Archive for October, 2008
The Innocent victims of the Phoenix Foreclosure Market
October 28th, 2008 categories: Real Estate News
I received an email yesterday from the President of the Arizona Basset Hound Rescue-she told us about Guthrie, 
a sweet Basset Hound- left alone without food or water when his families home foreclosed.
This is a reminder that the foreclosure market has put many 4 legged friends- dogs, cat and horses in danger.
Families are not only losing their homes- but are abandoning their animals. My Broker Jay- wrote about this a couple of weeks ago as well.
So if you know that a family has moved under these circumstances- look over the fence, peek through the windows, knock on the doors-be nosey, you may just save a life.
Here is Guthrie’s story:
He had no food, and the only water was the slime left in the bottom of the swimming pool. Unbelievably it was about a month before anyone noticed him! Guthrie was nothing but skin and bones, and we can’t imagine how he must have suffered during those weeks. The thing that really brings a tear to the eye though is that he’s such an awesome dog that he is still loving, trusting and sweet and has settled into his foster home with no issues at all. He’s obviously enjoying getting two square meals a day and having some companions, and once he’s packed on a few pounds he will be ready to make some lucky person a great forever dog.
Here is a link to the nonprofit group of real estate professionals who rescue pets left behind due to foreclosures or other financial hardship-Lost our Home is the name of the organization
Please spay or neuter your pet.
| Discussion: 5 Comments »
Tempe Real Estate-Hyperlocal Market Statistics
October 27th, 2008 categories: Market Statistics, Real Estate News, Selling a Home, Tempe Real Estate
I am preparing for a listing appointment for some past clients that will be relocating. So I decided to look at statistics for their Tempe zip code- 85283, so I thought I would share my findings.
I prepared Tempe Market Statistics for 2008. Here is a map of listings in the 85283 area.
Tempe Real Estate- Average Sales Price 2008- Zip Code 85283
There was a significant drop in average sales price in Aug and Sept. However, if you look at the next graph shows Sales price/Sqft. the change is not as dramatic. I also noticed that the average square footage of homes sold in Aug and Sept were about 250 sqft smaller than prior months.
This may reflect the current economic conditions. It is harder to obtain financing for the larger more expensive homes and the down payment requirements have increased. The clients that I have been working with for the last couple of months are those in the FHA lending limits only requiring 3.5% down- a great program for many buyers.
Tempe Real Estate- Average Price/SQFT-Zip Code 85283-2008
This chart does show a decline since July 2008. All areas in the Phoenix area have been effected by the foreclosure market, Tempe a well established area of Phoenix has not been hit as hard as some of the outer lying areas such as Queen Creek or Maricopa.
The last 2 charts show trends of Sold Listings and Average Days on Market. In any market, if you want to sell a house- you MUST price it to sell- in the current market, Tempe home sellers are competing with short sales and bank foreclosures, offered at significantly discounted prices. So your home must show like a model and be priced to sell!!
If you would like "hyper-local" market statistics for your home- feel free to email or call me-480-216-4849.
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Phoenix Real Estate- Is it 2005 again?
October 24th, 2008 categories: Phoenix Foreclosures, Real Estate News, phoenix real estate
Working with buyers for the last 2 weeks, I am reminded of the frenzy of 2005. Offering over list price with multiple offers- believe or not.
The senerio, however is a little bit different. There are plenty of buyers in the Phoenix Real Estate Market, evident by the number of multiple offers on Phoenix foreclosures as well as short sales. The driving factor- a great price on a home that is in near perfect condition.
Prices have plummeted- pick up any newspaper or read any article online and all you read is gloom and doom regarding real estate. Credit tightening, larger down payments required etc.
With the price declines- there are new opportunities for first time home buyers, investors and vacation home buyers in the Phoenix area.
FHA and VA are great loan programs that require very little money down and they are lending and people are buying homes!!
| Discussion: 5 Comments »
It’s a Secert- Phoenix Real Estate
October 19th, 2008 categories: For Buyers, Real Estate News, Selling a Home, phoenix real estate
Definition: fiduciary- person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
So after 10 plus calls to listing agents in the City of Maricopa and Laveen with clients wanting to see homes listed on the ARMLS system listed for sale- with alarm codes, lock box codes not disclosed in the “Realtor Remarks” with the”message” Call Lister for codes. So I did, and so it goes, no return calls and no showing for their client. So again the definition:
fiduciary: person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
Listing Agent FAIL- but a big shout out to those that did call back- I may be sending you an offer.
Rant over.
| Discussion: 2 Comments »
It’s HOWL-o-Ween time
October 12th, 2008 categories: Real Estate News
Join Arizona Basset Hound Rescue for the 10th Annual HOWL-O-Ween on November 1st for the hounds at the lovely home & garden of David & Jo Perry (6329 N. Paradise View Drive in Paradise Valley). This year’s event will feature:
· Raffle
· Costume Contest
· Games & Prizes
· Lunch
· Merchandise Left Over from Basset Ball just added 
HOWL is always a fun event and the hounds love it because they can run free and play with all the other hounds!
Pre-registration is taking place now. The cost is $10 for the first dog and $7 for every dog thereafter. Don’t fret…if you’re houndless you are still welcome to attend! Hound-less attendees can pre-register for $5 a person and kids 2 and under are free with a paying attendee!
Lunch will be avaialble at an additional cost of $6 per person. We encourage you to pre-register so that we can plan for more food as we ran out last year due to the number of registrations at the door. October 18th is around the corner!
Pre-registration ends October 18th, so you’ll want to hurry and get registered before then! Don’t delay, pre-registration forms available now at www.azbassetrescue.com home page.
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Chandler Real Estate- Market Statistics Sept 2008
October 9th, 2008 categories: Market Statistics, Real Estate News, chandler real estate
Currently there are 2130 active listings in the Chandler AZ Real Estate Market. The inventory of single family homes decreased slightly from Aug 2008.
New Listings: 591
Pending Sales: 276
Sold Homes: 345
The current absorption rate or supply of homes is 6.2 months
The average sales price decrease to $249,611 for the month of Sept . The average sales for homes in Chandler decreased 12% from Aug 2008.
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Chandler Real Estate-Foreclosures
Currently there are 224 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
| Discussion: 1 Comment »
Phoenix Real Estate- Phoenix Market Statistics Sept 2008
October 6th, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News, phoenix real estate
Here is the latest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix (homes, condos etc).
Currently there are 13,869 Phoenix homes for sale, up from Aug 2008.
The current absorption rate of Phoenix homes for sale is about 9.5 months-down slightly from Aug 2008.
For the month of August there were:
- New Listings: 3775
- Pending Sales: 1451
- Sold Homes: 1456
Listing Status Phoenix Real Estate Sept 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 5.8% from Aug 2008.
Phoenix Real Estate-Foreclosures Sept 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2849 bank owned/REO homes for sale in Phoenix, an increase of 6% from Aug 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
| Discussion: 2 Comments »
Where’s Waylon-Oct 4, 2008
October 4th, 2008 categories: Animal Rescue
It has been a while since my last Where’s Waylon- well tonight, he is snoozing with his new foster sister- Nutmeg. 
We welcomed Nutmeg to our family on Thursday- she was abandoned at the vet. She was spayed on Thursday and is doing very well!
If you would like more information on adopting a Basset or BloodHound please visit the Arizona Basset Hound Rescue
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FHA Repair Guidelines
October 2nd, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
If you are buying a home in Phoenix and plan to use FHA financing, there are some important things to consider regarding inspection findings.
FHA has shifted from the emphasis on repair of minor items and now only requires for conditions above and beyond minor cosmetic repairs or minor defects.
This is an important consideration, especially with the increasing number of Phoenix Foreclosures which are usually sold “As-is”. It is important that the buyer is aware of repairs that will be required by FHA, and if the seller refuses to make the repair, the cost may be passed on to the buyer, if they choose to proceed in purchasing the property.
Minor Property Repairs that will NOT require automatic repair:
- Missing handrails
- Cracked or damaged exit doors that are otherwise operable
- Cracked window glass
- Defective paint surfaces in homes constructed post 1978
- Minor plumbing leaks (leaky faucets)
- Defective floor finish or covering
- Evidence of previous (non-active) Wood Destroying Insects (Termites) where there is no evidence of structural damage
- Rotten or worn out counter tops
- Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978
- Poor workmanship
- Trip hazards
- Crawl space with debris and trash
- Lack of an all weather driveway surface
Repairs that WILL require automatic repair for existing properties (list is not all inclusive):
- Inadequate access/egress from bedrooms to exterior of home
- Leaking or worn out roofs (if 3 or more layers of singles on leaking or worn out roof, all exsisting shingles must be removed before re-roofing)
- Evidence of structural problems (such as foundation damage caused by excessive settlement)
- Defective paint surfaces in homes constructed pre-1978
- Defective exterior paint surfaces in homes constructed post -1978 where the finish is otherwise unprotected
- Standing water against the foundation and/or excessively damp basements
- Hazardous materials on the site or within the improvements
- Faulty or defective mechanical systems (electrical, plumbing, or heating)
- Evidence of possible structural failure (e.g. settlement or bulging foundation wall)
Additionally, FHA no longer mandates inspections for the following items:
- Wood Destroying Insects (Termites)- in my opinion, all buyers should have this inspection.
- Well- however this inspection may be required per state or local jurisdiction
- Septic: again-may be required by state or local jurisdiction or if there is evidence of failure.
- Flat and or/unobservable roof.
For more information on FHA requirements visit www.hud.gov
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