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Phoenix Real Estate 2009 in Review, Looking at 2010

In all honesty, I had thought about tying up this week’s Phoenix real estate year in review series with a cute little bow and bringing it to an end similar to what you’d see in your local newspaper or what you saw when you watched Shogun back in the day on NBC. Except it’s not really that simple. I can end the series but the story of the Phoenix real estate market is ongoing. The changing of the calendar from one year to the next, one decade to the next doesn’t really change the look of things from today to […]

Phoenix Real Estate 2009 In Review, Part 3

2009 was the year we welcomed Canadians back to the Phoenix real estate market. Okay, so to some degree our friends from north of the border never left but as the Canadian dollar fell to 78 and 79 cents compared to an American dollar interest logically fell. The following chart shows you the rise, fall and rise of the loony against the U.S. dollar (it’s a USD/CAD chart, so you’re looking at the opposite – the fall, rise and fall of the U.S. dollar but the other way just sounds less depressing when you have greenbacks in your pocket.) The […]

Phoenix Real Estate Listings And Nothing More

We’ll get back to the year in review later but I wanted to get this news out first. One of the things I love about Diverse Solutions, the company responsible for the software that powers the home search on this and my other half-dozen sites, is they’re about the most responsive group of tech-geeks (said lovingly) that I’ve ever seen. Make a suggestion and they’re almost certain to get to work figuring out how to make it happen. Of course, that also can be a small challenge when the upgrade everyone seems to request is the same thing I’ve already […]

Phoenix Real Estate 2009 In Review, Part 2

Yesterday we discussed the role bank owned homes played in the Phoenix market through 2009. While this was the dominant story line, it certainly wasn’t the only factor impacting our market. Though the scope of its effect can be debated endlessly, the $7,500 first-time home buyers tax credit – and the extension and expansion of that credit in November – was the impetus many buyers needed to get off the fence and make their first purchase. Combine low interest rates with depressed prices and an extra check coming from Uncle Same for those who qualified, and it was the perfect […]

Phoenix Real Estate: 2009 in Review, Part 1

No topic has dominated the Phoenix real estate market like foreclosures, also known as bank owned homes or REO (real estate owned) properties. Demand for these homes was so high at one point in the year that I built an entire website dedicated to nothing but Phoenix bank owned homes. What was most intriguing is interest in bank owned homes was peaking as inventory was on the wane. The moratoriums of last fall and this winter past lessened the number of bank owned properties coming to the market and the REO inventory fell steadily from the first quarter of 2009 […]

Common Terms in Phoenix Real Estate

Do enough real estate transactions and it’s easy to forget the lingo we use here in Phoenix doesn’t necessarily translate for everyone. So here’s a quick guide to some of the most common terms you’re going to hear when buying Phoenix real estate: Earnest deposit: Essentially a good faith payment, the earnest deposit is delivered to the escrow company at the start of the transaction and is applied to the final down payment (or full sales price on a cash sale) and/or closing costs. If there’s a dispute, the earnest deposit goes to the injured party in most cases, depending […]

Twas the Day Before Christmas

… and real estate took a back seat to the realities of last minute shopping, in this case a handful of stocking stuffers for the wife and last-minute grocery items she left waiting for me when I awoke. Fortunately salvation was waiting a mere mile away at the newly renovated Super Walmart assuming I could successfully navigate a ridiculously full parking lot and crowded aisles a mere 15 hours before Santa allegedly came flying through the sky to deliver gifts to those celebrating the holiday. As soon as I stepped into the store it was apparent something was decidedly different […]

Twas the Day Before the Day Before Christmas

Everyone apparently is at the mall today, as I discovered when I went to lunch at Arriba with several of the other agents in my office. Which means there’s probably no one in front of their computer to read this. And even if there is, who thinks about real estate two days before Christmas? Except for many buyers, this is the exact time they ought to be thinking about real estate. Because I assure you, those sellers who already have written off 2009 and are just hoping for an offer in 2010 are thinking about it. And there’s nothing they […]

All Phoenix Real Estate Monthly Newsletter Moving to Opt-In

The routine had been pretty simple over the past year … if you registered for the home search on my website, I would subscribe you to my monthly (more or less) newsletter updating the Phoenix real estate market. Except, given the number of visitors and registrations here every month, the newsletter was becoming a bit too cumbersome. Which is why, as members of this website will see in their Inbox over the next day or two, I’m moving to an opt-in format. New registrations either will receive one edition with a note explaining they can opt-in to continue or I’ll […]

Making an Offer on a Short Sale in the Phoenix Real Estate Market

For those stout of heart who have no qualms about waiting extended periods for answers from lenders on short sale offers, here are some tips to give your short sale offer here in the Phoenix real estate market the greatest chance of success: 1) Follow the comps, not the list price. If the market value for a property is $100,000 it’s highly unlikely the lender will accept an offer at $65,000 even if that’s the list price placed in the MLS by the listing agent and seller. Stay within a reasonable range of market value, even if that’s higher than […]