Scottsdale Real Estate News

Survey Shows Americans Still Beleive In The Value of Owning A Home

2007-11-23T14:32:00.000-08:00

While the real estate market may not be performing at its record highs of the last few years, most Americans (and foreigners) still strongly belive that home ownership is still the best investment one can make. Buying a home in today's real estate market, particularly in certain parts of Scottsdale and Phoenix, is a very smart move, according to many analysts who are expert on the Scottsdale and Phoenix metro area. Read more about this information here....

If You Bought A Home In The Boom, You May Have Negative Equity

2007-11-23T14:27:00.000-08:00

Those homeowners who bought their home in the 2004 - 2005 boom market may have a home with negative equity in today's market. What homeowners need to remember above all else is that the market is cyclical, and will rebound over the next few years. This is a normal cycle for the housing market, and both home buyers and home sellers need to keep that in mind when they are looking to buy a home or sell a home right now. Read the full article....

Smaller home-price spread suggests rebound

2007-11-18T20:52:00.000-08:00

It's all in how you look at the numbers.

Home listings across metropolitan Phoenix remain at record levels, hovering above 55,000, not good news for homeowners trying to sell.

Resales fell to their lowest monthly level in several years in September. Foreclosures continue to climb, also not great news for sellers.

On the flip side, interest rates slipped this week, and with all the listings, there are many deals to be found in the Valley's housing market, real-estate agents say. Translation: That's good news for buyers because it's a great time to purchase if you have decent credit and plan on holding onto a home until prices rebound.

But one current indicator bodes well for sellers, buyers and the entire real-estate market. The spread between the price at which Valley homes are listed and at what they are selling is much lower than it was six months ago.

It means buyers' and sellers' expectations are more in sync, and that eventually should translate to more sales.
According to data from real-estate firm John Hall & Associates, the median price of metro Phoenix homes listed in September was $265,906, and the median price of houses sold was $234,900.

There's a spread of a little more than $31,000 between the two. In February, the spread between listing and sales prices was $43,000. In February 2006, as the market was starting to slow, the spread was $50,000. The shrinking spread between buyers' and sellers' expectations is a sign the housing market is correcting, and a rebound almost always follows a correction, particularly in the Valley.

Metro Phoenix's home prices are catching the attention of big lenders.

In the past few weeks, parts of Maricopa and Pinal counties have been put on housing "watch lists," or lists of "declining markets."

That usually means they will fund less of a loan on a property in case prices fall more.

For example, if a borrower was able to get a loan for 90 percent of the purchase price of a home last year, now a growing number of lenders only will fund 85 percent of the price.

But the Valley isn't alone on these lists. Lenders also are watching carefully the other markets across the country that saw big run-ups during the boom of 2004-05.

Foreign Cash Could Provide Much Needed Relief for U.S. Housing Market Thanks to Weak Dollar

2007-11-18T20:47:00.000-08:00

With the U.S. dollar weakening against the Euro, and homes for sale in the U.S. off by at least 7% - 12% in most areas, many housing markets are becoming an attractive commodity to foreign investors. This may be one way that we jump-satrt the housing market in mid-2008. Full Article>>>>

Fed Officials Hint At No Rate Cut In December

2007-11-18T20:35:00.001-08:00

The market reacted dismally last week to a slew of bad economic news, not least of which was that The Fed may choose to not cut the prime lending rate further in it's Decmebr session. Given the woes of the housing market and miserable home sales data, many question why the Federal Reserve Chief, Ben Bernanke, would choose such a path. The answer, in short order, is that Mr. Bernanke is attempting to establish himself on his own merit, and wishes to stand firm on his believe that the chief concern is to curb any possibility of inflation. Downward pressure will come from the White House, since the Bush administration wants to do everything it can to ensure his Republican party puts the next President in the White House. An economy which is barely limping along will not help his cause. Read full article

Home Invasions Up Sharply...What Are They?

2007-11-18T20:21:00.000-08:00

There has been a significant rise in the number of home invasions recently. But what are home invasions? They differ from home burglaries in that the intruder is hoping to confront the homeowner, since the targeted home is in a wealthy area. The intruder believes that if they confront the homeowner they can force the owner to open a secret safe on the premises, or supply the intruder with a PIN number or credit cards. Read the article below for the whole story, and ways to safeguard yourself.

5 Ways to Survive The Housing Slump

2007-11-18T20:10:00.000-08:00

Tired of all the negative media about how bad the housing market is? One expert shares his thoughts about homes for sale, the housing market and the recovering economy. Here's his take:

It may still pay to sell now instead of later. With home values down, some people may be inclined to hold off listing a home in the hope of a quick recovery. But if Talbott is correct, home prices have only begun to fall, and someone who can sell his home for 5 or 10 percent less than what he thought it was worth during the boom would do very well. Read the full article

Freezing Credit Files To Prevent ID Theft

2007-10-24T16:15:00.001-07:00

Information on the new laws allowing people to freeze their credit file to protect themselves from ID theft are being reviewed on a state-by-state basis. Many states are now requiring that the big 3 credit bureaus make freezing one's credit file not only inexpensive, but easy to do. While freezing your credit file may seem an extreme measure, current trends indicate that the credit bureaus will be encouraging the public to use this concept as a solution to avoiding some forms of identity theft. Full article - Jean

The Nation's Housing Problems & The Stock Market

2007-10-24T15:15:00.000-07:00

Today's market activity is an interesting story: Existing home sales plunged 8% for the past month, the lowest on record in a one-month period. This sent the stock market down 13%, or about 170 points. But guess what happened by the close of business bell? The market had rebounded to its opening bell position. That's a strong signal that our nation's economy is much stronger than many of the doom-and-gloomers would have us believe it is. Many who remember, say the current problems in th housing market have strong echos of the S&L bailout of 1990 - 1991. Jim Cramer, of Bloggingstocks.com, provides an excellent analysis of the market from an economic standpoint, and a view as to why we as a nation are actually in better shape in today's market than we were 17 years ago. Read on - Jean Click here for whole story...

Scottsdale and Phoenix Home Values By Zipcode for 2007

2007-10-24T14:26:00.000-07:00

Greetings…The Arizona Republic just came out with their 2007 Home Values Report which was in the Arizona Republic this past weekend! Below is the link to the site where you can search by the categories of ALL SALES, RESALES AND NEW HOME. Just enter your zip code and county and the information appears. THEN…click on the details section to get an in depth comparison of the last several years (appreciation, number of sales etc.). CLICK HERE TO ACCESS THIS REPORT

Homes Sold In Scottsdale

2007-10-09T20:20:00.000-07:00

The Scottsdale Homes Sales Report for September is ready! Click here to sign up for your email copy of homes sold by neighborhood. You choose the communities you want to receive reports about. Reports are delivered automatically to your email every month so you can stay informed on what the Scottsdale real estate market is doing.

How I Sold My Home in Six Days - One Happy Woman's Story

2007-10-06T13:39:00.000-07:00

Here's a great story that holds a lot of truisms - if you want to sell your home fast, you need to make it move-in ready, and have above-average appeal. You also need to work with an expert - a real estate agent who knows you particular market, what sells, and what you need to do to capture the buyers out there. Finally, you as the seller need to be willing to make the investment in time, money and effort to bring it all about and make the sale happen. Read the full article

How Do McMansions Affect Your Home Value? One Neighborhood's Story

2007-10-06T13:32:00.000-07:00

What happens when your neighbor down the street puts in that big addition? Or the guy across the way decides to do a teardown of his house and put up a new bigger, better one that makes yours look like a bungalow? Read on to get one neighborhood's story

New Home Builders Anxious - Pile on the Incentives

2007-10-06T13:20:00.001-07:00

If you are in the Scottsdale real estate market to buy a new home and haven't noticed that the largest home builders are offering some incredible incntives, hopefully this article will make you sit up and pay attention. There 's no question that today's housing market is one of the strongest real estate markets for all the buyers out there. As a buyer looking for a new home, you should be able to capitalize on the glut of over-produced new construction that is available in the Scottsdale and Phoenix housing markets at considerably less than what the same home would have cost you a year ago. Not only will you walk away with a lot more house, but you'll also be walking into instant equity. Read the whole article now

The Secret Buying Season In Arizona Real Estate

2007-10-02T20:17:00.001-07:00

Have you always dreamed of owning that great golf course getaway home on the 10th fairway of one of Arizona's top-notch golf communities? Your dream and about 50 million other people just like you. But some of them actually make the dream happen. They know some secrets to the golf and luxury home market in Arizona that the average handicapper doesn't.

We all know that this year has seen some of the most significant price reductions in golf and luxury properties since the Savings & Loan bailout of 1991. We all know it's a "buyer's market". But what distinguishes the people taking action from the people just dreaming about the chance to own a home on the golf course is the power of information, and acting on the right opportunity.

Some people know about the "Secret Season" in Arizona real estate. Here is the strategy in a nutshell. Serious buyers - those people who want to own that home on the golf course or in a luxury resort community in Scottsdale or Phoenix - come out in what is called the "off season". The off season in Scottsdale and Phoenix, Arizona runs from mid-May to October. This is the time of year when most of the golf courses dramatically reduce their greens fees, resorts offer special pricing on spa packages and hotel stays, and sales in real estate slows down. After all, it isn't anywhere near as fun to run around looking at luxury homes and golf villas in 110-degree heat versus doing it when there's a crispness in the air, and the daytime temperature is something more bearabale, say 75 degrees. Couple this off-season with the fact that we are in what has been the best buyer's market in real estate in almost 15 years, and you can see there are definite advantages to buying during the off months.

And for those of us that are serious about buying, that is exactly what is going on. Buyers are coming quietly into the Scottsdale and Phoenix market in the dead of the off season, and buying up properties which have been languishing on the market. And they are getting these homes at prices which they could never get them at during high season, which is the peak buying period for Arizona real estate, hence there is more competition in the market. The smart buyers who are buying up their next second home, vacation home or golf getaway now, are also making out well with negotaiting what they want out of the deal, since there is nowhere near the number of buyers in town that there will be come November. With fewer buyers in town, and sellers becoming more aggressive on their terms, it becomes an attractive strategy. Even if it means having to do your house hunting in the dog days of summer in Arizona.

If you want to learn more about leveraging the off-season for real estate purchases in the Scottsdale, Phoenix, or anywhere in the Valley of the Sun, feel free to send me your comments or questions at Jean@JeanGlass.com

If New York Is Doing It, Something Must Be Right!

2007-10-02T18:29:00.000-07:00

All of us want to know what the next move is in real estate. I look anxiously each day to hear and see what the Fed may be whispering, and second-guessing what Ben Bernanke may be thinking. This small group of people shape our great economy in the U.S. This information can make or break my day. When Alan Greenspan wants to go on prime time TV to float his new biography, the world still listens intently to what his opinion is. More often than not, Greenspan's spoken phrases have a profound effect on what the markets will do over he next several weeks.

And what a market year this has been. I am a true believer in the "Next Wave" of information to the public when it comes to real estate investing, buying and selling. I want to make my reading audience and my clients smarter. What I mean specifically, is that the MORE INFORMATION you share with the public, the greater the payback. I am a professional in the Real Estate industry, and also an investor, and I live by this credo: share the information, increase your wealth. The more I share with my clients, the more money they realize and the more income I make. That is what investing is all about.

And that is why we are all here on this site reading the latest tips and information. Take a look at what New York is doing. The last great hold out of the Multiple Listing Service has finally succumbed to the New Technology. For years, agents have had a strangle-hold on the NY residential market with their exclusive listings, charging buyers and sellers a fortune to transact real estate in New York. No longer is this true. This should be a call to action for teh rest of us nationwide - those who ar not afraid to share their information, multiply their success a hubdred-fold! Click here to read the full article

The Top 25 Scottsdale Area Employers 2007

2007-08-25T17:42:00.001-07:00

Here's a list of the Top 25 for Scottsdale...... - Jean

1. Intel 2.Wells Fargo 3. Banner Health 4. Wal-Mart 5. Bashas’ 6. General Dynamics 7. Scottsdale Healthcare 8. Walgreens 9. Boeing 10. Marriott International 11. Target 12. Mayo Clinic 13. Salt River Project 14. Kroger Corp. 15. Home Depot 16. JP Morgan Chase 17. Safeway 18. (tie) Countrywide Financial 18. (tie) Freescale Semiconductor 20. Starwood Hotels & Resorts 21. US Airways Group 22. Bank of America 23. Catholic Healthcare 24. Rural Metro Corp 25. Federated Department Stores

Foreclosures Are Up

2007-08-25T17:36:00.000-07:00

In case you haven't heard the word.......This is certainly the strongest buyer's market the Scottsdale, Arizona market has seen in 15 years. - Jean

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Where The Market Is Headed in 2008 - Moody's Research

2007-08-25T17:30:00.000-07:00

Interesting article posted byThe Wall Street Journal regarding a Moody’s Economy research. “In the latest news from the slumping U.S. housing market, a report released this week says that median house prices are likely to decline more than 10 percent over the next few years in 20 metro areas, including Las Vegas, Tucson, and Washington, D.C.

Post your comments here, and read the full story by clicking on the title.....

Making An Aggressive Offer - What You Need To Know First

2007-08-25T13:43:00.000-07:00

Home sellers are not automatically turning up their noses at offers that come in far below their asking price these days as prices stagnate and the inventory of homes for sale remains elevated in many markets. But buyers who do ask for deep discounts still risk offending sellers to the point where they quash any deal. So before making an aggressive offer, some homework is in order, real estate professionals say. Further, buyers need to effectively explain why the price of a home should be lower. Please share your stories about successful aggressive offers you've made - I'd love to hear about them - Jean Click on title for full story......

Fed Gets the Message: Lowers Key Rate

2007-08-22T16:33:00.001-07:00

I'M STILL BANKING ON MY JANUARY 2007 FORECAST THAT BEN BERNANKE WILL LOWER THE FED LENDING RATE BY 1/8 POINT BEFORE THE END OF 2007. WHAT ARE YOUR COMMENTS ON THIS ISSUE? Click on title for full story.....- Jean

It's A Buyer's Market in Scottsdale - 55,000 Homes On The Market

2007-08-22T16:04:00.000-07:00

Home listings in the Valley climbed to almost 55,000 in the past few weeks. That's a new high. The number of houses that are marketed for a short sale to avoid foreclosure or are bank-owned is also up. That's good news for buyers looking for deals. Read the whole article by clicking on the title...I'd love to hear your stories of recent great buys you made in the Scottsdale/Phoenix market - Jean

Biltmore Home Sells for $8.2 Million

2007-08-22T15:44:00.000-07:00

An attorney, a magazine editor, a new member of the Phoenix Suns, a managing director of a financial services company and a husband and wife team of private mortgage bankers are among the buyers and sellers in this weeks done deals. Click on title for full story.....

Troubled Homeowners Are Finding A New Way To Sell

2007-08-17T22:05:00.000-07:00

Here's a very informative article by Katherine Reager at the Arizona Republic newspaper. When you're done reading this article, you will understand the art of the "short sale" in real estate transactions - Jean Click on title to read full story.....

Handy Phone Numbers for Scottsdale Services

2007-08-17T21:47:00.000-07:00

Here's a handy phone list you can print out and reference in the future - Jean

LIST OF IMPORTANT PHONE NUMBERS
Courtesy of: Jean Glass

Scottsdale’s Finest Real Estate
Jean@JeanGlass.com
(602) 680-0101 Mobile/Direct

Arizona Public Service (APS) Electricity 602-371-7171
Black Mountain/Southwest Gas Co. 602-861-1999
City of Scottsdale Utilities (Water/Sewer/Garbage) 480-312-5650
Cox Communications (Cable & Phone) 602-277-1000
Arizona Republic (Newspaper) 602-444-1000
Qwest Communications (Alternate Phone Co.) 602-678-9800
City of Phoenix Services (water, sewer,garbage) 602-262-6251

Insurance:
Fasula Kaplan Agency 602-564-0880
State Farm 480-949-5066

Other Information:

Scottsdale Police 480-391-5000
Rural Metro Fire Dept. 480-945-6311
Driver’s License/Vehicle Registration 602-255-0072
Maricopa County Auto License 602-243-9902
Poison Control 602-253-3334
J&R Wildlife Rescue (snake removal, etc.) 480-585-0148

Local hospitals:

Mayo Clinic 480-515-6296

Paradise Valley Hospital 602-923-5000