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Check out our AZ Real Estate Blog, read Real Estate articles
AZ Real Estate Blog
We have a blog dedicated to buying and selling Real Estate in Arizona, where we discuss current market conditions, trends in homes, and you can ask a real estate question. We also contribute real estate articles to a number of web based magazines. You can check out past articles in the archives below. Please visit our blog using the link below and ask questions or add a comment on a current topic.
AZ Real Estate Blog
Our Most Recent Blog
Recently, I railed about agents charging potential buyers for the costs of a "special" negotiation team in securing the debt forgiveness. This was over and above the traditional commission being earned and I felt very strongly that buyers were being gouged.
Later this week, I will have another tirade on how banks are abusing the very people they need, in order to extricate themselves from a mess, largely of their own making.
Meanwhile, I continue to be disappointed by the demands made of buyers by the banks themselves. Many have taken to requiring a potential buyer to qualify with a "preferred" lender. You don't have to use them, of course, but you are requested to at least pre-qualify. I saw one this week that required a buyer to fill out an attached form. Among the required information was not only your social security number, but also your mother's maiden name. All this to be faxed (how very secure) to "Joe's House-Painting, Pet-Sitting and Mortgaging Emporium". In the identity theft capital of the world, as Phoenix most certainly is, this is surely a recipe for disaster. This was not even a recognized bank, although that would hardly improve the situation, but a rinky dink mortgage broker that I had never ever heard of. I would add, that I have so far not allowed a client of mine to be blackmailed in such a fashion, and I have yet to lose a deal because of it. However, in the above example, the agent who "requested" that you comply, stated categorically that your offer would not be presented without it.
Essentially, today's buyer is not being treated with any respect, despite being an extremely valuable commodity and the only way out of this current quagmire.
Banks are sending a very clear message. Even though you have been through the trouble of getting yourself pre-approved, they do not care. They are telling you that they do not trust their "colleagues" in the lending industry. Yet, even while they are telegraphing their mistrust, they are insisting that you place all your trust, and financial information, in them. They are arrogant beyond belief and I suggest that we, as an industry, ride them as hard as possible until they learn better manners.
More to come, stay tuned!
 As a Realtor, I am still astounded at how some neighborhoods remain awash in distressed properties, be they short sales or foreclosed homes. Of course, it's not too surprising, especially when you realize that pretty much any home built or sold after 2004 is worth less today, than it was then, at least in the Phoenix area. Many subdivisions that were built in 2006 and 2007 have virtually no original owners. Most have simply walked away, as prices halved, whether they could make the payments, or not. That is a subject for another day, although I will allow that the economy likely hurt many of them, while another large section of buyers took on debt they could not really afford, in the hope of continued appreciation that failed to materialize. All the while, aided and abetted by voracious bankers.
Recently, I was working with an elderly couple who were looking to downsize into a newer home. As usual, we ran into the problem that many homes on offer were short sales. They had neither the time, nor the inclination, to embark on what can be a lengthy process, so we concentrated on REOs and regular sales.
However, whilst skimming through some short sales, I was taken aback by the conditions of many sellers. I am used to a seller demanding the buyer qualify with a pre-selected lender, and I am used to not complying with that request. I see no benefit in my client divulging all their personal financial information to some lackey at a random bank. As I said, I was taken aback by a listing agent that disclosed that the short was being negotiated by a special company and that the buyer was required to pay the $4,000 fee associated with this service. This fee coming on top of the 6% listing fee that is customary in our market. Then, and at least they disclosed it, they revealed on their business affiliation disclosure, that the crack negotiating team was, in fact, a subsidiary of their own real estate company. All this on a $200,000 listing, which means the additional burden on the buyer was 2% of the asking price. Here's a newsflash! If you are unable to negotiate short sales, do not accept listings that require them!
In another short sale offering, the lister disclosed that the bank may, or may not, at its discretion, impose an extra 1% fee on the potential buyer. Genius! Punish the very person who is getting you out of the mess that you were, at the very least, partially responsible for creating. Some of these banks are as useful as a screen door on a submarine.
It will get worse. The ill-advised first time home buyers tax credit of $8,000 will be expiring at the end of June. Watch how many well-intentioned and eager would-be purchasers get entangled in the net of indecision that plagues most banks and their alleged decision makers.
Watch how eagerly our elected officials will scramble to re-fix the fix that they caused to be broken in the first place.
It's gonna be a bumpy ride.
THE ARCHIVES
Here is another installment in an occasional series extolling the virtues of our little town Cave Creek.
Cave Creek, which I am proud to call home, is a great little western town with an eclectic mix of art stores, restaurants and bars, plus antiques and collectibles sprinkled throughout the town core.
The town of Cave Creek was recently involved in a minor kerfuffle regarding the re-zoning of a parcel of land on which Walmart were proposing to build a new store.
This is a story that despite being fraught with difficulties, has a happy ending. It is partially about the difficulties we sometimes experience with short sales; it is partially about the hoops one must go through to obtain a loan, but mostly it is a sorry tale of complete, absolute and total lack of customer service that a client of Bank of America can expect today.
We recently closed escrow on a home in the city of Buckeye that we helped a first-time buyer secure.
Real estate owned (REOs) form a large part of the inventory in the Valley of the Sun, for reasons that have been written of many times.
Jump Starting the Greater Phoenix Metropolitan Area Housing Market
Recently, I have been working with a young couple looking to buy their first home in the Buckeye area. I believe I have mentioned this before, but it is possible to purchase a good-sized four bedroom home, less than 4 years old, for around $100,000.
My regular readers will know that I am not a fan of government intervention. Rarely, if ever, does it result in a better product, good or service. Typically, it adds cost and bureaucracy.
A recent ethics investigation demonstrated a Phoenix area Realtor did not act in the best interests of his/her client.
Strippers Arrested in Phoenix Area Real Estate Scam
Well, there's a headline I never thought I would write. But it's not what you think. As a Realtor, some of the worst homes we sometimes see, are bank-owned. In other words-Foreclosures.
Why No-One Likes A Short Sale
Short sales, along with foreclosures are a large part of the Phoenix area real estate market. Here are some tips to guide you through the minefield.
Pending Sales Are Up In Phoenix
A rise in pending transactions bodes well for the future of real estate in the Phoenix metropolitan area.
Pricing your home to sell is always a main factor in marketing your home. The sagging Phoenix real estate market makes it vital.
Are Short Sales A Good Deal
A quick look at short sales vs. foreclosed properties, in the Phoenix metropolitan area real estate market.
Cancelling A Listing
A few key points you should know if you need to cancel a real estate listing.
Making Phoenix Home Buying Easier
Freddie and Fannie try to make it easier for you to buy a home, not like it's been that hard in the last few years.
Free market principles at work as sales jump to meet drop in prices.
A home or any commodity, is only worth what the market will bear. A troubled Phoenix real estate market doesn't change that
Today, Bloomberg.com published an informative article by Bob Willis, on November existing home sales.
In response to various inquiries, I delved into the statistics of an anonymous Phoenix area neighborhood to check the pulse of the market.
My annual attempt at the impossible. Trying to guess where real estate markets will trend in the greater Phoenix metropolitan area in the coming year.
Phoenix Real Estate, How Far have Prices Fallen
The final chapter on the fate of two Valley of the Sun homes, that we have written of previously.
Phoenix Real Estate, No more Mr. Nice Guy?
In the extremely competitive real estate market that is gripping the nation, and particularly the greater Phoenix area, should your agent be a nice guy?
Pricing Your Home in the AZ Real Estate Market
Competitive pricing has always been an important factor when selling your home. Now, more than ever, it is an essential component when marketing your home in the Valley of the Sun
Good news in Phoenix Real Estate
Some insight into existing home sales figures for Phoenix and the Valley of the Sun.
Phoenix; To Permit, or not to permit; that is the question
Discussing the pros and cons of modifying your home without the benefit of a municipal permit. Many Phoenix homeowners decide it's cheaper to remodel rather than movie; here is a guide to the planning process.
Phoenix Real Estate Predictions for 2008
One mans view of where the Phoenix area real estate market may lead us in 2008. Of interest to both sellers and buyers.
The role of personal responsibility in today's real estate market and its affect on homeownership in the Phoenix metropolitian area.
Yes, you can have your cake and eat it, too! Use your hard earned home equity to make ends meet in your twilight years.
Phoenix - Marketing Tips for Selling Your Home
Arizona home buyers have a plethora of choice; advice to get your home chosen.
Phoenix: Short sales and Foreclosures are Coming to Visit
Troubled homeowners in the Phoenix metropolitan area will be looking for answers to their real estate woes. Practical advice for a growing real estate problem.
Tips and strategies for both buyers and sellers negotiating in the greater Phoenix area in today's market.
Discussing the effects of a cooling housing market in Phoenix, Cave Creek, Scottsdale and the Valley of the Sun.
A synopsis of current trends in the Phoenix/Scottsdale area, including the rise in foreclosures and short-pays.
An interesting look at two actual cases of dubious lending practices, both here in Phoenix, AZ and one in California that have resonance for homeowners across the nation.
This is a discussion regarding correct pricing of a home in a slow market such as the one we are experiencing here in Phoenix, Arizona.
A look at problems facing both buyers and sellers in the Phoenix real estate market. As usual, a cooling market brings out the "ne'er-do-wells".
An overview of where the Phoenix area real estate market has been, and where it may lead us in 2007. Sound advice for home sellers and home buyers alike.
The pros and cons of incentives versus price in new home purchases in the greater Phoenix area. Who really pays for these? Are they worth it?
Tips on Selling in a "down" market, Pitfalls to Avoid
Pricing your Phoenix area property correctly has never been more crucial than it is now. Some fresh thinking on pricing, plus what to beware of.
Phoenix Real Estate Woes; A Silver Lining
Here's a common sense article on pricing in today's Arizona Real Estate market. It's a difficult market, for sure, but every cloud has a silver lining. Tips on pricing, and great ideas for trading up.
Before You Buy That Home, Do Your Homework
A differentperspective on buying a home whether in Arizona or anywhere else in the United States. Before you make that offer to purchase your new home, step back and take a long, hard look. You'll thank me later.
Preparing Your Home For Sale-A Guide to Listing Your Home in Arizona
Before you list your home for sale, be sure it is ready for it's close up. Here are a few ideas to help you get the most for your home.
Listing Your Home Is Easy, Selling Your Home is the Hard Part
Challenging market conditions require the expertise of a seasoned professional. Does your Realtor qualify?
Thinking of Retiring to Arizona
Selecting a knowledgeable real estate professional is of paramount importance, when you are looking to relocate to a new area such as Cave Creek, Arizona. You need an experienced local agent to help you navigate through the myriad decisions you will encounter in your search.
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