The Phoenix Business Journal reported the other day Metro Phoenix home sales was in a slump in the Spring and early Summer. That's pretty much what a few Realtor friends of mine and I felt. I guess we Realtors on the front lines of homes sales really do feel the housing economy first. But, sales have picked up again in the last 4 weeks or so and that's a good sign. Let's hope it continues.

Pending home sales rose sharply in May, with lower mortgage rates and increased inventory accelerating the market, according to the National Association of Realtors. First Time Home Buyers are still not buying as strong as preferred by most analyst at 27% of the contracts. Pending home sales is an indicator of where the market MAY be going so caution is advised. Western states are fairing better than most others.

March home value numbers are in and it doesn't look like Metro Phoenix will have another housing bubble. Even though home values rebounded as much as 65% in some valley areas. The medium priced home in March was $205,000 and holding steady. With home values and interest rates holding steady if you want to buy or sell, now's a good time to contact RooPho Realty.

To arrive at an "affordable" home price, follow the guidelines of most lenders. Allowed a total debt-to-income ratio of no more than 36 percent. And assume a housing payment-to-income ratio of 28% for a conservative estimate, and 33 percent for an aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college. ASSUMPTIONS: Assumed a 30-year mortgage term, annual property tax of $2000 and homeowners insurance of $500 for the metro Phoenix area. If you need help, contact me at RooPho Realty and I’d be happy to help.

Metropolitan areas with sales declines from a year ago include Boston (-23%), Fresno (-22%), Orlando (-18%), Los Angeles (-16%) and Phoenix (-13%).

Rock-bottom mortgage rates moved even lower this week, hitting 4.12% for a 30-year fixed rate loan, according to Freddie Mac.

Thinking about buying a house? Start with this check list. 1. Decide how much you want to spend. 2. Check your credit report and score. 3. Find a lender to determine how much you can borrow. 4. Call RooPho Realty to start researching neighborhoods and what you can buy in your budget.

Homes sales in the US were up 4.9% in May '14 over last May. However, sales in the Valley were flat in April '14 over last April and not really expected to go up much in this summer. We'll see what our numbers were in May soon.

Phoenix Commercial Real Estate picking back up.

Ronald Hanson of the Arizona Republic is reporting that commercial real estate is picking up.  Phoenix Commercial Real Estate often follows residential real estate in the Metro Phoenix market.  As Downtown Phoenix residential sales started to slow down, the commercial market did the same. 

How that Metro Phoenix has been picking back up, the commercial market is following suit. 

Most of the residential building in Central Phoenix, Downtown Tempe, Downtown Scottsdale and the Biltmore Area have been rental or assisting living.  The residential market needs to get a bit stronger before Condos and Town homes start building again.  However, Phoenix Historic Homes are stilling coming on the market and at reasonable prices.

AZ Central whole story

Tempe Townlake Condos

Tempe is such a great place to live especially near the Town Lake.  Currently there are only 45 condos for sale near the lake.  That tells you how popular the communities are.  Below are just a few examples of the communities and views you can have in Tempe. 

Go to AZNativeProperties.com and check out all the great communities Tempe has to offer.

Contact RooPho Realty for a complete list of all Condos for sale in Tempe and an appointment to see some of them.

Bridgeview Condos on Tempe Town Lake

Brownstones at Hyde Park

North Shore on Tempe Town Lake

Real Estate Economy getting better

A good indicator that the real estate market is getting better are the number of building permits filed by builders.  2013 is off to a good start with the greatest number of permits in January since June of 2008.

Permits are a sign that builder's are more confient in the market and will start building again.  Nationally permits are up 2% over December 2012 but 35% over January 2012.

The market continues to get better nation wide with Metro Phoenix leading the pack.  The median value of a home in metro Phoenix went up almost 16% in 2012 while homes sales went up 34%. 

The overall value of single family homes in Maricopa county was $127,000 in 2012, up from $109,000 in 2011. 

These are all good signs the housing economy is improving and it's the right time to buy.  Contact me to see if it's the right time to buy for you.  www.AZNativeProperties.com or 602-224-0554

Foreclosures lowest since 2007 in Metro Phoenix

Foreclosures and foreclosure starts are at their lowest levels since 2007.  According to the information market, 1339 homes were forecloses on in January.  Many months from 2009 to 2011 were from 4000 to 5000 per month. The Phoenix housing market is no longer driven by the foreclosure market and there is no shadow market. 

Check out AZNativeProperties.com for a great selection of Urban Properties in Metro Phoenix.http://www.aznativeproperties.com/

Real Estate values up the most in over 6 years

Not only have home values in the US gone up the most in 6 years, Arizona real estate increased the most. 

Home prices when up 8.3% from Dec 2012 over Dec 2011 which was the largest increase since May '06.  Values improved last year in 46 of the 50 states.  Arizona increased an average of 20.2%.

Arizona does not have many properties on the market and many are selling in just days.  Many seller's are trying to take advantage of the increase in values as well as the low inventory and asking higher prices.  You need a Realtor specializing in many neighborhoods and able to help you determine the real market value before you make an offer.

Many economists expect values to continue to rise this year for previously owned homes.  New home builders are getting more confidence in breaking ground and started more homes in 2012 than in the last 4 years.

Assisting the housing markets improvement are the low interest rates and job growth throughout the country. 

RooPho Realty covers the entire Metro Phoenix real estate market.  Contact Chris@RooPhoRealty.com for more information on the market and the area you want to live.

Safari Drive Community, Scottsdale AZ

 Safari Drive Commuinity are located on the northside of the Camelback Road and just east of Scottsdale. 

Safari Drive community has a beautiful Zen Garden and heated pool.  Floor plans range from 900 square foot 1 bedrooms to 3000 square foot 2 bedrooms. 

Kitchens are upgrade for your best home cooking.  Nice large windows for great light and views.

If you enjoy the location and are looking for something a little different in size or style, contact RooPho Realty for Realtors who specialize in urban condos.

RooPho Realty also works valleywide for single family homes, townhomes and condos.

Contact us at www.AZNativeProperties.com or 602-224-0554.

Arrowhead Condos and Townhomes

If you're interested in living in the Northwest Valley, considering looking at Arrowhead condos and townhomes.  There are many nice places, mostly built since the 1980's and close to shopping, restrurants and entertainment.  The Sports complex for football and hockey are easy to get to and of course all the events these stadiums do throughout the year. 

Brownstone At Hyde Park, Tempe AZ

 If you like the feeling of Chicago, Boston or San Francisco, you should see the Brownstone At Hyde Park. 

The community was built in 2006 with tree-lined streets and brownstone buildings.  It's a charming community just outside of downtown Tempe and not far from ASU. 

 The community has a heated pool and spa and a community room.  The brownstones are 2 and 3 bedrooms ranging in size from 1200 square feet to almost 2000 square feet. Many of the kitchens have upgraded cabinets, counter tops and stainless steal appliances.

Contact me at Chris@RooPhoRealty.com or 602-224-0554. 

www.AZNativeProperties.com

Metro Phoenix's median home prices are up 5% in Otober

Don't look now but the median home values in Metro Phoenix are up again.  Existing home values have gone up to $157,000 from $150,000 acording to ASU's W.P. Carey School of Business.  Metro Phoenix’s median home price is up 34 percent from a year earlier.

Some key numbers and trends associated with the rise in home values in the Valley:

• The number of houses for sale has increased 31 percent, to 12,500, during the past few months.
• New-home sales have jumped 85 percent from last year.
• The average price per square foot of all houses sold in October was 26 percent higher than in October 2011.
• More regular homeowners are selling or at least putting their houses on the market.
• About 76 percent of all houses for sale in the region are priced below $150,000.
• Investors continue to purchase affordable houses in the area. Almost half of the homes bought for less than $150,000 were paid for with cash.
• Foreclosure starts in October were down 41 percent from the same month in 2011. Foreclosures fell 15 percent.

If you think now is a good time to buy or sell, contact RooPho Realty.

Home values not under distress are starting to go up in Phoenix.

As foreclosures and short sales decline, home values having been going up especially for those whose home was not threatened by disclosure.  These are good signs for the overall Metro Phoenix market is getting better a little faster than other areas around the country. 

Many have thought there is a shadow market of homes foreclosed on but not put on the market for sale.  I was one of those people last year and never really got proof if that was accuarate or not.  What I'm seeing today is a lot different.  Any residential property put on the market today at a reasonable price for it's location and condistion are selling within days on the market.  If a property is on the market more than 30 days, I'd ask why.  Sometimes just seeing the property will tell you.  One of the main reason I see is that the property needs a lot of work but is priced as if the work has been done.

Call me and I can do the research of the properties history and get answers to questions you have about the property and find supporting comparible properties to help you understand if the price is right.

See many Metro Phoenix propeties at www.AZNativeProperties.com or contact me at Chris@RooPhoRealty.com or 602-224-0554

Northshore Condos, Townlake, Tempe, AZ

 Enjoy views of the Tempe Town Lake from your living room, bedroom and balcony when you live at North Shore Condos. 

Most of the units at North Shore look over Tempe Town Lake.  There are walking and bike paths around the lake and many picnic areas. 

The condos in North Shore vary in size from 1200 square feet to over 2000 with 1, 2 and 3 bedroom floor plans.

Many of the floor plans are great room designs and the kitchens are contemporary and functional.

The community has a heated pool, spa and workout room.

Located just off the 202 and Scottsdale Road and across the Tempe Town Lake from ASU, you can't beat the area.
If you want information on condos in Tempe or Metro Phoenix, check out RooPho Realty's website or contact me at Chris@RooPhoRealty.com or 602-224-0554.

US home values are up and AZ Values improve the most.

The housing market continues to improve nationwide although slowly.  In Arizona, the market is improving a little better than the rest of the country with 18% increase over last years values.  A big problem Metro Phoenix still has is there aren't many residential properties on the market and those that come on the market sell fast if they are priced right.  The low inventory helps increase values so investors and owner occupied buyers are snapping up properties quickly.

Another good thing is Short Sales are getting approvals faster than in the past.  Many are getting approved in 2 to 4 months compared with 4 to 8 months a few years ago.

Here's the full story from AZCentral.com

For more information on resential real estate go to http://www.AZNativeProperties.com/ or contact Chris at Chris@RooPhoRealty.com or 602-224-0554