4 Crucial Reasons to Buy a Scottsdale Home Today !
May 31, 2008
(picture courtesy of Home Building Assc. Grand Rapids)
do I have your attention? Good!
We have all seen the front page news, including such headlines as the USA Today this past Wednesday stating that the ” Housing Market gets uglier and uglier” ! So, you ask me, “why on should take the plunge into turbulent waters and finally buy.
Here are 4 crucial home buying reasons to consider:
1) Fannie Mae has significantly eased their lending guidelines: Please read Fannie Mae’s News Release replacing policy for markets where home prices are declining.
Peter Toner of the San Diego Real Estate wrote Fannie Mae Down Payment Requirements Fall to minimum of 3-5% correctly pointing out that Fannie Mae is hoping to stimulate buying as well as well as stave off a negative astigmatism on local housing.
This easing of credit, effort to stimulate the Real Estate market along with the inference of reduced risk to a company whose priority is to make money for its shareholders is a good sign.
2) Interest Rates are rising to the highest levels in three months on Tuesday’s Treasury department auction. The same house that may have declined in price, actually, may have just got more expensive.
3) Negotiation is on the buyers side - the glut and over Supply of homes is a major hurdle. In fact, I know many sellers who have no showings , less any offers in the last 6 months. If you present a competitive offer most sellers will be very ready, eager and willing to negotiate price, time frames and incentives to get a deal done.
4) Home prices have dropped sharply -S&P/Case shiller reported that home prices have dropped 14.1% in the first 3 months versus the first 3 months of 2007. In Phoenix, and many of its town including Glendale, Peoria and Surprise the year over year price drop was 23%.
My crystal ball is not 100% effective and I am not saying this is the absolute bottom.
However, with low interest rates, the easing of credit to get a loan, the ability to choose from the over abundance of supply, the ability to negotiate and this significant drop in prices may afford you the opportunity for which you have waited.
Consider why you are buying your next home. If it is a place to live, use , make your home and raise a family, a tax incentive, and a long-term appreciating asset (notice - I said long-term) , today may be an excellent opportunity to buy.
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Copyright © 2008 By James Wexler, All Rights Reserved. *4 Crucial Reasons to Buy a Scottsdale Home Today !*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Sell low - Buy even Lower
May 30, 2008
One of the challenges the real estate market has before we can get some marked improvement is the reduction in the inventory of available homes listed for sale. 
However, that challenge is faced by the fact that most people who buy a new home (thus helping to reduce inventory) have a home to sell; and thus, we come full circle and are back to the begining, with the difficulty in selling homes. Economists call this being in a box. However, most of us look at it as which comes first the chicken or the egg.
I do think there are reasons to be positive and reasons that we may see some increased listed homes sell and increased levels of buying. One of the facilitators is buyers getting such a good price on the buy side, that they are willing to take an offsetting hit on the sell side.
Gregg Perry of the Seattle Real Estate Professionals Blog, wrote and excellent article about Buying Up in a down market . I recommend you read the article. However, to summarize, the house you need to sell may sell for $50K less than you hoped. However, the house you wanted to buy may very well be $50K or more reduced from previous levels. Thus providing a net of the same; more importantly facilitating the transaction for which you wished.
Now, Gregg Perry points out and is important to note that this is not always a perfect science; In concept, it makes sense. However, It is important to realize that it…
only works if your selling price is moving in lock step with the new buying price.
Make sure you sell your home first. Especially, here in Phoenix and Scottsdale.
Remember, you cannot control the price a seller will pay. However, you can control the price you pay. Thus, only after you sell your home. Evaluate the less amount you had hoped to receive and make offers with that in mind. You may very well own the new home at a less amount to offset the monies you had hoped to receive when you originally listed your home.
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Copyright © 2008 By James Wexler, All Rights Reserved. *Sell low - Buy even Lower*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Make your home stand out! Stage it to sell !
May 29, 2008
The question I have been asked quite a bit lately from sellers is , “Should I Stage my house” in order to sell it at a better price and more quickly? 
Before I answer that question, you should know more about the A-B-C’s and 1-2-3’s of Home staging by Craig Schiller who is the Founder of on the premier home staging companies in the country. In great detail, he outlines the 2 steps , prepping the home, making sure the home is in physically presentable condition and staging the home.
In today’s challenging market with less buyers and more sellers, Make your home Stand out
- enhanced marketing such as staging your home so it appears above your neighbors and your competitors (often they are one in the same) is critical.
- A home that has obvious physical flaws or simple lack of upkeep leads buyers to wonder if something they cannot see is wrong with the home.
- A home that has no poor street presence s a result of an unkempt front yard or exterior will deter drive-by traffic from calling to ask to even see whats beyond on the inside.
- An empty home does not feel as warm as a dressed home. Make sure you use furniture that will appeal to the broadest amount of buyers; a good Home-Staging Company like Craig , Cindy Lin or in Arizona, Calie Waterhouse will know.
Like Craig says, “before you put your home up for sale in the market, do yourself a favor and take a short walk and a quick drive. First walk across the street and take a good hard discerning look at your property and then, after your walk, take a drive around your neighborhood and look at how your home measures up to the rest of the homes… whether they are for sale or not. The better you home looks, compared to your neighbors and the neighboring competition, the better chance you have to sell.
I need to point out that I am no way affiliated or have received any compensation from any parties mentioned herein. Nor have do I have an affiliation with any staging company.
However, from my experience in talking to other Realtors, home buyers and sellers, at least here in Maricopa County, (Phoenix, Scottsdale, Tempe, Fountain Hills, Mesa, Peoria, Glendale, Paradise Valley and the area of Desert Ridge, and the golf communities of DC Ranch, Troon, Desert Mountain and Grayhawk) …
I can say that with such competition from the large supply and inventory of homes, if you plan to price your home at market, not below, one of the best ways towards receiving offers is staging your home with a qualified and certified expert.
why Short Sales are getting more difficult in Phoenix
May 28, 2008
A Short-Sale means asking your lender to accept less than the amount owed loan payoff in order to quickly sell your home, instead of the bank foreclosing on your home; saving them time and ultimately money.
To learn more, read Jillayne Schlicke’s article on short sales ; It is very informative.
For those who want to know more about how the short-sale process works, David C. Winton, a well respected attorney who writes the Bay Area Real Estate Blog references an excellent article from Philadelphia’s newspaper , “The Bulletin” about Understanding Short Sales.
Mr. Winton points out (I think quite accurately) that “instead of getting easier, short sales seem to be getting more difficult to get done”.
In fact, Bill Gordon, TMG West has found that some lenders have suspended short sales and “points out that “Countrywide has restricted the review process until the last few days before the foreclosure sale”
These are 3 main problems why Short-Sales are getting more difficult.
- Most solutions, such as Forbearance, Deed-in-lieu of foreclosure and short-sales require lender approval and negotiations. However, as David and Bill point out, many lenders are shutting down the lines of communication.
- As Lynn Frantzen points out in “Short Sales and mortgage insurance” , If a lender has mortgage insurance such as PMI , (Private Mortgage Insurance) they can collect money on insured loans if the home is foreclosed upon.
- Finally, Mortgage insurance companies and Lenders , in a sense, denying short sales by aggressively insisting that the deficient monies be paid back. Read Brain Brady’s Guide to the effect of mortgage insurance on short sales.
There are a number of factors to consider if you get that ugly little Foreclosure Notice and before you attempt a short sale.
Especially here in Phoenix, Arizona where Deeds of Trust change the landscape a bit.
Here’s what you should do 1st.
Contact your lender before or as soon as the potential foreclosure problem arises. You can do little to help you out of the situation without speaking with your lender.
You may be surprised to find out that your bank may be willing and able to help you towards an amicable solution.
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Copyright © 2008 By James Wexler, All Rights Reserved. *why Short Sales are getting more difficult in Phoenix*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
10 Tips to Price and sell your Home to Sell
May 27, 2008
Believe it or not; Homes are selling. Yes, it’s true. I will say it again. Homes are selling!
No it’s not magic. It’s pricing your home right! How do you price your home to sell? you ask.
Here are 10 tips to price and sell your home.
- Don’t price your home based upon the highest quote from a Realtor you interviewed- too often they are just trying to get a listing
- price based on comps that are within 90 days old - anything older is no longer a valid comparable
- Don’t price your home based upon “Active” listings in the area - this is what seller’s would like, not what they sell for
- If 30 days (3 weeks in a better market) go by and you receive no offers, the price is too high
- don’t over price your home with the idea you need room to haggle - buyers (the few that there are) will first offer and begin negotiate on homes that are better priced
- offer incentives, such as , “will contribute 3% towards closing costs” to help buyers use FHA loans or simply come up with less cash to close
- be patient, you don’t need me to tell you that it is a difficult market. My crystal ball works when I say. I guarantee it will improve. Be Patient!
- If you have to sell your home. I recommend you talk with your real estate agent about these strategies along with his/her marketing techniques to get your home the most amount of exposure in a competitive market.
- If you do not need to sell and you can afford to stay where you are currently, I recommend you do just that. When, not if, the inventory is reduced available, easing of financing returns (and it will) and buyer confidence returns, you will get likely receive a better price for your home.
- if you get an offer, be careful, if it is contingent on the sale of the buyer’s home. Have your agent, get enough earnest money to protect you if the sale does not close
For more advice on how to
read the previous links or contact me directly:
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Copyright © 2008 By James Wexler, All Rights Reserved. *10 Tips to Price and sell your Home to Sell*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Top 5 Blog Posts of the Week
May 26, 2008
I read many real estate mortgage related blogs on the internet.
It is one of the best ways to get a variety of thoughts, ideas and opinions on what is happening on a grass roots level for the entire market, not just what is happening here in sunny Arizona and the many wonderful towns making up metro phoenix.
In that vain , I have compiled a Top 5 list, in particular order of some of the best blogs of the week. Enjoy.
- Dustin Luther of www.4realz.net brings attention to Outside.in. Outside.in is an excellent resource for local news, views and conversations in Phoenix.
- Sam Benson, talks about taking advantage of Grant programs to easier obtain loans
- Teresa Boardman asks, “is a pre-approval letter worth much” ?
- Kris Berg points out that Real Estate is local.. and it isn’t .
- Marc Davison points out the “scent of (real estate) brokers“
Don’t hesitate to read these bloggers. They writers are some of the best and most knowledgeable authors out there.
Finally, I leave you with something to consider,
“Why do 24 hour convenience stores have locks? “
Have a great week!
- james wexler
check Trulia, Zillow, AND your Phoenix area real estate Experts
May 25, 2008
One of the largest, if not the largest growth areas on-line is the use of web sites for real estate searches for listings , local market statistics and demographic data, and home value estimates.
The predominant sites are Zillow, Trulia , and Realtor.com. However, there are a multitude of other excellent resources including many local Realtor web sites who have specialized featured listings as well as MLS feeds providing a majority of all local homes for sale.
There are a multitude of sites offering listings and real estate information for Phoenix , Scottsdale and the many towns in the Arizona Valley.
Marian Bennett , a Coldwell Banker , agent from the San Francisco/Half Moon Bay area , wrote an excellent article about Searching for elusive home value using Zillow , highlighting the sometimes inconsistency of the results of the consumer sites who do provide tools estimating home values.
I agree with Ms. Bennet, consumer resources that provide home buyers and sellers tools to better inform them for their decision making process is always a good thing; as long as the information is accurate.
Now please don’t get us wrong. Fore the most part, these sites provide accurate and important information. However, like Marian Bennet says, “For a Big Picture tool, it’s not too far off…but as one would expect, not entirely accurate either. They’re statistics - a tool… not the be-all-end-all of our homes’ value.”; I agree.
More than ever, consumers start their home buying (or selling) process on-line. A great idea, and something I recommend. However, I also suggest that you enlist the tools of more specialized and localized professionals, Realtors, neighbors, news outlets, etc… to either confirm or help assimilate all the information on hand.
Real Estate is not (yet) like stocks and bonds. Real Estate is not a commodity. It is a tangible asset. An emotional bond. Decisions are made with the heart as well as the mind. Numbers are critical. However , for the most part, numbers, charts, graphs alone cannot completely replace the emotional and human aspect to real estate.
I encourage you to use the information on-line, in conjunction with localized experts and make sure you touch, look and feel the areas, neighborhoods, and home.
Only with all of these tools can you make the most informed decision.
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Copyright © 2008 By James Wexler, All Rights Reserved. *check Trulia, Zillow, AND your Phoenix area real estate Experts *
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
policymap.com - all the demographic data you need !
May 24, 2008
Joel Burslem, Founder and author , of one of the best real estate blogs, Future of Real Estate Marketing.com , recently brought attention to , as he describes, a “pretty cool” new site called PolicyMap.com ; the site offers: 
over 4,000 indicators related to demographics, real estate, crime, health, schools, housing affordability, employment, energy, and public investments.” where you can ” Search any location by address, census tract, county, state, zip code, school district, or Congressional district ” .
The information can be viewed in well designed multi-colored maps where you can ” zoom the map to your area of interest: a state, city, zip code, census tract, address, congressional district or school district”.
You can view tables to compare data across places and look at date over time” and “generate reports within specific geography from the community profile, IRS taxReport, housing data, and home mortgage reports and rental housing data.”
In Joel Burslem’s Blog about PolicyMap , he points out that he could “see (him) self possibly using PolicyMap to investigate a move to a new neighborhood”
As a Realtor at Coldwell Banker, I am often asked about specific demographic questions such as racial makeup, religion base, gender, age, criminality, etc…
However, for several reasons, including not knowing such changing data well enough to answer, the actual answers clients are looking for, and most importantly, Fair Housing Laws protecting discrimination, I am not at liberty to discuss.
However, as a Real Estate professional, I want my clients to have the information, they need personally, to make the right decision on where to live for their family. Policy Map provides one of the best tools on the market to point buyers, sellers, investors and Realtors to, as they describe, a “goldmine of information” you need to make an informed buying or selling decision.
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Copyright © 2008 By James Wexler, All Rights Reserved. *policymap.com - all the demographic data you need !*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Don’t let high gas prices prevent fun here in the AZ sun
May 23, 2008
these day, you don’t need to know how to read to know we are all feeling the crunch of high gas prices Just look at the many news photos of gas station prices showing $4.04 in San Diego and $4.12 in Connecticut. I guess we are lucky here in Arizona where gas is
ONLY $3.83. Wow!
Be thankful residents of Fountain Hills, Scottsdale, Tempe and Peoria.
Laurie Manny, of Long Beach Real Estate in California, wished everyone a happy memorial day weekend and provided those, like many of us, who stayed closer to home because of the high gas prices, a laundry list of resort and vacation like activities right in the Long Beach backyard.
I would like to offer those who are in town this weekend some ways to celebrate Memorial Day. Say hello, as you may likely see me out there.
Saturday
- Salt River Tubing and Recreation
- Memorial Day Baseball Tournament
- Memorial Day Parade starting tomorrow in Surprise
Sunday
- Tucson Pops performs patriotic music under the Stars
- Indy 500 auto race - have a party and watch the great american race
- Pool Party and barbeque at Sunrise pool
- Memorial Day Parade and Celebrations as we honor and commemorate all who have served in the military and in defense of our country
If you want to be outside, don’t forget that you and your family can go fishing, biking, hiking , go to the zoo or picnic. It’s all and more right in our backyard.
Have a great holiday. Enjoy the beautiful weather we are so lucky to have in Phoenix Arizona and fly your flag at half mass in observance of the holiday and all those who have valiantly defended our country so we can enjoy this holiday in freedom.
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Copyright © 2008 By James Wexler, All Rights Reserved. *Don’t let high gas prices prevent fun here in the AZ sun*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
the future of loan shopping - “Rate Window “
May 22, 2008
On of the most puzzling , confusing and secretive little corners of the financial world is mortgage rates ; and how you can get the ‘best’ available rate for your personal 
credit and financial situation.
Mortgage brokers perform a very important function. However, when it comes to what rate you are paying, I don’t know anyone (outside the industry) who knows how they are quoted and/or how mortgage brokers are paid.
With the recent meltdown of the sub-prime section of the lending industry and re-setting of adjustable rate mortgages, there is now, more than ever, a call for more and more disclosure of how the industry operates, detail of loan structures, broker payments and rate transparency.
I need to point out that 99% of the mortgage brokers are honest, hard working, care about the clients best interest and provide an important service to the real estate and lending industry. I can without hesitation recommend many. Unfortunately, there are always a few bad apples that spoil the bunch for the rest.
There are efforts from the government, to the major web sites, to smaller tech savvy entrepreneurs to address the challenge head on.
One of the best, products to come to the lending market is just recently launched by RealEspace called “Rate Window” . About Rate Window:
Mortgage bankers and brokers and real estate agents can now offer this transparent pricing tool to their clients through their websites or blog-sites. The paradigm shift has begun for how consumer’s will price their mortgage loans.
Transparency is now available to the public as never before! They will no longer need to negotiate with their mortgage banker or broker like a used car salesman.
The window is open (RateWindow) to the world of wholesale mortgage rates where the public can’t be manipulated on the cost of their mortgage loan. Mortgage bankers and brokers and real estate agents with vision will join in on this first to market rate pricing engine so they can wear the white hat.
For more about Rate Window and how it can benefit home buyers, mortgage brokers and real estate agents, please call or email Matt Dunlap
In my humble opinion, Rate Window is the future of the mortgage industry.
More transparency and disclosure is always a good thing. It instills trust and confidence for the consumers and public. Most importantly, transparency protects everyone involved before a situation occurs; not after a problem arises, often before it’s too late.
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Copyright © 2008 By James Wexler, All Rights Reserved. *the future of loan shopping - “Rate Window “*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
MLS search -- Phoenix Area Homes for sale
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Phoenix Area Homes for Sale
