Phoenix's median home price continues to rise

Phoenix's median home price continues to rise

Top Real Estate Execs Weigh in on Housing Recovery

Top Real Estate Execs Weigh in on Housing Recovery

Phoenix-area home-price dip called a 'natural reaction'

Phoenix-area home-price dip called a 'natural reaction'

What will YOUR agent do for YOU?

I was recently asked what was the craziest or weirdest thing I had done for a client in their home hunt search. I believe it would be the time an out of state client was freaked out about scorpions and had major reservations about building a new home. So, to put their fears to rest I purchased a scorpion/black light, drove 30 miles to the proposed lot and searched the entire property at 9pm looking for creepy crawlies! I was kinda bummed to report only ants and a couple of crickets! Of course the neighbors had their eyes on ME and whatever crazy thing I was doing in the vacant lot!
What lengths will your REALTOR go to for you and your cares, needs and concerns?

Hottest and coldest US housing markets: Associated Press

Hottest and coldest US housing markets: Associated Press

Newest numbers don't cast 'shadow'?

Newest numbers don't cast 'shadow'

Metro home sales, prices increase in June, but at slower pace

Metro home sales, prices increase in June, but at slower pace

Multiple Offers are Back!

www.realestateeconomywatch.com  by Steve Cook


“The Phoenix Metro Area Housing Market faces multiple offers even in the higher end and luxury market as buyers try to snag homes before the market rises further. We have seen multiple offers for quite some time in the lower price ranges, but now as the market is returning, and returning strong, we are seeing multiple offers in the higher price ranges. We are now seeing multiple offers on homes in the move-up and luxury home market. We are seeing offers that are $50,000 over asking that are not the winning bid. This is causing quite a bit of frustration as buyers are trying to get into a home before the market prices go up further,” reported Brenda & Ron Cunningham, real estate professionals in Arizona.

Things are heating up again!

Not only is the weather here in the Phoenix area heating up, but the housing market continues to heat up as well.  The lack of inventory of homes currently on the market with more and more Buyers looking to purchase here has created a "hot" market.  Multiple offers above list price are becoming the norm.  We continue to see out of state/country "cash" investors scooping up the lower priced properties that normally would go to first time home buyers that need to finance.  While nothing is impossible, Buyers need to be prepared for stronger negotiations, longer wait time for responses from Sellers and possible discouragement with 1 or more rejected offers.  Hang in there!  With a persistent REALTOR that has your best interest in mind, perhaps looking at various types of homes may be necessary or a different location.

Great reason to work with someone who has made it through the rough times.....like me!

Housing-market crash takes toll Arizona real-estate agents

Home Prices Begin to Bounce Back

Home Prices Begin to Bounce Back

Current stats for Phx Metro Real Estate

Here is the Take Away!

1. Active Notices of trustee sale for residential properties as of the end of April'12 were 17,768 units. Up from last month of 16,947. Down from the all time high of December '09 of 47,606.

2. Residential Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 1,647 last month. This was down by 316 units from March.

3. The residential REO properties are sitting at 6,711 vs. last month of 7,408. Down 697 units from last month! April of 2011 there were 19,322 REO properties, down 65%! Listed REO properties are approximately 1,345 units and pending are 2,120. That tells us that there is approximately 3,246 properties that are foreclosed but not yet on the market.

4. Normal Sales is at the highest point in the last 5 years. They represent 56% of total sales!

May 2012 Housing Report for Phoenix Metro The information below demonstrates a comparison of data from April 2011 to April 2012. To find out what these numbers mean to you, click on the link below to get the Full Housing Report.
Active Inventory -40%			Closings -10%
Months of Inventory 2.5			Median Price of Sold Homes +25%
New Properties Under Contract -19%

Arizona shows big jump in 2011 construction

Arizona shows big jump in 2011 construction

Home prices in Phoenix area up 20 percent in past 12 months

Home prices in Phoenix area up 20 percent in past 12 months

March Foreclosure Information

Read info below for Cromford/Information Market Numbers:

Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.

• At the end of March 2012, there were 16,947 Active Default Residential Properties. This is down slightly from the previous month by 384 units when there were 17,331 Active Default Residential Properties. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee's Deed.

• Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 1,982 Foreclosures. This was down by 123 units from February.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

• There are currently 7,408 Residential REO Properties - vs. last month when there were 7,909. This is a drop of 501 REO units in one month! In March 2011, there were 19,681 REO Properties - so we are down by 60% from then. There are approximately 1,458 REO Properties listed in the MLS, with an additional 2,125 REO Properties that are in Pending Status in the MLS. This means that there are approximately 3,825 REO Properties that are Foreclosed on, but have not yet been listed in the MLS.

Market Activity | Arizona Regional Multiple Listing Service (ARMLS)

Market Activity | Arizona Regional Multiple Listing Service (ARMLS)

Housing market in recession-rattled Queen Creek ticks up for first time since ’08 - East Valley Tribune: Queen Creek & San Tan Valley

Housing market in recession-rattled Queen Creek ticks up for first time since ’08 - East Valley Tribune: Queen Creek & San Tan Valley: Queen Creek’s housing market is on the upswing for the first time since 2008 as builders look to develop in one of the first communities hit b…

Bidding Wars Are Back, Agents Say

Bidding Wars Are Back, Agents Say

Home prices fell in most U.S. cities, but increased in Phoenix!

Home prices fell in most U.S. cities

Where the Work is Heading: 6 Top Job States (AZ)

Where the Work is Heading: 6 Top Job States

Top 10 Most Searched Housing Markets Online (AZ)

Top 10 Most Searched Housing Markets Online

Phoenix Housing notes

As of February 2012 active inventory was 23,732, a 41% decrease from February 2011. There were 7,276 closings in

February 2012, 1% above February 2011. Months of Inventory was 3.3, down from 5.6 in February 2011. Median price of

sold homes was $122,000 for the month of February 2012, up 11% from February 2011. Phoenix had 7,555 new properties

under contract in February 2012, down 9% from February 2011.

Phoenix Real Estate Rallies

Phoenix Real Estate Rallies

Plans unveiled for big resort near Prescott

Plans unveiled for big resort near Prescott

42% of 2011 Arizona home sales distressed

42% of 2011 Arizona home sales distressed

Signs of upturn for Phx housing market

Signs of upturn for Phoenix housing market
The Phoenix housing market is showing signs of improvement, even generating bidding wars among buyers for lower-priced homes. Now, "We list a property and, within two or three days, we have multiple offers," says Keith Krone of Keller Williams Realty in a Phoenix suburb. While frustrating for buyers attempting to get homes at rock-bottom prices, it's a healthy sign of healing in a market scorched by the housing bust five years ago, say local Realtors and real estate experts. The area's January home sales were up 8.1% year-over-year.
Read article - USAToday

Rising rental costs may drive home sales up?

Rising rental costs may drive home sales up
Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association. Mike Fratantoni, vice president of economics and research, expects home sales to grow 10% in 2013, though he predicted refinances will drop off considerably as MBA projects interest rates to slowly move off the lowest levels in 40 years. Positive employment news, including a continued decline in jobless claims, could impact housing soon.
Read article - HousingWire

Upbeat findings for AZ housing market!

Report: Upbeat findings for Arizona housing market
The median price of all home sales in metro Phoenix, including new homes, reached $120,500 in January. That compares with $113,166 a year earlier. The average price per square foot of Valley houses has climbed 3% since last year. There were approximately 8,000 new and used homes sold in January, up from 7,500 in January 2011. "Many people think there's a glut of homes the banks are hiding somewhere, and that may be the case in other markets, but not here in the Phoenix area," said analyst Mike Orr.
Read article - azcentral.com

Real Estate Outlook

Real Estate Outlook: Sales Rise
The latest quarterly report from the National Association of Realtors shows that many metro areas are now seeing more balanced conditions. Lawrence Yun, NAR chief economist, said the figures of this report reflect greater home sales activity at lower price points. "Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish," he said. He continued that "more importantly, we're seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices."
Read article - Realty Times

More Buyers Ready to Get Off the Sidelines?

More Buyers Ready to Get Off the Sidelines?

10 Housing Markets Getting the Most Web Traffic

10 Housing Markets Getting the Most Web Traffic

Phoenix foreclosures falling?

Phoenix foreclosures fall in 2011http://www.bizjournals.com/phoenix/news/2012/01/18/phoenix-foreclosures-existing-home.html

Outlet mall coming to East Valley!

Outlet mall coming to East Valley next to Gila River casinohttp://www.bizjournals.com/phoenix/morning_call/2012/01/outlet-mall-coming-to-east-valley-next.html

Housing Shortage by Spring?

Is housing glut over? Experts predict housing shortage by spring - Real estate experts predict the Valley’s years-long housing glut is reaching its end and, as early as this spring, could stun home buyers by transforming into a shortage. The crunch is expected to be more pronounced in the East Valley, where some subdivisions are approaching build-out and other builders are raising prices. About 58,000 homes were on the market by late 2007. The long-term average is about 33,000 homes listed at any given time. That’s down to 25,000 now or 19,000 when accounting for homes that have deals pending. Read article:http://www.eastvalleytribune.com/local/mesa/article_b7ed8380-4164-11e1-9ac3-0019bb2963f4.html

Relying on a Real Estate Agent now more than ever

Relying On An Agent - Sharp increase from a decade ago - The latest NAR Profile of Home Buyers and Sellers showed a growing trend among recent buyers. The latest figures show that 89% of buyers purchased their home with the help of a real estate or broker. This is a sharp increase from a decade ago in 2001, when only 69% of buyers enlisted the help of an agent or broker. Today's market presents challenges that simply weren't present or didn't dominate the market a decade ago, such as short sales and foreclosures. Read article:http://realtytimes.com/rtpages/20120117_youragent.htm

Purchasing a home in AZ

Purchasing Your New Home in AZ

1. Be smart!  Find a licensed REALTOR to work with, someone familiar with the area and dedicated to understanding your needs.

2.  Financing – Speak to a lender to know what type of loan you qualify for. 

Lender will provide your REALTOR with an LSR (Loan Status Report) necessary in AZ to submit with any offer.

*If paying cash – Obtain verification letter of “Proof of Funds” from your bank to be included with offer.

3. Find your home - Be prepared with a list of “must haves” and “wants” for your REALTOR; be prepared to include Earnest Money deposit at this time.   The amount will be different on each home, approx $1000.00 to 10% of purchase price.

4.   Offer submitted by REALTOR, counter negotiating may be necessary.

5.  Once offer is accepted by both parties you are now under contract, there will be a home inspection period.  (normal time period for inspections is 10 days) Inspection prices will differ be prepared to spend about $400 at this time out of pocket for basic home and termite inspections.

6. Open Escrow with a title company.  Your REALTOR will open escrow.  Escrow is a third party process that will handle all monies through a title company that will search for clear title the property.  (Escrow average is 30-60 days)

7. After Inspection – Both parties agree to improvements needed, unless a foreclosure, most banks will not fix anything.  AS-IS on foreclosures.  More negotiating by your REALTOR may be necessary.

8. Escrow period – This time period may seem quiet to you, but lender/underwriters, REALTOR, the title company and contractors are working on your behalf.

9. Closing – The title company will make arrangements for you to sign all documents necessary for closing, either by mail or in person.  This is when you will transfer funds necessary to purchase.  Title will now disperse all funds and send docs to County Recorder to be processed.

10. Possession – Once docs are recorded your REALTOR will make arrangements for you to pick up keys and move into your new home! 

Ceil Mills 

623-308-7291

Working hard to “CEIL the DEAL”

Realty Times - Top 10 Tips for Sellers

Realty Times - Top 10 Tips for Sellers

RE/MAX: 5 Predictions for Housing in 2012

RE/MAX: 5 Predictions for Housing in 2012

Midtown Phoenix Patio Home listed at 215k

Call me for details!  New to market.

Phoenix Foreclosure Rates Continue to Fall

http://www.bizjournals.com/phoenix/news/2012/01/05/phoenix-foreclosure-rate-continues-to.html

ipad shortcuts video

http://news.yahoo.com/blogs/upgrade-your-life/time-saving-touchscreen-secrets-141803620.html

Great video with short cuts for anyone who may have an ipad!

Happy New Year!

Happy New Year to all my friends and family!  May this year bring happiness, health and lots of love to you all!  This is the time of year when everyone makes resolutions to improve their lives, so whatever yours is.....weight loss, reading more, making contact with old friends, a new job......enjoy the adventure of getting to your goal!  If any of those goals include real estate decisions, I'll be glad to help!