Arizona Real Estate | Thomas Jambor

Big Changes Coming! December Market Update

brianjambor — Sat, 07 Jan 2012 04:00:30 +0000

INVESTOR FEEDING FRENZY !!

Like my subtitle? I will explain … but first this, some good news!

Here we are already moving into December and pushing the close of 2011. The economy still is struggling but showing a glimmer of recovery in pockets. Elections around the corner. Europe taking a number of hits as their financial and budget crunch overtakes their economies. But yet we had an amazing unexpected shot of “Black Friday” shopping to the tune of around a 16% increase and an online increase of over 23%! So what gives? Hmmm could the economic kenetic energy (econetic potential) tied up in extreme mortgage payments finally be releasing after a few years of Foreclosures and Short Sales? This has been my prediction over the last 2 years as I continued to promote Short Sales as not just a solution for families with distressed home situations, but also a solution for releasing more discretionary income into the economy as a side benefit for economic recovery. If you are thinking about a Short Sale, or know someone who is, your time to act is limited to 12/31/12. After that, you may not qualify for the current tax liability protection due to expire 12/31/12. If someone you know is in a situation considering a Short Sale, please send them to my link for a FREE Short Sale Consultation

So what is with the sub title “investor Feeding Frenzy?”

As I have pointed out in past monthly updates, Monthly Sales continue to remain even slightly higher in 2011 than in 2010. This would not be a big deal, except that the number of available homes has drastically declined since January 2011! Actually, the number of available homes for sale on the MLS still continues to move along the lowest levels since 2006! In fact, November 2011 available homes for sale were over 40% LESS than November 2010! And who are the Buyers? a significant number of Investors have figured out there currently is a huge rental market now thanks to Foreclosures and Short Sales. And with home prices so low, the returns are very attractive for rental units. Like I was suggesting the last few months, the competition for lower priced homes is rapidly heating up with many listed homes now getting multiple Offers, even 6, 7, or 8 within days! YES, it will drive the pricing up. NO, not enough to significantly correct an extreme upside down mortgage situation. The reason? Investors can only go so high before the return on their investment through rental rates will not make financial sense. So Short Sales are still a big part of the market and will be big in 2012, Lender owned homes available for sale are way down, as are foreclosures.

And that is my take on the Arizona housing market, 2011.

I want to take time to wish everyone a brighter holiday and new year with lots of success! I appreciate the opportunity to have gotten to know you, some more than others, and look forward to assisting your Arizona Real Estate needs in the future. Please feel to leave a comment or two and certainly if you have an experience you would like to share, please do. MERRY CHRISTMAS!

The following has been updated from last month and shows graphically how big the Supply (Inventory) vs Sales numbers have compared over the last 2 years. Prices are showing signs of some upward push in Investor home price ranges.

MLS Listings Available vs Sales

Recently Sold Arizona Homes

brianjambor — Fri, 23 Dec 2011 11:49:37 +0000

I’ve sold a lot of homes lately. Soon you’ll be able to see how I’ve helped many people in the greater Phoenix, Arizona Metro Area get out from under their distressed property and sell their home.

Carrybacks, Wraps, & Shared Equity in Real Estate Transactions

thomasjambor — Mon, 28 Nov 2011 03:38:44 +0000

10/23/11- Taught by David Compton. These types of creative financing methods fall under the category Alternative Purchase Options, or APOs. David stated that some Lender’s REO properties (bank owned) are accepting Lease Options! As the mass of past home owners who no longer can qualify as home purchasers continues to increase dramatically, APOs should soon return just as dramatically unless a major change in mortgage lending qualification occurs. We reviewed in detail the various types of APOs.

Financial Issues in Contract Writing

thomasjambor — Mon, 28 Nov 2011 03:14:53 +0000

11/23/11- Course by David Compton that reviewed basic Real Estate contract law then went into details of the two types of foreclosure methods available to Lenders, in Arizona. Also discussed was why Lenders overwhelmingly use the Trustee Sale vs Judicial Foreclosure. Discussed were Assumable Loans and how there is interest in certain political and government circles to allow FHA and VA to bring in some sort of NON-QUALIFIABLE assumable loan programs.

Short Sale Myths & Misnomers

thomasjambor — Mon, 28 Nov 2011 03:03:58 +0000

11/17/11- Update by Attorney Mark Windsor. This class was Mark’s view and experience on recent case law and issues such as Strategic Default, Deficiency, and the Due Diligence of Realtors. Also discussed were issues of leaving your home vacant for months prior to an actual foreclosure and how your home owners policy may not then cover any vandalism or other claims, if you still own it and vacate it.

Attracting Investor Clients

thomasjambor — Sun, 27 Nov 2011 23:37:34 +0000

11/15/11- This class was taught by Real Estate Investor Marty Boardman who detailed his background and experience in successful Arizona Real East investing. He covered the items and presentations most coveted by Investors in their search for good real estate investments. Marty explained his ROI requirements and how to evaluate and present the numbers for potential investors. Marty is currently involved in “Flips” and went on to detail his criteria for what he and his company have found as being very successful.

iPad for the Real Estate Professional #2

thomasjambor — Sun, 27 Nov 2011 23:30:32 +0000

11/10/11- An update course on using iPads in Real Estate and the features of some of the best apps. I currently significantly use an iPad in my real estate business and have been staying updated to the most current changes and improvements in apps. Attending the update and advanced courses helps me find the tweaks and best apps in using iPads as a tool to better service my Clients.

30 Ways to Lose Your License

thomasjambor — Sun, 27 Nov 2011 23:22:55 +0000

11/09/11- Taught by Robert Bass, ex-Administrative Law Judge for the Arizona Department of Real Estate. This is a refresher course that has been updated to include new issues regarding Short Sales and disclosures from Realtors. Emphasis was on not venturing into the area of Law and Taxes, but be sure to be sure a refer that to a qualified professional, even if you, as a Realtor, might now the answers. Also ensuring all material facts and disclosures are provided to Lenders reviewing a Short Sale situation.

Buying & Selling HUD Homes

thomasjambor — Sun, 27 Nov 2011 23:15:53 +0000

11/02/11- Seminar on the entire HUD buying cycle from bid to closing of escrow. Significant changes took place in August 2010 in order to simplify and streamline the process. Also covered where details of available financing types to handle HUD home purchases.

AZ Anti-Deficiency Laws: The Cost of “Walking Away”

thomasjambor — Sun, 27 Nov 2011 23:02:00 +0000

10/13/11- Update by Attorney Marc McCain who covered current case laws and expounded on the variations of deficiency situations that have yet to be argued in court, and those few that have, to determine an absolute deficiency standing by a homeowner. Marc also covered Tenants rights in foreclosure situations and offered his personal view on risk level assessment for the existing gray areas of deficiency standing.