According to RealtyTrac, a foreclosure tracking service, for the first 3 months of 2008 Arizona’s foreclosure rate was up 245% from the same period one year ago. About 1 in every 95 homes in the state is a foreclosure, about double the national average.
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We’re starting to see many of the exotic loans with 3-year ‘teaser […]
Entries from April 2008
Arizona Foreclosure Filings Soar During the First Quarter of 2008
April 29th, 2008 · No Comments
Tags: Foreclosures/Short sales · Housing stats
Some banks are starting to get it…much to the chagrin of sellers
April 29th, 2008 · No Comments
Well, it looks like some banks are starting to realize that their REO holdings are no longer simply competing with one or two other foreclosures and a bunch of ‘traditional’ residential resale homes for sale. They’re competing against a whole bunch of short sales and REOs in any given community, and all the neighbors are left holding […]
Tags: Experiences · Foreclosures/Short sales · Random Musings · Sad
Guidance for Homeowners Facing Foreclosure
April 25th, 2008 · 2 Comments
The following post draws heavily on points from a recent article written by Michelle Lind, General Counsel for the Arizona Association of Realtors, and merits the attention, in light of its relevance in today’s mortgage market:
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Here are some options and resources for a homeowner in default.
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Contact the Lender or a HUD-Approved Housing Counseling Agency
The natural […]
Tags: Foreclosures/Short sales
Viable Investment Opportunities Return to Phoenix Real Estate Market!
April 23rd, 2008 · No Comments
The Phoenix real estate market has finally softened sufficiently that we’re starting to see investors flow back in. I receive emails and calls daily from different types of investors, most of whom are far more sophisticated than the ‘day-traders’ who are partially responsible for the super-heated run of 2004-2005.
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A few interesting dynamics to note:
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-As lenders […]
Tags: Random Musings
Design Trends: The House of 2015
April 23rd, 2008 · No Comments
The National Association of Home Builders recently conducted a survey of more than 300 architects, designers, builders, and other industry experts to see how the home of 2015 will differ from today’s average home.
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Results reveal that the interior design and floor plan of the home of the future is going to change to reflect social […]
Tags: Random Musings
Real Estate Myth-Understanding 4: “I don’t need a Realtor to represent me on a new home purchase because the builder’s agent will.”
April 21st, 2008 · No Comments
Truth:
The Builder’s Sales Agent represents the Builder ONLY!
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There’s a sign posted on the front door of every model home sales office in the State of Arizona that states something to this effect:
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“If you are represented by a Realtor®, they must accompany you during your first visit to this community.”
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Home builders factor a Realtor’s® commission […]
Tags: Myth-Understandings
High-End Playhouses …Talk about a ‘Niche’ Market!
April 20th, 2008 · No Comments
Scottsdale real estate has a new segment — luxe playhouses!
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After building one for his own daughter, a Scottsdale builder has started marketing high-end children’s playhouses. We’re talking mini-chateaux with tabs of $50,000 or more a pop! Â
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Those who have the space, the bankroll, and the desire to allow their kids to truly play “house,” can have mini […]
Tags: Random Musings · Whimsical
Real Estate Myth-Understanding 3: “I don’t need to talk to a mortgage lender or Realtor until I’m ready to buy.”
April 19th, 2008 · No Comments
Truth:
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In fact, there are a few very compelling reasons to communicate with a Realtor® and a lender as soon as you think a home purchase may be in your future.
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Your first call (or email) should be to your Realtor®. A good Realtor® will set you up to succeed with your search and subsequent purchase by […]
Tags: Myth-Understandings
Real Estate Myth-Understanding #2: “I can save money by negotiating directly with the Listing Agent.”
April 18th, 2008 · No Comments
Truth:
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As long as the property is offered in the Multiple Listing Service (MLS), this is almost always FALSE.
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By the time a property is listed in the MLS, the Seller and the Listing Agent have already executed a Listing Agreement that details the commission to be paid upon sale of the home. The Listing Agreement […]
Tags: Myth-Understandings
Real Estate Myth-Understanding #1 - “It’s OK to visit an Open House without my Realtor present.”
April 18th, 2008 · No Comments
After working with hundreds of homebuyers, I’ve come to recognize that there are several common misconceptions that are widely held to be true by experienced homebuyers and first-timers alike. I refer to them as “Myth-Understandings” and I’ve seen many prospective buyers harm their own cause as a result of their misled belief in them.
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Keep in […]
Tags: Myth-Understandings
