Phoenix Arizona Real Estate - The Effects of the Economy

Phoenix Arizona Real Estate - The Effects of the Economy

Everyone knows that the recent economy problems have adversely affected real estate. Phoenix property is no different, however you can still buy or sell if you choose the right realtor. Although times are tough, it doesn't mean that you have no chance of selling or buying property in Phoenix.

For investors, it may be the perfect time to invest in real estate. Interest rates are down, and many people are selling their properties at reduced prices. By choosing a compassionate and caring Phoenix realtor, you will have the ability to locate many properties that fit your criteria, and purchase at the best prices.

A competent realtor will also invest time in your business, because they care about the results you get. They will also save you time and stress by taking care of all aspects of the business deals for you. A qualified Phoenix real estate agent will keep their eyes open for properties that may be of interest to you as well.

By choosing an agent who is professional, experienced and truly compassionate, you can be assured that you will get the absolute best result for your investment.

Selling property or homes has become more difficult as well. If you are intent on selling your home, you need a Phoenix real estate agent who can get the most profit for you, while working with the buyer to make sure they are satisfied as well. An experienced realtor know that they must work with both the buyer and the seller to produce an outcome that will satisfy both parties.

Times like these are when it is crucial to employ a realtor who has years of experience and knows about the effects of an up and down market. A Phoenix realtor who is reputable and willing to make your deal a reality no matter what it takes is what you need. Strong negotiation skills are also important for producing optimal results.

Are you contemplating investing in real estate or properties in the Phoenix area? If so, make sure to choose a realtor who will get the results you want. Choose the best Phoenix real estate agent available, and feel confident they will get the job done! You can be successful in your investments, no matter what condition the economy is in.
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Phoenix Property Supply is Decreasing

Phoenix Property Inventories are Decreasing!

We are seeing Phoenix and surrounding areas supply of home decreasing. Pending sales have picked up significantly, which means our closed sales will reflect that in March. Welcome news for everyone.

We used to consider a normal housing inventory in our market as one with 6 month supply and just recently were up to 11-12 month supply in Phoenix and over 2 years in Scottsdale with Paradise Valley running a close second. Phoenix is now looking at a 6 ¾ month supply- very nice. South East Valley is looking at 7 and ¾ months housing inventory- still nice, and overall market supply is at 8 and ½ months. Maybe our Phoenix realtors can entertain a light at this end of this very long tunnel. Scottsdale from 750 up and Paradise Valley luxury homes are still way up there but hopefully is this Housing market actually does continue to move, we will create motion in that sector as well.

Phoenix property supply was down 3%, West Valley 1% and the overall market supply was down 2%. Let’s hope the news media can find this interesting enough to report to the public along with all the foreclosure signs they display on the screen. I am so into some positive news.

Housing inventory updates in Phoenix & Area Arizona

The good news is that our sales pace and inventory levels continue to stay fairly steady. Inventory levels dropped nearly 4% over the New Year and closings picked up to give us a market supply of 8 3/4 months, nearly twice as many as 1 year ago when we were sitting at 15 3/4 months.You do have to take into account that historically good or bad market housing inventory always drops over the holidays. People don't like to put their property on the market during those times when they are busy with everything else and if their house is ever going to look like a disaster, that would be the time. All of us here at Cactus Country know if we could get some loans available to qualified people, our closing numbers would be so much higher and our inventory that much lower which would definitely stimulate some movement in the market. We can have the lowest interest rates, which seems to be the case right now but if the bank isn't going to lend, it does absolutely nothing for us. If you are positioned right for your financing, there are some excellent deals out there.
The Realtor calls are on the increase and the potential listings call have really increased this past week.

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

Loan Modifications and Services

We had an office meeting last week and had a colleague come speak to us and introduce his new plan and business in modification. Avery is someone we have dealt with over the years for loans and I have relied on for investor advise in acquiring loans. One of the his assets is the ability to switch and adjust to make the transaction happen and this has followed him to his new venture.
He is not taking all loans but will look at everything. If he takes on the loan modification, he will guarantee it , You pay him 1900 dollars up front and if he can't get it done he refunds the entire amount and this is in writing. He has attorneys in his network if he has to act quickly to stop a foreclosure. Of interest too is that he is investigating and researching honest, successful credit repair companies to possible be part of his package or at least network. It makes so much sense. If you need a loan modification, you are probably needing a credit repair as well. You might want to visit him at http://www.wefixuglyloans.net/.

Weekly Housing Inventory AZ

I always look forward to Karl's reporting and the report below shows activity that we haven't seen in awhile and it was so encouraging. Everyone was feeling enthusiasm and a thread of excitement that just maybe we had turned the corner and then for some unknown reason with lots of speculation as to why, it just stopped three weeks ago. Some say it is tax time, some the rates went back up and the list goes on but it certainly did a number on deflating the balloon. Hopefully this is only temporary and we get a zip in our step again.

Weekly Inventory Level comparison
©2008 Karl Stauffer

As of Friday, 2/22/08

Current rate of closings has jumped by over 8% in the last week! Closes in the previous month were up to 2668, which gives us a supply of 17 /4 months, a substantial improvement over the previous week
Current Pendings also continue to increase dramatically. They have increased over 50% in the last 6 weeks from 3323 on 1/11/08 to 5309 this week. They are at the highest level that I have seen since early July 2007, PM (Pre-Meltdown). This will translate in to more closings in the next month. Total Listings remain unchanged at 46069.

Best markets in the Valley continue to be Scottsdale under $1M at a 13 1/2 month supply, followed by the SE Valley at 14 1/4 months supply.
Luxury Markets, by contrast, are at 42 1/4 months of supply in Scottsdale $1M+, and 40 1/2 months in Paradise Valley.

The comparison of current active listing change is based on the previous week’s inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes.
Entire MLS (Maricopa and Northern Pinal county), listing inventories are unchanged from last week. Total of 46069 active listings. Based on current rate of closings, about a 17 1/4 month supply.
200’s area (Central Phoenix). Listing inventories are up 1% from last week. Total of 6539 active listings. About a 19 1/4 month supply.

300’s area (West Valley). Listing inventories are unchanged from last week. Total of 15125 active listings. About an 18 month supply.

400’s area (NE Valley), Listing inventories are up 1% from last week. Total of 7792 active listings. About an 18 3/4 month supply.

500’s area (SE Valley), Listing inventories are unchanged from last week. Total of 11549 active listings. About a 14 1/4 month supply.

Scottsdale over $1m. Listings inventories are up 1% from last week.
Total of 1645 active listings. About a 42 1/4 month supply.

Scottsdale under $1m. Listing inventories are up 1% from last week. Total of 2628 active listings. About a 13 1/2 month supply.

Paradise Valley. Listing inventories are up 1% from last week. Total of 446 active listings. About a 40 1/2 month supply.

I hope this information is useful to you.

Karl Stauffer, Associate Broker
480-515-2202 (office)
karl@sonorangmac.com

The market place is terrific for those wanting to buy- prices that we haven't seen in a very long time and multi family units with equity built in http://www.cactuscountryproperty.com/multiunitandland.htm

Weekly House Inventory Level in Phoenix AZ and area

Weekly Inventory Level comparison

As of Friday, 2/8/08

Total homes available for sale increased by 369, or about 1% over last week. Current rate of closings remains low due to the fact that it is reflecting activity from the end of the year. Closes in the previous month were 2405 which gives us a supply of 19 months, a slight improvement over last week
Current Pendings continue to increase. The good news is these are at the highest level that I have seen since last August PM (Pre-Meltdown). This should translate in to more closings in the next month.

Best market in the Valley continues to be the SE area at 16 months supply and next is Scottsdale under $1M at 16 3/4 months.

The comparison of current active listing change is based on the previous week’s inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes.
Entire MLS (Maricopa and Northern Pinal county), listing inventories are up 1% from last week. Total of 45783 active listings. Based on current rate of closings, about a 19 month supply.
200’s area (Central Phoenix). Listing inventories are up 1% from last week. Total of 6446 active listings. About a 20 1/2 month supply.

300’s area (West Valley). Listing inventories are unchanged from last week. Total of 15156 active listings. About a 20 1/4 month supply.

400’s area (NE Valley), Listing inventories are up 2% from last week. Total of 7708 active listings. About a 20 3/4 month supply.

500’s area (SE Valley), Listing inventories are up 1% from last week. Total of 11447 active listings. About a 16 month supply.

Scottsdale over $1m. Listings inventories are up 1% from last week.
Total of 1622 active listings. About a 40 1/2 month supply.

Scottsdale under $1m. Listing inventories are up 2% from last week. Total of 2613 active listings. About a 16 3/4 month supply.

Paradise Valley. Listing inventories are up 1% from last week. Total of 426 active listings. About a 38 3/4 month supply.

I hope this information is useful to you.