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Underwater in Peoria and Debating a Short Sale

Every day, someone turns to an online forum looking for specific advice as to whether they should short sell their home in Peoria or Glendale or let it go to foreclosure. Truth be told, there’s not a one-size-fits-all solution to that answer. It’s often pointed out that Arizona is an anti-deficiency state, meaning the primary lienholder cannot pursue you for the mortgage balance following foreclosure, but it remains unclear whether that same statute applies to short sales. And if you have two loans on your property, everything’s a bit more complicated as the anti-deficiency statutes don’t apply to secondary or […]

A Look at the July Real Estate Numbers

We’re done as far as closings with Friday being the last business day of the month. Here’s where things stand as of the moment here in the Phoenix real estate market: Single-family detached homes in Maricopa County are now down to 13,310. I’m still calling the bottom here at 12,750; we’ll see what happens on Monday after the end-of-July listing expirations. Least expensive home on the market is $5,500; most expensive is $22,000,000 (see below). 6,121 closed sales of single-family detached homes in July (down from 7,955 last month.) Another 5,767 non-short sale listings are pending close of escrow. Despite […]

Phoenix Real Estate is a Sellers Market

Yesterday, I found the perfect home for my clients. Two of them, in fact, renovated by the same contractor and waiting side-by-side in Goodyear for the right buyer to come along. Granite counters. Travertine floors. Stainless steel appliances. A wonderful, flowing floor plan. Slightly oversized lot, at least for the Phoenix area. These homes went on the market on Saturday. There wasn’t a sign in either yard; the signs were in the doorways leaning against the wall waiting for posts to be installed. We went into the home and there was only one ominous sign – four business cards on […]

Why I’m Not Showing Your Home Tomorrow …

It’s nothing personal, I assure you. The problem is this, really: This is the only photo that your agent has entered into the MLS. And while your home appears to have what we call “curb appeal,” that’s just not enough.

Per Diem Charges and Personal Responsibility

Today finds me in the middle of what I’ll generously call a debate with a loan office about the per diem charges our mutual client is facing due to not closing on time. On the vast majority of bank-owned homes, the lender addendum includes language that a per diem fee will be charged for each day beyond the scheduled close that the actual closing takes place. To date, I’ve yet to have a client run afoul of the per diem. Of course, to date, I had not had a client choose this particular lender. The per diem charge would have […]

Calling the Bottom, Inventory Wise

No one who has attempted to purchase a home over the last couple of months needs to be told that inventory has been declining steadily since the spring. As of this morning, there were just over 13,600 single-family detached homes for sale across all of Maricopa County according to the Arizona Regional Multiple Listing Service. (If you’re wondering how thin that really is, consider Maricopa County has 3.8 million residents and nearly 1.6 million housing units according to the Census Bureau. Summer usually is the high selling season here, which leads me to believe inventory numbers soon will level and […]

All is Quiet on a Saturday …

There are some days where I have much to say. There are days like today when I have very, very little. Well, at least about real estate and I don’t think you much want to hear my views on the NFL lockout. So let me leave you with a beautiful home for sale in one of my favorite subdivisions here in Glendale, Marshall Ranch … We’re at 13,647 detached homes for sale across Maricopa County, about 10,500 when you take the short sales out of the equation.

Wish You Were Here …

Hi, there … how was your vacation last week? Did you enjoy some cocktails at the beach while the sunset? How many times did your kids make you go on It’s A Small World? Is the Clyde & Seymour show at Sea World as funny as I remember it? It’s glad that you were able to take a break. You deserve it. Underwriting’s a stressful job. Not much was happening back here while you were gone … and that’s mostly because you were gone. Wait, you hadn’t heard?

Further Proof Phoenix Real Estate is Local

From REALTOR Magazine’s daily update … Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of REALTORS®. Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable while the condo sector weakened. (Emphasis added.) Weak sales in the West? Not in the Phoenix part of the West. In fact, as I’ve written about several times in the past couple of weeks, sales here were as robust as we’ve seen in years. And all of this goes to show that […]

You Say Haboob, I Say it’s a Dust Storm

You have to understand something about television weather people here in the Phoenix area. They are very, very excited when there’s something to report other than sunshine. And so it was that two weeks ago, when a massive dust storm rolled through the Valley, we were introduced to the word “haboob.” So pervasive and/or impressive was this word that we were the talk of the weather world for a day, even landing a photo in the front of Sports Illustrated showing a Little League game about to get hit by a wall of dust. For those unfamiliar with our particular […]