Scottsdale Real Estate Blog - Judy Orr

The $8,000 Tax Credit Made Easy

Update:  Please read my latest post about The First Time Home Buyer Credit being extended as it contains some updates to this post. 

A possible short sale homeowner will be listing her Scottsdale home for sale with me soon.  She is hoping that we will be able to sell it without having to do a short sale but I am not optimistic about it (she needs more than the home is worth based on comparables and the home is located on a busy street, bringing its market value down even further).  She mentioned that the $8,000 tax credit will not really benefit her because her home is out of most first-time buyers' affordability, needs, and wants.

I told her that she might not get a first-time buyer for her home, but this credit will help her because a first-time…

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Buying a Home on a Busy Street

This is an older post that is still relevant today, so don't be put off by the date it was created.

I recently showed buyers a home they wanted to view that was located on a busy street.  I told them that I would show it but I also gave them my feelings about making such a purchase.  The Scottsdale home for sale was originally listed at $579,900 and was now priced at $509,000.  That might sound like a bargain with such a high price drop, especially in the area.

But at $509,000, it still is not sold.  I think it needs to go below $500,000, but even then I don't think this property is a real bargain because of its location.  From articles I've read in the past and my own deductions, the value of a home on a busy street (or near a train track,…

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New Customized MLS Search

After years of using what is called a VOW search, the top website for Scottsdale homes for sale has converted to a new custom IDX MLS search.  What is the difference?

With the previous VOW search prospects had to fill out a registration form before they could see any information on a property.  It was a requirement for having a VOW search available and an individual webmaster could not change that.

With the new custom Scottsdale MLS search you can see exactly how many properties match your search and you'll see photos and a little information about each one.  You won't be asked to register unless you want more information.

As with the VOW, registration is quick and easy and only requires your name and e-mail address.  We never share or sell your…

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Lower Interest Rates a Christmas Gift?

Rates are going down again and the timing makes you wonder if this is a holiday gift for weary buyers and sellers.  Will these lower rates kick start the real estate market for 2009?  How long will these rates last?  Will they go even lower?

I have read some great and interesting articles lately regarding the economy and interest rates.  Some feel that lowering interest rates is not enough to get buyers interested.  They feel home prices are still too high and buyers are only buying the best values.

Well, that's pretty much always true.  In a normal market, the best homes in a buyer's price range are the ones that will be purchased.  The overpriced homes will sit until the sellers start reducing.

But our inventory is still very lopsided compared…

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A Week for Giving Thanks

It's been a bad year for so many people.  How many have lost their jobs and their Scottsdale homes?  How many will not be able to sit down to a lavish turkey and stuffing Thanksgiving dinner this year, unless they have the good fortune of a local soup kitchen?

I don't usually write posts to reflect like this but even I have been scared by our current economy.  I still try to keep a good outlook although I must admit I've become guarded.

This certainly wasn't my best year in real estate sales and we don't really know what next year will bring.  More and more agents are quitting real estate sales, but I would never do that.  My bad year is most agents' good, or average, year.  It would shock most people to know what the average real estate agent…

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Sellers Finding the Current Market Difficult to Understand

I am surprised at the fact that many Scottsdale real estate sellers act surprised when I tell them we're in an historic bad real estate market.  So many reply, "Really?!", almost like they're shocked to hear this news.  I don't get it, just turn on the television, read a newspaper, go on the Internet, and you'll read all about the bad economy and the bad real estate market.  Buyers sure know about it!

Why Are Some Agents Acting So Positive?

Many agents are taught to be positive and don't mention the fact that they're having a bad year.  NAR is advertising a campaign to give people hope - it's a great time to buy, yada, yada, yada.  Of course, that mantra is true - it's a good time to buy, although some professionals say keep waiting as prices…

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Will Scottsdale Real Estate Start to Recover After the Election?

I sure wish I had a crystal ball.  There are so many different opinions out there, and I'm talking about trusted individuals that I look up to for their wisdom.  Yet they all have different views of the real estate market.

The Real Estate Predictions

I can't remember if it was our own National Association of REALTORS (NAR) or a large real estate publication that told us we would see a recovery in the 3rd quarter of 2008.  That sure didn't happen.  They pretty quickly changed their prediction to the 4th quarter which didn't ring true to me because in the Scottsdale area our 4th quarter is always slow due to winter and the holidays.  So when I read that I wasn't convinced and my gut feelings were correct.  We are still seeing ever declining prices and…

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Judy Orr an Editor on Topix

UPDATE:  The Topix website no longer allows guest editors, which I think is a real shame.  This was an online local news source for all different towns and areas.

In doing searches for different towns I've noticed that Topix always seems to come up in the search engines.  After reading another real estate agent's blog posting on the subject from the popular real estate portal called Active Rain, I skipped over to the Topix website and joined as an editor for the city of Scottsdale.

You can read the latest Scottsdale news, read some posts on Scottsdale real estate and join in on forums for local or national news items.  I'm thinking of joining up as editor of a couple of other towns although they already have editors (there can be multiple…

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How I Would Sell My Own Home

Most sellers do not understand the marketing aspect of their properties.  They don't understand that the biggest reason their Scottsdale real estate will sell is because of the MLS (Multiple Listing Service) and the correct price.  They expect other forms of marketing but don't know how these methods work and what they're really used for.  I'm going to explain some marketing tools to debunk the myths.

The MLS (Multiple Listing Service)

I would get my home listed on the Arizona Multiple Listing Service (ARMLS).  This is the reason most listings will sell.  Most buyers will use a Scottsdale real estate agent to purchase their next property.  Because the MLS is a system of shared property listings, once the buyer chooses the agent they're going to…

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Would a Scottsdale REALTOR® Buy Now?

I would never expect a buyer or seller to do something I wouldn't do.  It is a confusing market right now.  It has been a Buyer's Market for some time and prices continue to plummet in most areas.  This makes it difficult for buyers to make a decision to buy now or hold out until the real estate market hits bottom.

How do you know when we've reached the bottom?

I've been selling real estate since 1983 and I don't know when that elusive bottom will occur.  Some say the 4th quarter of 2008 will show recovery but that's a slow time in the Scottsdale real estate market even in a good year.  So that doesn't ring true to me.

Many others feel that after the election people will start to feel more comfortable and the market will slowly start its…

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