May 15, 2008
Thirty-five condos (classified as “Townhouse” and “Apartment Style” in the MLS), closed in April, 14 more than March, a significant improvement compared to prior months increases. Active listings as of 5/15/2008 are at 374, slightly down from April’s reported actives of 377. Inventory finally has a significant drop to about 11 months from March’s 18 months. Overall a very positive direction for the condo market if you are a seller.
Again, good news for sellers that average sales price increased from March’s $175,647 to $217,911.
Tempe condo data from ASU’s Realty Studies dept shows that April year over year sales fell from 75 to 40, and median sales price decreased from $184,200 to $172,475. However, as noted above, the short term trend is increasing pricing and higher sales, albeit from a lower point than a year ago.
You may be asking why ASU shows 40 sales in April and I only show 35. ASU’s data includes sales from all public records including sales by owner, while my data comes only from the MLS.
As of 5/15/08, 17 condos have closed in May and 55 sales are pending. So far, sales are closing at a higher pace than last month at the same time (only 4 were closed on 4/14/08).
Data Source: Arizona Regional Multiple Listing Service, information deemed reliable but not guaranteed
Related Post: March 2008 Tempe Condo Sales
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
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consumer information, market conditions, market update, real estate, seller information, tempe economy | Tagged: market update, real estate, tempe condo market, tempe market | 
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Posted by Rod Rebello
May 14, 2008
ASU’s dept of Realty Studies just released their report for the greater Phoenix April year to year housing resales study. While all Phoenix area cities as a whole had increased year to year sales (5,595 vs. 4,855 a year ago), Tempe fell to 100 in April ‘08 from 120 in April ‘07. Tempe median sale price also fell to $248,500 from last year’s $285,000 (along with all other cities).
Looking at year to year data is interesting, but I’m not sure if it’s entirely relevant. Tempe median price actually increased from $237,000 in March ‘08, so you could say we are on an upward pricing trend in the short term.
Here’s a summary of the data for all area cities:
The ASU report further breaks down the numbers by various regions within cities, and condo sales.
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
1 Comment | consumer information, market conditions, real estate, tempe economy | Tagged: asu realty studies, market conditions, phoenix resales, real estate, tempe resales | Permalink
Posted by Rod Rebello
May 9, 2008
Here’s a handy link to find out if a condo or townhome complex is FHA approved, or to get lists of approved condos for areas you are considering:
https://entp.hud.gov/idapp/html/condlook.cfm
Contact me if you need assistance to find and purchase an FHA approved condo.
3 Comments | FHA, consumer information, financing, real estate | Tagged: approved condos, FHA, financing, real estate | Permalink
Posted by Rod Rebello
May 6, 2008
Looking for a great deal on a Tempe bank owned property? So is everyone else. Just about everyone contacting me is looking for bank owned homes.
Currently, 35 Tempe properties are marked as “lender owned” in the MLS. There are probably more, but agents don’t always enter their data correctly. Prices range from $110K for a 3 bed, 1 bath needing serious remodeling, to a $1.3M estate, with average pricing around $270K.
11 bank owned homes sold in March, which at that rate indicates a 3 month supply (a seller’s market). It’s typical for those in good condition and aggressively priced to have multiple offers, and to sell within days of coming on the market. I just saw a very nice home in the Alta Mira neighborhood come on the market as bank owned for $350K. It went pending in 4 days.
Contact me if you’d like a list of Tempe bank owned properties, or fill out my Lender Owned Properties request form.
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
No Comments » | consumer information, foreclosure, market conditions, real estate, tempe neighborhoods | Tagged: alta mira, bank owned, real estate, tempe bank owned | Permalink
Posted by Rod Rebello
May 6, 2008
Do you want a home where you can keep and ride horses or live among neighbors that do?
Tempe has a variety of choices for such a home. Neighborhoods such as Circle G, Sunburst Farms, Buena Vista Ranchos, Greentree Acres, and even a county island location within Tempe are among your possible choices.
To see what’s currently available, visit my web page dedicated to equestrian properties.
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
No Comments » | Equestrian, consumer information, real estate, tempe neighborhoods | Tagged: Equestrian, real estate, tempe equestrian, tempe horse properties | Permalink
Posted by Rod Rebello
May 2, 2008
I’d like to share my recent experience with a short sale purchase, which is still ongoing.
My client decided to focus on the Queen Creek area due to the large number of REO’s (bank owned homes) and short sales that fit his budget. We found a short sale that was advertised with an asking price “approved” by the bank, but supposedly had an offer for much less under review. We submitted our own offer above the one under review, but below asking. We did not hear anything for a few days until I rechecked the listing and found the price had been increased substantially above what we thought was approved. The listing agent did not bother to inform us of the status of our offer, which obviously was not going anywhere.
A little background: In general, short sale purchases can drag on for a long time, possibly months. You submit an offer and wait for the bank to review and approve or disapprove. Generally, expect at least 30 days to get an answer. In some situations, the bank may have already reviewed offers which they rejected and determined what they will accept. These are advertised as “approved” prices, and can get faster responses.
After seeing the price increase, I checked and found that the original approved price was only approved by the first lienholder. The second lienholder would not approve unless the price was higher, thus the pricing change in the MLS. We resubmitted an offer at the higher price (still good relative to comps) and now have verbal approval for our purchase. Still waiting for the formal bank acceptance.
Fortunately, my client has a lot of patience, and was willing to wait to get a good deal. We should know soon if this will pay off. But, you never know with short sales….
Stay tuned. I will update as we get more information.
Related Post: What is a Short Sale? A Buyer’s View
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
No Comments » | buyer information, consumer information, home buyer, market conditions, queen creek, real estate, short sale | Tagged: queen creek, real estate, short sale | Permalink
Posted by Rod Rebello
April 28, 2008
Keeping in vein with the client question I had about offers for more than listed price, I have a first time buyer client that thought the listed price for a home is supposed to reflect market value.
That would be preferred, but not very common. A seller can set whatever price they want for their home. Their agent should provide guidance as to how their home compares to others in the area (comparable market price analysis, or CMA), and possible pricing strategies.
Some sellers set a deliberately low price to attract buyers in the hope of getting multiple offers over asking. This is also a common short sale strategy to attract offers they need to get the bank approval process started.
In the end, market value is whatever buyers are willing to pay for a home; either lower than, equal to, or over the listed price.
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
No Comments » | consumer information, real estate, seller information | Tagged: cma, list price, market value, real estate | Permalink
Posted by Rod Rebello
April 21, 2008
Excerpt from the AZ Republic today about homeowners turning in their keys to the lender instead of continuing to pay the monthly mortgage cost (my emphasis added):
Joan Shaffer is turning in the keys of the north Phoenix Tatum Ranch home she bought with her daughter in late 2005. They put nothing down on the home, took out a loan that let them pay less than they owed each month and now their loan is $200,000 more than the house is worth.
“We paid $585,000. It was the peak of the market, but no one told us,” said Shaffer, a real-estate agent from Colorado.
No comment.
No Comments » | consumer information, foreclosure, market conditions, mortgage, real estate | Tagged: foreclosure, market conditions, mortgage, real estate | Permalink
Posted by Rod Rebello
