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Can the Phoenix Real Estate Market Recovery Sustain Itself?

There have been a pair of articles of note of late, spelling doom for the national real estate housing market. The first comes from SeekingAlpha, where the downturn in existing home sales as reported by NAR has the author believing the bull market of the past year-plus is going to stall. I’m hard pressed to disagree, if only because the double-digit appreciating we have seen here in the Phoenix real estate market cannot be sustained. At some point, inventory is going to climb as increasing numbers of home owners either take advantage of the equity recently built or find themselves above […]

Do It Yourself Marketing

I’ll admit it … I use Zillow. Not to search for homes, mind you. But to look for potential clients. Folks who need the help of a professional real estate agent, even if they don’t happen to realize it. Marketing, as anyone who has watched Mad Men knows, is as much art as science. But there are some basic precepts that essentially are timeless. Sideways Works for Wine Movies, But Not Photos Because nothing attracts buyers more than the chance to live in a funhouse. Even Sideways Beats Nothing Because everyone loves a mystery. Capital Letters Equal Value This property […]

Strolling Through a World of Unreality

All of us, at least I think all of us, have this odd sense of how quickly time seems to move. “Are you sure this is only Tuesday?” “I can’t believe it’s almost May.” “I can’t believe the year went by so quickly.” At the moment, though, I seem to be working through a period where the minutes, days, hours and weeks seem to dissolve into this rather hazy patchwork that seems more dream than reality. It’s been this way since my father passed away three weeks ago yesterday. “Has it only been three weeks?” In truth, I have felt […]

What a Move Up Purchase Looks Like

On Friday, I waxed rhapsodic about a new listing in Arcadia’s Casitas Lindas. Yesterday, about a half-dozen agents brought their clients to view the property. Three offers were received by 8 a.m. this morning, and the townhouse was placed under contract before 10 a.m. This is where I can say that I’m just that good but, the truth of the matter is, current market conditions helped. Though I certainly won’t downplay the role professional photography and a competitive (not low – competitive, based on current market conditions) price play in getting a property sold quickly for maximum value. But that’s […]

Going Retro Chic in Arcadia … At a Great Price

One challenge here in the Phoenix real estate market is finding properties with character. This is, by and large, a fairly new metro area dominated by tract housing. Anything built in the last 20 years likely will come in one of two architectural styles – light colored stucco or dark colored stucco. Exceptions exist here and there but, for the most part, there are limited numbers of properties that have that “it” factor, that break the mold of what we’ve come to expect … that have some character. There are the historic districts such as Willo and Coronado (and the […]

A(nother) Year Without Inventory

Taking a quick look at the Arizona Regional MLS and we have 9,747 detached homes for sale across Maricopa County, an area roughly the size of New Jersey. For those unsure, that’s not a lot of homes. That doesn’t, however, stop the misinformation from rolling along from ear to ear, though I don’t really know where it begins. The other day, one of my contractors asked me about the rising tide of homes and was quite surprised to learn inventory has dropped by 20 percent from the start of the year. And the homes on the market, by and large, […]

Echoes of 2005 in the Phoenix Real Estate Market

Nothing says sellers’ market arrogance like this, seen on a pair of listings this morning: Inasumch as appraisals often lag actual market value, seller requires any non-cash offer to pay the difference between the sales price and the appraised value. Sounds much like the common note on listings during the 2005 bubble, that the seller requires to buyer to waive the appraisal contingency on all offers. Having said that, here are a couple of other thoughts: 1) As a seller, you can’t require the buyer to pay the difference unless your agent writes that into the contract. At which point, […]

Phoenix Market Update – April 1

Don’t let the date fool you … here are some real numbers on day generally filled with bunk. As of the moment, there are 10,063 detached homes for sale in Maricopa County. This remains about 10 percent below where we were at the start of the year. Local mainstream media finally is catching on. Channel 3 last week ran a quick story that said we’re in a sellers’ market, so I guess that makes it official. Even though, you know, I’ve been saying the same thing for much of the past year. Bank owned homes remain almost non-existent – there […]