Canadian Dollar & Scottsdale AZ Real Estate
June 3, 2010
In the last 6 months, the Scottsdale AZ real estate market, (and the Paradise Valley & Fountain Hills housing market) has been witness to an influx of Canadian real estate buyers. 
Many of these would-be home buyers have been winter visitors of frineds who own Scottsdale real estate, season renters or vacationers for many years. Over the last several years, these Canadian home buyers and real estate investors have watched home prices in Scottsdale, Fountain Hills and Paradise Valley drop precipitously; in some cases, prices are down as much as 50% from the peak in July of 2006. If you combine the home price drop (plummet 
, the drop in interest rates to under 5% for fixed-rate mortgage and under 4% for adjustable rate mortgages (ARM’s) and the rise of the Canadian dollar versus the U.S. Dollar over the last few years to actually hit ‘par’ (equal to the US Dollar) has caused a Canadian real estate buyer frenzy here in greater Phoenix AZ.
Canadian buyers, mostly from Calgary, and Edmonton, Winnipeg, have been aggressively buying real estate here and explaining to me that it is a no-brainer, asking ‘where else are you going to buy a vacation home’? Florida is too far, taxes are too high and the cost of hurricane insurance is prohibitive if you want to live near a coast. Texas real estate prices have not come down as much and many feel it is not ‘metropolitan’ enough; too ‘American’ , LOL, if you will. California is way too expensive, and the property taxes are too high. Finally, most Canadian real estate buyers feel that Nevada does not offer the same upside potential for a real estate recovery.
As a real estate broker for investment funds, I should likely learn the Canadian national anthem, (besides the first two words) as our friendly neighbors to the north have helped support our local economy.
Fellow real estate buyers, keep an eye on the Canadia Dollar; it could be a forward looking indicator of Scottsdale AZ home prices.
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Copyright © 2010By James Wexler *Canadian Dollar & Scottsdale AZ Real Estate*
Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.
Scottsdale Real Estate existing sales rise
May 24, 2010
We must have turned the corner in our local Phoenix AZ real estate market. This post is the second continually that exudes strongly encouraging good news for Scottsdale housing market.
Today, Resales of homes in the U.S. real estate market rose 7.6% during April, another positive sign that a further decline is farther in the rear-view mirror of the Phoenix real estate market.
I have noticed an increase in buyer traffic as reported by Scottsdale real estate agents and Paradise Valley agents holding open houses. According to several Realtors that I interviewed, they expected for home buying interest to wain with the increase in temperature here in the east valley of Phoenix; however, buyer interest in Scottsdale and Fountain Hills real estate ( especially from Canada, has remained level or increased.
Recently, my brother, Daniel Wexler, a real estate broker for Call Realty who works in Fountain Hills, AZ sold a $821K home in McDowell Mountain Ranch. The buyer is from Winnipeg, Canada and has watched prices drop precipitously while renting here for the last five years. Finally, their dream home, which was $1.3MM only 3 years ago is being purchased for $821K; not bad !!
There are plenty of deals like this in the valley; If you know where to look, you can find premium real estate in the best zip codes of North Scottsdale, Paradise Valley and Fountain Hills at prices 50% off the highs these same homes sold for just 3 or 4 years ago.
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Copyright © 2010By James Wexler *Scottsdale Real Estate existing sales improvement*
Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.
unemployment improves!! will help Scottsdale AZ Real estate
May 21, 2010
Greetings loyal readers of my Scottsdale AZ real estate blog; it has been too long. I thought all of you ardent AZ real estate followers might like some good news on the economic front. 
Today, the Associated Press reported, ” Unemployment rates fell in a majority of states last month as improved economic conditions spurred hiring.The Labor Department said Friday that 34 states and the District of Columbia reported lower jobless rates in April. ”
As goes the job market, does the real estate market. Although, what has become a recent phenomenon, it is now required to have a job if you want to qualify for a loan to buy real estate. Please notice the sarcasm, as 2003-2006 were witness to an economic time in az real estate that saw lenders offering loans (and plenty of scottsdale az home buyers taking) to those who did not have jobs. Anyway, I digress…..
The bottom line is that with unemployment data improving, the federal government just this week announcing their commitment to keep interest rates at these historic lows (lower than 5% on 30-year fixed mortgages), and real estate home values in Scottsdale, Fountain Hills, Paradise Valley AZ down as much as 50% from the peak, we seem to be finding solid footing in real estate prices.
In fact, just recently, the industry trade group reported , ” resales of U.S. homes and condos rose 6.8% in March to a seasonally adjusted annual rate of 5.35 million, ” and ” Sales were up 16.1% compared with March 2009. Existing-home sales rose in all four regions of the country in March.”
Admittedly, there is unsold inventory to work through. However, with buyer traffic at all-time highs, builder confidence improving and interest rates staying below 5% on fixed-rate mortgages and under 4% for adjustable rate loans, it appears the worst of times for Scottsdale, AZ home prices and Paradise Valley real estate is well behind us.
Please call me today. I can help you and your family find your next house and you can make it your home!
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Copyright © 2010 By James Wexler *unemployment improves!! will help Scottsdale AZ Real estate*
Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.
a sure sign Phoenix AZ real estate has hit bottom
September 23, 2009
For more than 3 years the Phoenix AZ real estate market and Scottsdale AZ real estate and housing market has continued to spiral downward. In fact, due to the large supply of bank owned homes, lender owned real estate (REO) and short sales, many thought it would be years until we would see a rebound in Scottsdale AZ home prices, no less a rebound in Arizona real estate. Wait !! Now, today we have some , dare I say, optimistic news that not only shows that the national housing market is starting to heat up, that maybe home prices will actually rebound in certain price points as demand is starting to match supply.
Today, a Reuters article announced that a Mortgage Bankers Association report that an ‘index of mortgage applications, which includes both purchase and refinance loans, for the week to September 18 increased 12.8%. This is the highest level in recent memory and a strong indicator that buyers are taking advantage of the current sub-5% mortgage and re-finance rates to buy homes across the country , including, Phoenix AZ and Scottsdale AZ. If you dont believe me listen to what Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, said several months of improvement in new and existing home sales is a positive sign.
“Low interest rates on mortgages are important to the fledgling housing recovery,” he said, and this has made a significant impact on the affordability front.
Buyers, I dont say this too often, but if you have been on the sidelines , waiting for the right time to buy a home, and you are gainfully and securely employed, please do not miss this chance to lock-in mortgage loans under 5%, take advantage of as little as 3% down FHA financing, $8,000 buyer tax credit and home prices that have dropped more than 50% over the last 4 years in areas like Phoenix AZ, Scottsdale AZ and the surrounding towns of Mesa, Gilbert and Glendale.
Please call me today. I can help you and your family find your next house and you can make it your home!
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Copyright © 2009 By James Wexler *a sure sign Phoenix AZ real estate has hit bottom*
Contact James Wexler (480) 221-8080 for all your Real Estate needs.
Best 5 reasons to buy a home in 2009
April 16, 2009
I call Arizona’s last 10 years the real estate ‘gold rush’ ….
where for the first time home buyers thought of getting rich and making money on their own and a place to live was secondary.
yes, a lot of money was made; and lost. However, let’s remember the
Top 5 reasons to buy a home. (the order is different for everyone)
- a Home is place to live
- enjoy tax benefits
- a fixed mortgage payment in time (rents typically rise with inflation)
- each month you save money by paying down your mortgage loan
- build a nest egg over time
Today’s home buyer is seeing opportunities that they may never have expected.
I encourage you to buy a home only if you can stay in your home for at least 5 years, put down at least 10% (20% is better) and get 30-year fixed mortgage.
If you can handle the payment comfortably then history has proven that you will build a nest egg while enjoying all the other benefits home ownership has to offer.
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Copyright © 2009 By James Wexler, All Rights Reserved. *Best 5 reasons to buy a home in 2009*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Real Estate prices fall a record in Phoenix area - can this be good news ??
March 6, 2009
Ok, ok, …. Maybe good news for the metro Phoenix area real estate and the housing market is pushing it a little. And I don’t at all want to sound happy or overjoyed as area residents in Scottsdale, Tempe and Desert Ridge home values, and people’s net worth slightly deteriorate.
However, after everyone catches their breath from this real estate and housing market news and looks a little deeper past this fright filled front page headline it may a little more easily digested as a case of “Glass Half-Full” versus “Half Empty”…. Here’s one man’s humble of Why!!
Take these 5 reasons. (stay tuned, I will go into detail of each tomorrow
1) It’s a Buyer’s market
2) Lenders easing credit
3) Lower interest rates
4) Reduction in inventory
5) Consumer confidence
Yes, this so called “good news” I am finding in what are agreeably are recent cloudy days, may be of little , (although these days, a little can be a lot), consolation for home sellers .
However, as I always say, Buyers dictate a market. And we need the above factors , all of which stimulate buyer’s to actually BUY!! Ultimately, reducing the glut of homes on the market will cause a follow through of rising home values.
Yes, residents of Tempe, Fountain Hills, Mesa, Peoria, and the area of Desert Ridge, and the golf communities of DC Ranch, this will happen, one day. I promise.
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Copyright © 2009 By James Wexler, All Rights Reserved. *Real Estate prices fall a record in Phoenix area - can this be good news ??*
Contact James Wexler (480) 221-8080 for all your Real Estate needs.
Lease-Purchase, — the new financiang!
January 15, 2009
Phoenix and Scottsdale area lenders are tightening their lending practices. It is increasingly more and more difficult for home buyers to get loans.
Now 100% loans, or ‘majority financing‘ is a very limited option, buyers and sellers have to be creative to get real estate transaction closed.
There are 2 strategies that may work; The Lease-option and the Lease Purchase.
A common name you may here these referred to is “Rent-to-Own” .
I have to recommend that you do not attempt this without the advice of an experienced attorney and/or real estate professional.
Lease option - “contract in which an owner leases her house (usually for one to five years) to a tenant for a specific monthly rent, and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance”
Lease Purchase - “a Lease to Purchase contract combines a basic lease contract with an option to purchase contract, which creates a Lease to Purchase contract.” The main difference being that the lease purchase contract, the Buyer is obligated to buy; if not, the buyer would likely be in breach.
Again, both contracts can provide language where a portion or all of the rent payments can go towards the purchase of the home. Thus, allowing the buyer to accumulate down payment to more easily obtain a loan.
Hire a real estate attorney or experienced real estate professionals who can prepare documents, explain and protect your interests.
Here are the names of a few real estate professionals with whom you can speak.
- Arizona -Nancy Atkinson
- Nevada - Rae McKinney
- Virginia - Cindy Jones
- South Carolina - Stacey Macioszek
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Copyright © 2009 By James Wexler, All Rights Reserved. *Lease-Purchase, — the new financiang!*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.
To Buy or Not to Buy (Phoenix AZ real estate)
December 27, 2008
This slight variation of Shakespeare’s famous line from Hamlet is the question I am hearing from as they buyers ponder and weigh-in on when it comes to that big decision to purchase real estate.
Here are 4 things to consider whether now is the right time for you to buy a home here in Greater Phoenix , Fountain Hills or Scottsdale….
1) A Home first, and investment last – a primary residence is just that, a residence, it is a place to live, to realize the American dream, to enjoy, to raise a family, it can create long-term wealth, however that is not the primary reason to enjoy homeownership
2) Low interest Fixed rates are a hedge against inflation – some of the lowest fixed rates are available; as a result you can buy the same house with a lesser payment, more importantly, with fixed monthly payments, you have a hedge against inflation, as your dollar buys more new home now, than it will later
3) Tax advantages – speak with a CPA or expert, however, there are some great tax advantages to primary homeownership, including no capital gains breaks on up to $500K in appreciation for married couples and deductions of interest against income
4) Long-term capital appreciation – many Americans have created significant wealth through home ownership and real estate across the country and here in Maricopa County, Arizona .
Remember, Capital Appreciaion should be the last reason to buy; as homes do cost about 8%-10% year to own when you figure in interest, taxes, insurance and upkeep. Though, if you have a fixed rate mortgage, pay down principal and are patient, history tells us, you will enjoy the many wealth creation benefits
Make sure you make prudent investment decisions when you buy Real Estate and buy a home for the right reasons.
Most importantly, make sure you can afford it, there is no sense working hard 7 days a week, even if we do have beautiful weather here in Scottsdale and the Greater Phoenix Valley, just to struggle to pay a mortgage that you cannot enjoy.
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Copyright © 2008 By James Wexler, All Rights Reserved. *To Buy or Not to Buy (real estate) … that is the question*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Phoenix AZ real estate Good news (sort of) ….. continued
December 21, 2008
For those who read yesterday’s Blog, about real estate pricing in the metro Phoenix, Tempe, Scottsdale area when I took a leap of faith of faith (or as some have suggested, forgotten how to read) when I was either bold or crazy enough to suggest that the S&P/Case-Schiller Report that announced home prices have plunged more than 30+% as “Good News”!!
I am not retracting my belief just qualifying it as an assessment that the news was a case of the Glass Half-Full v. Half Empty. Here’s why ….
1) It’s a Buyer’s market – for the Half of every real estate transaction, the Buyer, opportunities are created for those who have the conviction to step in when value in home prices is in their sights and the patience for long-term growth which historically real estate has given
2) Lenders easing credit – the lower prices, offer less risk for lenders. Let’s face it, values are not going to $zero. Lower purchase prices, lower loan amounts, lower payments for borrowers, more upside in appreciation, than downside
3) Lower interest rates – how you finance a home, is often times more significant than what price you pay, 30-year fixed rates are hovering near all-time lows. You can lock in a fixed payment with a reduced price and reduced rates than seen in many many years, thus lower monthly payments for the same house 3-4 years ago.
4) Reduction in inventory – we need to get past these inventory levels and reduce the glut of homes on the market. Not until then, can home prices rise again. This will happen. However, not until prices are lower. This negative price drop is a positive for reduction in inventory. The statistics show we are clearly moving in this direction.
5) Consumer confidence - every day , at least in Metro Phoenix , we see negative news. Negative news, is negative water cooler talk. Misery loves company, etc… you fill in the cliché’ . With lower prices, we will see more sales , more happy buyers who feel they got that “Deal” they have been looking for. Happy consumers, good news, buyer spending, confidence in the housing and real estate sector will return.
Yes, if you are a seller, times are tough. However, be patient. Prices are starting to correct enough to stimulate buying. Lower prices, means more buying, more buying means less inventory (supply) . Less Supply, in simple economics, means more demand. Prices then go up. It’s almost that simple.
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Copyright © 2008 By James Wexler, All Rights Reserved. *5 Reasons why Bad News for real estate buyers is Good News!! (continued from yesterday)*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
Buy Phoenix AZ Real Estate Low Sell Real Estate High (later)
December 13, 2008
You have all heard the investment phrase, ‘Buy Low Sell High’. 
However, how do you actually do that? at least when it comes to buying real estate as in Phoenix AZ Real Estate.
Let me tell you story which might help shed some light on this investing “ Holy Grail ”
“Finance 101 will often tell you that, “the best time to buy is when opportunities are created out of seller necessity. A couple I have worked with for some time, just bought a home straight out of a Builders Inventory (these days, builders have taken homes back from a buyer who could not qualify for a loan.) The original price on this home was more than $700K. They bought this brand large beautiful new home in a wonderful community of Peoria for $400K.
Now, this couple has bought this new build home low. Have they purchase at the lowest? My crystal ball has not worked as well as I would like. However, based upon their needs, wants and desires, they have bought “Low” and have a wonderful home to raise their family. How do they sell High? Well maybe the correct term is sell their real estate “Higher”.
Again, my home buying crystal ball is on the fritz. However, they have a very affordable 30-year fixed rate that they can comfortably afford and do not have plans to sell for many years to come. A historical outlook will suggest that their plans to live in this home for 5-7 years and possibly longer will give them an excellent chance to build equity, save on taxes, sell higher, and most importantly give their family a place to call home.
I would say that I have never seen so many great buying opportunities for the prudent, savvy, patient and credit-worthy real estate investor and/or new home buyer.
More and More these days, in Phoenix and the surrounding towns of Peoria, Tempe , and Fountain Hills to name a few great Arizona cities, Opportunities abound. You just have to know where to look.
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Copyright © James Wexler * Buy ( Real Estate ) Low - Sell High *
If you are a Phoenix AZ real estate investor or a Scottsdale AZ real estate buyer, Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
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