|  | Greater Phoenix trends and statistics | Timely news and information about greater Phoenix real estate trends and statistics | |
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| | May 02, 2008 | | The ultimate Phoenix MLS home search. | Phoenix Market Trends now has a new Phoenix real estate search. This is an exciting more intuitive map based search. Its very fast, flexible, visually pleasing and informative with some very great tools that make searching easier.
Quick Link to Phoenix Home Search www.SearchValleyHomes.com Perform a search by moving the slider to indicate the high and low ran ge. You can also set criteria like zip code, city or subdivision. The auto complete function makes it easier to locate subdivisions that you don't quite remember the name of. An "Advanced" option allow you the get more detailed with your search. Select "advanced to look for horse properties, multifamily, land, commercial or just to further refine your search.
 Even better the search can be constrained to the area you selected on the map. Zoom out to view the entire city of zoom into individual neighborhoods and see only properties in those areas. The map shows you the locating of each home on the map. Put you pointer on the location in the map to see a quick view of the property.
 The results of your search show up both on the map and on the left results panel. The properties can be quickly rearranged by ascending or descending price, bedrooms, etc.
You can quickly switch between the results tab and search tab. By picking a property you can see more details about it.
Searches can be saved, printed or emailed. You can also receive updated daily or weekly of properties in your criteria when the come on the market.
This way you won't miss a home. An even better way to receive updates of new homes on the market is through the RSS feed. If your not familiar with RSS feeds take a look here for benefits and how use them and set them up. It's well worth doing it this way.
get daily or weekly updates
 If you see a property that you like you can get full detail about it, including multiple photos. View larger photos individually or as a slide show.
View property details like size, bedrooms, lot, year built, days on the market and so on. School and neighborhood information is available as well. You can easily see where the closest shopping is or even do a quick search for a pizza place near by. There is mortgage calculator as well. It allows you to quickly see an estimate of your payment. A small map also provides you with an aerial/satellite view of the property and its surroundings. In some cases a birds eye view may be available 
Create one search or multiple searches view them anytime, get updates by email or RSS feed and we are always just a phone call or email away if you need more information or if you'd like to schedule a showing of a property you found. Start A Home Search www.SearchValleyHomes.com | |
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| | May 02, 2008 | | Phoenix real estate and home listing updates via RSS | Many of you already subscribe to Phoenix Market Trends using the RSS feed and you know the benefits of RSS. 
We have now added a new Phoenix MLS real estate search which allows you to get updates of homes in your criteria via an RSS feed. This is a very slick and easy way to receive properties that match your needs. The search can be performed by almost any criteria including by map. If your not familiar with RSS, we have a very good explanation which includes a short video plus links to some popular RSS readers at our sister blog here. | |
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| | May 01, 2008 | | Condos, Homes, Townhouses in Phoenix with seller financing. | There are just over 1,000 homes, condos, townhouses in Greater Phoenix where it is indicated in the Phoenix MLS that the seller is willing to do "seller carry back"
That is a lot of homes. They range from condos to multi-million dollar properties.
I can't tell if the offer to carry is in first position or only part of the entire loan. That is something that would need to be investigated, as would the terms of such loans.
So out of the 55,000 plus homes on the market, just about 2% or 1,080 have some type of seller financing available.
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| | May 01, 2008 | | Buy a Phoenix home with seller financing | ...financing may be even more important then the house or real estate investment itself. In the current real estate market one of the difficulties of reducing
the huge inventory is access to financing. If you consider it
carefully, financing may be even more important then the house or real
estate investment itself. It is the accessibility to financing that
allowed so many people to purchase homes and speculators as well as
investors to acquire real estate. It is financing that is part
of the cause of the current slow down in the market. It is also
financing that makes real estate investing so much better in general
then stocks; that being leverage. There are many options for
financing a home either through a bank/broker or short term money through a hard money loan and the less common, through
the seller. Seller financing is an option, more so in the current
market. When money was easy anyone could have received very low
interest financing from a traditional bank. Though this is still true
it's much harder. Banks have tightened guidelines and there is just not
that much money floating around. Scarcity increases cost. For sellers
in a position of large equity seller financing may be an option either
to sell a property or to create cash flow secured by real estate
without the maintenance and risk of owning real estate.
Some reasons seller financing may be an option for real estate owners.
Seller financing can be used as additional leverage for selling your property.
Sellers can carry the note to generate cash flow secured by real estate
and its cash flow that makes people financially secure. It can give you
an edge over other competing properties.
Because you hold the note, you be as flexible or accommodating to a buyer as you choose.
If you're selling an income property such as a multifamily property or
even land with a large equity position, by holding the note you deffer
capital gains.
The note holder can also sell the note.
Just as lenders sell notes, a seller can do so. There are
requirements that need to be met so look into what a note buyer will
want before you create the note. It can be sold at any time. Some
will even buy a portion of the note.
Buyers can benefit from buying real estate with seller financing.
As a buyer or investor your
options are greater if you are willing to purchase a property where the
seller holds the note. Often it can allow you to buy a property which
you normally would not be able to buy. Your down-payment may be lower
as well.
The closing costs associated with traditional lender are quite high.
With seller financing you avoid many of the associated costs of getting
a loan. That money can be put toward the down-payment, saved or secured
for making payments.
You do build credit, and because you're dealing with a private party you
may get additional flexibility which you would not otherwise.
There are more properties that have seller financing in this point of
the real estate cycle. Sometimes you'd be surprised what you can buy
with out having to get a traditional mortgage and not having to get hard
money.
Currently we have a magnificent home in North East Phoenix, a beautiful
remodelled home on a large lot with wonderful finishes and even a view
that is available with seller financing with a 20% down-payment. Take
a look at the home here. www.22place.com Can you combine seller financing with traditional financing? Yes, in theory and in practice but in this current real estate market where lenders are more risk averse you are unlikely to obtain regular financing with a second mortgage held by the owner. We have tried this several times with no luck. Things change often so while this week its not doable, it may be next week, but its unlikely at least for the foreseeable future. So the option is to look for seller carry-backs that can be in whole carried by the seller. This is available. The property above is a good example.
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| | April 24, 2008 | | Price declines in Phoenix means homes are easier to buy. | With the price correction during the current real estate cycle homes once out or reach for many buyer can now be purchased... With the price correction during the current real estate cycle homes once out or reach for many buyer can now be purchased with more affordable loans. This is also a great market for first time home buyers, because not only are there many homes to choose from with very attractive prices but there are loans as well, even very low down payment loans though the criteria is more stringent for obtaining those loans. Just to give you an idea. A home in central Phoenix that was $450,000 and now is $325,000. The payment before would have been approximately $2,845 and now its approximately $2,055 plus your taxes and insurance, based on a 6.5% rate for comparison only. That is a significant drop not only in price but in the monthly payment. There are homes as well that were $300,000 and are now $180,000. In fact the median home price in Phoenix is close to $180,000 and in Maricopa county it's down to $220,000, so the payment will be much lower then for the above comparison. At 6.5% for $180,000 the payment is $1,138 plus taxes and insurance; now that is in the realm of an apartment. Take this opportunity to explore some homes and possibly make a purchase. Rates will most likely not go down. There is just too much pressure on rates to keep them at these levels.
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| | April 24, 2008 | | A sister blog to Phoenix Market Trends PREVIEW. | We are currently working on a second blog. Real Estate Confluence will be the bringing together of different facets of Phoenix culture into one location. In other words this will be a sort of excuse to plunder the city, to explore it, to meet new people; to get to know the local color.
We'll explore mostly the central core of Phoenix which we consider Paradise Valley, Arcadia, Biltmore, Squaw Peak, Central Phoenix and some other parts surrounding the Phoenix mountains. Although some things will be common to both blogs, Phoenix Market Trends and Real Estate Confluence, it will be from a different perspective; and while Phoenix Market Trends is a bit more serious with market data, and often pure real estate facts, Real Estate Confluence will be more opinionated, raw, exploratory, unforgiving and wild; at least we intend it to be.
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| | April 22, 2008 | | Median real estate sales data for March 2008 in Phoenix, AZ | Below are links to individual graphs and comments about Phoenix real estate sales data. These is the newest homes sale data for March 2008. Previous months and other longer term graphs can be seen here. | |
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| | April 18, 2008 | | Scottsdale median home price trends. | The Scottsdale real estate market has declines similar to the rest of the valley, and just as the rest of the valley there are significant opportunities to buy and invest in real estate, a second home or a primary residence. South Scottsdale, specifically close to downtown or any development like the ASU research center will see a lot of development in the future. This will probably be on the next major redevelopment areas in the valley. It's worth considering. | | Mar'07 | Mar'08 | Change | | Greater Phoenix | $ 265,470 | $ 220,000 | -17.0% | | Scottsdale All | $ 635,000 | $ 525,000 | -17.0% | | South Scottsdale | $ 323,000 | $ 260,000 | -19.0% | | North Scottsdale | $ 713,500 | $ 605,000 | -15.0% | | Scottsdale Condos | $ 265,950 | $ 236,750 | -11.0% |
Scottsdale median home prices seem to be holding steady despite the declines. 
South Scottsdale real estate prices have had the most dramatic declines in Scottsdale. Prices may level off in the near future. 
The luxury home market has been affected as well by the lack of movement in the financial markets. Though homes above $3,000,000 may not have been affected, home that need a jumbo loan and almost anything up to around 3 million has seen less sales and lower prices. 
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| | April 18, 2008 | | Median sale prices for the Phoenix condo market. | As prices decline or single family homes in Greater Phoenix there it will affect prices for townhomes. I wonder it that is happening already. In March 2008, a total of 685 condos and townhomes were sold. This is 49% lower then last years 1,350 sales. The median price for the valley dropped by 9% from $181,000 to $165,000. | | Median Sale Price | Median Sale Price | % Change | | | Mar'07 | Mar'08 | % | | VALLEY | $ 181,000 | $ 165,000 | -9.0% | | Phoenix | $ 165,000 | $ 149,000 | -10.0% | | Scottsdale | $ 265,950 | $ 236,750 | -11.0% | | Glendale | $ 148,850 | $ 155,000 | 4.0% | | Mesa | $ 158,400 | $ 144,000 | -9.0% | | Tempe | $ 198,500 | $ 160,000 | -19.0% |
Graphed by Artur Ciesielski from ASU Polytechnic date | |
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| | April 18, 2008 | | Phoenix home price trends. | Sales in Greater Phoenix continue to be lower then previous years. 4,335 home sold in March 2008 and the median home price was $220,000, the same as February but 17% lower then the $265,470 last year. As bleak as the numbers look,... | | Median Sale Price | Median Sale Price | % Change | | | Mar'07 | Mar'08 | % | | VALLEY | $ 265,470 | $ 220,000 | -17.0% | | Phoenix | $ 228,000 | $ 185,455 | -19.0% | | Scottsdale | $ 635,000 | $ 525,000 | -17.0% | | Glendale | $ 248,250 | $ 209,750 | -16.0% | | Mesa | $ 242,700 | $ 200,000 | -18.0% | | Tempe | $ 278,750 | $ 237,000 | -15.0% | | Gilbert | $ 295,500 | $ 245,000 | -17.0% | | Chandler | $ 293,850 | $ 234,000 | -20.0% | | El Mirage | $ 213,750 | $ 146,900 | -31.0% | | Peoria | $ 270,000 | $ 235,900 | -13.0% | | Sun City | $ 200,000 | $ 182,500 | -9.0% | | Surprise | $ 241,500 | $ 205,000 | -15.0% | | Avondale | $ 232,280 | $ 185,130 | -5.0% | | Goodyear | $ 255,000 | $ 220,000 | -14.0% | | Paradise V. | | $1,750,000 | |
...the good news is that homes are now affordable. Just look at Phoenix median home prices at $185,000. That is quite affordable, much more so than $228,000 last year. In fact there has been a large upsurge in sales below $200,000 which will spur move up buyers. 
It's not all good yet but its not as bad as it seems. It looks like were near or at the bottom. This month's sale (April) will reveal more once we finish it up as this is a crucial month. Stay tuned next month. | |
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