Phoenix Real Estate Market Update – It’s a Buyer Frenzy!

The Phoenix real estate market is in a buyer frenzy early in the season due to low inventory in the most active price ranges. For Buyers: Buyers continue to find themselves in a frenzy of competition for homes as March recorded the highest number of non-distressed sales through the MLS since September 2005.  Supply has dropped a significant 12.7% overall compared to this time last year. That's a whopping 22% drop  in the Southeast Valley and 27% in Pinal County! Despite the extreme lack of supply under $300K, 30% of closings in this price range are showing some form of seller-paid concession at close.  Compare this to 27% in March of … [Read more...]

What Does It Take To Buy A House In Phoenix?

I don't know if you knew this, but it takes $4,000,000,000,000 to buy a cheap, dilapidated home in Phoenix. Do you have that in your bank account right now? I mean, everyone else does, why not you? JUST KIDDING. Seriously though, it does take some money to buy a home. (Key word here: "Buy") Here are three things you need to get your butt in gear: 1) Cash 2) Credit 3) Compensation Cash  What is cash? Well, it grows on trees, of course! But only in my fairytale books which I sold at a garage sale 20 years ago. (Sorry.) If you have a cash-money-honey tree then nobody cares who you are, what you look like, who or what … [Read more...]

What’s the Easiest Way to Invest in Real Estate?

A friend of mine recently asked me about investing in a REIT, which is a Real Estate Investment Trust. There's been a lot of them poppin' up over the last 15 to 20 years - especially online. This particular one that she was looking at had $1,000 minimum. My friend asked, "I don't have the $1,000 now, but if I did is this a good idea?" The online REIT that she's looking at is so super-hipster right now too (because my friend who asked is also a hipster). The site talks about crowd-sourcing and how you can become a real estate mogul just like everyone else! It's real sexy, amazing, gnarly, yadda yadda yadda. A lot of REITs invest in … [Read more...]

Are We Headed For Another Real Estate Bubble?

Sorry to interrupt your regularly scheduled PBS program in the drab, grey fields of irrational paranoia, fear and anarchy, but I have an important message for you: IT'S ALL IN YOUR HEAD. WE ARE NOT IN A HOUSING CRISIS. We are not about to be in one either! I know what you're thinking, "Oh, but Kristin, you're a REAL ESTATE agent. Of course you would tell us we're not in a housing crisis... You just want my $%#^@ MONEY!" No. I want you to be happy. And happiness comes from being educated by the facts. With knowledge comes power and confidence - not this fear bullcrap. Let's get rid of this fear thing. It never does anyone any good … [Read more...]

About that Zestimate, Spencer….

http://www.youtube.com/watch?v=d9EoBa_ez3Q Spencer Rascoff, the CEO of Zillow, sold his house in Seattle in February for a cool $1,050,000. You might be wondering why I am telling you about this. Who cares if Spencer sold his house..whatever. Well, what makes this story interesting is that Rascoff's website, Zillow, zestimated that the house is actually worth $1,608,670, off by a measly 53% of the actual market value. Ooops! And while it's super fun for real estate agents to bash the "evil" Zillow monster, the realty is that computer-generated valuations are far from the best way to determine what your house is worth. … [Read more...]

No RENTS for the Weary

Are you having trouble finding a rental property in Phoenix right now? Well, you are not alone. Our rental inventory is a fraction of what it was a few years ago. Just to out things in perspective, in 2008,there were roughly 10,000 properties listed for rent in Metro Phoenix. Right now, there are less than 2200 homes or rent, listed on the MLS. And I mean in all of Metro Phoenix, meaning Phoenix and its suburbs.   That figure does not include vacation homes, but good luck there where rents are significantly higher than market rents, due to the furnished and short term nature of these leases. And keep in mind that there were a lot less people … [Read more...]

First Quarter 2016 – Review of the Phoenix Real Estate Market

It's about that time when I like to tantalize all of you with some market statistics! How is the Phoenix real estate market so far in 2016? Well let's take a look... Supply is gradually increasing as it usually does this time of year, but demand has been a little sluggish in the price ranges below about $250-300K in most areas, and a lot sluggish in the upper price ranges. Sellers still call the shots below $250K in most geographic areas, but buyers and in hog heaven in those upper ranges. Hope you bought your lottery tickets because this is the year to buy that mansion. Interest rates have decreased slightly since the Fed lowered the … [Read more...]

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...]

Is This a Good Neighborhood? – The Answer at Last!

I get asked all the time: Is this a GOOD Neighborhood. My answer - How the Heck Should I Know?  I don't blame you for asking the question. I mean, who wants to live in a "bad" neighborhood, right?! But, I really don't know because my idea of a "good" neighborhood is probably not the same as yours. Everyone has a different comfort zone and a different perspective on what makes a neighborhood feel like home. The reality is that I can't really answer that question for you. It depends on what you are looking for. For some people, a gated community with big fancy houses is good.  For others, that gated community might seem pretentious and cold … [Read more...]