Tuesday, June 4th, 2013 at 8:16pm. 21556 Views, 0 Comments.
It's been a while since I've done one of these market reports. It's been a busy time indeed, not only for us, but for the market.
Even the "media" is abuzz with good news about the real estate market. Real estate is a foreshadow of things to come, say many an expert. To paraphrase, the fact that the indicators are so good for real estate shows that the economy "may" be good in 2015 or 2016.
What struck me by those statements are many things, but that fact that those who hole real estate now, assuming this comes true, should hold, rather then sell until at least 2015 or 2016. That is another 2-3 years of appreciation and if you have several properties it could amount to a big chunk.
I almost regret selling one of my properties late in 2012,…
Friday, May 31st, 2013 at 9:07am. 3784 Views, 0 Comments.
When a vacancy comes up in an apartment or a house for that matter, one is faced with several decisions of what to do next. The decisions become more difficult or more crucial if the tenant has been in the place for a long time, especially 3+ years. The turnover means either basic quick prep work or a deeper remodel. You can just get the place rent ready and get it leased for an equal or slightly greater amount or you can make improvements and increase the rents.
But, before you make the decision you'll need to assess the rental market. Find out what the demand is and what the current rates are. In Phoenix I find that a nice place can always command a greater price if that apartment is in a "good" area. Who are your customers? Are they…
Friday, May 3rd, 2013 at 1:56pm. 5991 Views, 0 Comments.
Friday, April 26th, 2013 at 2:03pm. 5011 Views, 0 Comments.
I started this post by writing the title. I wrote it on May 21st, 2011. The title as you see, "A New Tide Of Buyers Is Coming In 2013" stayed in draft mode for nearly 2 years. I was just going through the plethora of unfinished posts I have, some 100+ and this one jumped out at me.
My intention was to write about the buyers coming into the market whom at some point had a foreclosure, bankruptcy or foreclosure. Although the record of these financial mishaps stay on the credit report for quite a while, up to 7 years in some cases, many can buy right after 3 years pass.
Some who had a short sale could purchase right away, under certain conditions, but most person had to wait 3 years and for many that 3 year period has now passed. 2009 and…
Saturday, March 30th, 2013 at 6:40pm. 4155 Views, 0 Comments.
The graph below shows, "average annual appreciation based on monthly average sales price per square foot for six different types of dwelling."
There is not much to say about this: it's a simply statement of a fact.
Friday, March 29th, 2013 at 3:42pm. 5943 Views, 0 Comments.
I still occasionally get calls and emails from persons looking for a deal on a home under $100,000 and I often don't get calls back when I explain how difficult and nearly impossible it will be to get a 'deal' under $100,000. I could easily raise that number too. Instead of me saying it, just look at the data.
There are only 1,382 active properties on the market compared to 3,776 last year. The supply of homes is only 1.9 months. Meaning if no new ones hit the market it will take 1.9 months for what we have to disappear. What this indicates is that the demand for homes in the price is very strong, so strong that most of the properties will:
- receive multiple offers
- will sold to cash buyers
- will sell for more than asking price.
Tuesday, March 26th, 2013 at 12:55pm. 5854 Views, 0 Comments.
Update: This property has been sold
This rare and exceptional triplex, in the the ever popular and in-demand North Central Phoenix area, that would suit an investor or be a great combo property: owner occupied in one unit while renting the rest.
Each units has a private washer and dryer and a private yard, making them very popular with tenants willing to pay more for these in-demand amenities. The location is something to boast about as well: near the I-51 freeway, near shopping and restaurants, hiking trail in the Phoenix Mountains or a bike ride along the canal and in the Madison schools district.
The property is in very good condition, virtually turn-key. Separate meters for gas and electricity. Irrigated lot that's over 13,000…
Thursday, March 14th, 2013 at 9:04pm. 4399 Views, 0 Comments.
We sometimes help clients with rentals. Most often these are clients who have purchased homes specifically for investment and they have followed our guidance on what to buy, they also follow our guidance on what to do to find a suitable tenant, but sometimes we get other calls from persons who are new to us who would like to lease out their home.
Most often these are excellent home, but there is an occasional one that simply will not do. There is a mismatch between the desires of the owner, the condition of the home and adherence to our advice.
Why should anyone listen to our advice?
The easy answer is if you don't want it, don't call us, but that is smart ass answer. The better answer is, we own rentals, we have rented for ourselves and for…
Wednesday, March 13th, 2013 at 3:12pm. 4313 Views, 1 Comments.
I don't have a before photo, but it needed a lot of work. It was dated and worn out. This one bedroom unit had been rented for many years at $450.00 a month.
When the tenants moved out the owner had asked several people about potential rents and he was given numbers in the $525.00-$575.00 range when fixed up. The owner had also requested several bids to get it rehabbed, all of which came in high, requiring a several year payback period for the work: meaning that his option was also to keep the rent at $450.00 with minimal work and he would have done okay versus waiting 3 years for a return of this outlay to fix it up, assuming all goes well for 3 years.
The unit needed new floors, paint, shower, kitchen upgrade. I was called to advise on…
Wednesday, February 13th, 2013 at 8:18pm. 5516 Views, 2 Comments.
I really dislike using ugly photos on this website, but it certainly makes a point. Your neighbor can cost you thousands if not tens of thousands of dollars in lost value on your home when you're selling it.
The photo represents just one case where a property sat on the market long and sold for less than it should have, had this view not been there.
It could be as simple as the color of a house, but common symptoms include, excessive cars in the driveway, on the street, un-kept yards, messy front yards, un-kept homes. The list is long.
In one case, in a cul-de-sac a client seller's home was next to a home that was nice, except that they kept 3 cars in the driveway and 2-3 cars in the street. Even though it was legal, the cars looked…