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Market Conditions in Phoenix : Real Estate Advice

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  • Home Buying926
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Activity 133
Tue Feb 9, 2010
Jane Grant answered:
What a coincidence....A lender friend of mine just told me this morning to check out Thing Big Work Small. That is amazing....no wonder the loan modifications are not happening.

There are KARAZEE things going on right now....like the paybacks to 2nd trust deeds "off HUD".

Thanks for sharing this Think Big and Work Small piece about Indy-mac and one West bank...very interesting and insightful!
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0 votes 2 answers Share Flag
Thu Jan 7, 2010
Crescent Group Realty answered:
Wow...you poor thing...not only did your question get "hijacked" as someone else pointed out here but yes sounds like you've got to be careful because of the many scams. I also wanted to share an article with you I read a few days ago about loan modifications success rate. Keep in mind loan resets, especially the 5 year ARMS will still be resetting for several years to come, hence most of us in the valley will have to bear the cost of being "underwater" for a little bit longer. Have you considered other alternatives? Do you need to move or are you happy in your current home and happy to stay put for a number of more years? If you have no desire, need or intention to move then a loan mod may be the best thing for you to pursue indeed but just be careful. Have you tried contacting the banks yourself?

Here's the article http://money.cnn.com/2009/12/10/news/economy/permanent_loan_modifications/index.htm

Uzi Husain,
Keller Williams Integrity 1st Realty
480-390-2338
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0 votes 21 answers Share Flag
Thu Jan 7, 2010
Mr.P answered:
In the Last 6 months, In my opinion, from my experience, Multi family and Single family residence.

Camelback, -7 to 10%
Downtown, -5% newer construction -10% pre 1999
Paradise Valley, -7 to 15% For the year -20%
Scottsdale, -5 to 10% for the year -20%
Glendale, -10%
Mesa, -10 to 15% Huge Inventory
Tempe, -10 to 15% Huge Inventory
Chandler -5 to 10%
North Phoenix. -5 to 10%

Now that is only the last 6 months, and it is in the last 6 months that rental prices really started taking a hit.

Now these are estimates over all. Of course it depends on the individual property.
Example at the beginning of 2009 a 1 bed 1 bath apartment in Mesa was 650 per month.
Now it is first month free $395 per month that`s huge and a fact I have experienced.

Lets go to Paradise valley Single family newer construction I copied and pasted the following from MLS
6 bed 7 bath 6,900 sq ft single family rental

CDOM/ADOM:
214 / 214
List Date: 03/16/2009
Status Change Date: 12/01/2009
List Price:
$ 4,950
Original List Price:
$ 6,500
SA: N / 0 BB: Y / 4 % Var: N Type: ER
Renewal Comp: 3
Comp For Sale: 0
Commission Paid: Upon Occupancy that`s reduced 24%

Yes the market has decreased. If you could narrow down a 4plex, or a 4 bed 2 bath? the answer will be the same, only the % will change. Inaddition, We don`t have the real numbers from Craigslist where at least 50% of the rentals are marketed.

I would suggest that you visit www.Cromfordreport.com He crunches MLS data

Good luck
Patrick
480-543-9899
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1 vote 7 answers Share Flag
Wed Jan 6, 2010
Mr.P answered:
Patrick,

In 85023 i was looking at Pulte homes. I was little bit confused whether i should spend around 200K for a 3 bed room home in this area ?

Is this neighborhood worth spending this much ?

Without walking the property, and seeing everything being offered to you...I could be off by + / - 20%
My experience doing BPO`s for Banks has really given me a different prospective on pricing homes especially new build in today`s market. Generally Realtors would compare "apples to apples" maybe a 3 mile radius, Bpo`s are within a 1 mile radius "distressed property value"

If it were my money I would want to know all about the Short sales / REO`s surrounding the community, here is where it get`s tough. We are then comparing "Apples to Oranges"

Here`s the good news. You have 200K to spend in the mother of all buyers market. Take your time, this market is not going anywhere.
Even with the first time tax credit...just my opinion.

Patrick
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1 vote 9 answers Share Flag
Wed Jan 6, 2010
Carlos Ramirez answered:
Your best bet will be to contact a buyer's agent to work with you - that is our expertise, that is what we do. It will be at no cost to you and at the end it will be pay off to have an expert by your side to give you advice and negotiate the best deal possible on your behalf.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
http://www.SmartAZRealty.com
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0 votes 8 answers Share Flag
Tue Sep 8, 2009
Haris Hadziselimovic answered:
BPO is so the bank can see if they have an incentive to modify or simply let it foreclose. I deal with many asset managers and sometimes the bank's thinking and goals aren't in alliance with the homeowner wishes. Keep in mind that these asset managers are always dealing with 300-400 files so you're just one of many cases they have to handle. Best of luck modifying and hopefully you are successful!

Do you have a 2nd mortgage that's a heloc? Many of those are settling for way less than original note.
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0 votes 10 answers Share Flag
Tue Sep 8, 2009
Mike Linkenauger answered:
Zillow is also a decent resource for some of this kind of data.
0 votes 12 answers Share Flag
Tue Sep 1, 2009
Susan Ellis answered:
Dear Kcjen,

The other agents have provided some great information and links, but please keep in mind that general statistics may not be the best guideline. The cities in the Phoenix metro area are quite large and diverse. In Phoenix you can find the lowest priced homes and the highest priced homes. There are many neighborhoods that are sustaining and increasing in value and some that are riddled with foreclosures and will be a long time in recovery.

No agent can guarantee that the value of a home will sustain or increase in value. The best thing you can do is to find an experienced agent who knows the areas, neighborhoods, and markets and work with them to find what works best for your situation.

Always feel free to email me with any questions at susan@phxdreamhomes.com

For the most extensive search engine of the Phoenix metro area go to http://PhxDreamHomes.com

Good Luck,

Susan Ellis
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0 votes 4 answers Share Flag
Sun Aug 30, 2009
Melanie Johnston answered:
Dear Young One,

One overlooked area is Laveen. It's located at about 51st Ave. and Baseline. So it's close enough for commuters. Homes are just a few years old and can be in nice condition. I just represented a buyer on a purchase via short sale. It took us 4 months but, without any competitive offers to contend with, the buyer got a great 3 bedroom home with many upgrades next to a park for $109,000. Tenants want to be close to things, not flung out in the far reaches. And a home in good condition will help when they are comparing your home to others. So I cast my vote for Laveen. If I were buying in your price range, that's where I would take a look.

Melanie Johnston
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0 votes 7 answers Share Flag
Fri Aug 28, 2009
Mike Linkenauger answered:
In this buyers market at these prices, absolutely! Especially a short sale or foreclosure home.
0 votes 4 answers Share Flag
Tue Jul 21, 2009
Roswell Moore, answered:
Hi Enza & Stella,

Wow, my wife & I have been talking about heading to Italy for an extended visit for quite some time. I am thinking that by using the Internet, an Internet phone & email, I will still be able to keep up with my business while away for a couple of months. My wife wants none of that...We'll see... Thank you for sparking that dream again.

There is a free service that you may find helpful for both of you - www.GoogleAForeclosure.com. This is a great tool that will allow you to search for properties, compare those properties to the recent "sold" properties in the same neighborhood, and more importantly, you can save the properties you are interested in & share those properties & your notes on the property with another party, such as your your mother in AZ or a Realtor that you may want to represent you. It has so many other features that will help you see what's in the area.

Enjoy,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
www.ezAZloan.com
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0 votes 11 answers Share Flag
Sun Jul 19, 2009
Tonia Vickery answered:
This is a great question and something that investors need to keep in mind if buying rental properties. Due to the large influx of investors back into our market and inexpensive homes being bought up as rental properties this is causing lots of competition among landlords. In addition, you have sellers who cannot sell and choose to rent their homes until they can. We now are seeing brand new apartment complexes applying for bankruptcy protections because the rents they were banking on are drastically lower. Tenants have lots of options when renting but need to do their research on the financial stability of their landlord and have some protections in place to be notified if their landlord goes into default. There is a way you can legally be notified months in advance of a foreclosure on the property you are living in. You actually get notice when all the official and recorded notices are sent out to all parties. You just need to be added to a recorded instrument, which you can at no cost, as in interested party. ... more
0 votes 2 answers Share Flag
Sun Apr 26, 2009
Get-smart answered:
You should contact wholesalers that have properties for less than other homes in the market. A good wholesaler can get you into a home at least 80% of the home value.
0 votes 6 answers Share Flag
Mon Apr 13, 2009
Robert Kroon answered:
The county FCV and Assesment numbers are historical in nature and are far, far out of alignment with what is happening today int he real estate market place. It will take some time for the county to bring these numbers into alignment.

As Carlos says, your agent should be reviewing several factors, not the least of which should be recent sales, time on market etc. Our market is moving so rapidly yesterday's numbers often bear no relationship to what is happening right now.
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0 votes 2 answers Share Flag
Thu Jan 15, 2009
Roberto Ribas answered:
recession lead to lower rents, and that is happening in Phoenix. Vacancies are over 10% on average, which is nearly the worst in Phoenix history, so expect a very soft rental market over the next several years. ... more
0 votes 3 answers Share Flag
Thu Jan 15, 2009
Roberto Ribas answered:
"we are near the bottom of the market" april 08... any other great predictions nostradamus?
so the fact that we had record foreclosures all summer didn't enter into your future price prediction?
and now we have record job losses...

Nope, no bottom in sight. My guess, prices continue there freefall all of 2009. But my guess is based on economic reality, something clearly missing on this thread.
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0 votes 4 answers Share Flag
Mon Jan 12, 2009
Steve Belt answered:
An REO on the market for 6 months is certainly overpriced. Heck, one on the market for 60 days is overpriced. Still, comparables are and hopefully always will be the compelling factor. Is this REO simply listed by someone that isn't paying attention to the market?

At any rate, there is no cut and dry answer. The vast majority of homes in Phoenix/Scottsdale are selling for at least 90% of asking...the few outliers were grossly over-priced to begin with.
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0 votes 7 answers Share Flag
Sat Oct 25, 2008
Stew Keene answered:
Tom,

If your home is in Maricopa County you will need to contact the Maricopa County Treasures/Assessors Office and talk to them about a Property Tax recalculation or reevaluation.

http://treasurer.maricopa.gov/

Good Luck!

Stew
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0 votes 1 answer Share Flag
Fri Oct 24, 2008
Lori Chasse answered:
Hi Philip. Send me your email and your criteria for a rental and i will set up an automatic serarch so as rentals come to the market, they will be automatically emailed to you. This is the best way to start. ... more
0 votes 3 answers Share Flag
Thu Oct 23, 2008
Lucinda Tkach answered:
Mark

I wouldn't expect an increase too soon! I would rely on a 3% annually as the national average. Keep in mind we still need to clear these lender owned and preforeclosure homes off the market The 50-100% should not happen again, thankfully as it is in large part that got us in this foreclosure mess.

As mentioned the light rail will be good for people going to work and questionable for night traffic.Check the crime stats as mentioned. If your looking for rentals it may be a great choice.

Feel free to contact me if you have any quesitons!

Lucinda
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