) — Thu, 2 Jul 2020 09:28:00 -0700

Here’s what you can expect from our real estate market moving forward.

The worldwide pandemic and economic recession have had a tremendous effect on the nation. There’s a lot of uncertainty when it comes to predicting consumer behavior, which is nearly impossible anyway. By extension, forecasting home prices has become difficult as well. Normally, there’s a simple formula to determine future pieces: supply and demand.

Right now, demand for homes exceeds supply. Mortgage applications are at an all-time high, and inventory is at an all-time low, which normally indicates strong appreciation, but we went into a three-month reset, so we’re catching up to what would’ve happened during that time. Some experts aren’t convinced the current rush of home purchases is sustainable. The pandemic and other challenges impacting the industry have created a wide range of thoughts regarding the future of home prices.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety, or use these timestamps to browse specific points at your leisure:

1:48—Expert analysts and their predictions for home prices

2:54—The outlook for this summer

3:17—The impact of unemployment

4:13—Why we’re not in for a full recession ala 2008

5:10—The journey ahead

5:41—Wrapping things up

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.

Q: What’s in Store for Our Phoenix Real Estate Market?

sold500@ix.netcom.com (Mario Romero) — Tue, 9 Jun 2020 07:13:00 -0700

Here are the latest updates you need to know about Phoenix real estate.

In Arizona at least, we’re continuing to sell real estate, though we’ve adapted to the new normal.

Inventory is starting to go up, and we’re undergoing a slight shift. Values took a dip but are starting to increase again. As one of the fastest-growing cities (and states) in the country, people are still coming into our market in droves.

The pandemic sort of reset everything and pulled the economy back a bit, but I’d say by the end of the year we’ll be back on track again. Things will likely be a tad skewed toward buyers, but overall it will be a balanced market. Since our inventory has started to increase, buyers will come out of the woodwork to look around and see what fresh options they have.

A few important things have changed, most notably concerning how people show and view homes. Buyers must honor the wishes of the folks whose homes they’re touring, and this means wearing masks and other protective gear and using sanitizing stations. It may be the case that the seller only wants one person in the home at a time; you have to be flexible.

Interest rates are still unbelievably low, and the Phoenix market is a very affordable one.

3D tours and other virtual tours have proven to be effective tools in the market, allowing buyers to get a pretty good idea of what a given house looks like before they venture out in person. Moving forward, our industry will continue to depend on technology a lot more.

I think that real estate will be one of the economic drivers to pull us out of the recession and into recovery mode. People forget that we’ve experienced year after year (11 total) of increases in values. It’s imbalanced; history shows us that after so many years, the market sort of resets—a period known as a recession. This one, unlike the one in 2007 and 2008, is not a financial collapse spurred by irresponsible lending amongst banks. Though initiated by a very abnormal event, this current recession is more like a temporary slowdown.

It will take a couple of years to fully pick up steam and once again see continuous increases in values—but it will happen. Around the bend, you’ll probably first see inventory increase and a 3% to 5% give in value over the next three to six months. Interest rates, however, are still unbelievably low, and the Phoenix market is a very affordable one. The median price is still hovering in the low $300,000 range.

Give us a call if you’re thinking about selling and we’ll be glad to help you prepare your home for the ‘new normal’ for showings. Of course, we’re always here to take care of your buying needs, too! We look forward to hearing from you.

Q: Want to Live Stylishly in Downtown Phoenix?

sold500@ix.netcom.com (Mario Romero) — Fri, 22 May 2020 12:42:00 -0700

Our new listing is a perfect blend of classic appeal and modern comfort.

Have you seen the inside of the Orpheum Lofts at 114 W. Adams? Rising 11 stories above downtown Phoenix, the Orpheum Lofts building is designed in classic art deco style and boasts luxuriously modern rooms. Today we’re providing a look inside this iconic spot and showcasing one of our lovely new listings! To check out the spacious kitchen, classy common spaces, and all the other wonderful amenities, watch the short video above.

Therapeutic Harp Foundation

sold500@ix.netcom.com (Mario Romero) — Thu, 9 Jan 2020 14:41:00 -0800

My interview with Kim Sterling-Heflin, the executive director of the nonprofit organization Therapeutic Harp Foundation.

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It’s my pleasure to introduce Kim Sterling-Heflin, the executive director of Therapeutic Harp Foundation. Kim and I have known each other for a long time. Today I invited her here to discuss her foundation, it’s purpose, why she’s passionate about it, and much more. THF sends therapeutically certified harpists to health care facilities that could benefit from their music. The musicians play for every kind of illness you can imagine, plus babies, children, the elderly, and so on. We love what this organization is doing for our communities in Arizona. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 0:05: Introduction to today’s topic 1:05: About Therapeutic Harp Foundation 2:15: Why use the harp? 5:05: Future research into why music helps us heal 5:50: Why Kim decided to work with Therapeutic Harp Foundation 8:00: The future of Therapeutic Harp Foundation 9:00: How can you help? 9:15: Wrapping up today’s topic To find out how you can help, visit therapeuticharp.org. If you or someone you know would like to help Therapeutic Harp Foundation, give me a call or send me an email and I can answer any questions or set you on the right path into assisting this great organization. Also, as always, contact me with any questions about real estate. I would love to help with whatever you need. If you know another nonprofit group or small business that would benefit from our videos please let me know!

Happy Holidays

sold500@ix.netcom.com (Mario Romero) — Thu, 12 Dec 2019 09:02:00 -0800

I want to wish you a happy holiday season.

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Happy holidays to my family, friends, team, and all my clients throughout the years. I’d like to take this time to tell you how much you mean to me, and what effect your tweets, comments, questions, and likes have on me daily. Hearing from you is very important because it validates the time and effort I put into making these videos and sharing my experiences. I give thanks for my health, family, friends, fur babies, a place to live, and being able to put food on the table. From all of us at Romero & Co., we want to wish you a merry Christmas and a happy New Year. Go out and be kind in the world! Remember, if you have any real estate needs or there’s anything I can help you with, don’t hesitate to reach out to me. I’d love to speak with you.

Learning More About the Donor Network of Arizona

sold500@ix.netcom.com (Mario Romero) — Mon, 4 Nov 2019 09:54:00 -0800

Organ, eye, and tissue donation is on the rise in Arizona, and more lives are being saved as a result of this. Here’s how the Donor Network of Arizona is helping.

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I’m delighted to be joined by Nico Santos from the Donor Network of Arizona, a nonprofit that serves the entire state when it comes to organ, tissue, and cornea donation needs. Today we talked about his background, what led him to the Donor Network of Arizona, and more. Here’s an outline of our discussion with timestamps, so that you can skip ahead to the section(s) that interest you the most: 0:40- Nico tells us about his background in journalism and what led him to his current role with the Donor Network of Arizona 2:25- How Arizona donors saved over 700 people in just the last year, and the ripple effect that organ and tissue donation has on the community 3:47- The purpose of the Donor Network of Arizona and their role in the donation process 5:15- The importance of a fast donation process due to regulations 6:30- How you can help this organization by registering as an organ, eye, and tissue donor Thanks so much to Nico for joining me. If you have any other questions for him, visit him at donatelifeaz.org where you can also register as a donor if you haven’t yet and want to. If you have any other questions for me in the meantime, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.

A Local Business Every Film Buff Should Know: No Festival Required

sold500@ix.netcom.com (Mario Romero) — Fri, 18 Oct 2019 06:40:00 -0700

As part of my continued effort to highlight local business people around Phoenix, I recently sat down with Steve Weiss of No Festival Required. Check out our interview to learn more.

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Recently, I had the pleasure of speaking with a very special guest: Steve Weiss, who is the executive director of No Festival Required—a local business that endeavors to bring independent films to Downtown Phoenix. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 00:15 - Introducing today’s guest: Steve Weiss 00:33 - Steve shares the history and vision of No Festival Required 02:23 - Steve explains his own background and experience with film 03:41 - Steve speaks on the growing prevalence of film in the Arizona arts scene 04:35 - How Steve has carved a unique niche for sharing film outside of festivals 07:19 - Steve shares information about an upcoming screening for “Five Seasons: The Gardens of Piet Oudolf” on Wednesday, October 30 starting at 7 p.m. If you have any other questions for Steve, would like ticket information for “Five Seasons”, or have any other questions about No Festival Required, visit www.nofestivalrequired.com. Otherwise, as always, please don’t hesitate to reach out if you’d like to speak with me about your real estate goals. I look forward to hearing from you soon.

How Social Spin Laundromats Are Improving Our Community

sold500@ix.netcom.com (Mario Romero) — Tue, 17 Sep 2019 09:26:00 -0700

Christy Moore is the owner and founder of Social Spin Laundromats, and a long-time friend of mine. She sat down with me recently to talk all about her business and how it’s improving our community.

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I’m delighted to be joined today by Christy Moore, founder and owner of Social Spin Laundromats. We’ve known each other a long time, and I was very excited to get an update on all the wonderful things she’s doing in the Phoenix community. Here's an outline of our discussion with timestamps so that you can skip ahead to the section(s) that interest you the most: 0:30- Christy gives us a background on her life, her career, and her work at Social Spin 2:20- The two goals of Social Spin, according to Christy 3:30- Why I think Social Spin is such a brilliant idea for our community 4:10- Where Christy would like to take Social Spin 5:25- Where to find Social Spin Laundromat and a look at the services they offer Thanks so much to Christy for joining me. It’s so great to see someone with a passion for building our community up. If you have any questions for me in the meantime, or know of a local nonprofit that we could talk to for our next video, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

What I’m Grateful for This July

sold500@ix.netcom.com (Mario Romero) — Mon, 15 Jul 2019 07:16:00 -0700

I wanted to bring you a short message today that lets you know how much I appreciate all of your support. Here are just a few of the things I am grateful for.

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What am I grateful for? I’m grateful for waking up every morning with all my aches and pains and coming to my office to do the work that I love. I’m also grateful for my health, my friends, my family, my team, and of course, my fur babies. Thank you to all of my clients, past, present, and future, who have trusted us with their business. We appreciate and value each and every one of you.

Let me know what you’re grateful for.

Now I want you to think about what you’re grateful for today and let me know. We’d also love to hear about any great nonprofits you have worked with so we can do a future video with them. If you have any questions for me about real estate or getting a home loan in the meantime, don’t hesitate to give me a call or send me an email.

How Young Arts Arizona Is Transforming Local Youth

sold500@ix.netcom.com (Mario Romero) — Thu, 9 May 2019 09:21:00 -0700

Young Arts Arizona uses the power of art to impact our community’s children, and Dr. Judith Wolf (the president and CEO of Young Arts) has joined us today to share more about her organization.

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I recently had the pleasure to sit down and speak with Dr. Judith Wolf, the president and CEO of Young Arts Arizona about her background and her organization. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 0:29 - How Dr. Wolf first got involved with the Phoenix arts community and started Young Arts 1:31 - What Young Arts does 2:00 - Dr. Wolf shares how Young Arts has grown 2:54 - How Young Arts impacts local children 3:34 - How the Young Arts organization is sustained and where their galleries are located 5:20 - Who teaches and guides the children who collaborate with Young Arts 5:50 - What you can do to support Young Arts 6:22 - How you can get in touch with Dr. Wolf and the Young Arts organization 6:50 - What brought Dr. Wolf to where she is now If you have any other questions or would like more information, feel free to give me or Dr. Wolf a call or send us an email. We look forward to hearing from you soon.

Community Spotlight: The Aguila Youth Leadership Institute

sold500@ix.netcom.com (Mario Romero) — Mon, 29 Apr 2019 11:21:00 -0700

The Aguila Youth Leadership Institute works hard to empower the youth in our community through education.

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“Our mission is simple—we wish to create positive change in our communities and in our world.” That’s the mission statement of the Aguila Youth Leadership Institute here in Phoenix, and today I’m proud to be sitting down with their founder and CEO Rosemary Ybarra-Hernandez so she can talk more about what they do to empower Hispanic youth in our area and help them navigate through their academic, personal, and professional world.

For your convenience, I’ve provided timestamps of our conversation so you can skip ahead to certain sections at your leisure: 0:27—Why Rosemary started the Aguila Youth Leadership Institute 2:13—Why “Aguila” means being a part of a gang of good 3:03—How their presence has grown in the Phoenix area 4:05—The details of their upcoming quinceanera 5:38—How Rosemary’s youth taught her the value of education and giving back to the community If you’d like to volunteer with the Aguila Youth Leadership Institute or learn more about this wonderful organization, you can call Rosemary at (602) 518-0612 or visit their website at www.aguilayouth.org. As always, if you have any real estate questions for me or you’re thinking of buying or selling a house in the Phoenix area, don’t hesitate to reach out to me. I’d love to help you.

An Interview With Regina Nixon From the Phoenix Conservatory of Music

sold500@ix.netcom.com (Mario Romero) — Fri, 15 Mar 2019 12:20:00 -0700

The Phoenix Conservatory of Music is changing lives, and Executive Director Regina Nixon is here to tell us how in today’s interview.

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For today’s video, we’re switching gears away from real estate. On that note, I’m delighted to have Regina Nixon, executive director of the Phoenix Conservatory of Music, alongside me. Regina joins me to give us a window into her background and some rare perspective on the organization as well. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 0:34—About Regina: her background, the Phoenix Conservatory of Music’s mission, and the “why” of her role 3:08—How the organization serves students from at-risk, poverty-stricken areas through after-school programming 3:40—Discussing the array of music classes the organization offers to help students prepare for college auditions and set them up for long-term success 5:10—Why the college prep program’s positive impact on students isn’t necessarily reserved for those pursuing music 6:58—What you can do to help support the organization through donations or volunteering 8:52—How you can contact and learn more about the Phoenix Conservatory of Music 9:50—Listing some student performances you can attend If you’d like any additional information regarding this wonderful organization, please give me a call at 652-252-4191. And, as always, be sure to call me for help with any and all of your real estate needs as well.

Shining a Quick Spotlight on Agent Bruce Brogard

sold500@ix.netcom.com (Mario Romero) — Mon, 25 Feb 2019 12:42:00 -0800

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Today I want to introduce you to one of the hardworking agents on our team: Bruce Brogard. Bruce has been in the business for a long time, and he still enjoys helping people buy or sell a home. For your assistance, he can offer you pamphlets from Empire West Title Agency here in Phoenix to walk you through the buying or selling process. To learn more about Bruce, watch this short video.

As always, if you have any questions or real estate needs, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Mujer, Inc: Empowering Latina Women Since 1981

sold500@ix.netcom.com (Mario Romero) — Mon, 11 Feb 2019 15:06:00 -0800

Mujer, Inc. has been helping Latina women succeed in our community since 1981. Here’s their story.

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In today’s community spotlight, I’m sitting down with Sylvia Vega to talk about Mujer, Inc. This local nonprofit organization works to empower Latina women by creating opportunities to help them excel in all areas of life. For your convenience, I’ve attached timestamps of the video above so that you can skip ahead to the section(s) that interest you the most:

0:30—The story of how Sylvia got involved with Mujer, Inc. 2:28—The mission of Mujer, Inc. 2:54—The history and goals of Project Mana 3:33—The curriculum of their retreats 6:17—How they incorporate cultural, academic, and social skills into their teachings 8:34—How they survived and reinvented themselves after the 2008 market crash 10:00—How they structure their interactive format 12:39—Covering their recent fundraisers 14:04—How you can get in touch with Mujer, Inc. and lend a helping hand I always believe it’s great to give back to the community, and the smaller nonprofit organizations in our area really appreciate your support. If you have any more questions for Sylvia, you can email her at Mujerinc@gmail.com. If you have any real estate questions for me, feel free to call or email me. I’d love to help you.

The Amazing Way This Organization Introduces Students to the Arts

sold500@ix.netcom.com (Mario Romero) — Wed, 2 Jan 2019 13:32:00 -0800

Act One is a phenomenal local nonprofit foundation that serves to engage Title 1 students with the arts, and I recently sat down with president and CEO Geri Wright to discuss how (and why) they do this.

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Geri Wright, the president and CEO of the Act One Foundation, has joined us today to discuss how this nonprofit organization benefits local children. In Geri’s words, Act One’s primary function is to “provide access to the arts for students in Title 1 schools.” She calls this their signature program. Act One is still quite young, having only started in 2012, but has already achieved great things. In their very first year, they took over 6,000 Title 1 students on a field trip. This is amazing in and of itself, but the growth they’ve seen since then is even more impressive. Right now, Act One is set to send over 47,000 students from across the Valley on an arts-related field trip. What Geri and the other hardworking individuals involved with Act One are doing is so crucial, because the arts definitely suffer when budget cuts are made in schools. And while a lot of other outreach programs may have the capacity to invite students to performances, they lack the ability to transport these students to and from venues. Act One, meanwhile, fulfills this need. Geri has done fundraising work in the Valley for 25 years now, spending the bulk of that time as the Heard Museum’s chief development officer. She also spent time working with the American Red Cross and the Arizona Theater company.

Art education should be part of every child’s education, and with Title 1 schools, this is not consistently the case.

But of all the work Geri has done giving back to our community, her involvement with Act One is something she finds particularly exciting. She loves to engage students and to watch them discover possibilities they never knew existed. “It’s a life experience [for these students],” says Geri of the field trips sponsored by Act One. Not only do these experiences open students up to new interests and passions, but they also offer teachers something to draw upon later during lessons in the classroom. In terms of their actual process, there are four steps Act One takes to make these trips possible: They pay the art organization for tickets, they pay for the students’ transportation, they provide teaching guides to complement the art organization’s guides, and they provide educational resources for teachers to draw upon later in their classrooms. And, when the budget allows for it, Act One also provides books for the teachers’ classrooms to supplement the experience. The bottom line, according to Geri, is that “art education should be part of every child’s education, and with Title 1 schools, this is not consistently the case.” Of course, they are always happy to receive help from people who believe in their cause and want to get involved. The best way to reach out for more information is by visiting their website: www.act1az.org. Monetary donations are always greatly appreciated, but other forms of involvement are also more than welcome. If you are a teacher or are involved in an arts organization, you should absolutely get in touch with Geri and the other great people at Act One. As always, if you have any other questions about today’s topic, or about any of your real estate needs, feel free to give us a call or send us an email. We look forward to hearing from you soon.

What We’re Thankful For this Holiday Season

sold500@ix.netcom.com (Mario Romero) — Tue, 18 Dec 2018 06:59:00 -0800

Our team is so thankful for you this holiday season. We hope your season is as merry and bright as ours.

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Happy Holidays! In the spirit of the season, our team would like to extend our warmest thanks to all of you for the amazing year we’ve had. I have been personally and professionally blessed in many ways this year. I am so grateful for my partner, my family, my fur babies, and, of course, my team’s clients. Your continued support means so much to us. The success we achieved in 2018 wouldn’t have been possible without you. We look forward to continuing to serve our community and are excited to work with you all in the new year to come. Merry Christmas, Happy Holidays, and Happy New Years! To hear our full holiday message, watch this short video.

Merry Christmas and Happy New Year!

3 Home Improvement Projects That Buyers Will Love

sold500@ix.netcom.com (Mario Romero) — Wed, 31 Oct 2018 12:26:00 -0700

To increase your odds of selling in this market, you might want to look at completing a few home improvement projects. These are the three that we recommend.

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As we slowly shift to a buyer's market, it’s time to make some adjustments. For one thing, it's worth looking at some simple home improvement projects that can help ensure you sell your home quickly and at a top price. The thing is, when it comes to selling your home, not all home improvements are created equal. That's why I've collected the three top home improvement projects that homebuyers love, according to a report by the National Association of Home Builders: 1. A laundry room. More than anything, homebuyers currently want a separate room for washing, folding, and ironing clothes so they can keep the mess out of their living space. If you have an unused basement, it makes a lot of sense to put the laundry room there because all of the utility lines will be accessible and you probably won't have to demolish anything. A new laundry room could cost as little as $1,000 and could contribute a lot more than that when you look to sell your home.

90% of buyers want energy-efficient windows in their home.

2. Exterior lighting. Exterior lighting is the most desired outdoor feature by homebuyers, appearing on the wish list of 92% of them. Your options for exterior lighting include spotlights, walkway lights, and pendant lights. Fixtures range in price between $65 to $132. Exterior lighting will present your home in the best possible light, impressing these potential buyers and increasing overall interest in your home. 3. Energy-efficient windows. Most homebuyers today care about energy efficiency. Specifically, 90% of them want energy-efficient windows in their new home. A set of energy-efficient windows will drive down the costs for your utilities, improve comfort inside your home, and increase your home's curb appeal. That's why, whether you are planning on staying in your home for a while or are looking to sell quickly, energy efficient windows are worth considering. In fact, that's true for all of the above projects. If you have any questions about any of these projects or what else you can do to add value to your home before selling, don’t hesitate to reach out and give me a call or send me an email. I’d love to hear from you.

How Mortgage Rates Are Affecting the Market

sold500@ix.netcom.com (Mario Romero) — Tue, 2 Oct 2018 12:39:00 -0700

The average mortgage rate is at a seven-year high. Is this what’s behind the shift we’re seeing in the market?

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The 30-year fixed mortgage rate currently stands at around 4.77%. That's near a seven-year high, and almost 1% higher than just a year ago. This is the result of a steady rise starting last September and ending this May. What impact is this having on the real estate market? It's certainly true that affordability is down. In fact, one estimate from June found that home affordability is at a 10-year low. This is translating into fewer home sales, fewer viewings, and fewer mortgage applications. However, I don't believe that the shifts in the mortgage rate is the primary mover of the changes we're seeing in the real estate market. In fact, even at its current level, the mortgage rate is still historically low. Instead, the big reason for the changes in the real estate market is the ongoing growth in prices. Over the past several years, home prices have gone up at close to twice the rate of inflation, and have far outstripped the growth of incomes.

Over the past several years, home prices have increased at twice the rate of inflation.

The price increases, in turn, have been caused by a lack of inventory, which has been shrinking for the past three years. In my opinion, it’s this lack of inventory (and the resulting hike in prices) that explains most of the effects on the real estate market that I listed above. If you're looking to sell, you should still have no trouble doing so. Demand continues to outstrip supply, and even with dropping affordability, it's very likely that you would find a buyer quickly and at a top price. If you're looking to buy, the picture is more complex, because it's so hard to predict what the mortgage rate might do in the near term. One thing we do know is that the severe lack of inventory is unlikely to change any time soon. As always, if you have questions about the Greater Phoenix real estate market, whether you're buying or selling, you can give me a call or send me an email. I'm here to help.

Is Phoenix Entering a Buyer’s Market?

sold500@ix.netcom.com (Mario Romero) — Thu, 13 Sep 2018 09:58:00 -0700

After being in a seller’s market for quite some time now, it looks like a shift is on the horizon. Here’s what you can expect.

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After several years of continuous price gains, the real estate market seems to be reaching its price cap. In June, the last month for which we have complete numbers, 14% of all listings saw a price cut. That's up from a low of 11.7% at the end of 2016. In the same month, housing demand fell 9.6%, the largest decline in over two years. Mortgage applications to purchase a home have decreased as well. A few things are at play here. One is rising mortgage rates, which have been steadily climbing for much of this year. Another is an overall decrease in affordability, resulting from a combination of the growth in home prices and mortgage rates. If this is the start of a buyer's market, it's unlikely to be just a momentary blip. One sign of this is that homebuilder sentiment has recently fallen to the lowest point in almost a year. In other words, homebuilders are losing confidence in their business due to the aforementioned affordability concerns.

This is certainly good news if you’re looking to buy a home.

So what does this mean for you? Well, it's certainly good news if you're looking to buy, because it means you will have more choice at more affordable prices. On the other hand, if you've been thinking of selling, this might mean that it’s time to act. Listing your home now would give you the best odds of achieving a top price before the change in the market occurs. Remember that all real estate is local. There are big differences even within the (area) area, and prices can change from block to block. If you want more specific information about the Phoenix market, or you're mulling over the idea of buying or selling a home, give me a call or send me an email. I'm here to help.

How TheaterWorks Is Supporting and Enriching Our Community

sold500@ix.netcom.com (Mario Romero) — Fri, 20 Apr 2018 13:34:00 -0700

TheaterWorks continues to do amazing things in the Phoenix community. Here’s what they’ve been up to lately.

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I was delighted to be joined recently by Cate Hinkle, managing director of TheaterWorks at the Peoria Center for the Performing Arts. We had a great conversation about her nonprofit theatre company and everything that they’re up to. You can listen to our full conversation in the video above, but I also wanted to break down our discussion with timestamps so you can peruse at your leisure. Here’s what we talked about: :35- Why TheaterWorks is more than just live entertainment. 1:20- Cate discusses her background in theatre, growing up in the performing arts scene here in Phoenix, and what brought her to TheaterWorks. 2:15- A brief history of the origin of TheaterWorks and The Peoria Center for the Performing Arts. 5:20- Exciting news from Cate about the upcoming theatre season that includes 14 different productions, including “The Little Mermaid” in July.

There are 14 productions slated to open this year.

7:30- The impact that theatre can have on the youth and a few exciting children’s shows that are coming up this season. 9:15- How to get in touch with TheaterWorks or get all the necessary info for the upcoming season. 10:00- Good news for those of you in Prescott this weekend. If you have any questions for us in the meantime or any real estate needs we can assist with, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you.

An Interview With the Executive Director of the Phoenix Boys Choir

sold500@ix.netcom.com (Mario Romero) — Thu, 15 Mar 2018 11:15:00 -0700

Today, the executive director of the Phoenix Boys Choir, Oleg Shvets, is here to share everything this amazing organization has to offer.

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Today I’m here with Oleg Shvets, the executive director of the Phoenix Boys Choir, to explain a little about what the organization does. Next month will be Oleg’s two-year anniversary as executive director. Before that, he spent 17 years at the Department of Education as the executive director of DECA, a leadership program for high school students in marketing. Before that, he was a high school teacher. Oleg is very passionate about providing leadership to young people. When he took over DECA in 1998, the program was on the verge of bankruptcy. Under his tenure, the program grew to be the sixth largest state association in the country and one of the most profitable organizations in the world. He left DECA in 2015. He was looking for a new opportunity, and the Phoenix Boys Choir was looking for someone with a nonprofit background to revitalize what they were doing. It was a perfect fit. The choir is celebrating their 70th anniversary this year. They are the only youth choir in the state with a Grammy award. There are about 100 boys in the program between the ages of seven and 14, and another 20 between the ages of 14 through 63. They do a number of shows for the valley throughout the year, and another dozen or so for private organizations. The choir also tours in the summer. They did a five-and-a-half week tour of China, and this year they are going to Spain and Portugal for two-and-a-half weeks. One of the great things about the Phoenix Boys Choir is they give kids a chance to travel that they might not have had otherwise. The boys also learn about singing, performing, and leadership.

Make sure to attend a concert to see how amazing the Phoenix Boys Choir is.

Since Arizona schools are underfunded, especially for music and arts education, the Phoenix Boys Choir has expanded their program. They want to be a beacon for community education, so they launched an initiative a year ago to provide free music education programs to elementary schools during school hours, after-school programs to Title I schools, and free professional development for music teachers. This initiative has opened the door for the Phoenix Boys Choir to work with girls and create a more inclusive, diverse program. There will be a summer music camp for boys and girls this year. They are also going to include a division of the choir for boys and girls to take music classes together and do concerts for their families three or four times a year. Music and arts programs are so important because they stimulate creativity and help improve right-brain activities, like science and math. The Phoenix Boys Choir wanted to help those schools that didn’t have the money or programs for music education. They have provided workshops for 3,000 students this year alone and gotten great feedback from kids, teachers, and administrators. They look forward to expanding the program next year. You can visit their website to get tickets to their upcoming events. On April 28, the Phoenix Boys Choir will have a Heroes of Rock Concert featuring songs by Bon Jovi, Led Zeppelin, The Eagles, and Journey. Their annual gala is also coming up on April 7 at David Dodge’s Taliesin West home. If you want to help the Phoenix Boys Choir, one of the biggest things you can do is attend a choir event or gala. Come to one concert for an amazing experience. If anyone wants to audition, the Phoenix Boys Choir is open from 10 a.m. to 4 p.m. Mondays through Thursdays. Auditions are free, so just call and make an appointment. I would like to thank Oleg for taking the time to talk with us today. If you would like to learn more about the Phoenix Boys Choir, visit BoysChoir.org. As always, if you have any real estate questions, please don’t hesitate to reach out to me. I would be happy to help you!

The Greater Phoenix Area Real Estate Video Blog with Mario Romero: Have a Warm and Healthy Holiday Season

sold500@ix.netcom.com (Mario Romero) — Fri, 22 Dec 2017 15:18:00 -0800

The Greater Phoenix Area Real Estate Video Blog with Mario Romero: Have a Warm and Healthy Holiday Season: Selling your Greater Phoenix Home? Get a free home value report Buying a Greater Phoenix Home? Search all homes for sale We’d l...

Have a Warm and Healthy Holiday Season

sold500@ix.netcom.com (Mario Romero) — Fri, 22 Dec 2017 10:34:00 -0800

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We’d like to wish you a very happy holiday and a warm and healthy new year. We at Romero Real Estate are very grateful to know all of you, and we’re especially thankful for your support in our company.

3 Things You Should Know About the Home Flipping Craze

sold500@ix.netcom.com (Mario Romero) — Fri, 18 Aug 2017 09:39:00 -0700

Home flipping is all the rage right now. Here’s what you should know if you are thinking about cashing in on this trend.

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Home flipping is usually defined as buying a home and then reselling it soon after for a higher price. 10 years ago, it was a mainstay of the real estate boom that led to the financial crash. After some years of lower activity, it's back in full force, thanks in part to popular TV shows such as "Flip or Flop" and "Flipping the Block." If you're curious about home flipping, here are three facts you should know right now: 1. Home flipping is more profitable than ever. A recent Waco home that appeared on HGTV's show "Fixer Upper" was originally bought for $28,000. It was thoroughly renovated and is now being listed for $950,000—over 30 times its original price. In 2016, the median flipped home sold for $189,900, which is $62,624 over the median purchase price of $127,276. That's a 49.2% return, the most profitable return since 2000—the first year for which such data is available. 2. Home flipping is caused by different factors than 10 years ago. Back then, many flipped homes were speculations. In other words, investors would buy a home and then just wait, hoping that the price would go up so they could sell. The current flipping trend appears to be a positive response to current market conditions, such as the overall shortage of homes for sale, a lack of new construction, and a steady rise in home prices.

Demand still outstrips supply, for now.

3. Home flipping affects all home buyers and sellers. If you're a buyer, you can clearly benefit from the home-flipping craze. Flipped homes are available at all price ranges, from entry-level to luxury homes.

If you are a seller, then the boom in home flipping means you might face tougher competition when the time comes to sell your home.The good news is that demand still strongly outstrips supply for now. These conditions won’t last forever.

If you have any questions or you're even considering investing in a home you can flip yourself, get in touch with me by giving me a call or sending me a quick email. I’d love to hear from you.