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Of Fainting Goats and Wii Fits

It’s barely been noticeable here, where only a day and a half has passed since the last post, but I found myself out of pocket as they say since Saturday night. The Wii Fit has been a boon is as much as it has helped me lose 10 pounds over the past month and also see noticeable improvement in my aerobic capacity, which comes in handy when showing 3-story townhouses in 113 degree heat. Sadly, the Wii Fit has not turned me into a runner. In fact, Saturday’s “fitness tip” all but told me not to do what I was […]

The Economic Reality of a Sub-$50K Fix and Flip in the Phoenix Real Estate Market

At least once a week I’ll receive a call or e-mail from someone looking for homes in the $50,000 and lower price range here in the Phoenix real estate market. While the order in which they’re presented varies, the two primary factors rarely do: 1) The would-be buyer wants a property that might need a little work, either so they can build their own sweat equity or later sell the home for a profit. 2)  The would-be buyer will be paying with cash and can close quickly. Let’s take the second part first. If you’re looking under $50,000, you almost […]

Phoenix Real Estate Inventory Update – August 27

Returning to the normal reports and not just non-bank owned, non-short sale inventory levels. Inventory remains low with fewer than single family detached homes on the market in Maricopa County. Bank owned inventory also is low, sitting at just over 3,000 homes across the Phoenix real estate market. Sales are off slightly – there were 6,460 closed sales over the past 30 days compared to more than 6,600 for the 30 days ending last Thursday. REO sales are down but only by a couple of dozen homes at 3,401. Overall there is 3.08 months of inventory for all detached homes […]

Another Internecine Debate: Home Search Registration

Yesterday brought about another one of those debates that seem to tie some real estate agents up in knots and send others to their soapboxes in record time. What was most interesting is the debate over this one topic – asking folks who use our home search to provide a name, phone number and e-mail address – remains no different today than it was four years ago. Once upon a time I didn’t ask anyone to register to search for Phoenix real estate but that changed about a year ago. Why? Well … I hope I don’t shock any of […]

Arizona Republic: When in Doubt, Play to Stereotypes to Sell Papers

Anguish sells papers. Throughout the up and down real estate cycle of the past few years, the writers at the Arizona Republic have managed to find people that could be painted as victims, even if not all the facts quite matched up. When the market was running hot in 2005, it was the buyers who couldn’t get an offer accepted – a story idea that was recycled in the last couple of months. Then it was the sellers throwing cell phones at their agents when they suggested a price reduction because the buyers had gone away. My personal favorite remains […]

Writing Offers on Multiple Properties

Today’s shaping up to be a busy day so we’re going to go with an answer that I recently posted on Trulia Voices. The question was whether a buyer can submit offers on more than one property at the same time. The array of answers were fairly interesting – one suggested a buyer should do this because the listing agent wouldn’t like it – but the reality is if you’re looking for bank owned homes under around $150,000 the multiple offer approach is a solid strategy. Here was my full answer … Of course, if you end up with the […]

Weekend Theme Music – August 22

Here’s the secret to figuring out what’s going to be the weekend theme music more times than not – get yourself a Sirius satellite receiver and tune into Radio Margaritaville. Obviously there’s plenty of Jimmy Buffett and former/current Coral Reefers to be had but there’s also a wonderful buffet of music you’ll not hear anywhere else. Toots and the Maytals have made appearances in this space and they do so again today. “West Jamaica?” Uh, yeah, that’s a bit of a stretch but it still works. [youtube: 400 300] [tags]Phoenix real estate[/tags]

Toss Out the Bank Owned Homes and Guess What? Many Cities in the Phoenix Real Estate Market Remain Sellers Markets

“Shadow inventory.” The term is being used these days for two very different scenarios – homes where the bank has foreclosed but has not put them back on the market, and homes owned by real sellers who are not underwater on their homes but are hesitant to sell until market conditions improve. If they’re waiting for price appreciation, that still may take some time since it’s more than likely they’re waiting (in vain) to see 2005 prices come back and won’t be interested in the modest appreciation you usually see in a healthy market. But if these sellers are waiting […]

Seen on a Short Sale Listing Today

Not to sound overly unsympathetic to the seller’s plight but arrogance like this just leaves me waiting for the bank to foreclosure and take possession: Submit your Highest & Best offer by 8/30 when seller will review. It’s not a particularly complicated concept … accept an offer, get it to the lender so they can start processing the sort sale request, and go from there. What is offered shouldn’t matter to the sellers because, on a short sale, the sellers will not see a cent. I would advise clients to consider moving on to another home if this were a […]

Pluto, Vulcan and Phoenix Real Estate

If you happen to have some time to spare, I highly recommend picking up a copy of David Weintraub’s “Is Pluto a Planet?” Even if you’re not one of those folks inclined to look up at the skies in wonder, the history of our knowledge of the solar system and the nature of human thought is amazing. And what you come to realize is we really don’t have any idea what we’re talking about. We think that we do but we’re not even close. Some of you, I am certain, looked at the book’s title and thought to yourself, “wasn’t […]