Busy Crazy Week

Last week was really remarkable for me here in the HOT Phoenix real estate market. Our office has adopted a new phrase because truly "PHOENIX IS ON SALE!"

What does this mean? The short version is that the pricing for home across the Valley of the Sun are at bargain levels. Since July 2008, we have seen a steady decline in the inventory of available homes for sale. While economic times are challenging and the number of REO (bank owned properties) has risen, so have SALES! Over 5,000 home sales have occurred since July, and some months, even more.

Additionally, there is definitely an uptick in first-time homebuyers. This is very, very exciting news and it favorably impacts trickle down economics across board. For a free eBook about first time homebuying, click here.

A lot of these first time buyers are Gen-X and Gen-Y types who are very savvy with the internet. This makes the buying process even more fun for me as a REALTOR because I am able to more quickly relate to my client's needs and wants. It also helps them be more focused on exactly what their dream home actually looks like. In addition, helping them find the house that is THE SPECIAL ONE, watching their eyes light up and the smiles on their faces when that house comes up, WOW!

On Friday, I was showing a young couple, I'll call them Fred and Sue, homes which I had previewed for them last week. The second house was "The ONE!" We looked at a few more good candidates, came back for the second look, and left to get the offer written. What a day! Oh, and both extended families liked the house as well. Watching "boomers" watch their adult kids go through the first home buying experience is also a lot of fun, challenging, but fun.

If you, a family member, friend or co-worker is considering a home purchase, I'd appreciate it if you'd have them give me a call at Anna Banana Realty, 602-595-8900 in Phoenix. It's also a great market for investors. Either way, we are your residential purchase specialists.

To check current listings or visit our website, click on Anna Banana Realty.

For a copy of our March newsletter and information about the new Tax Benefits, Pick me!

Happy St. Patrick's Day.

Patience, Excitement, Stress

The Phoenix real estate market is booming. Over the last 8 months, over 5,000 single family home sale transactions have occurred each month. In January, 2009, over 6,000 homes sold. Over half of these sales have been REO properties. The great opportunity in this market is for first time homebuyers. In my opinion, prices are at or very near the bottom. Interest rates are in the 5 to 6% range and there are all types of changes in the mortgage market. President Obama has just announced his plans for the housing industry. More changes are on the way.

How does all of this translate to patience? Simply, I am currently working with a 21 year old single homebuyer. I'll call her Brenda. Brenda is anxious for all of the contract paperwork to be completed and she is working hard to understand everything involved in the process. The process has a lot of turns and every contract is different. Teaching patience is critical as things happen, and the process is not always smoothe. Brenda has had lots of questions. This is great to me because I have been able to educate her while building a trusting relationship.

Brenda is also very excited because she really likes the house. She exclaims "It's so cute. I love it!" Her excitement is more than contageous. Her friends are very happy for her and many cannot believe she's buying her first home at such young age.

My client is making one of the most stressful decisions of her young life. She is stressed, and I cannot blame her. I vaguely recall my first effort at buying a home. I didnt' do it. Too much financial pressure! Brenda has handled some curve balls during this process with understanding and maturity. In addition, she has been able to make quick decisions with regard to properties we have viewed. This has carried forward into considering contract options and moving ahead with good decisions.

Brenda and I have a few more hurdles to clear on the way to finalizing the contract. Once that's done we get to go through the inspection process. While the property looks good, we will be taking full advantage of our professional inspectors to make certain the house is as good as it looks.

Stay tuned for more updates.

If you would like information on a free eBook for first time homebuyers, click here.

To get information from our broker on other Phoenix real estate news, just click here.