Phoenix Homes Update

Welcome to my WordPress Phoenix Real Estate website. I have not posted here for a while and now I am looking forward to updating some content.

I am currently building out my self-hosted WordPress website

Update: My site is really coming along. Homes For Sale In Glendale AZ.


Phoenix Real Estate – Attention Phoenix Home Buyers Part 2 of 2

Phoenix Real Estate – Attention Home Buyers Part 2 Let’s do some math on a payment on a home purchased for $130,000 with 3% down on an FHA 30 year fixed loan at 6.25%. On a PITI payment of Principal, Interest, Taxes and Insurance your payment works out to roughly $7.64 per $1,000 financed. On this example after you finance back in the 1.5% FHA mortgage insurance premium your new loan amount would be just under $128,000.

On a $130,000 purchase your payment is roughly $978 per month. When financing with an FHA loan the seller can still contribute up to 6% of the sales price towards the buyers down payment and loan closing costs. Of the 6% seller contribution, 3% usually goes towards the buyers down payment and the other 3% is used for the buyers loan closing costs which includes the 1% loan origination fee. FHA also does not look at your credit score aka FICO score. 

In the example above a home buyer can be into a home for as little as $1,000 to $1,500 total out of pocket and not have their first payment due for 30 to 59 days. Because houses are more affordable, the Feds potential rate lowering and the fact that your home is a place to live and not just an investment I ask you when will you decide that low is low enough? 

A .25 drop in interest rate will make your payment another $27 lower, $54 lower at .5 percent of a rate cut. Visit to contact Rick and to explore your Phoenix real estate options. Approx. 6.5% APR on the above example.

Phoenix Real Estate – Attention Phoenix Home Buyers Part 1

Lately I’ve been reading multiple news stories, various blog posts and statistical sites to bring you accurate information concerning the Phoenix real estate market. I’ve seen various figures showing national housing prices down as little as 2% to a recent report that showed Phoenix real estate being down as much as 8.8% from one year ago.  

In a previous article I reported that (spec) new homes in Phoenix have came down approximately 15% on the average in the Phoenix real estate market in the last year. I feel that the 15% average number is a very accurate number based on the source that I received it from. Some builders have reduced more than others but overall 15% is the Phoenix Metro average. 

Is it time to buy? Has the market bottomed out yet? All of my research shows that the market is not at the bottom just yet. Some reports show the bottom coming anytime between 2008 and 2011. If you look at your new home as a home and not just an investment, I say by all means buy now or very soon. 

The Federal Reserve is expected to lower interest rates another .25 to .5 of a percent in the first week of December. Some new homes in Phoenix that were $200,000 a year ago can now be had for $130,000. That’s a 35% savings from a year ago in many of the outlying areas of The Valley. 

Read the rest of the article on Part 2. Contact Rick at to explore your phoenix Real estate options.

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Phoenix Real Estate – An Economic Forecast

Phoenix Real Estate – On December 5th, 2007 the W.P. Carey School of Business at ASU and J.P. Morgan Chase will hold their Economic Forecast Luncheon at The Phoenix Convention Center. The event will be held in the West Building and runs from 11:15 am to 1:30 pm. Doors open at 10:45 am and tickets are $75 each. 

The 4 key speakers are:

David Wyss – Standard and Poors Chief Economist.

James Glassman – Managing Director & Chief Economist for J.P. Morgan Chase.

D. Lee McPheters – of The W. P. Carey School of Business at ASU.

Elliott D. Pollack – President of The Elliott D. Pollack and Company. 

Mr. Pollacks’ company is based out of Scottsdale and is an economic and real estate consulting firm that he founded in 1987. Mr. Pollack is an expert source for local real estate information regarding real estate trends and land values. Mr. Pollack will discuss the Phoenix real estate market recovery and property absorption rates. 

This is a good chance for consumers and business professionals to hear the opinions of four Economists as it relates to the future economic outlook. This event will be very informative if you want to learn more about Phoenix real estate and new homes in Phoenix. 

To register for the event, visit this link 44th Annual Economic Forecast Luncheon.

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Phoenix Real Estate Buyers – Get The Facts

Phoenix real estate buyers get the facts. The National Association of Realtors (NAR) recently launched a new campaign. The campaign is geared towards home buyers. The campaign urges home buyers to get the facts and not necessarily listen to everything they hear in the news. 

Home buyers are more prone to hear the top nationwide news headlines. Many of these stories are picked up by the media from large newswire outlets. Some of these stories do not contain all of the facts. Most of these stories do not accurately represent the home buyers true local market conditions. 

This is the primary reason that the NAR launched the campaign. The NAR is encouraging home buyers to get their local facts in order to make their home buying decision without necessarily listening to all of the background news chatter. The NAR encourages home buyers to do their due diligence. 

As consumers we should all do our own research before buying such a large ticket item like our home. Don’t make your home buying decision based on what you hear. Make your home buying decision based on the facts you discovered from your own research. 

Real estate is still alive and well. By all market indicators 2007 will be the 5th best year for real estate sales. Even with the abundant inventory of unsold homes, the median national home price is only 2% lower than the all time highs of 2006. 

Phoenix real estate buyers – take advantage of the large inventories, low interest rates, growing economy and big builder and seller incentives. Buying a home is not like buying stock. Your equity in your home is built over the long term. Homeowners also have favorable tax advantages over renters. Call me today!

Phoenix Real Estate – A Buyers Market

Phoenix Real Estate – A Buyers Market – In this story I am going to share some facts and figures about current Phoenix real estate inventories. These statistics are derived right from the Arizona Regional Multiple Listing Service (ARMLS). These statistics also cover other surrounding local cities in the Phoenix Metro Area. These figures only cover Resale Phoenix Homes and the few New Construction homes that have been listed for sale by REALTORS in the ARMLS. This article will cover the month of Octobers housing figures starting in the year of 2004 up through 2007. 

# of Homes Listed    # of Condos Listed      Median Price-Houses Only

2004 -10,151                           462                                    229,000

2005 – 22,336                       1,147                                    335,300

2006 – 44,562                       3,026                                    319,000

2007 – 54,283                       3,895                                    280,000 

Average Marketing Time Houses / Average Marketing Time Condos

2004 – 21.04 days                                                    33.39 days

2005 – 31.31 days                                                    22.35 days

2006 – 77.54 days                                                    62.34 days

2007 – 99.18 days                                                    92.14 days 

Visit my Phoenix Real Estate website to search for homes through the Arizona MLS. This information is deemed to be accurate but is not guaranteed. These are the raw numbers from ARMLS. It’s possible that the median price is not accurately represented based on the number of multi-million dollar homes figured into the averages.

Phoenix Real Estate – New Homes in Phoenix Part 3 of 3

Phoenix Real Estate – In this third and final article in this New Homes in Phoenix series I wanted to recap the previous two articles and provide some additional decision making factors.

In the first two articles I pointed out some interesting facts. Two of my primary points were the high Phoenix metro new home spec count and what counter measures the local builders as a whole are taking to counter decreasing Phoenix spec home pricing.

I want to make sure you understand the different market factors of new Phoenix spec homes versus the Phoenix resale homes market. The primary fact is while resale inventory is increasing builder spec inventory will level out and decrease. This will effectively level off the 13% to 17% decline in builder spec home pricing over the last 12 months and stabilize the prices.

Once the overage of specs start to level off builders will no longer have the need to offer their current large incentives and concessions they are offering to move their current spec homes. Once their spec inventory is more in the normal range their since of urgency will end. It’s all about supply and demand. By balancing out the oversupply of specs your window of exceptional value opportunity decreases daily.

Also keep in mind that thousands of people relocate to the Southwest and Phoenix in particular every month. Also consider the amount of local new home buyers that are on the fence waiting for the market to hit rock bottom. With these two factors and the eventual decreasing deals on new Phoenix spec homes there could be a large all at once rush to get your foot in the door on any remaining deals, if any.

When this occurs, Phoenix new home spec pricing is likely to stabilize very quickly and start an upward momentum. Don’t be caught saying “if I had only bought a spec home a couple of months ago I could have saved tens of thousands of more dollars”. Worse yet, you may inadvertently be priced out of the market on your dream home and may have to settle for something smaller. Don’t let the above scenario happen to you.

There are currently over 1,100 active new construction communities in the Phoenix Metro area. Each and every community needs and wants to make sales to keep their cash flow moving. Who is going to give you the best deal this week to earn your buying dollar?

Contact me today to get more information and to explore your options. Click here now phoenix real estate!


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Phoenix Real Estate – New Homes in Phoenix Part 2

Phoenix Real EstateNew Homes in Phoenix – On my last post I reported that Phoenix home builders are taking the necessary steps to balance decreasing property values. Builders of new homes in Phoenix are doing this by slowing down their production and eliminating their excess spec or inventory homes.


Because Arizona new home builders have done this they will be able to better control decreasing values. Decreasing values on new Phoenix homes will be balanced out much quicker than resale Phoenix homes. With that said, now is the time to buy a new Phoenix home.

Once builders as a whole balance out their inventory homes along with their production new home prices will level out and start to rise. The question at hand then is when will this happen? To further help your decision making process all I can do is provide additional information for your review.


According to industry analysts there are currently some 4,000 to 5,000 spec homes available in the Phoenix metro area. There are approximately 54,300 homes listed for sale on the (ARMLS) Arizona Regional Multiple Listing Service just in the Phoenix metro area as of this writing.


As you can see there is a ratio of approximately 12 to 1. That’s 12 resale phoenix homes to every 1 new construction spec home in the same Phoenix metro area. As you can imagine the builders as a whole are much more organized on controlling the declining values of their homes than some 54,300 unorganized resale sellers.


So once again I pose the question – is now the time to buy your new home in Phoenix? Only you can answer that question. Market statistics, excess inventory and current large builder incentives are saying yes.

 Contact me or search Phoenix Real Estate through my website to discuss your options.

Phoenix Real Estate – New Homes in Phoenix

Phoenix Real Estate – If your looking at new homes in Phoenix, now is the time to buy. With the high local spec count Arizona new home builders are wheeling and dealing! New home prices in Phoenix have been declining for approximately one year. Industry analysts have estimated that on average Phoenix home builders have reduced their spec homes asking prices by 13% to 17%. This does not include the additional amount the builders are offering on closing cost and upgrade concessions.

New home builders in Phoenix are trying to reduce the amount of their current inventory homes before 2007 years end. Many builders’ fiscal year ends December 31st. With the end of the year looming,  plus excess inventory equates to a good deal on Phoenix property. Once the builders reduce their excess inventory and its no longer years end, your good deal might have gotten away from you.

Phoenix new home builders are taking the necessary steps to slow down production and eliminate their specs. Once this balance is reached you can be assured that the declining prices aren’t going to be declining anymore on new homes. Many new home buyers may mentally be in holiday mode. Perhaps they’re thinking “I have plenty of time and I can start house hunting at the first of the year”. The problem is, I’m not sure where the builders’ motivation may be at the beginning of the year. Builders may be more apt to ride it out starting in 2008.

My crystal ball works as good as yours, but as an industry professional I can only report what I see and experience. Don’t miss your once in a lifetime deal by not taking a little bit of time to figure out your options. Please take a moment to call or email me. More on this story in my next post.

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