Phoenix Foreclosures & Bank Owned Homes Dominate Market

Phoenix AZ – Taking a look at the latest statistics from the Cromford report show that the bank foreclosed homes, also known as REO’s, bank owned or lender owned homes continue to dominate the Phoenix market.

According to the Arizona Regional MLS as of January 15, 2011 there were just over 30,000 single family homes for sale and 6,000 of those listings were lender owned.  Short sales or pre-foreclosure homes made up another 9,321 listings.  Investors who have bought a foreclosed home and fixed it up or “normal sellers” came in at 10,467.  The remaining homes on the market are in the retirement communities, divorce or probate sales.

You can often get a great deal on a home by purchasing a Phoenix bank repo home.  Here is a link where you can get a custom list of Phoenix foreclosures based on the price range and area you desire.  It is updated daily and gives you complete details, addresses, maps and pictures of the homes for sale: http://www.PhxAZRepos.com

The average home price in the Phoenix area increased 3.71% in 2010 compared to 2009. The average price of a home in 2010 was $183,040 compared to $176,245.  If you look at the charge below you will find the average home price will vary each month.  Taking a look at the number of single family homes sold in 2010 we show a 6% decrease in the number of homes sold.  In 2010 there were 75,473 homes sold versus 80,023 in 2009.  The summer of 2010 saw an unusual decrease in the number of homes sold with the month to month comparison down anywhere from 5.3% to nearly 35%.  This was an unusual as the selling / buying season in the Phoenix area is usually March through October.  Taking a look at ahead at 2011 we are off to a moderate start 8,069 homes pending as of January 15th.

Donald Keys is a professional REALTOR.  If you are thinking about buying, investing or selling a home, give him a call at 602-750-1744 for a free consultation.  Owe more money than your home is worth? Struggling to make payments, Donald is a certified Short Sale and Foreclosure resource that can help call today.  Visit www.DonaldKeys.com for more Phoenix real estate information.

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Phoenix Real Estate Inventory Levels Hold Steady (June 2010)

Phoenix, AZ – One way to gauge how the real estate market is doing is to pay attention to the inventory levels. We measure this in “months supply”. What this means if not one more home came on the market it would take “X” number of months to clear out the inventory based on supply (the number of homes for sale) and demand (how many homes have sold in the previous months.

Looking at the June 2010 statistics we are holding steady at just over 4 months of inventory in the Phoenix AZ Real Estate market. Our inventory levels have remained fairly consistent over the previous year keeping us in the balance market range. A balance market is when we have between 4 and 6 months inventory. A seller’s market is defined as less than 4 months supply while a buyer’s market is when there is 7 or more months supply of homes. A few years ago Phoenix was a huge buyer’s market with over 20 months supply of homes, but prices have come down around 50% since the peek of the market and many people have taken advantage of the low prices and low interest rates.

Keep in mind that every neighborhood is different and to find out what the local trends are in your neighborhood contact:

DONALD KEYS
Realty Executives
602-750-1744
www.DonaldKeys.com

PHOENIX AZ INVENTORY LEVELS JUNE 2010

PHOENIX AZ INVENTORY LEVELS JUNE 2010

Average Phoenix Home Prices Rise 3.23% in one month!

Phoenix, AZ – According to the Arizona Regional MLS the average home price in the Phoenix area rose 3.23% comparing May 2010 to June 2010.
Fireworks over Phoenix and home prices were exploding as June saw an increase of 3.23% in the average sales price over the prior month to $188,568. This is 14% higher than our low of $165,298 back in March of 2009.  This is good news for Sellers as the bank owned properties are decreasing in the market.  However Sellers do need to be cautious as more Short Sale properties enter the market and increase competition.  Buyers who are waiting for prices to drop need to be alert as to the trends. For buyers who are waiting for prices to drop, this trend shows that for the past 6 months, average prices have been higher than our 36-month low in 2009. Investors and savvy buyers continue to understand the value the current market offers. Combined with the current interest rates and financing options available to them, they are making decisions that have allowed them to take advantage of the affordability the current market continues to provide.

If you are thinking about buying a home in the Phoenix area
or selling a home in the Phoenix area contact:

DONALD KEYS
REALTY EXECUTIVES
602-750-1744
www.DonaldKeys.com

Phoenix Average Home Sales Price June 2010 36month Trend

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Apple iPad for REALTORS – Phoenix MLS – ARMLS on iPad – iPad Review for Real Estate Agents

Apple iPad or New Pad

 

 

 

 

 

 

 

For Phoenix REALTORS looking to use an Apple Ipad review for use on ARMLS:

Apple released it’s much anticipated iPad today that looks like an oversized iPhone or iPod Touch.  After reading many reviews and watching dozens of videos I have come to the following conclusions:

The iPad will not replace your laptop or MacBook Pro computer. If however you are a “light” computer use and want to surf the web, share photos, listen to music, play casual games, create a document with the iWork apps available from the App Store, read and reply to email, enjoy a good book using the iBook application then the iPad could definitely be fore you.  You will not be able to do heavy photo editing, video editing, play high end video games, edit pdf documents or save your work in a file type system.  There is a built in system for saving work based on the specific application that you are using and if compatible you can use that file with another application on the iPad.
The iPad may replace your netbook computer. If you paid between $300 and $500 for a netbook computer or are considering one, then you may want to take a hard look at the Apple IPad.  As mention above it can do 90% of everything you would use a netbook or a laptop for and at prices starting at $499 it will give the netbook competitors tough competition.
The iPad will not replace your iPhone. Although I am excited about using the Skype app and paying the $2.99 a month for unlimited phone calls, I will not be carrying the iPad in my pocket.  Apple has spent a lot of time and research making an excellent phone and rumors of the next iPhone 4g possibly coming out this Summer.  The iPad does have Bluetooth 2.1 + EDR Technology, but I don’t think apple will allow a blue tooth headset to be used with Skype, but you never know.
The IPad has many possibilities. If you have never used a computer, most likely the older generation, because you didn’t want to master the mouse, then the touch screen of the iPad could introduce computing to the masses.  Children who are just getting started with computers and learning will find the natural flow of the operating system to their liking.  My 3 year old son could use my iPhone before he could talk.  Including unlocking it, finding the app he wanted to play with, going to the home screen, viewing photos and would even make my wife a little angry (with a smile) that he would put HIS photo as the background screen instead of his sisters.  The medical field could use the iPad in order to run custom applications and make their day more productive and even saving lives.  Schools at all levels could eliminate text books and streamline their learning with the iPad.  Because the iPad is a “blank slate” and developers can create almost any application you can dream up, the iPad has many possible uses and will be a huge success.
The iPad for Real Estate – iPad for Real Estate Agents. Because I am a full time REALTOR that uses a MacBook Pro, I have considered using the iPad for Real Estate in my daily life. If we go back and look at number 1 above “The iPad will not replace your laptop or MacBook Pro computer”.  That is true, but it can do 90% of what I do on a daily basis, so it could make a wonderful companion to my MacBook Pro.  If I am at an Open House, with a 3g iPad (available late April), I could pull up houses on the ARMLS Arizona Regional MLS but I could not use 100% of the functions of the website, do a Buyer or Seller presentation with the Keynote app, add potential customers to my address book, send them a Thank You email and many other day to day tasks in real estate.  It would be nice to carry the 1.6lb iPad + 3g in the iPad case and really be on the go.  With the affordable data plans from AT&T priced at $14.99 for limited data and $29.99 for unlimited data $25.00 for 2mb it makes on the go real estate a real possibility.  The nice part about the data plans is that there are no long term contracts.  Sign up for just 1 month if you want.  The 3g model iPad will set you back an extra $130, but I feel it is well worth the investment.

iPad Restrictions For REALTORS… I was unable to use ZIP FORMS, DOCUSIGN or all Functions of the ARMLS. I purchased an iPad for Real Estate 32gb 3G version with unlimited data plan and returned it after 2 days.  I was not able to function at an acceptable level in order to serve my client’s needs.  Maybe in the near future the next generation of tablet PC or iPad can be used by Real Estate agents in order to help people buy and sell homes.

If you are thinking about buying a home in the Phoenix area
or selling a home in the Phoenix area contact:

DONALD KEYS
HomeSmart
602-750-1744
www.DonaldKeys.com

** IPAD UPDATE ** September 9, 2011

With a few key Apps and subscriptions, I was able to use the iPad for 90% of my real estate business.

Let’s keep it simple, here is what you will need:

HARDWARE:

iPad or iPad 2 32gb Wifi Only Model (Because you will want to play games or use other Apps when not working)
If you get this, then you will need a mobile hot spot to work on the go or use a public wi-fi hotspot. ($399 Used to $599 New)

Ipad or iPad 2 3G Model Wifi+3G (Best Option), but if you are not in a rush the next generation iPad or “iPad3” will be out in the Spring of 2012 or sooner. ($429 Used to $729 New)

Apple Bluetooth Wireless Keyboard ($69) So you can type faster (think Zip Forms) , use 100% of your screen real estate etc…

Case for your iPad (Good ones are around $59) I like the “incase” brand book jacket style

Targus Stylus for iPad ($14 to $29) So clients can SIGN documents on the iPad

Apps (Programs):

Neu.Annotate (Free from the App Store) This is the best little PDF app that you can have clients sign documents with.

Save2PDF ($6.99) You will use this App to combine multiple PDF documents and email to a client or another REALTOR.

DocUSign (Free) Note: You must have a DocUSign subscription in order for this to work.

DropBox (FREE)(To Store Documents “In The Cloud”)

Box.net  (FREE) (To Store Documents “In The Cloud”)

Note: Some apps use DropBox and some use Box.net so you may or may not need both accounts.

Zip Forms Mobile Subscription ($10 per year – Contact Zip Forms)

Here is the “Catch 22” of having a cool slick iPad or iPad2 for Real Estate… The cost.

$729 (iPad2 32GB wifi+3G)
$69 (Apple Wireless Keyboard)
$59 (Nice Case)
$15 (Stylus)
$7 to $29 (Apps)

Total Investment minimum investment $879!

For another $120 you can have the Macbook Air 11″ base model $999 and have a FULL COMPUTER (no compromises) and it weighs just 1 pound more (2.3lbs vs. 1.3lbs)

And after the FLEXMLS system made some changes to their software, the MLS did not work on the iPad for about 8 days and I was stuck with a useless device.  It was not Apple’s fault, FBS Data was improving their system and after I contacted them, they fixed the problem.  But a bright young Apple Store employee said “Why don’t you just get a MacBook Air? ” That way you never need to worry about compatibility by using the mobile (but almost full) browser of the iPad. And that is exactly what I did, sold my iPad, recouped 75% of my money and now I use the MacBook Air 11″ base model with zero problems.

If you are looking to do “light real estate work” then an iPad or iPad2 is a great tool.  If think you can do 100% of your Real Estate work on it in a fast and efficient manner, I will challenge you to sit down and do the same task that I do.  It will take you twice as long (if you can do it) on the iPad or iPad2.  They are great for buyer’s agent who need email access, calendar, contacts, to look up something quick on the MLS or take care of 1 or 2 small documents that need signed or sent.  But if you are trying to do a full contract or any “heavy work” stick with a full blown laptop.