Roberto Ribas

tempe is dropping like a rock. Foreclosures until recently were uncommon here, but now are sprouting up. As gilbert/chandler collapse, they are siphoning off the few buyers who might buy in tempe, leading to a complete inequilibrium between buyers and sellers. Look for prices in Tempe to continue to drop for the next year. I own in Tempe, so I'm not immune to this drop, I have 2 homes here. - Tue Oct 28 2008, 23:14

Jeff here would be another type of agent to avoid:

Has no idea about the market, but feeels free to insult people who are honest with you. For years, agents like Jeff have survived hiding behind platittudes, and feigning education or special knowledge. In fact, Jeff doesn't seem to have bothered to read your actual question, hardly what you want from an agent.

Back to the ORIGINAL QUESTION. Why would agents claim that they 'have buyers waiting to buy your home" when they never brought said buyers by while your home was listed? the answer is obivious: they make such statments merely to try to get your listing, but of course they are lying. NOT the type of people you want listing your home.

With 4000+ foreclosures a month, dropping prices, and credit tightening, it is MUCH harder to sell a home today, then any time in the past.

An agent like Jeff, who claims his magic marketing approach will sell your home, is simply lying to you to get a listing. - Tue Oct 28 2008, 20:57

agents who say, "i only show my own listings..." as they try to get your listing are LYING A$$HOLES... do not list with them. 85254 is a nice zip, but is under extreme price pressure. There are currently 70 foreclosed or short sale homes in that zip on the MLS today, up from 50 a few months ago. I like that zip, and may buy another home there, but right now, I would expect prices to continue falling. - Tue Jul 15 2008, 09:46

the media mensions us as 'the worst real estate market' because of our desirable weather?

Um yeah, ok Jon. You must have starred in those college board reading tests... - Wed Oct 22 2008, 06:43

"no one can call the bottom" is realtor speak for "just buy now, I need a commission to pay my bills"
Well, just today, the local association put out their most recent numbers for the metro Phoenix MLS
Median price dropped 2.9% in one month, average dropped 1.8%; thes are some of the fastest drops ever. Foreclosures broke another record in June, as did filings for future foreclosures. I am getting credit tightening update notices across the board: higher MPI for FHA, tighter guidelines for MI, restrictive guidelines for second homes, etc. Also, down payment assistance is on possible death watch. Taken together, these changes could move between 5 and 10 percent of current buyers out of the market, and that much drop in demand will lead to even lower prices.

Same thing if rates go up, prices will simply continue to drop even more.

Maybe we won't know the bottom till after it has passed, but one thing is crystal clear: it isn't here yet!!!
Prices will continue dropping all the way into next the beginning of next year. - Tue Jul 15 2008, 15:20

I have a foreclosure watch search of Tempe and Scottsdale, two in town solid areas people predict will do better than the rest of the valley. Guess what? over 500 foreclosures and short sales for sale right now in those two cities... up from 325 3 months ago.
1. prices are dropping at about 2% a month right now. Buying now versus waiting is stupid.
2. Banks are now setting the prices. we had 5500 or so sales in June! Yeah it went up! but 2500 were foreclosed or short sale homes, in June of 07, only 200 were foreclosed or short sale homes.
3. Foreclosures keep increasing. June 08 saw 3750 foreclosures, 6940 notice of trustee sales. Lets recap 6940 people fell 90 days late on their mortgage, and entered foreclosure, only 5500 sold, for what i usually one of the busiest sales months of the year! More foreclosures than sales is terrible for Phoenix going forward.
4. Job loss. The state is actually losing jobs for the first time in some 20 years.
5. State budget,projected 2 billion short fall for next year
6. HUGE overbuilding in commercial and condos going on right now. Will result in commercial real estate crash next year.

Read my blog, in addition to being a Realtor, I am a professor of mathematics and business math, so I study these issues quite carefully. Others just seem to brainlessly cheer, do not be misled.
http://phxrealestate.tumblr.com/ - Tue Jul 15 2008, 09:56

"its a great time to buy" WOW it is impossible to believe that agents can say this crapola with a straight face!
North Scottsdale is hurting big time, there is about 4 years of supply to get rid of, before prices can possibly stabalize. AND, north scottsdale is full of Option ARM negative amortization loans. These loans are actually increasing in their outstanding balance while the home price decreases. I am seeing more and more 700k to 2 million dollar foreclosures on my auto searches, as these reset to double or more the monthly payments...

Michelle, I hope you own in greyhawk. You deserve the price drops coming your way for giving such bad advice. Professor Ribas/ Realtor. - Mon Aug 25 2008, 17:47

and now I can find lots of similar sized homes in grayhawk for $50K and more down from that price... Great advice realtors!!!
Prices across the valley will continue to drop. Today, the paper showed them dropping at the fastes rate ever, even in scottsdale. (down 10%+ year over year) - Tue Jul 15 2008, 19:54

a couple of the new features have looked good: polygon search etc, but the performance, while improving is still terrible. I have multiple saved searches I use with my clients, and due to the system continiously giving me server side errors, it is taking forever to type them into flexmls. And I know what various SQL errors mean, so I know it is configuration problems on their server farm. - Fri Aug 1 2008, 18:24

yes, flexmls, it sucks and sucks and sucks. It constantly locks up, and takes 10 times as long to do anything on as the previous one. Print outs with directions omit the starting intersection, making actually driving to the home a bit problematic if you don't have gps. All in all, this is the crappiest change ever, thanks alot ARMLS. - Thu Jul 31 2008, 00:47