North Scottsdale Residents Against Further Development

I recently attended a meeting and fact finding session sponsored by the Greater Pinnacle Peak Association. The discussion which was also attended by several members of the Scottsdale Planning Dept as well as a person from the State Land Trust Dept was somewhat contentious once residents got the picture of what could happen to thousands of precious Sonoran Desert acres. It’s clear N. Scottsdale residents don’t want any more commercial development along Scottsdale Rd between …

Home Statistics for Feb 2014 in the Greater Phoenix Area

Lorrie and I felt it was time for a market update so we pulled information together from our MLS, The Cromford Report, RL Brown and our current experience with buyers and sellers we represent. In addition we asked for feedback from some Keller Williams agents. For the 24 hours ending January 30th, 645 price cuts were taken among the active listings. This is by far the highest daily total since we started tracking price changes …

Are Sellers Expecting Too Much?

Here is an excerpt form The Cromford Report: “Here we are at the beginning of April and active listings are still increasing. However demand is almost able to keep up with the arrival of new listings and the rate of increase is small. In most years the demand in March is far too strong for active listings to increase. However once the spring buying fever eases, usually sometime in June, active listings start piling up …

Lenders are Making Deals on Jumbo Mortgages.

For the first time in over 20 years, rates on jumbo mortgages — loans of more than $417,000, or $625,500 in pricier areas — are at or below rates on conventional mortgages. Jumbo rates usually run one-quarter to one-half of a percentage point higher, but lenders eager for wealthier customers are making deals. Currently, rates for a 30-year fixed jumbo are averaging 4.25%, compared to 4.35% for a conventional 30-year fixed-rate mortgage. For ultra low …

Are Buyers about Ready to Gain the Upper Hand?

Tracking stats are numerous and include many categories. But the measure which has changed most year over year is the number of listings under contract. Comparing single family pending listing on January 16 2013 with today’s count gives us an idea of how much demand has fallen over the last 12 months. The table below gives us a good feeling for which cities are faring the best and the worst in holding onto demand in …

Higher End Market has Grown Stronger in Phoenix and Scottsdale Area

STRONGEST PART OF THE PHOENIX AREA HOUSING MARKET IS THE HIGH END! Price Range Annual Change in Active Listings (excluding UCB) Annual Change in Pending Listings Annual Change in Days Inventory Annual Change in Contract Ratio Annual Change in Months of Supply Annual Change in Sales per Month Annual Change in Monthly Average $/SF $0 – $99,999 -26.3% -66.7% +7.6% -62.8% +30.1% -67.9% +6.7% $100,000 to $199,999 +35.8% -39.3% +2.4% -59.2% +34.2% -22.5% +11.6% $200,000 …

I Have Brass Fixtures in my Home, Should I Update Them?

BRASS THE NEW UPDATED LOOK? So your house was built in the 1970’s or early 80’s and it’s currently for sale or you’re thinking of listing it, but what to do with those outdated brass, gold looking or bronze fixtures. Well stop fretting because it may just be the days of everyone wanting stainless steel and other silvery metals are waining. There’s a resurgence of the warm classic look and the frigid finishes are looking …

Cooling of the market between September 1 and October 1

We can see the cooling of the market between September 1 and October 1 in the greater Phoenix area in the months of supply for single family homes by price range: Price Range Oct 2012 Sep 2013 Oct 2013 Comments Under $100K 2.3 1.8 2.2 Slowed a lot in the last month, but similar to last year $100K-$125K 2.2 1.5 2.3 Slowed a lot in the last month, but similar to last year $125K-$150K 2.5 …