4. August 2009 by Teri Ellis.

Recently I received a telephone call from a Realtor from another state. He introduced himself, told me he had found me through Active Rain, and knew so and so, and so and so.

After we finished with our introductions, he told me he had a client that had a home in Mesa, Arizona, and they wanted to find someone to list it for them. As I began to question him on the circumstances of the sale, he said that they just “needed” it listed. I prodded him further asking if they had taken out a second and if they were upside down. He said, yes, and basically needed it listed in order to complete their purchase of a home through him.

He further went on to tell me that they didn’t really care whether they sold it or not, and he didn’t need a referral fee. Sound fishy? Yep, to me it did – and was.

I told him this: “they are buying another home and bailing on this one,” and he pretty much indicated that this was the case though “he didn’t know for sure.” I told him that was mortgage fraud knowing when you purchase one home that you are walking from the other one!! You see, I have very strong feelings about this type of transaction. NO WONDER we are in such dire straits in America!! People don’t think twice about their obligations to keep their promises – AND – this agent had never heard of the Buy and Bail scheme. Yeah, right!!

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3. August 2009 by Teri Ellis.

According to our MLS stats, the 85209 zip code in Mesa, Arizona shows that we are now in a buyer/seller market. Six months is typically the “middle” mark. We’ll have to see what July holds, but notice in August 2007, we had 11.4 months’ supply of homes on the market. As of June, 2009, 6.5 months’ supply of homes.

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4. April 2009 by Teri Ellis.

I think it’s important to watch our market and to pay attention to how many active listings and how many homes are under contract or pending.  As of today, April 3, 2009, there were 45,694 Active and 11,896 Pending Listings in our MLS.

On March 19 - 15 days ago -  our inventory of active listings across the board (including Single Family, townhomes, condos, mobile homes, etc.) was 48,837 active listings! AND we had 10,869 pending or under contract.

I have listed below the numbers representing ONLY the Single Family Residents -  Active and the Pending as of today in the city and/or the zip code designated:

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2. April 2009 by Teri Ellis.

I’ve posted the numbers recently at above 48,000 active listings and 10,000 pending (under contract). Today, there are 11,456 under contract and 46,049, a drop of over 2,000 active listings in two weeks.

Please keep checking back for the numbers. The lower the active listings’ number goes, the fewer months of inventory. If you’re thinking about purchasing a home …. these numbers are important to you.

Have a good week.

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1. April 2009 by Teri Ellis.

I have always been a proponent of purchasing a home rather than renting one; however, it seems that more and more people are contacting me to find them a rental home. They want to “rent” a home rather than to buy! Just this past week, I showed two separate clients a rental.

I am also receiving calls from those that have purchased a home through me – and are now foreclosing or considering short sales.

Almost without exception, these homebuyers who purchased a home through me have refinanced or acquired a second loan on their home purchased six or seven years ago.  Due to our market, they are upside down and cannot sell their home. As a result, they need to “rent.”

There are, of course, other reasons, but being upside down due to refinancing seems to be at the top of the list.

Many former homeowners are now needing “or” wanting to rent a home. Because of their inability to pay the loan on their home thereby short selling or foreclosing, investors are flooding the market picking up homes at prices not seen in years. Typically an investor makes needed “fixes” and “repairs,” and then puts the most recent purchase on the market as a rental. Therefore, purchasing property as a rental has become increasingly more affordable.

So? If you were to ask me if it’s a good idea to purchase a home NOW, I would say a resounding YES. Whether for investment purposes or to live in – I’ve never seen a better market to purchase. Just be very careful when thinking of a short sale – or a bank owned. Become educated on what that is about.

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31. March 2009 by Teri Ellis.

Many buyers that ARE in the market to purchase a home have an unreasonable expectation of what homes cost. They hear all about the “deals” out there for $50,000 $60,000 and up, and are looking at those prices. And they want a four bedroom, pool, three car garage, etc. I’m even hearing such things as “that home is way overpriced!” Really? How does the buyer know that – unless he/she hears that from a friend, or watches the news, or reads the newspaper. How about “asking” the Realtor?

EVEN if the property is overpriced, it won’t appraise! Typically, those low ball prices indicate a beginning price, or the property has major issues. Even up to $100,000 is a questionable number when purchasing a nice home – even in Arizona.

Many are walking away from the short sales. One warning for all of those buyers considering of a short sale, and thinking what a great deal they will get. Yes, SOME may work, but the majority do NOT.

For one example: What if you make an offer on a short sale, and the seller, as most do, has a second on the property? What if the second lender won’t acquiesce on the money owed to them? Then what? I’ll tell you what!! For months you wait – the first finally agrees on a dollar amount -  but the second won’t budge.

The deal falls through. Simple as that. Never mind that the second loses its entire dollar amount owed if the home is foreclosed upon. I was showing a home on Saturday, spoke with the listing agent, and after months of waiting, this exact scenario happened, and the buyers walked.

Consider purchasing from a seller with whom you can negotiate, and who will make those repairs, and provide you with the disclosures and insurance information that is important. On Saturday, last, I showed several homes – one of which was listed by a seller! It was comparable in size and in price – and in STELLAR condition.

Yes, this is a great time to buy a home, but do so wisely. Work with an experienced and knowledgeable Realtor who can advise and counsel you through the process.

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25. March 2009 by Teri Ellis.

Sometimes I feel as if my buyers and/or sellers do not “hear” me. Okay, most of the time I feel that way! They hire me to do a job, but - after speaking with their friends, with neighbors, with, who knows? they suddenly are experts at “my” job. 

In today’s market – now, especially – sellers and buyers MUST pay attention to the advice and counsel offered by their Realtors. The Realtor, after all, is the one that has the education, the knowledge of the market, and the wherewith all to give that counsel and advice. “They” are the expert – generally not the home buyer nor the home seller.

I know that all of us encounter this type of issue, and these days, it is especially important for buyers and sellers to counsel with their Realtor. Realtors don’t typically have a crystal ball, and cannot tell you if the market has topped out or bottomed out, but we can see what the market in your area is doing,  and we know that short sales and bank owned pretty much rule the MLS in most parts of our country.

One suggestion to sellers: if your agent suggests a listing price, staging strategies – and you really want to sell your home – then seriously consider his/her suggestion. Otherwise, as the market goes down, your value goes down, and you’ll have a hard time catching up. The appraisals of your home are based on the sales of the REO’s and the short sales - AND you will have missed those potential buyers.

A suggestion to buyers: if you want to purchase a bank owned (REO) or a short-sale – BE PREPARED!!! You will more than likely be waiting for weeks, even months, for the close of escrow. There are myriad things that hang up these types of purchases. Gone, at least for the moment, are the days of: I make an offer, it gets accepted or rejected in four hours, and within a day or two, we now have opened escrow. Then, we actually close escrow and move into our new home within 30 days of the offer.

That said, from what I’m seeing, and remember “I” am the Realtor, our inventory is dropping at a rapid pace. That could be because lenders have been holding back from foreclosures, but when will you find a better interest rate? When will you be able to purchase homes for 70, 80, 100, thousand dollars again? Homes ARE selling, and people ARE buying.

AND investors and cash buyers have jumped into the frey….that should definitely be an indication, perhaps, that now is  a good time to be considering a purchase of your first home!

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23. March 2009 by Teri Ellis.

Since our Arizona summers can reach into the teens, we rely heavily on our air conditioners to keep us cool. I think back on when I was a child – way back – and remember only having an evaporative cooler. Even tin sheds now have air conditioning.

Each year, SRP offers its customers a deal for $59.95 per unit to have them checked by a licensed, bonded and insured contractor performing a 16-point checkup on our cooling equipment. 

Good idea to perform this service before summer arrives. Otherwise, you might be spending the night at a hotel or a friend’s home when/if your a/c goes out. It can take a few days for a repairman to make it out to your home during the summer – and you do know? Stuff always happens on the weekend.

Call the SRP Certified Contractor Program at: 602.274-6808 and arrange to take advantage of this great offer. This offer valid until April 30.

Also, be sure to stop by and check out the website: www.srpnet.com/powerwise for more details.

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19. March 2009 by Teri Ellis.

I like numbers. I keep track of numbers – especially when it comes to our MLS.

As of today, March 19, 2009, between 1:50-2:00 p.m., there were the following Active and Pending Listings in the cities listed below.

In January of this year, our inventory of active listings across the board (including Single Family, townhomes, condos, mobile homes, etc.) was in the high 58,000’s reaching toward 60,000. TODAY, we have 48,837 active listings! That number changes every few minutes as contracts go pending.  As of the time mentioned above, we had 10,869 pending or under contract.

For ease of understanding, per each city, for SINGLE FAMILY only, I have listed below the Active and the Pending as of today in the city and/or the zip code designated:

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14. March 2009 by Teri Ellis.

The City of Phoenix offers many services that are useful and necessary for its growth and its stability. Recently, Phoenix announced that it is  implementing the Neighborhood Stabilization Program (NSP) which addresses abandoned and foreclosed houses within the areas of greatest need. Expected to become available from the U.S. Department of Housing and Urban Development in Spring, 2009, NSP funds will be used in a variety of ways, including down  payment or closing cost assistance for homebuyers to purchase foreclosed houses for use as their own residence.

Homeownership presents new challenges and new opportunities in this economic climate, but many families have positioned themselves to be successful in this environment.

These homeowners have been careful with their credit, have stable work, they have savings accounts, and they view homeownership as a long-term wealth-building strategy for their family. These potential homebuyers are well positioned to take advantage of the numerous housing choices currently available, and NSP funds may be able to assist.

Neighborhood partners you … or someone you know… may qualify for $15,000 in down payment and closing cost assistance to help buy an affordable foreclosed home anywhere in the City of Phoenix through the City’s Neighborhood Stabilization program (NSP) Home Buyer Assistance Program.

For more on what the City of Phoenix offers, be sure to check out the City’s link here. The City offers a plethora of services available to those who seek it out.

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