Yikes! Where are All the Affordable Houses?

Home prices are going up in Phoenix. Great news if you are a seller...not so great if you are a buyer. Particularly a buyer who does not currently own a home. The bar for entry level homes is going up - homes are becoming less affordable. You are jumping onto a moving merry-go-round, my friend. Check out this visual from my good friends are the Cromford Report: Yup...the inventory below $150K is quickly becoming non-existent, and the inventory of affordable homes between $150K-200K is starting to fade away as well. Anything below $250K is going to be gobbled up quickly by strong buyer demand - and guess what? We are on the brink of … [Read more...]

Phoenix Real Estate Market – 2015 in Review

And now, for the traditional look-back at the year that was. How did the Phoenix real estate market fare in 2015? Not too shabby! In a nutshell, 2015 favored sellers over buyers in most areas, as has been the trend since 2011. The good news for buyers, however, is that sellers can no longer dial it in. There were far more price reductions, more nail-biting, and overall, less partying by sellers and a little more satisfaction in the buying experience.  Gone are the days of slowly driving your car by a house, adding $20K to the listing price of some dump that meets 25% of your must-have criteria, and hoping this, your 27th offer, would … [Read more...]

Interest Rates Rise for the First Time Since 2006

Told ya... As expected, the Federal Reserve announced that short-term interest rates would rise by 25 basis points (0.25%), the first time the interest rate has increased since 2006. For seven years,  the Fed held short-term rates near zero to apply the paddles to the cardiac crisis that hit the US economy back in 2006, and nurse it back to health. Although the US economy isn't exactly ready for an iconic post-recovery marathon, it is at least at the 10K stage where economic experts agree that a little return to normalcy will do us all some good. Now, the interest rate we are talking about is NOT the mortgage interest rate. The Feds … [Read more...]

Homes For Sale in Phoenix-What’s Hot, What’s Not?

Let's take a look at the current inventory of homes for sale in Phoenix...What's hot and what's not? There are currently more than 17,600 homes for sale in Maricopa County. When you look at the mix of price ranges on a map, you can see a heat map forming representing affordability across the Valley. For homes in price of $200K or less, your best bet is the West side. If you want to live in the East Valley - Mesa, Tempe, Gilbert or Chandler, you are going to need to spend a few more bucks - most homes are $200K and above.  If you want to drop some serious dollars on your new house, northeast Phoenix and Scottsdale are the places to … [Read more...]

Rising Mortgage Rates And The Rumors They Inspire

Last month, over 271,000 jobs were added in the U.S. - the highest amount so far this year.  The unemployment rate dipped to 5 percent, and wages rose at the fastest pace since 2009. In a report released last week  by the Feds, all signs point to a healthy U.S. job market, almost fully healed from the deep wounds of the Great Recession. This is really great news! But, because there is always a "but", the healthier economy is raising expectations that the Federal Reserve will begin withdrawing its support for the recovery by the end of the year. In a nutshell, interest rates are very likely to rise over the next year. Not in a  … [Read more...]

A High and Mighty Look at Phoenix Real Estate

A high and mighty look at the Phoenix Real Estate Market as we head into the 4th quarter of 2015.  This time of year, the market tends to slow down and the trends we are seeing indicate that this year will follow suit. Inventory is rising, which tends to shift the advantage from the sellers towards the buyers, which many buyers will welcome. Prices are stable, and may trend down slightly as seasonal inventory increases shift (to some degree) the advantage to the buyers. New rules have been implemented with the latest installment of mortgage reform legislation. Look for longer escrow times as TRID - TILA-RESPA Integrated Disclosure - … [Read more...]

Hot-Chi-Wa-Wa: Phoenix – Mesa Real Estate Market Update – March 2015

It's that time of year when things start cooking in Phoenix real estate and we are seeing trends that indicate a market that is going to favor most sellers for the months ahead. Demand is out pacing   And rentals? Good luck! Inventory of single family homes for rent is the lowest since 2006! Questions? Just ask! Kristin LaVanway 480-282-7464 kristin@hereinphoenix.com     … [Read more...]

Phoenix Real Estate – Myth Busters Edition 2014

Are the rumors true? Find out now! With the end of 2014 fast approaching, I thought it might be fun to look at some of the myths associated with the Phoenix real estate market! Are Interest Rates Soaring? Is the Market at a Standstill? Are Home Prices Dropping Like a Rock? Is it Impossible to Get a Home Loan? You know you want to know! If you have questions or comments, you can reach me at: Kristin LaVanway 480-282-7464 Kristin@HereInPhoenix.com Music courtesy of Kevin MacLeod, www.Imcompetech.com … [Read more...]

Can You Really Buy A House In Phoenix for $100K?

Hey Bargain Shoppers! You can still buy a house in the Phoenix Metro area for $100,000 or less, but you need to be realistic...check out the video to find out what you can expect when you are buying a house with the money you have been pulling out of your couch cushions. I mean really...as of August, 2014, you have 589 single family homes to choose from that fall below $100.01 - that's 3% of the inventory. So it's not like searching for a unicorn or anything... Oh! You want to stay in Maricopa County? That $10,000 house in Eloy is just too far out? OK, Ms/Mr Picky...that leaves you with 300 homes. Out of 16,076. So closer to unicorn … [Read more...]

Identity Crisis – Phoenix Real Estate

The shift in the Phoenix Real Estate Market has left some real estate agents with a major identity crisis. After years of rescuing underwater homeowners, dealing the evil banks and constantly changing government regulations, we are left in a fairly normal market. What do we do know!!? I guess, when it gets right down to it, we all have to adjust to this new "normal" market. Once the Post Traumatic Stress Disorder starts to wind down, anyway!! Don't be afraid to reach out for help during these changing times... Kristin LaVanway HereInPhoenix.com 480-282-7464 Special appearance by Jane Fendelmen :) Outro: Feeling Good, Kevin MacLeod … [Read more...]