PHOENIX PROPERTY CLOSING RATE CLIMBS DRAMATICALLY AS THE AVAILABILITY OF HOMES SEES HUGE DECLINE
Real Estate Weekly Inventory Level Comparison
As of Friday, February 27th, 2009.
Dramatic changes are beginning to take place in our market. The availability of Single Family Detached homes is decreasing, with a drop below 40,000 this week to 39,828. This fact, combined with previous months closings at 5907, left the market supply at 6 3/4 months.
We haven't seen numbers below 40,000 for Single Family Detached homes for sale since March of 2007. May of the same year is the last time we had over 5,900 closings.
There have been no pending sales over the 10,000 mark since June of 2005.
If you read newspapers to keep up with current real estate market conditions, doesn’t it make you wonder where these facts have been misplaced?
Phoenix continues to hold its place as the best market in the Valley presently, at 5 1/4 months. Following are the West Valley at 6 months, and SE Valley at 6 1/2 months.
Sales are still slow in higher end properties, due to the nearly non-existence of realistic financing above conforming amounts of $417,000.
MLS Statistics
Breakdown by Area
Overall Market. Inventories are down 2% from last week. Total of 39828 active listings with 5907 closings in the last month. About an 6 3/4 month supply.
Phoenix. Inventories are down 2% from last week. Total of 9140 active listings with 1753 closings in the last month. About a 5 1/4 month supply.
West Valley. Inventories are down 3% from last week. Total of 10064 active listings with 1675 closings in the last month. About a 6 month supply.
NE Valley.
Inventories are unchanged from last week. Total of 5728 active listings with 328 closings in the last month. About a 17 1/2 month supply.
SE Valley. Inventories are down 3% from last week. Total of 9000 active listings with 1446 closings in the last month. About a 6 1/4 month supply.
Scottsdale over $1m. Inventories are unchanged from last week. Total of 1497 active listings with 34 closings in the last month. About a 44 month supply.
Scottsdale under $1m. Inventories are down 1% from last week. Total of 2491 active listings with 204 closes in the last month. About a 12 1/4 month supply.
ParadiseValley. Inventories are down 1% from last week. Total of 562 active listings wih 15 closes in the last month. About a 37 1/2 month supply.
Showing posts with label Real Estate Market inventory. Show all posts
Showing posts with label Real Estate Market inventory. Show all posts
Sunday, March 8, 2009
Sunday, March 1, 2009
Phoenix Arizona Housing Market - Help for Homeowners
As you are surely aware, the housing market in Arizona is not in the best of shape. The economy is on very shaky ground. What does this mean for you if you are a homeowner and can't afford your monthly mortgage? Here is some information that may help relieve some of your stress.
Arizona has been hit extremely hard with foreclosures in the past year. In fact, only two other states had a higher rate. President Obama recently signed a bill into law that will prevent many people from losing their homes. This stimulus package will help millions of people avoid foreclosure and keep their homes.
There are many questions homeowners have. Here is some information that will help explain things if you fear you are on the verge of foreclosure:
What help is available if I am at risk of foreclosure because I am behind, or struggling to make my payments?
The Homeowner Affordability and Stability Plan offers to help you if your are already behind on your monthly payments or are having a difficult time making your current payments. By providing incentives to mortgage lenders, the Treasury hopes to get these lenders to modify already existing first mortgages, so that your monthly payments will be reduced.
If you are an Arizona homeowner, how do you know if you qualify for a payment reduction under this plan?
Generally, you may qualify for a reduced mortgage if (a) the home you live in is your primary residence; (b) your monthly payment is in excess of 31% of your monthly gross income; and (c) your mortgage loan is not big enough to go over current Fannie Mae and Freddie Mac loan limits. Your financial situation will help determine whether you are eligible, which will be reviewed by your mortgage lender. If the lender that holds the mortgage on your home doesn’t seem willing to participate, don’t hesitate to call another lender. Detailed guidelines will be available on March 4, 2009.
You may wonder about other homes you own in the Phoenix Arizona area. If you own rental homes or vacation properties that are not your primary residence, the mortgages on these homes are not eligible under this plan.
On the other hand, if you own a duplex with 2 to 4 units and you live in one of the units, all of the other units are eligible for reduced mortgage payments. If you don't live in one of the units, the duplex is not eligible.
There is much more information in this plan such as eligibility if you owe more than your home is worth, and if you have more than one mortgage. Your Arizona real estate agent can supply you with lenders names that can help you with these questions, and determine what is best for you.
If the current housing market and foreclosure has you worried, learn more about the plan. Arizona is a wonderful place to live, and you may not have to suffer financial difficulty to keep the house you call home.
Tuesday, February 10, 2009
Phoenix Real Estate - Are There Advantages to Multi Family Units?
If you are looking to invest in real estate in the Phoenix area, you may
want to consider putting your money into multiple family dwellings.
Considering the current downturn in the economy, it really makes
good sense to invest in this type of housing verses a single family
home. Here is some information that will help explain why this would
be a smart decision.
Creating wealth through real estate investing is something many
savvy business people do. What are the advantages of putting your
money into small residential income properties? Suppose out of 10
units, 2 are vacant. The monthly costs to the investor are much lower
than that of an empty single family home. Make sense?
Here is an example:
Let's say owner "A" invested in a single family home of average size
that normally rents for $1200 with a mortgage of $1000 per month.
This home is now empty, and for one months mortgage the owner is
out $1000. This comes out of his own pocket.
Now, owner "B" has a 6 unit multi family dwelling and each unit rents
for $700 per month. The monthly mortgage on this property to the
owner is $3000. Two units are vacant, which means he will receive
$2800. This only leaves the property owner $200 short of making his
mortgage payment. Now, think about the outcome to you, the
investor. Would you rather have $1000 or $200 coming out of your
own pocket for that months mortgage payments?
This is one of the benefits of investing your money in multiple family
dwellings. You can see why putting your money in a single family
home isn't such a good idea when you can spread the risk among
more units. This helps you to create a more efficient cash flow for
yourself and create future wealth. Can you see how investing in
several multiple dwellings could help secure your financial future?
Owners of multi family dwellings also have plenty of other advantages.
With repairs, for example, you can write off a portion of the cost in
many cases. When you own a single family unit, you get no
immediate tax benefits.
Investing in real estate is one of the best ways to insure that your
future is secure. Real estate and residential properties rarely ever
decrease in value, and tend to increase over the years. Of course,
investing in single family homes is a good decision, but diversify and
put some of your money into multiple family dwellings.
Of course, the negative aspects of owning a multi family dwelling will
come to mind, such as getting calls from tenants with repair and
maintenance problems. This does occur, but it really isn't as often as
you imagine.
The hard and fast facts are that multiple dwellings will insure that you
have a steady income stream that is as recession proof as any
investment you could possibly make. Your family's financial security
depends upon making smart investments, and this is one of the best!
want to consider putting your money into multiple family dwellings.
Considering the current downturn in the economy, it really makes
good sense to invest in this type of housing verses a single family
home. Here is some information that will help explain why this would
be a smart decision.
Creating wealth through real estate investing is something many
savvy business people do. What are the advantages of putting your
money into small residential income properties? Suppose out of 10
units, 2 are vacant. The monthly costs to the investor are much lower
than that of an empty single family home. Make sense?
Here is an example:
Let's say owner "A" invested in a single family home of average size
that normally rents for $1200 with a mortgage of $1000 per month.
This home is now empty, and for one months mortgage the owner is
out $1000. This comes out of his own pocket.
Now, owner "B" has a 6 unit multi family dwelling and each unit rents
for $700 per month. The monthly mortgage on this property to the
owner is $3000. Two units are vacant, which means he will receive
$2800. This only leaves the property owner $200 short of making his
mortgage payment. Now, think about the outcome to you, the
investor. Would you rather have $1000 or $200 coming out of your
own pocket for that months mortgage payments?
This is one of the benefits of investing your money in multiple family
dwellings. You can see why putting your money in a single family
home isn't such a good idea when you can spread the risk among
more units. This helps you to create a more efficient cash flow for
yourself and create future wealth. Can you see how investing in
several multiple dwellings could help secure your financial future?
Owners of multi family dwellings also have plenty of other advantages.
With repairs, for example, you can write off a portion of the cost in
many cases. When you own a single family unit, you get no
immediate tax benefits.
Investing in real estate is one of the best ways to insure that your
future is secure. Real estate and residential properties rarely ever
decrease in value, and tend to increase over the years. Of course,
investing in single family homes is a good decision, but diversify and
put some of your money into multiple family dwellings.
Of course, the negative aspects of owning a multi family dwelling will
come to mind, such as getting calls from tenants with repair and
maintenance problems. This does occur, but it really isn't as often as
you imagine.
The hard and fast facts are that multiple dwellings will insure that you
have a steady income stream that is as recession proof as any
investment you could possibly make. Your family's financial security
depends upon making smart investments, and this is one of the best!
Friday, January 23, 2009
Advantages of Investing in Multi Units
After reading this article and knowing the market place for these units.I decided to publish it. Real Estate in Phoenix Arizona is at the lowest in many years and the multi units are definitely at the lowest. Loans are difficult to obtain for them but they are still out there and with interest rates at their lowest in 37 years, you can afford to take a bit of a hit on the interest rate considering you are also buying at bargain prices.Multi units in Phoenix, Scottsdale, Glendale and surrounding areas are there for the picking.
Advantages Of Investing In Multi Units
By: Charles P.
Submitted: 08:46AM on Tuesday 13 January 2009
The author has permitted the reprinting and redistribution of this article.
See our Terms of Use for more information on reproducing it.
Usually the investors believe that buying single-home units will get them a good foothold in this particular field and they don’t have to invest a huge amount. This is outright a misconception. In a multi-unit investment, you can find more tenants and better cash flow compared to single units or homes. This, in turn, helps to pay off the mortgage on the buildings much faster. And the money which is contributed by the people for the maintenance work helps to take care of the maintenance in an easier way. As the payments made by the tenants every month come to a big amount it always gives you an opportunity to use the leftover money for reinvestment. Thus, it is better to create a strategy and contract a multi-unit property meant for many people. If you are able to increase the number of your multi-unit properties your level of income will rise and you can afford to hire the services of home management companies so your properties are well taken care of. Compared to buying individual family houses, buying multi-apartment houses seems to be more profitable from the point of view of retail, lease as well as wholesale.
There are further advantages of investing in multi-units, which will convince you better why investing in multi-units is one of the best options compared to investment in single units.
Higher cash inflow: When you invest in multi-units you are able to get an access to various streams of potential income instead of just one. Let’s take an example of a 60-unit apartment community or society where you have your occupancy on almost all the sixty units and you earn sixty times more than you could have earned from a single family home. Even if you have only 50 percent occupancy you would still make more than you would have done with single-unit investments.
Services from home management companies: Investing in multi-units will require recruiting someone to manage your property. There are a large number of home management companies that are always ready to respond to your request for maintenance and repair. They can prove to be helpful in getting new renters and can as well help you expel those who don’t pay rent. In this way you can save time and money as well.
Higher profit from selling: Those who invest in multi-units are usually on the lookout for potential buyers to make higher profits. You may not find buyers so easily but when you succeed in finding one you stand to earn a good amount of money. Even if the property gives you only a 10 % margin you will make more money compared to selling a smaller property.
Maintenance at a single location: When you invest in multi-units you have the advantage of maintaining your property at one location. This could prove to be really advantageous when you are to manage the property single-handedly. On the contrary, when you purchase ten single units at ten different locations you will have to do quite a bit of running around to look after each property. Naturally, it will be a pretty tiresome job. Moreover, by investing in multi-units, you will find all your tenants at one place. You don’t have to move frequently from here to there to answer all your tenants' requests.
So, if you are a smart real estate investor, invest in multi-units and make them part of your investment portfolio.
Advantages Of Investing In Multi Units
By: Charles P.
Submitted: 08:46AM on Tuesday 13 January 2009
The author has permitted the reprinting and redistribution of this article.
See our Terms of Use for more information on reproducing it.
Usually the investors believe that buying single-home units will get them a good foothold in this particular field and they don’t have to invest a huge amount. This is outright a misconception. In a multi-unit investment, you can find more tenants and better cash flow compared to single units or homes. This, in turn, helps to pay off the mortgage on the buildings much faster. And the money which is contributed by the people for the maintenance work helps to take care of the maintenance in an easier way. As the payments made by the tenants every month come to a big amount it always gives you an opportunity to use the leftover money for reinvestment. Thus, it is better to create a strategy and contract a multi-unit property meant for many people. If you are able to increase the number of your multi-unit properties your level of income will rise and you can afford to hire the services of home management companies so your properties are well taken care of. Compared to buying individual family houses, buying multi-apartment houses seems to be more profitable from the point of view of retail, lease as well as wholesale.
There are further advantages of investing in multi-units, which will convince you better why investing in multi-units is one of the best options compared to investment in single units.
Higher cash inflow: When you invest in multi-units you are able to get an access to various streams of potential income instead of just one. Let’s take an example of a 60-unit apartment community or society where you have your occupancy on almost all the sixty units and you earn sixty times more than you could have earned from a single family home. Even if you have only 50 percent occupancy you would still make more than you would have done with single-unit investments.
Services from home management companies: Investing in multi-units will require recruiting someone to manage your property. There are a large number of home management companies that are always ready to respond to your request for maintenance and repair. They can prove to be helpful in getting new renters and can as well help you expel those who don’t pay rent. In this way you can save time and money as well.
Higher profit from selling: Those who invest in multi-units are usually on the lookout for potential buyers to make higher profits. You may not find buyers so easily but when you succeed in finding one you stand to earn a good amount of money. Even if the property gives you only a 10 % margin you will make more money compared to selling a smaller property.
Maintenance at a single location: When you invest in multi-units you have the advantage of maintaining your property at one location. This could prove to be really advantageous when you are to manage the property single-handedly. On the contrary, when you purchase ten single units at ten different locations you will have to do quite a bit of running around to look after each property. Naturally, it will be a pretty tiresome job. Moreover, by investing in multi-units, you will find all your tenants at one place. You don’t have to move frequently from here to there to answer all your tenants' requests.
So, if you are a smart real estate investor, invest in multi-units and make them part of your investment portfolio.
Sunday, January 4, 2009
Happy New Year and a Very Prosperous One
It will be interesting, I'm sure when we look back a year from now and see where we went and how many turns we took getting there.
Lets all hope that we get the banks to loosen up some money for credible, eligible people to get loans. We are at a 37 year low for interest rates. That's a great way to start off 2009. All we need is the banks to give up the money so we can take advantage of these rates. First time homeowners have a wonderful opportunity here and Realtors have to be searching out that client base that went on the back burner November 1 when the ability to use down payment assistance went away along with the strict lending guidelines that stayed constant. I bet those lists are coming out of files and being checked twice. Low interest, low prices and still be able to get seller assistance on closing costs just not down payment could produce some very positive results. As we all know a little movement at the lower level and it all moves.
Happy New Year
Lets all hope that we get the banks to loosen up some money for credible, eligible people to get loans. We are at a 37 year low for interest rates. That's a great way to start off 2009. All we need is the banks to give up the money so we can take advantage of these rates. First time homeowners have a wonderful opportunity here and Realtors have to be searching out that client base that went on the back burner November 1 when the ability to use down payment assistance went away along with the strict lending guidelines that stayed constant. I bet those lists are coming out of files and being checked twice. Low interest, low prices and still be able to get seller assistance on closing costs just not down payment could produce some very positive results. As we all know a little movement at the lower level and it all moves.
Happy New Year
Monday, November 24, 2008
Current Real Estate Market Supply Phoenix AZ
Below are the stats for the past couple of weeks. It never ceases to amaze me why the newspapers and media can't tell this story. It is noteworthy considering what the state of affairs has been for the past couple of years. There are buyers out there and quite a few, we now need loans that make some sense for that consumer. We bail out the banks to get it moving and the bank hangs on to our money and does nothing perform as was the intention. Take a look at these stats supplied by Karl
Karl Stauffer's Weekly Market Update
Weekly Inventory Level Comparison
©2008 Karl Stauffer
As of Friday, November 14th, 2008
There was another 1% increase in inventory this week but a higher closing rate gave us a net result of 9 1/4 months of supply, an improvement over last week.
For the sake of comparison, let's go back one year to this same week in 2007. We had 47640 homes for sale compared to 45302 this year which means supply has stayed fairly constant and in fact has come down about 5%. Last year we had 2815 closes in the month previous compared to this years 4897, an improvement of almost 75%!
There was an inventory supply of 17 months, nearly double what it is today.
I feel that the long term trends show we are improving even though that is not what you read in the papers. We need to get the word out!!!!!
Give us some loans we can use and watch decrease this inventory that much more and put the real estate market where it needs to be to get to the starting gate.
Have a wonderful Thanksgiving
Maureen
Karl Stauffer's Weekly Market Update
Weekly Inventory Level Comparison
©2008 Karl Stauffer
As of Friday, November 14th, 2008
There was another 1% increase in inventory this week but a higher closing rate gave us a net result of 9 1/4 months of supply, an improvement over last week.
For the sake of comparison, let's go back one year to this same week in 2007. We had 47640 homes for sale compared to 45302 this year which means supply has stayed fairly constant and in fact has come down about 5%. Last year we had 2815 closes in the month previous compared to this years 4897, an improvement of almost 75%!
There was an inventory supply of 17 months, nearly double what it is today.
I feel that the long term trends show we are improving even though that is not what you read in the papers. We need to get the word out!!!!!
Give us some loans we can use and watch decrease this inventory that much more and put the real estate market where it needs to be to get to the starting gate.
Have a wonderful Thanksgiving
Maureen
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