Tagged : phoenix housing market
There are currently 10 blog entries matching this tag.
Saturday, June 2nd, 2012 at 4:50pm. 2853 Views, 0 Comments.
Apparently the economy is in a recovery, but jobs continue to have a lackluster performance and lately job growth can't keep up population growth
I'm continually dumb founded by how so many people earn so little. A look at the classification of poverty shows that if a family of 4 makes a little over $22,350 it's no longer in poverty. I can't imagine a single person being able to make it on $22,350 let alone 25-30K what of a family of 4, and that's even in Arizona which is a relatively inexpensive state to live in.
The United States has the greatest percentage of child poverty of all the industrialized nations. How can that be? How can that be? Don't people know? This is the richest country in the world, yet other nations outpace the U.S.…
Sunday, April 15th, 2012 at 4:53pm. 1180 Views, 0 Comments.
The news is all over now: prices for real estate are up and often significantly up over last year. The lack of supply and a healthy demand has forced prices to increase: simple economics. Demand is high from regular home owners to investors, all trying to take advantage of still low prices and even lower interest rates, though - 40% of sales are cash.
There's a lot of talk about missing the boat on this recovery. Not so fast. Even though prices have increased, they are still at long time lows. With the price of building materials on the rise and really with no reason for a slow down in demand for the materials due to global demand, it is unlikely you will be able to build homes at the price you can buy them now. Replacement cost is a huge factor and…
Monday, April 2nd, 2012 at 9:59am. 1377 Views, 2 Comments.
It's nice to have a balanced market, but in real estate it's rare to have one; though the imbalance is not, usually, skewed too much: that's an okay situation, but are we getting too much of a good thing now? Too fast of an improvement, is it really an improvement when it's skewed so much? The market is not balanced.
Personally I don't like it, this imbalance it makes everyone's job more difficult and there is alot of aggrevation, animosity and bad feelings out there. Even something simple as working in your client's best interest can earn you new nick names or have someone question your integrity. There can be only one buyer for any particular home and when many people want it - and there are few other choices - the results are not always good.…
Friday, March 2nd, 2012 at 8:08pm. 1060 Views, 0 Comments.
Anyone in the market right now as a buyer has their feet on the ground and in the trenches. These people know what the market is like. The newspaper writers don't. Despite the still somewhat gloomy national market new, the local market is buzzing with activity like a flock of bees to freshly opened flowers. In fact, a recent survey of buyers by Redfin indicated that one of the concerns buyers had when buying in the current market is a lack of inventory.
Almost all offers we put in are met with resistance from other competing offers, often pushing the price beyond what I think the market value is, but that's the prerogative buyers with cash have. They can choose to over pay a bit to gain control of a property that will make sense for the long term.…
Saturday, February 4th, 2012 at 11:13am. 2243 Views, 0 Comments.
I'm a bit annoyed right now. It seems that Jan 1st was just a few days ago and it's already February 1st. I now cringe in disgust when I hear the cliche 'time flies' or 'time goes by faster as you get older.' It used to sound like BS to me, but now I see it's all true. Maybe it's because the world is so fast paced now. There are many more obligation, small bills nit picking at the pocket book for stuff that few could imagine decades ago and everyone is connected and on demand.
My uncle is a residential and commercial electrictrician, a really good one by the way. He is getting a batch of new business cards he wanted me to glance at. One line said, "service 24 hours a day". Does he really want someone calling him at 2 am? Probably not, but it's…
Monday, January 30th, 2012 at 5:48pm. 697 Views, 0 Comments.
Start by looking at the right end of the graph below in the present where it is clear by the graph and the activity in the market that prices have stabilized and many cases are on the rise without any foreign influence: by that I mean government incentives like the tax credits we had a few years ago, which did nothing, but artificially bump the market before it corrected itself after the incentives were removed.
Those are gone and prices are almost naturally coming back and improving. It's good to see this finally.
Tuesday, January 3rd, 2012 at 9:29am. 1508 Views, 0 Comments.
It's quite an exciting time in the Phoenix real estate market. Good things are happening, despite the continued distress in the housing market and overall economy. There are some negatives to this turn in the market and we'll get into those, but they pale in comparison to what the market went through in the last half decade.
This is now the year 2012 and it just keeps getting better. I know for many the financial and economic situations vary. In 2008/2009 when so few properties sold, it was hard to make ends meet and our reserves were depleted, the real estate portfolio value went down, even some properties were purchased a decade ago had no equity and the near future was bleak. Some people are still in hard times, but the important thing to remember…
Sunday, November 20th, 2011 at 6:18pm. 915 Views, 0 Comments.
It's simply inventory is down for most price segments, yet demand remains high. At last look the Greater Phoenix residential inventory stood at 3.5 months for all residential properties, the weak and strong, under-priced and over-priced, homes and condos.
3.5 months is quite low, but we need to look deeper to see where all the action is and how little there really is in some segments. Keep in mind two things. The overall consensus is that about 4-5 months is a balanced market and the higher the price bracket the higher the months of supply is normal.
There is lots of activity in the price brackets under $200,000 and especially under $150,000 where plenty of home buyers and investors are present and that's why inventory there is just over 2…
Friday, September 2nd, 2011 at 9:58am. 1326 Views, 0 Comments.
Look at this chart on seasonality, look at the second chart in the post 'Sales per month'. Did you see how sales always take a dive in July and then perk up in August just a tiny bit? And then lets get started on the August sales number for Greater Phoenix.
The August sales numbers are pretty awesome at 8,593 sales, just a little bit over July sales at 8,489 which was, as norma,l lower then June numbers at 9,801. So we are kind of in extraordinary times, but the tides of seasonality still permeate how real estate moves.
It may be boring, but it matters when you see articles in the paper noting that sales have dropped, as if things are bad. Well, dawg ganit, it's normal and expected for sales to decline after the normal and expected peak in June…
Friday, August 12th, 2011 at 7:41pm. 309 Views, 0 Comments.
As you can see in Active Listings the total number of active lender owned homes is on a decline. It's less then half of what was on the market last year, but sales remain about steady and in fact they are higher this year at 3,971 properties sold than 3,902 last year. The supply at less than a month is really small, but demand remains high.
This demand is exemplified by the Listing Success Rate of 100.1% and the 99.44% sales to list price. It means more homes are selling then are coming on the market for the first number and the second number that bank owned homes are selling at nearly 100% of asking price: essentially there is no additional discount beyond the list price.
(Graph: The Cromford Report)
Expect the supply to remain low, but…