HOLIDAYS IN PHOENIX

As the year comes to a close here in Phoenix

I want to wish you the happiest of holidays and hope for a bright and Happy New Year.  Everyone is hanging tough and this is my favorite time of year, bar none.

The reason we live here in the Valley of the Sun is for the spectacular winter weather.  We are plum full of visitors at this time of year and the traffic is testament to that!  It’s a very crisp day and I love wearing sweaters so this is right up my alley.

Have clients coming in after Christmas who have never been to Phoenix and I am excited for them to see what we’re all about.

Best wishes to you and your families!!!

PHOENIX FORECLOSURE NEWS

I was recently in New York and had lunch

with a young man, who is in commercial real estate (former Phoenix resident).  We spoke about the housing market in Phoenix and what our predicitions are regarding same.  He is of the mind that we have not yet seen the bottom of our home pricing.  You know what they say about opinions…..

An article in the Arizona Republic recently says pretty much the opposite.  The article quotes the “Cromford Report”, which I read and feel is a good barometer of our market.  While new housing starts are still off significantly from 2005, we are seeing an emptying of current spec inventory.  Building permits have picked up slightly as well.  December numbers will be telling.  However, keep in mind that the holiday season is typically slower….people are preoccupied.

The foreclosures have dipped in the valley as well.  As first time home buyers enter the market (due in part to the tax credit scenario), investors are also back to buy up the distressed properties, fix, repair, perhaps rent and then sell.  Once again, house flipping is in vogue, and not just for low end homes.  There are some truly amazing properties out there that can be bought for a song.

Keep in mind that if you are an FHA buyer and looking at a home that has been bought by an “investor”, there is a 90 day “seasoning” period before you can purchase that home.  Most agents should note that in their listing, but sometimes it’s missed.

Still and all, it’s a good time to buy if you can.  I am always hopeful, but feel that these are truly uncharted waters and we still don’t know what lies over the horizon.

STAGING

A new trend has begun for high end home

sales…..live in stagers.  There’s a company (or two perhaps) who are hiring people, who need housing, to bring their belongings and live in a vacant home that is on the market.  Statistics show that properties with furniture and the “lived in” look sell faster and for more $$.  What a great way to put together someone in a housing transition and a home that needs a body (or two).

What a great idea for your clients or for you to think about!  Agents and homeowners are using this service in many parts of the valley.

INVESTMENT OPPORTUNITY-PHOENIX

Through my Search the MLS tab, view an

amazing investment opportunity in Phoenix.  Search for MLS# 4284409.

Exquisite remodel!  All four units have been completely renovated from the slate and cherry floors to the ceiling  New kitchens and bathrooms.  Washer/dryer, patio and/or balcony in every unit.  New cabinets.  Location is between Arcadia and the Corridor.  Seller will do private financing.  Seller will also provide all financials and rent information from tenants upon request from serious buyer(s).

This is a terrific opportunity to own and income producing property in a great location.

INQUIRING MINDS WANT TO KNOW

In the current real estate market, sellers want to know

how you’re going to sell their home….a lot of sellers are in a situation that requires “creating buyer urgency”.  Some are turning to unconventional (up until now) ways to market and sell a home.  There are companies that are creating an eBay type of site where potential buyers bid on properties….24 hours a day, 7 days a week.

There is a company out there doing just that.  By using the general theory that properties on the market for over 90 days sell for less than they might be worth, people can sign up for the program which begins with traditional marketing means, i.e., advertising, open houses and preview events.  All prospective buyers are qualified through the site.

It’s an interesting concept and for those who are having a hard time selling in this market, it opens another door through which additional buyers can compete.  The site claims that they have a good deal of “move-up” buyers.