AZintheValley

Home Prices are Firming

AZintheValley — Wed, 11 Aug 2010 18:33:04 +0000

The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.

In the second quarter, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009.

The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.

Lawrence Yun, NAR chief economist, says the correction in home prices appears to have ended in 2009. “All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” he said. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”

Yun urged caution on interpreting price data. “The median price is influenced by the mix of homes that were sold and do not reflect pure appreciation or depreciation,” he says. “The recorded home prices in many markets were significantly depressed last year because of a large percentage of distressed homes sold at discount. Now as more normal, non-distressed home sales are occurring, the median price in many areas is showing higher values.”

Total state existing-home sales, including single-family and condo, rose 9.1 percent to a seasonally adjusted annual rate of 5.61 million in the second quarter from 5.14 million in the first quarter, and were 17.3 percent above the 4.78 million-unit pace in the second quarter of 2009.

Sales increased from the first quarter in 44 states and the District of Columbia; 47 states and D.C. had increases over year-ago sales levels.

NAR President Vicki Cox Golder says record low mortgage interest rates will help cushion a summer slowdown. “As expected, sales are slowing down now that the home buyer tax credit has expired, but record-low mortgage interest rates, along with stable and affordable home prices in most areas, provide opportunities for buyers who weren’t able to take advantage of the credit,” she said.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was a record low 4.91 percent in the second quarter, down from 5.00 percent in the first quarter; it was 5.03 percent in the second quarter of 2009.

“Job creation will give home buyers more confidence, but the market over the next few months is likely to be below what we would expect for the size of our growing population,” Golder says. “With improving bank balance sheets, credit restrictions should gradually improve .”

In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – showed the national median existing-condo price was relatively flat at $175,700 in the second quarter, down 0.5 percent from the second quarter of 2009. Twenty-six metros showed increases in the median condo price from a year ago and 29 areas had declines; the first quarter of 2010 showed 24 metros up, while only four metros saw annual price gains in second quarter of 2009.

Northeast: Regionally, the median existing single-family home price in the Northeast declined 3.2 percent to $238,000 in the second quarter from a year earlier. Existing-home sales in the Northeast jumped 14.9 percent in the second quarter to a level of 980,000 and are 23.6 percent above the second quarter of 2009.

Midwest: In the Midwest, the median existing single-family home price increased 1.4 percent to $148,500 in the second quarter from the second quarter of last year. Existing-home sales in the Midwest rose 14.5 percent in the second quarter to a pace of 1.30 million and are 20.9 percent above the same period in 2009.

South: In the South, the median existing single-family home price slipped 2.0 percent to $155,500 in the second quarter from the second quarter of 2009. Existing-home sales in the South increased 10.9 percent in the second quarter to an annual rate of 2.10 million and are 18.8 percent above a year ago.

West: The median existing single-family home price in the West rose 2.6 percent to $219,700 in the second quarter from a year ago. Existing-home sales in the West fell 2.6 percent in the second quarter to an annual rate of 1.23 million but are 7.6 percent higher than the second quarter of 2009.

— NAR

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For additional information regarding the Arizona real estate market call 480-540-2291 or visit www.LuxuryintheValley.com

Old Town Scottsdale on The Travel Channel

AZintheValley — Thu, 15 Jul 2010 21:19:25 +0000

Old Town Scottsdale, AZ was recently featured on Travel Channel’s Man V. Food. Click on the link below to view the segment.

Man V. Food – Old Town Scottsdale

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For additional information regarding the Arizona real estate market call 480-540-2291 or visit www.LuxuryintheValley.com

Mortgage Rates Hit Another Low

AZintheValley — Fri, 09 Jul 2010 18:18:08 +0000

The average interest on a 30-year fixed mortgage dipped to a new record low of 4.57 percent this week — down from 4.58 percent a week ago, according to Freddie Mac, which began tracking rates in 1971.

Still, the low rates may not provide much of a boost for the housing market because many people do not qualify for new mortgages or have already obtained loans at low rates this year.

Source: Indianapolis Star (07/09/10)

28174 N 123rd Lane, Peoria, AZ 85383 – Trilogy at Vistancia

AZintheValley — Wed, 30 Jun 2010 17:15:43 +0000

New Home for Sale in Trilogy at Vistancia – Contact me for more information.

Breathtaking Mountain, Palm Tree, Golf Course & Sunset Views are what this gorgeous home is all about! Best of all you can enjoy all the views from the private backyard oasis w/heated pool, spa jets & fire pit bowls overlooking the 11th fairway. Inside this 2610sf 2bed + den + Flex room, 2bath Aurora is just as spectacular. Granite kitchen counters w/tile backsplash, staggered maple cabinets w/pullouts & molding & double islands. Bay widow & double closets in the master. Enclosed side courtyard w/fountain for even more outdoor living space. Plus a 4ft garage ext & built-in cabinets. This is just the home you have been looking for in the resort like community of Trilogy at Vistancia.

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona.
For additional information regarding the Arizona real estate market or specifically Trilogy at Vistancia call 480-540-2291 or visit www.LuxuryintheValley.com

How to Buy a Home in Under an Hour

AZintheValley — Tue, 08 Jun 2010 19:04:57 +0000

How to Buy a Home in Under an Hour

The next technological trend in the real estate world will be the ability to buy property in little more than an hour, predicts Pat Lashinsky, CEO of ZipRealty.

Lashinsky foresees it working something like this:

1. A home shopper drives by a property and calls a practitioner on his cell phone.

2. The practitioner qualifies the buyer through banking contacts, then sends him an electronic key that allows him to tour the home.

3. An electronic tracking system monitors his tour while the practitioner answers questions via cell phone.

4. Closing will be managed through an electronic meeting.

Lashinsky believes the real estate industry has been slow to embrace change, but customers will demand it. “Those [practitioners] who don’t make it happen are going to fall by the wayside,” he says.

Source: Orange County Register, Jeff Collins (06/08/2010)

Mortgage Rates Might Not Be Low for Long

AZintheValley — Fri, 28 May 2010 18:07:50 +0000

The near-record low mortgage rates seen during the past few weeks may not be around much longer.

Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgage rates, says Stephen Stanley, chief economist at Pierpont Securities LLC.

The evidence includes more consumers are paying their bills on time. Past-due accounts at American Express declined 34 percent compared to a year ago, and Target Corp. reported its lowest delinquency rate in two years during the second quarter.

In another sign of economic improvement, fewer banks reported tightening lending standards this month, one reason consumer borrowing rose for the second time in three months.

“If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” says Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, N.C., who formerly worked at the Fed in Washington.

Source: Bloomberg, Bob Willis and Anthony Feld (05/28/2010)

Scottsdale, Arizona Housing Market Report – May

AZintheValley — Thu, 27 May 2010 20:32:05 +0000

Scottsdale, AZ housing market saw an increase in the number of pending sales and sales in the month of May from the previous month. This increase is can probably be attributed to the home buyer tax credit that required an executed contract by the end of April. The months supply of inventory decreased which is a good sign the market could be balancing out. Unfortunately for sellers, price has been declining but this presents a great opportunity to make up the loss on the purchase of a new home.

Scottsdale: 3,108 Active Inventory

	May 2010	April 2010	May 2009
Active Listings	3,108	3,323	3,661
Pending	686	652	556
Sales	447	393	350
Months Supply	6.8	8.1	10.7
Active Price Per Square Foot	$282.80	$284.06	$319.10
Sold Price Per Square Foot	$184.39	$186.02	$197.35
Average Sold $	$504,572	$527,222	$558,511

Based on information from Arizona MLS & Cromford Associates LLC from the 20th of the month. Information deemed reliable but not guaranteed

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For additional information regarding the Arizona real estate market call 480-540-2291 or visit www.LuxuryintheValley.com

13067 W Black Hill RD, Peoria, AZ 85383 – Trilogy at Vistancia

AZintheValley — Tue, 25 May 2010 19:58:34 +0000

New Home for Sale in Trilogy at Vistancia – Call or email AndyZeal@LuxuryintheValley.com for more details.

Gorgeous mountain views from inside & out of this upgraded Montis floorplan. Beautiful two-tone paint & tile flooring thru-out 1656sf, 2bed + den & 2bath. Enter into the GR open to the dining area w/full surround sound, entertainment niche & mtn views. Eat-in kitchen has SS, gas stove, upg staggered Cherry cabinets w/pullouts & large molding. Engineered stone counters w/full backsplash, RO drinking system & shutters. Master bath is upg w/granitex & listel border, double sinks & walk-in closet. Guest bed has wood blinds & private entrance to the guest bath. Even the garage is full of upgrades w/built-in cabinets, workbench, shelves, sink & re-circulating hot water. An elevated lot w/view fencing on two sides provides mtn views from the ext covered patio w/pavers, speakers & gas BBQ stub

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona.
For additional information regarding the Arizona real estate market or specifically Trilogy at Vistancia call 480-540-2291 or visit www.LuxuryintheValley.com

28246 N 128th Dr, Peoria, AZ 85383 – Trilogy at Vistancia

AZintheValley — Mon, 24 May 2010 19:07:43 +0000

New Home for Sale in Trilogy at Vistancia – Call or email AndyZeal@LuxuryintheValley.com for more information.

This immaculate home encompasses everything that living in the resort like community of Trilogy at Vistancia is all about. Located on the most Prestigious cul-de-sac street, this 3bed, 3.5bath Stellare model backs up to a gorgeous green park, the 4th fairway & Mtn views. Gorgeous Custom wood flooring, tile & custom paint thru-out. Gated front courtyard w/pavers & grand 20ft rotunda entry w/floor medallion. Granite slab counters, SS appliances, maple cabinets w/crown molding & spacious morning room off the kitchen. Entertaining floorplan w/large wet bar & dining area all open to the great room. Crown molding through out, Onyx granite slab bathroom counters, amazing walkin closet & double French doors to the covered patio. Backyard w/upg patio, built-in BBQ, Plasma TV & incredible mtn views

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona.
For additional information regarding the Arizona real estate market or specifically Trilogy at Vistancia call 480-540-2291 or visit www.LuxuryintheValley.com

Now is the Time Buy Real Estate

AZintheValley — Thu, 20 May 2010 19:35:36 +0000

When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.

Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.

Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.

Source: Blumberg Capital Partners (05/19/2010)

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Andy Zeal is a Realtor® at HomeSmart International Real Estate and The WORTH Group in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For additional information regarding the Arizona real estate market call 480-540-2291 or visit www.LuxuryintheValley.com