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Published On: January 11, 2011
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent verify any and all information presented in this format.
Good day and Happy New Year to all of you. With all the naysayers in full force about the economy and skepticism for an improving real estate market, I want to shine a light on the outlook for 2011 on the Arizona economy and the greater Phoenix area housing market.
There are 2 articles that were posted recently about Arizona and the Phoenix housing market that might bring a smile to your faces.
The first one is a December 8, 2010 Forbes.com article on the migration of folks from other states into Arizona & the second one is from the Cromford Report in which states that the month of December was better than December of 2009 and if the demand stays at the same rate, that the spring time may see some meaniful improvement ind demand in our overall real estate market:
Below is listed the Forbes article on Arizona:
http://www.forbes.com/2010/12/06/top-states-people-are-moving-housing-market-opinions-new-york.htmle
On the Arizona real estate market:
http://www.century21seago.com/HowsTheMarket
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: November 3, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent verify any and all information presented in this format.
Now the elections have concluded, it is a time for the Country to heal and get the United States growing jobs again for those people who want an opportunity to work. For too long, we have been operating in a time of uncertainty. People losing their jobs, their homes, and filing bankruptcy does not help anyone.
This economic climate we live in today has touched everyone. Everyone now knows someone who has lost a home, a job, etc. It is a time to call for everyone, both liberal and conservative, independent, Republican, and Democrat to work together and find solutions to this complicated economic unraveling all of us are experiencing.
Housing and the right to own a home has always been a strong desire for many people who live in America. It is a privledge and not a right that carries many benefits and many responsibilities. Someone told me one time that the housing industry is tied into 85% of our overall national economy. In other words, the sooner we can get back to a healthy housing market, the sooner we can see the signs of a healthy economy and more job creation. It is imperative that all of us work together and do away with partianship,
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: August 2, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent verify any and all information presented in this format.
As of today, the overall market for inventory supply for housing stands a6 6 months. 6 months is considerd the balance between buyers & sellers in terms of market supply & demand. If this trends stays around 6 months, it will indicate that we are at a "normal" level of inventory and thus a right mix of equal buyers & sellers. If the market of housing inventory expands, it will tell us that the housing market is going through another double dip recessionary period.
Presently, the federal government is pushing out large quantities of low interest money to help provide more refinancing and purchasing of housing. Once refinancing sets in, it will allows concumers to have more disposable income and pay debt down even further. Inflation, a pesky historical concern has remained abated, and for the time being is not a concern.
How the housing market plays out the 3rd and 4th quarters of this year may have a significant impact on how consumers view United States economic recovery. Is the glass half empty or half full?
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, I
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Published On: July 8, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent verify any and all information presented in this format.
Where Is The Phoenix Housing Market Now? That's a good question. At present, according to the Cromford Report based out of Phoeniux, AZ... and I qoate. we now have a market where supply is roughly equivalent to demand. The period when demand outstripped supply from May 18, 2009 to July 1 , 2010. "
We are now at a crossroads. We will either level off and be what is consider a quote unquote " normal market or if the market demand erodes further, we will be in a housing slowdown in the Phoenix area which may take some time to recover. The next several months will tell the tale.
On a more positive note, the slowdown in the Phoenix housing market comparing it to other major markets across the country seems to be in much better shape. Phoenix had a 13.65% drop in market activity in pending llistings between April & May, 2010 compared to the National Association of Realtors' West region which saw a decline of 20.9%. So relatively speaking Phoenix is pulling a much better rate percentage wise of housing numbers than most of its counterparts on the West Coast.
Please remember housing is local, not regional, and certaily not national. In fact, if you measure this so called slowdown in the Phoenix market, please be aware that there is still currently as of this writing only a 4.7 months supply of housing in the greater Phoenix market. 6 months supply is consider in balance between buyers and sellers and called a "normal market".
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: May 26, 2010
What really happens from here on out is the overall confidence of the economy by consumers now that the tax credits have been exercised and will be closed off with the June 30, 2010 deadline appraching. Since there is no more tax creditrs except for the military personnel that falls into certain guidelines. Although sales were up 7.6 % from last year, it is clear that everyone is waiting to see how the housing market fares as we move forward without the support of these taxz credits.
Courtesy of MSNBC
WASHINGTON - A now-expired homebuyer tax credit and low mortgage rates helped boost sales of previously occupied homes in April. The improvements aren't likely to last.
The tax credit is now gone. And economists caution that Americans are facing so many financial obstacles that falling rates alone won't be enough to lift the housing market.
"Although mortgage rates have fallen sharply, the combination of high unemployment, heavy indebtedness and tight credit suggest to us that demand will stumble," said Paul Dales, an economist at Capital Economics.
Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Monday.
The sales increase sparked a rise in home prices. The median price for a new home rose to $173,100, up 4 percent from a year ago.
Mortgage rates fell last week to the lowest level for the year. The average rate on a 30-year loan ticked up slightly to 4.87 on Monday, according to financial publisher HSH Associates. That was just above the record low of 4.83 percent last December,
Worries over the European debt crisis have sent investors rushing into the safety of U.S. government bonds, whose yields affect some mortgage rates.
Rates had been expected to rise after the Federal Reserve ended a mortgage-buying program that pushed rates down to record lows last year. But the uncertainty in Europe has helped drive rates down for anyone who's closing a home purchase or looking to refinance. Rates on 30-year home loans are generally tied to the yield on 10-year Treasury bonds
Still, Americans with adjustable rate mortgages could see slightly higher rates. About 70 percent of such loans reset based on the London Interbank Offered Rate. That's the rate large international banks use when extending short-term loans to each other. This rate has been rising because of the turmoil in Europe. It's still well below year-ago levels.
In a healthier economy, extraordinarily low mortgage rates would pump up demand for homes. But economists say the job market is too weak and credit too tight.
"Having a good mortgage rate helps affordability, but we've had low mortgage rates for a long time now and sales have stayed below 5 million, except when the tax credit was involved," said Patrick Newport, an economist at IHS Global Insight.
The tax credit's impact is expected to linger for a couple of months. Buyers had to have a signed sales contract by April 30. But they have until the end of June to complete their sales. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.
The first-time buyer's credit was a boon to Tiffani Burleson, 29, and her husband Tony. They are on track to buy a four-bedroom $202,000 home outside Portland, Ore., by the end of June.
The couple saved for nearly a year to afford the 3.5 percent down payment required by their Federal Housing Administration-backed mortgage. They even moved in with friends for several months.
Without the tax credit, she said, "We would have eventually done it, but we would have waited a lot longer."
The annual rate of home sales remains 20 percent below its peak in September 2005. But it's 27 percent above the bottom, set at the start of last year.
April's sales rose in all parts of the country except the West. The gains were led by a 21 percent jump in the Northeast and a 10 percent rise in the Midwest. Sales also rose nearly 9 percent in the South. Sales in the West dropped by 6.2 percent from March.
The big question facing the housing market is what happens now that the government's tax credits have expired.
"What really matters right now is consumer confidence and job growth and home prices not going down much from here," said Josh Levin, a homebuilding analyst at Citigroup Inc. "That really matters a lot more than rates."
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Published On: April 14, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent verify any and all information presented in this format.
Perhaps, a noticeable change took place the first week in March 2010 as far as increased buyer activity in the residential resale market in the greater Phoenix area. It became apparent that buyers, especially first time buyers, were excerising their right to purchase residential property to take advantage of the up to $8000 Federal first time homebuyers tax credit. It is a common view in the real estate community that first time homebuyers push the real estate market "up". In terms of market forces, it produces a bottom up effect which has a ripple effect on step up homeowners who wish to sell their homes and either step up or down size their principle residence property.
In addition, there seems to be mounting evidence that the more affluent buyers are also coming out of the woodwork to sell their existing properties and relocate to another property. It seems to be for a variety of reasons including but not limited to downsizing because they are empty nesters; expanding households with either newborns or older family members such as parents moving in with their children because of the challenging economic climate. These and a varity of other motivations are causing a significant pull on the current real estate market.
No doubt there are still neighborhoods, price points, and types of residences that are still looking to find footing in this residential real estate market. But for now, it is safe to say that there is a definitely movement in the residential market that we haven't exeperienced for some time.
Let's hope it continues.
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: February 3, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information .
Recently, I attended a workshop on " How To Answer the Telephone as A Professional Real Estate Agent". In the workshop, we were able to listen to agents from around the country answering the phone when called on by consumers regarding a listed property. In an overwhelming majority, most agents answered the consumers like the were talking to a computer. ( Have you ever talked to your computer? I know I have.)
There was no smile in the agent's voice. They didn't greet the potential client, or say someting like.." Thanks for calling today. I would be more than happy to answer any questions you have on that or any property we have here at our company."
In addition, not one of the agents added to the basic script. "Before I connect you or while I am looking up that information, just in case we get disconnected, may I have your name and telephone number just in case we get get off." There also other questions to answer: "This is a very nice property... what attracted you most about this particular property? Do you know what your buying power is?"
These are all legitimate areas to improve on even for the most seasoned real estate professional. But the basic premise for any person who is in sales is "to sell". In other words, how can you get more people to do business with you. It really comes down to be friendly, knowledgeable, and letting the customer or client ask the questions. Then you as a salesperson needs to answer them politely, accurately and with a " smile in your voice.
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: January 15, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information
The stock market rebounded to levels from March of 2009 to the end of the year in which investors who stayed the course and did not bail out of the market were able to recover much of what they lost in 2008. The bull market was alive and well. What's interesting is that most of the market was bearish from the beginning of the year which means that most prognosticators were wrong in predicting the future outcome of the market in 2009. 2009 was a vey bullish market.
Will the housing market be the same way? Many experts feel that housing is still at least 1 or 2 years off from making dramatic improvements. Certainly, the governement is trying to do their part to summon a rebound with tax credits and pumping money into the economy. Much will depend on what happens in the creation of jobs for 2010 and the ability of the average person to be able to make their mortgage payments to stay in their home.
With the $8000 tax incentive of 2009, there was certainly an improvement in the housing market sales over 2008. Now the question is will the two two tax credits of the $8,000 1st time home buyers and the $6500 tax credit for people wanting to purchase who have lived in their home 5 out of the last 8 years ( Property must be in escrow by April 30, 2010 and close before July 1, 2010) be enough to create some momentum to get the buying pubic off the fence and back into purchasing housing? The aswer is in front of us in the next 100 days.
http://www.century21seago.com/HowsTheMarket
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: January 4, 2010
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information provided in this blog for themselves.
Jay Butler, ASU real estate Studies Director was recently quoted in the Arizona Republic as indicating that there are too many variables to look at in the current real estate climate in the Valley of the Sun. He indicated that if the Job market improves and stabilizes and foreclosures abate that we could see some real signs for the first time in a while of a normalizing real estate market.
The only sure thing according to Jay is that foreclosures and high investor activity we saw in 2009 make the housing market in Phoenix non sustainable. So if there is a change coming, it will be no doubt be on the back of the $8000 first time homebuyer tax credit and the $6500 tax credit for people who have lived in their principle residence 5 out of the last 8 years. We will know early in the year if this real estate stimulus has any effect on improving and stabilizing the market because those tax credits must be excercised by no later than April 30, 2010 to have the properties in escrow and close before July 1, 2010.
After four straight losing quarters, the national economy finally grew from July through September last year. Much of that growth, though, came from government-supported spending on homes and cars. There's still a worry about how the economy will be once government supported programs are no longer tethered to the market later this year.
Nevertheless, as we ended 2009, there was recognizable upward price support in place for all three sectors of the Phoenix are residential real estate market with normal, short sale, & REO properties. Please see the How's The Market link for an update on that report (just copy below and paste it to your browser):
http://www.century21seago.com/HowsTheMarket
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: December 21, 2009
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information provided in this blog for themselves.
The best time to buy an air conditioner is in winter. Clothes often are discounted as the season expires. So too, the best time to shop for a loan is during the time right around the winter holidays. When business slows down, interest rates for the most part generall fall.
There is no better time to shop for a mortgage and do house hunting than right now before buyers emerge from the holidays and set their sights on both the $6500 and the $8000 tax credits available from the federal government.
The famous poker player Amarillo Slim used to say when everyone at the table is betting one way, you bet the other. A lot of people are waiting until after the holidays. Why not beat the crowd and shop before the buying competition heats up. You can do it now with few buyers to compete for the property you are sizing up. It allows you to make a more aggressive offer and have it accepted by the seller.
Please call me at 480-703-1414 or email me back at tom@c21seago.com with comments or to request more information.
Best wishes,
Tom Peterlin
Century 21 Seago, Inc
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Published On: October 1, 2009
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information provided in this blog for themselves.
This morning I heard on the radio that it was reported that real estate sales nationally was up 1% in 2009 over last year largely in part to the “up to $8,000 tax credit for new, first time home buyers”. In turn, it was estimated that without such a tax credit that the real estate housing market would have been down by approximately 6% from last year. There are critics of this real estate tax credit that say it is an inequitable tax credit benefiting only those people who are qualify for such credit, and that it hurts the overall tax base.
The reality is that first time home buyers buoy the entire real estate buying community. First time home buyers push up those existing homeowners who want to move up in their home buying purchases. Since it is estimated that home building aspect of real estate makes up to 15% of the entire overall United States economic engine, it would make perfect sense to support or expand this tax credit beyond November 30, 2009 when this federal program ends.
Is it better to give potential new home owners an opportunity to invest and fix up abandoned, deficient properties that are an eye sore to our neighborhood communities? Or to do away with the tax incentive to balance the equity line for all tax payers?
I for one believe that uplifting our neighborhoods by providing such incentives to first time home buyers benefits the entire tax base. It creates potential opportunity for first time home buyers, but it also brings back into line those abandoned properties which can provide future tax revenues for the entire tax base. These future tax resources benefits everyone and helps property values increase and helps brings neighborhoods back to life.
If interested, please call me at 480-756-2121 or email me at tom@c21seago.com with questions or to request more information.
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Published On: July 8, 2009
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information provided in this blog for themselves.
The current <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Phoenix real estate market has settled into about a 4.1 month supply of housing inventory in the overall housing market and a 1 month supply in the bank owned housing supply. Despite national news attention that indicates that it is a real estate buyers market, upward prices in the Phoenix market demonstrates that we are now in a sellers’ market. Contract ratio on bank owned properties is now at 142.5 ( 1.425 contracts for every property) after a high last month of 153.5 ( 1.53.5 contracts for every property) which if we are interpreting it correctly means that buyers have been discouraged by quality and quantity of existing bank owned properties over the last 30 days and are looking elsewhere. The elsewhere is in normal non bank owned properties and short sale properties.
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The current real estate is sending out some mix signals. Some areas and price points are doing better than others. Pricing from under $100,000 to $350,000 seems to be benefitting the most from the Federal governments’ FHA mortgage programs. High end properties still are showing weakness in demand due to credit/financing issues. So areas with higher neighborhoods are still experiencing larger housing inventory supplies than the norm. Properties in those areas need to be key buy priced and be turn key ready by being updated in look, and maintenance free.
Currently, there is as of today’s date 07082009 according to the Arizona Multiple listing Service only 18,229 of non bank owned property. Since bank owned properties are in short supply, short sale properties take a lengthy time to process of which many do not close, any kind of bump in the overall greater Phoenix housing demand will create shortages in available housing.
Yes, the Phoenix market is a mixed bag. But in relation to the rest of housing market across the United States, we are sitting in much better shape. Phoenix is now in a rising housing market. It is still a great time to buy. It is also an excellent time to sell.
If interested, please call me at 480-756-2121 or email me at tom@c21seago.com with questions or to request more information.
Best wishes,
Tom Peterlin
Designated Broker/Owner
Century 21 Seago, Inc
Quality Service Office
2002, 2004, 2005, 2006, 2007, 2008, 2009
Century 21 Agency since 1982
www.c21seago.comtom@c21seago.com
Local (480) 756-2121
Toll Free (800) 634-2192
Thinking about a career in real estate, or do you know some one who is thinking about buying or selling real estate? Call Tom at (480) 756-2121 X15 today.
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Published On: May 2, 2009
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any information gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommended that Buyer & Buyer's agent and Seller & Seller's agent to verify any & all information provided in this blog for themselves
My 93 year old mother Marie has always been ahead of her time. She believed in women standing up for themselves long before it became fashionable in the 1970's. She also believes that nothing in this world ever stays the same. True, we are still in a recession, but the sun is starting to peek out under the clouds. Housing which has always been a staple to the overall economic health of the Arizona is coming back, and it is coming back to life in a very stable and strong way. According to Michael Orr of the Cromford Report, we hit bottom in the Phoenix area housing market April 6, 2009. If all the indicators are correct, we are not likely to head back to lower housing prices in the near and forseeable future.
Sure, there is still be more bank owned and short sale property coming on the market. But the significance of their dictating the direction of the market will be lessened as we head into the summer months in the greater Phoenix area in 2009. Bank owned properties will be a factor, but it will not be "the" factor in setting pricing and market changes. Why?
Simply put, it still comes down to basic economics called supply and demand. In January 2008, the Phoenix housing market was drowning in almost 20 months of standing inventory. There was too many housing properties and not enough buyers. At the end of March 2009, the overall housing inventory dropped significantly to 6.83 months. As of this writing today May 2, 2009 we are now at 5.2 months of housing inventory in the greater Phoenix area. Please be aware that 6 months is considered normal inventory for a healthy housing market.
What is even more significant is that at the beginning of February 2009, the greater Phoenix market was sitting on 4.3 months of bank owned properties. Today May 2009, we are now sitting on only 1.3 months worth of bank owned property. Many of those properties are experiencing 6 or more offers on them at the same time. If every dog is barking up the same tree, it's impossible for all them to capture the same prey.
According to a statement made recently by Tom Kunz President of Century 21 International at a recent Century 21 Phoenix awards luncheon, he cited that there are over 3.7 million transactions every year in housing, no matter what the state of the economy is. Keeping this baseline in mind and the fact that the number of people moving in the United States in 2008 according to a source quoted in Southwest Airlines Spirit April 2009 issue was the lowest since the 1940's, there is no doubt an extreme pent up demand for housing. As Gino Vanelli said in one of his songs from the 1970's... " People got to move..."
What probably puts an even bigger exclamation point to the overall state of the Phoenix housing market is the fact that with all these dynamic changes going on in the housing market we are heading into the busiest time of the year for housing in the Phoenix area-May through the end of August. This is the time when many people are get ready to move because they have the time and the means to relocate.
Housing like the automoblie industry creates a lot of jobs in the overall US economy. As both housing market gets healthier, so too will the overall economy of Arizona and the greater Phoenix area.
Mother Marie was right. Nothing ever stays the same.
Until next time,
Best wishes,
Tom Peterlin,GRI
Designated Broker/Owner
Century 21 Seago, Inc
Century 21 Quality Service Office
2002, 2004, 2005, 2006, 2007, 2008
Century 21 Agency Since 1982
http://www.c21seago.com
http://www.linkedin.com/in/tompeterlin
tom@c21seago.com
Toll Free (800) 634-2192 Local
(480) 756-2121
Thinking about a career in real estate, or do you know someone who is thinking about buying or selling real estate? Call Tom at (480)756-2121 x15 today.
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Published On: April 3, 2009
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any information gathered and provided from resources such as the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Arizona MLS is considered to be approximate in nature. It is strongly recommended that Buyer & Buyer's agent and Seller & Seller's agent to verify any & all information provided in this blog for themselves<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Subject: March 2009 Arizona MLS figures and change in the Phoenix Market Outlook
According to the April 1, 2009 Arizona Multiple Listings Service data the overall residential housing market at the end of March 2009 now stands at 6.83 months inventory. If you Google "what is considered to be a "normal market' in housing inventory by months", most real estate professionals and real estate writers will cite an area of 5-6 months worth of inventory. So we are not far off to that standard.
In addition, here is an article http://www.transworldnews.com/NewsStory.aspx?id=81483&cat=1 dated March 28, 2009 from Trans World News Business News that supports the signs of change & recovery in the Phoenix housing market.
With mortgage rates at near historic lows, prices on homes the lowest that they have been in over 5 years, and tax incentives of up to $8,000 for 1st time home buyers, acceleration of existing housing inventory may be the order of the day. Please take note that 1st time home buyers push the housing market up. By that I mean, 1st time home buyers' purchases have a rippled effect for all housing including more expensive housing where sellers after they now have the ability to sell their homes "trade up". Their home may be worth less at today's present market value but they have the ability to buy so much more home now for a much more affordable cost. Just the mere act of securing a buyer and selling their property (because they are now more buyers in the marketplace) gives them the means to trade up.
If those factors still don't convince you the market is in the midst of a rather significant change, consider this point:
We are at the start of the spring and summer selling season, historically the busiest 5 months of the year. Despite inventory and downward pricing pressure from bank owned and short sell sellers who are still putting product onto the market, 2 things will take place: 1) buyers who become clearly frustrated with their inability to purchase housing inventory because of multiple offers at list prices start bidding up those listings which create a rise in overall housing prices and/ or, 2) these REO sellers may view this as the best time to whittle down inventory and become more receptive about upward pricing to shed existing inventory, thus lowering their overall product quantity. Most housing experts concur that housing prices will continue to drag until much of the bank owned property is eaten up which may be with us until at least the end of 2009. But the old law of supply and demand has a funny way of changing all that.
We are not out of the woods yet. But certainly, it is reasonable to acknowledge that there is some change in the market.
With real estate sales more apt to be based on local rather than national conditions, there may be real reason for optimism here in the Valley of the Sun.
This is just one man thoughts. Please share your thoughts with me at tom@c21seago.com . I would welcome your opinion.
Thank you for your consideration.
Best wishes,
Tom Peterlin, GRI
Designated Broker/Owner
Century 21 Seago, Inc
Quality Service Office
2002, 2004, 2005, 2006, 2007, 2008
Century 21 Agency since 1982
www.c21seago.com
http://www.linkedin.com/in/tompeterlin
tom@c21seago.com
Toll Free (800) 634-2192
Thinking about a career in real estate, or do you know some one who is thinking about buying or selling real estate? Call Tom at (480) 756-2121 X15 today.
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Published On: February 21, 2009
The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any information gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommended that Buyer & Buyer's agent and Seller & Seller's agent to verify any & all information provided in this blog for themselves
Admittedly, things in the housing market have been so far in 2009 challenging to say the least. But as my 92 year old mother Marie has always said, " Nothing ever stays the same."
President Obama came to Phoenix February 2009 because it appears that the Phoenix area has been a great barometer of the peaks and valleys of the housng market throughout the entire United States. When it 's been up in Phoenix, I mean really up, it's been up everywere else,and when it's been down, it has been sharply down in Phoenix.
That having been said what a lot of people forget during this foreclosure, credit crunch housing malaise is that the improvement on our contracted economy depends as much on the mentality of the American public as it does anthing else. WHEN THE PEOPLE OF THIS GREAT COUNTRY DECIDE THAT THINGS ARE GETTING BETTER THEY WILL GET BETTER. Stimulus package or not, the general confidence of the consumers will dictate how much longer we are going to have to endure this recession and protracted housing slump.
I am not suggesting that we are there yet. But just like Chicken Little proclaimed to all that would listen... " The Sky is falling...The Sky is falling"... the truth of the matter is that the sky is not falling. Even though all of us may still have some time to go through a number of financial changes, eventually things will get better.
In a July 2008 Forbes magazine printed an article that stated that the city of Phoenix has been ranked 3rd nationally in afforability for all major metropoilitan areas in the United States. Furthermore, in a recent local housing statistics report that came out in February 2009 from John Burns Real Estate Housing Consultants
( link is provided here http://realestateconsulting.com/Intelligence.aspx?quicklaunch=true®ion=local)
it was duly noted by average price point of housing in Phoenix that Phoenix housing is very favorable in afordability to the point that one could surmise that the local market here could have well overcorrected in this downturn. The point is the Phoenix housing is affordable, and there never has been a better time to buy.
This is just one man thoughts. Please share your thoughts with me at tom@c21seago.com . I would welcome your opinion.
God bless.
Best wishes,
Tom Peterlin
Century 21 Seago, inc
2226 S McClintock Dr
Tempe, AZ 85283
(480) 756-2121
Web site: wwww c21seago.com
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Published On: November 29, 2008
Top 20 Real Estate Blogs: Part Two
NuWire's list of the top 20 real estate blogs
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NuWire created a list of the top 20 real estate blogs in order to help investors determine which blogs are most worthwhile. Last week, we published the first 10 entries of our alphabetical list of the Top 20 Real Estate Blogs. The criteria used to determine the list were:
- Unique, timely and relevant content
- Credible material from credible sources
- Engaging to read
- Regular updates
Here are the final 10 best real estate blogs, in alphabetical order:
International Herald Tribune
The IHT blog features myriad options when it comes to news sources. A favorite is their real estate section, which features news about developments, property sales, rentals and trends steering emerging markets into the picture for real estate investors worldwide. With writers spanning the globe, this blog is a useful read for investors interested in hearing breaking news about real estate all over the world.
Nubricks
The Nubricks blog is dedicated entirely to overseas property investment, new development and international real estate news. It’s one of the more useful blogs on which to find unbiased expert advice on investing overseas. Nubricks is an important read for investors interested in learning more about emerging international markets, presale developments and overseas investment strategies. A tip: The "hot new investment tips" tab often offers investors deals on partnering new presale opportunities.
Overseas Property Mall
The Overseas Property Mall covers international real estate news and the economic factors influencing the world's markets. They began their services in 2005 as a site that featured articles on the global real estate market and insight on international investments. Today they continue to be an interesting read for investors, as they have enhanced their features and archives with press releases, videos and interviews pertaining to international real estate development.
Real Estate Tomato
Author Jim Cronin spent part of his career as an Internet marketing consultant prior to starting the Real Estate Tomato. What has come of the marriage between his experience in Web marketing and his knowledge of real estate and business development is a well-informed blog about e-marketing. This blog is a great read for any service provider looking to stay up to date on how to use SEO, lead generation, syndication and the right kind of content to make their blog shine as a tool in their own marketing efforts.
Realty Thoughts
The writers of Realty Thoughts are real estate technology providers who create Web applications for service providers and the general public. While this blog discusses the technology that influences the real estate market and the people involved in it, it also serves as a tool for service providers to help build their businesses. Realty Thoughts is a critical read for anyone looking to stay up to date on the technology influencing valuation systems and how service providers and investors use them.
REI Blog
The REI Blog, launched in 2005, originally featured interviews of successful real estate investors. Among other posts, the writers interviewed investors with unique success stories each week. While the writers of the site still interview investors, this blog now serves primarily as a news source for investors. It covers trends in financing as well as different investment strategies and is useful for beginning investors.
Sellsius
Sellsius is first and foremost and interesting blog to read. It covers every corner of the real estate market, from financing to trends, technology to marketing. Written and published by Joseph Ferrara, Sellsius also welcomes contributors and will publish most posts that fall into the realm of real estate news, tips and "how to"s, claiming to especially love rants. Readers undoubtedly will find the delivery of news, tips and information in a humorous light most entertaining.
Soapbox
Written by Jonathan Miller, the Soapbox blog is a forum to discuss and promote accountability within the business of real estate appraisal. While Soapbox is a blog dedicated to the appraisal industry, it is a useful read for agents and investors interested in staying current on the economic and market trends influencing home values.
Urban Digs
While Urban Digs founder and publisher Noah Rosenblatt produces articles mostly relative to real estate in Manhattan, he also features articles relevant to the economic issues influencing the real estate market worldwide. As he put it, “The single mission of the site is to discuss macro economic trends and interpret them into successful investment strategies for Manhattan real estate.” Urban Digs is a great example of a site that successfully combines knowledge from contributors specialized in development, sales and finance to produce a blog worth reading from anywhere in the world.
Zillow Blog
Like the Trulia and Redfin blogs, Zillow is generated by employees of the company. Arguably the strongest of the three, this is a good read for people who are curious about not only the development of the company, but are also interested in articles about the things that affect consumers in today’s real estate market. The writers of this blog ensure that their posts are well thought through, making it considerably more engaging to read than the average business blog.
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Published On: November 29, 2008
Top 20 Real Estate Blogs: Part One
NuWire's list of the top 20 real estate blogs
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Thursday, February 28, 2008
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Marie Langhout
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Click a star to rate.
Investors have a seemingly unending supply of options when it comes to news sources. One source, the blog, is often perceived as a forum of thought and communication but can also serve as a personal soapbox and pulpit for writers seeking to share ideas. What many investors don’t know is that blogs can be excellent sources of inside information on investments, particularly in the real estate industry.
Despite the volatility of the U.S. economy, one thing remains constant: Investors will always look to stay ahead of the curve. Blogs provide a variety of sources outside the norm to keep investors informed and educated.
In an effort to make the world of real estate blogging easier to digest, NuWire created a list of the top 20 real estate blogs. The criteria used to determine the list were:
- Unique, timely and relevant content
- Credible material from credible sources
- Engaging to read
- Regular updates
Here are the top 10 real estate blogs, in alphabetical order (check back next week for the rest of the top 20):
4 Realz
Author Dustin Luther discusses breaking news on technology, issues, legislation and trends that drive the real estate market. Especially quirky is his tabbing system, which encourages readers to comment on posts or send him messages by appropriately tagging each tab with rooms in a common residential house: closet (for skeletons); living room (where he does his best work); bedroom (for secrets) and bathroom (the only place where potty talk is allowed). Luther’s blog is smart, timely and informative—not to mention quirky and a fun read.
BiggerPockets
The Bigger Pockets blog is a subsidy of the main website, which serves as an online networking platform for real estate community members worldwide. The blog, which features contributors from throughout the U.S., discusses real estate news, trends and strategies that are keeping the industry buzzing. It's a good read for any investor interested in staying up to date on breaking news and who enjoys the idea of a community blog with different voices.
Bloodhound Blog
Another contributor-based site, Bloodhound Blog chronicles postings from some of the nation’s top service providers. Complete with lenders, investment experts and technology gurus, Bloodhound Blog is an investor’s one-stop source for all things real estate. Originally a broker-oriented real estate blog out of Phoenix, Bloodhound slowly added contributors in the form of Realtors, mortgage brokers, stagers and even an SEO expert. Bloodhound is built to be read by investors and service providers alike, but best serves those looking to build a business with new technology, ideas and some networking.
Future of Real Estate Marketing
Founder Joel Burslem’s background in public relations and marketing lends itself well to this site, which is developed and produced with the intention of discussing marketing and advertising in the world of real estate. The site’s engaging and cheeky discussion makes for an entertaining read and provides a glimmer of honesty in what can be, at times, a shady side of the industry.
