According to the just-released RL Brown Phoenix Housing Market Letter, Phoenix home sales numbers are up across the board.
Compared to the first 8 months of last year (2004), residential resales are up 27%, new home sales are up 18.8% and residential building permits are up by 6.6%.
With the new high for the average price of a Phoenix home (see my earlier post), the real estate market here is apparently still healthy and strong.
Richard
Thursday, September 29, 2005
Thursday, September 22, 2005
Mortgage Rates Inch Up For Second Week
Mortgage rates nationally posted a small weekly increase of 4/100's of a point. Here is the story.
NEW YORK, Sept 22, 2005 /PRNewswire-FirstCall via COMTEX/ -- Mortgage rates increased slightly as the Federal Reserve raised short-term interest rates for the eleventh consecutive time, and oil prices remained volatile. The average 30-year fixed rate mortgage increased from 5.84 percent to 5.88 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.36 discount and origination points.
NEW YORK, Sept 22, 2005 /PRNewswire-FirstCall via COMTEX/ -- Mortgage rates increased slightly as the Federal Reserve raised short-term interest rates for the eleventh consecutive time, and oil prices remained volatile. The average 30-year fixed rate mortgage increased from 5.84 percent to 5.88 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.36 discount and origination points.
Saturday, September 17, 2005
Polybutylene (PB) plumbing help
If you own or have owned a home that has PB pipe for its plumbing, you might be eligible for money from a country-wide settlement fund. PB pipe was found to be unsuitable for homes and businesses because of its limited life and tendency to leak.
Money is available to help with the cost of re-plumbing a home where PB pipe was used.
You must have owned the home between 1978 and 1995 to be eligible for your part of the settlement money. There are other requirements that you can check out at the recovery website. Click here for the recovery website and then go to the "Guidelines" link.
Richard
Money is available to help with the cost of re-plumbing a home where PB pipe was used.
You must have owned the home between 1978 and 1995 to be eligible for your part of the settlement money. There are other requirements that you can check out at the recovery website. Click here for the recovery website and then go to the "Guidelines" link.
Richard
Thursday, September 15, 2005
Phoenix Home Market Update - Sept 2005
The headline (correctly) reads:
"Demand is still strong, but Valley home frenzy calming".
According to ASU Real Estate Department figures, the average monthly increase in overall residential real estate values has slowed to 1.4% per month. This is down from around 5% per month earlier this year.
Average time on the market for resale homes is at just over 25 days versus 5.6 days in January 2005.
But, the median price for an existing home in the Valley climbed to $258,700 in August, a new record, showing that we are still headed in an upward direction.
Resale home inventory (number of homes on the market) is increasing as well.
Although there is no way to directly monitor this, it appears that investor money in the real estate market is becoming less of a factor. Investors are still here but not in the numbers they were earlier in the year.
So, we are still in a relatively strong uptrend in prices but the pace of that increase has slowed.
Stay tuned.
Richard
"Demand is still strong, but Valley home frenzy calming".
According to ASU Real Estate Department figures, the average monthly increase in overall residential real estate values has slowed to 1.4% per month. This is down from around 5% per month earlier this year.
Average time on the market for resale homes is at just over 25 days versus 5.6 days in January 2005.
But, the median price for an existing home in the Valley climbed to $258,700 in August, a new record, showing that we are still headed in an upward direction.
Resale home inventory (number of homes on the market) is increasing as well.
Although there is no way to directly monitor this, it appears that investor money in the real estate market is becoming less of a factor. Investors are still here but not in the numbers they were earlier in the year.
So, we are still in a relatively strong uptrend in prices but the pace of that increase has slowed.
Stay tuned.
Richard
We Are Changing Our Corporate Name
As things go in the corporate real estate world, changes are pretty common. The latest is the acquisition of Coldwell Banker Success Realty by a national company called NRT.
Just so you won't be confused if you call the office, our new name is Coldwell Banker Residential Brokerage. Nothing changes in our day to day operation or our people, just the new name.
Here is part of the press release from today:
PARSIPPANY, N.J. and SCOTTSDALE, Ariz. – September 15, 2005 — NRT Incorporated, the nation’s largest residential real estate brokerage company, today announced it has acquired the assets of CMLB, Ltd., which operates as Coldwell Banker Success Realty in Scottsdale, Ariz. With this announcement, Coldwell Banker Success Realty, one of the largest Coldwell Banker® franchisees, will now be owned and operated by NRT.
Just so you won't be confused if you call the office, our new name is Coldwell Banker Residential Brokerage. Nothing changes in our day to day operation or our people, just the new name.
Here is part of the press release from today:
PARSIPPANY, N.J. and SCOTTSDALE, Ariz. – September 15, 2005 — NRT Incorporated, the nation’s largest residential real estate brokerage company, today announced it has acquired the assets of CMLB, Ltd., which operates as Coldwell Banker Success Realty in Scottsdale, Ariz. With this announcement, Coldwell Banker Success Realty, one of the largest Coldwell Banker® franchisees, will now be owned and operated by NRT.
Mortgage Rates Show Small Weekly Rise
Here are the details of the small national increase in mortgage rates this week.
NEW YORK, Sept 15, 2005 /PRNewswire-FirstCall via COMTEX/ -- Mortgage rates were little changed as the economic impact of Hurricane Katrina remains unknown. The average 30-year fixed rate mortgage increased from 5.8 percent to 5.84 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.37 discount and origination points
Richard
NEW YORK, Sept 15, 2005 /PRNewswire-FirstCall via COMTEX/ -- Mortgage rates were little changed as the economic impact of Hurricane Katrina remains unknown. The average 30-year fixed rate mortgage increased from 5.8 percent to 5.84 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.37 discount and origination points
Richard
Monday, September 12, 2005
A Good Mortgage Education Web Site
I ran across a good mortgage education web site run by a retired professor from the Warton School of Business.
The site features information on the numerous types of mortgages available and downloadable spreadsheet programs that allow you to evaluate your current mortgage, see the financial effects of paying additional money on your mortgage and other useful information.
The spreadsheets allow you to do "what if" evaluations of your existing mortgage (what if I doubled my principle payments each month) or a new one you might be considering.
Here is the link to the site: http://www.mtgprofessor.com/
Feel free to let me know what you think.
Richard
The site features information on the numerous types of mortgages available and downloadable spreadsheet programs that allow you to evaluate your current mortgage, see the financial effects of paying additional money on your mortgage and other useful information.
The spreadsheets allow you to do "what if" evaluations of your existing mortgage (what if I doubled my principle payments each month) or a new one you might be considering.
Here is the link to the site: http://www.mtgprofessor.com/
Feel free to let me know what you think.
Richard
Thursday, September 01, 2005
Tips On Choosing A Home Inspector
A vital part of buying a resale or new home these days is to have it inspected by a licensed home inspector.
Here are a few tips on how to choose your home inspector (from a local home inspection company). Your Realtor can also be a valuable source of information on which are the best inspectors.
Compare Home Inspectors to protect your buyers and yourself!
Few other Professions have seen the kind of influx of new recruits that the Home Inspection trade has experienced in recent years. The number of home inspectors in Arizona has DOUBLED in the last few years. It is prudent to hire an Inspector that is experienced in the field and you should:
Here are a few tips on how to choose your home inspector (from a local home inspection company). Your Realtor can also be a valuable source of information on which are the best inspectors.
Compare Home Inspectors to protect your buyers and yourself!
Few other Professions have seen the kind of influx of new recruits that the Home Inspection trade has experienced in recent years. The number of home inspectors in Arizona has DOUBLED in the last few years. It is prudent to hire an Inspector that is experienced in the field and you should:
Ask your inspector how many Inspections he or she has performed.
Check with the Board of Technical Registration for Arizona.
Make sure they are insured with E&O and general Liability insurance.
Ask if they are a member of a national organization. Ie: ASHI, NAHI
Beware of "Low-ball" quotes. (It costs money to operate a top notch business).
Mortgage Rates Continue To Drop
Mortgage rates declined again this week amid economic uncertainty. Here are the details:
NEW YORK, Sept 01, 2005 /PRNewswire-FirstCall via COMTEX/ -- Fixed mortgage rates fell for the third straight week amid increased economic uncertainty stemming from the continued increase in oil and gasoline prices. The average 30-year fixed rate mortgage fell from 5.86 percent to 5.8 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.36 discount and origination points
NEW YORK, Sept 01, 2005 /PRNewswire-FirstCall via COMTEX/ -- Fixed mortgage rates fell for the third straight week amid increased economic uncertainty stemming from the continued increase in oil and gasoline prices. The average 30-year fixed rate mortgage fell from 5.86 percent to 5.8 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.36 discount and origination points
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