Scottsdale Real Estate Blog

Reviewing 2010 Real Estate

It's been an interesting year and I'm looking forward to year-end Scottsdale real estate sales statistics this year more than any other.  We keep losing agents that can no longer earn a living selling real estate.  However, 2010 has been one of my best years.  It hasn't been easy and I've had to make some changes, but I've done well in a challenging market.

We Moved to a New Home

I'm glad I had my own home for sale as it helps me explain the market to my other sellers.  I sold my Scottsdale home for less than what we paid for it in 2003.  Add the new windows, two new bathrooms, remodeled family room, new carpet, hardwood floors, interior & exterior paint, etc., and we lost a lot of money.

However, we had happy times in that home for seven years…

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Search Tools for Scottsdale Real Estate

I receive many registrations daily from people who have found my website by using search terms such as Scottsdale real estate or Cave Creek homes, for example.  Sometimes, I wonder how some people find my site since their searches are not in areas I work in, but they found my website using some kind of search terms.

The visitors that register to use my MLS search (or IDX) are free to search in our very large multiple listing service that covers the Greater Phoenix area.  You can create multiple searches if you'd like and you can save them and get listings e-mailed to you.

I don't service all of the areas that are in my MLS.  I only work in a specific area of Maricopa communities.  Those are my main areas but I will also go to Fountain Hills and…

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Short Sales and Sellers

SHORT SALES AND SELLERS - AN EXPLANATION

Why would a seller want to do a short sale?  If they have attempted to get a loan modification (which rarely goes through), and want to hopefully be able to buy another home as soon as possible (could be as soon as two years after the short sale is closed) depending on down payment, attempting a short sale would probably be the way to go.  However, here is my disclaimer:  a seller needs to speak to their attorney and possibly a CPA to see what the best thing is for them to do.

OK, disclaimer aside, a seller does have other options.  If a seller cannot afford their current mortgage and cannot sell their property to cover the current mortgage balance along with closing costs and would not be able to rent…

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Have We Hit Bottom Yet?

Have we hit the bottom of low Scottsdale home price values?  The optimists keep saying we should see an improvement at the end of 2011 and into 2012.  They might be somewhat correct, let's face it, they're talking a year down the road.

Today's low interest rates are tempting

Others are saying that the current low interest rates are another government ploy to keep buyers in the market.  And they might be correct, depending on how low prices drop in the future.  At today's current rates, you'd be better off with 4.5% interest rates vs. a 10% reduction at 6% based on an average Scottsdale home price of around $300,000.

How low will prices go?

No one can say for sure, but some are predicting closer to 20% vs. 10%.  There are several reasons…

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Short Sales and Buyers

I still meet buyers that don't really know what a short sale is.  A short sale listing is a property the seller is trying to sell for less than what is owed on the mortgage.  A short sale can actually take a very long time, the "short" is referring to the fact that there will be less money to the mortgage provider than what is owed, not the length of time from contract acceptance to closing.  Short sales are available in every town and every price range, including real estate in Scottsdsale.

Data suggests that only about 50% of short sale offers ever make it to closing.  Agents, buyers, and sellers don't understand why a mortgage provider would rather foreclose than sell short, especially when it seems like most closed short sales sell for higher…

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Home Sellers - There Are Different Kinds of Feedback

Although I consider myself a listing agent, I also enjoy working with buyers.  Whenever I show a Scottsdale home for sale, if I am sent a feedback request via e-mail, I fill it out as helpfully as I can.  I don't like discussing price unless it is really priced too high.  And I have to be careful, especially if I think my buyers might be interested in the property.

And that's why many agents do not provide feedback.  Below are excuses I've heard:

• Some agents feel they're doing the listing agent's job by providing feedback.  They feel the listing agent should have informed the seller of the correct price and should have helped the seller stage the home properly.  I do not buy this as a valid excuse.  Sometimes a seller needs to hear it from more…

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Home Seller Tips

It's that time of year again - the Spring season is upon us and buyers are out looking.  This means I am seeing more and more mistakes sellers are making in the presentation of their homes.  Every year around this time I write a post about how to best show your home in order to get a quick sale at top dollar.

This is not going to be a long list of everything a seller should do, but just what I've seen recently.

1.  Clean and de-clutter - you'd think this would be a given, but I can't tell you how many homes I show where you can't see the kitchen counter or sink with all the food, dishes, and clutter, piles of clothes all over (clean and dirty) and just very messy houses.  My house is up for sale and I am not the fussiest housekeeper around but when…

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Is Shadow Inventory Affecting the Scottsdale Real Estate Area?

What is Shadow Inventory?

Most of us will agree that "shadow inventory" comprises of properties that are bank owned that are not on the market for sale yet and can also include homes that will fall into foreclosure when loan modifications or short sales are not transacted.

Where Does the Scottsdale Real Estate Market Stand?

I just read an article that referenced an analysis of “Shadow Inventory” published by Standard & Poor's Rating Services. The analysis did not include any mortgages backed by Fannie Mae or Freddie Mac. I was eager to see if Scottsdale would be listed in the article, and it kind of was. The areas that were hit the hardest, such as Phoenix, Las Vegas, Detroit, San Diego, San Francisco, etc., currently have the least amount of…

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Interest Rates Are Dropping!

Things have definitely slowed down since the tax credit expired.  However, we're hoping sales will pick up again with the lowering interest rates that caught everyone by surprise.

It was predicted that interest rates would rise to around 6% in 2010.  No one was ready for this latest drop, below 5%!  Some are now saying we could see rates as low as 4.5% again!

How Low Can We Go?

We now have a great combination for buyers - prices have backtracked to 2003 values and interest rates are below 5%.  Some say prices have another 20% to fall, but I'm not a gambling person and with these low interest rates right now, I'm not sure I'd want to wait if I were thinking about buying a home in Scottsdale.

What if prices don't fall another 10% or 20%? …

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Final Days to Get In On The Home Buyer Tax Credit

Friday is the last day a buyer can qualify for the Home Buyer Tax Credit.  You must have a fully signed and accepted contract by Friday, April 30th, in order to qualify.  You have up to June 30th, 2010, to close.

I have been waiting for a Scottsdale townhome short sale to get approved so my buyer would be able to take advantage of the tax credit.  Things weren't looking good and she was ready to move on.  Just yesterday I got the notice from the listing agent that the bank approved the short sale.

My buyer was losing her locked-in interest rate but could get a 10-day extension.  I am hoping that we can get this to closing (I don't trust that the short sale mortgage holder will have their act together in 10 days) so my buyer will have her Scottsdale…

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