Archive for September, 2008
777-Jackpot!!??
September 29th, 2008 categories: Economics, For Buyers, phoenix real estate
Well if I was in Vegas, sitting at a slot machine- I would love to see triple 7’s.
But today, the stock market fell 777 points on the news that the “Bail Out Bill” failed to be approved by the House of Representatives- I was not so happy to see those triple 7’s
So what does this mean for Phoenix home buyers?
As I don’t and never will have a crystal ball- you need to go back and ask yourself the following questions:
- Can you afford to buy a house?
- How safe is your job?
- How long do you plan to live in the house?
- Do you have a “rainy day” fund, in the event you lose your job.
- Can you emotionally deal with the fact that if you purchase a home today, the value may decrease in coming months?
- Is is better for YOU to rent or buy? Would the tax benefits of home ownership benefit you?
As it is said-real estate is local- so do your homework, ask questions and do your homework.
FHA and VA financing is still available for qualified buyers, so yes there are home loans available.
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Maricopa Real Estate- Market Update
September 23rd, 2008 categories: Maricopa Real Estate, Real Estate News
The last couple of months, I have had a lot of inquiries about buying and selling homes in the Town of Maricopa, located in Pinal County. Here is the current market conditions for Maricopa.
Active Listings: 848
Active with Contingencies: 39
Pending Sales: 234
Sold Homes (8/22/2008-9/22/2008) : 178
Average Sales Price: $143,241
Absorption Rate (Inventory of homes): 4.8 months
As Maricopa is considered an “outlying” area and was if you will “victim” to many investor purchases during 2005, it is one of the areas, much like Queen Creek, that home values have seen a significant decrease. Many of the homes for sale are short sales or foreclosures/bank owned homes.
Per ARMLS data of the current 848 homes for sale in Maricopa, 291 are short sales and 169 are bank owned properties.
**Note- the accuracy of the listings are only as good as the agent that inputs the data, and I find that many listings are not inputed properly, so from my research, the number of homes that are short sales and bank owned for sale in Maricopa are much higher.
There are some great homes and great prices if you are looking to buy a home.
Queen Creek and Maricopa have been areas of interest for Canadian buyers. If you are a from Canada home buyer looking to buy a home in the Phoenix area and need financing-good news!! I was at an open house this weekend at a branch of Compass bank in Mesa and learned that Compass bank has financing options for Canadians as well as other potentional home buyers from foreign countries.
To find out more options for financing contact Aaron Anderson from Compass Bank.
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Get your Garden On!!
September 17th, 2008 categories: General Information, Just for Fun
It is my favorite time of year in Phoenix-it is cooling off and almost time to start planting my fall garden. If you are looking for a guide to fall planting check out the schedule of 
vegetable planing dates for Maricopa County.
Now I just need to figure out how to keep the birds from eating my tomatoes.
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Tempe Real Estate-Market Statistics Single Family Homes Aug 2008
September 15th, 2008 categories: Market Statistics, Tempe Real Estate
Here are the numbers for single family homes in Tempe Real Estate for the month of Aug 2008.
Active Listings: 512
New Listings: 137
Pending Sales: 81
Sold Homes: 80
The average sales price for Tempe homes was $252,502 for the month of Aug.
There was an increase in listings and the sales and pending Tempe homes for sale remained flat. The current inventory of homes for sale in Tempe is 6.4 months.
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Help for Phoenix Home Owners Facing Foreclosure
September 10th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
The Govener, Janet Napolitano, annouced today, a $13.6 million initiative designed to strengthen state efforts to meet the needs of Arizona families and communities hard hit by the economy
Housing Arizona, will expand services to homeowners and neighborhoods affected by mounting foreclosures, and for families and individuals facing homelessness. 
From the press release:
“Housing Arizona is supported with funds from the State Housing Trust Fund and includes $6.1 million to expand existing programs and $7.5 million in new resources to tackle the growing dilemma of homelessness and mortgage foreclosure. The Housing Trust Fund was created by the state legislature in 1988 to address the growing need for affordable housing across Arizona, and is the only source of flexible funding available for housing and community development, especially in rural Arizona.
The initiative funding, administered by the Arizona Department of Housing, will continue the eviction and foreclosure prevention programs across the state, match federal foreclosure counseling funds, support continued outreach to troubled homeowners, and provide state support to ensure the successful deployment of new federal dollars targeted to assisting neighborhoods severely impacted by foreclosures. “
Foreclosures in the Phoenix Real Estate market continue to rise, recent data suggests that more than 16,000 households faced foreclosure in the first six months of 2008.
If you are facing foreclosure, there is a state-funded foreclosure toll-free hotline (1-877-488-1211), where homeowners are matched with foreclosure counselors who guide them through the complexities of negotiating positive outcomes with lenders and servicers. These services are provided at no charge to the homeowner.
Help for Phoenix First Time Home Buyers
In addition to helping people facing foreclosure, the plan will also allocate $2 million for first-time homebuyers’ down payment assistance to help families take advantage of the affordable housing.
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Chandler Real Estate-Market Statistics Aug 2008
September 9th, 2008 categories: Market Statistics, Real Estate News
Currently there are 2113 active listings in the Chandler AZ Real Estate Market. The inventory of single family homes decreased slightly from July 2008.
New Listings: 630
Pending Sales: 336
Sold Homes: 324
The current absorption rate or supply of homes is 6.5 months-approaching a balanced market.
The average sales price increased, $281,293 for the month of August . The average sales for homes in Chandler increased 1% from July 2008.
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Chandler Real Estate-Foreclosures
Currently there are 187 Chandler homes for sale that are foreclosures.
If you would like a complete list of Phoenix foreclosures you can call-480-216-4849 or email me
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Phoenix Real Estate- Market Statistics August 2008
September 2nd, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News
Here is the latest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix (homes, condos etc) - since it is all about Phoenix Real Estate.
Currently there are 13,452 Phoenix homes for sale, down slightly from July 2008.
The current absorption rate of Phoenix homes for sale is about 9.9 months-down slightly from July 2008.
For the month of August there were:
- New Listings: 3598
- Pending Sales: 1400
- Sold Homes: 1354
Listing Status Phoenix Real Estate Aug 2008
The average sales price of Phoenix homes continued in a negative direction, which was not unexpected with the number of Phoenix foreclosures. The average sales price fell 4.5% from July 2008.
Phoenix Real Estate-Foreclosures August 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2698 bank owned/REO homes for sale in Phoenix, an increase of 8% from July 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
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