Mesa, Arizona Real Estate - Teri Ellis - Homes Arizona Real Estate

I've been doing a lot of searches for homes recently, and I'm noticing a trend. I am noticing that many of the listings sold by the homeowners are competing with the short sales and bank owned properties. I send them all to my buyers so they can see how comparable each are, but hopefully this means things are settling down a bit.

I came across a great graph available on our MLS which has been prepared by Mike Orr, of the Cromford Report - awesome. I'm sharing it here.

I enjoy seeing where the percentage of homes are purchased, and I think buyers and sellers will find it useful.

I've truly been "MIA."  I haven't posted in almost a MONTH!!! Part of it is 'cause I'm busy -- writing MULTIPLE offers in order to get my buyers a house. Part of it is 'cause I'm just outta the habit. I can always find something to say, so it's not that - so I'm trying to be more diligent here on the Rain!

I miss you all - really I DO!!!

Now, a little about what's going on in the Phoenix, Mesa, Queen Creek, Gold Canyon areas! Lots of bids, cash buyers and INVESTORS!!! The headlines in our paper recently shouted "THEY'RE BACK!!" One investor with a million dollars purchased several properties to rent out.

So? The next problem to come down the pike would be an overabundance of rental properties. Many call on a weekly/monthly basis to find a rental because they've lost their home - so, that probably means having rental property CAN be a good thing, BUT "too much of a good thing, perhaps."

Our inventory is down, and we have buyers, and sellers are more realistic...BUT we all hold our breath until the appraisal comes in.

So, those of you who have been better than I have lately, what's new on the RAIN?

Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, ServingMesaArizona, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog

It's happening here in Phoenix and Mesa Valley of the sun. Our numbers are going down, and our solds are going up. We are down to 7,995 listings under $100,000. The investors and new home buyers have flooded our market keeping all of us hopping.

It is common to see 18+ bids on the homes under $100,000, and even above that number - Buyers are definitely back.

The new numbers are here...we are down to just above 40,000 since January. Will we be down to 40,000 by the first? We'll have to watch and see. 

As you may recall, in January, we were up to almost 60,000 active listings. Things are changing.  Inventory stats of all listings in our entire home market are as follows:

March 19

Active: 48,837

Pending: 10,869

April 3

Active:  45,694

Pending: 11,896

April 10

Active:  44,348

Pending:  12,963

April 17

Active:  42,907

Pending:  13,403

April 29

Active:  40,437

Pending:  14,226

Listed below are the comparisons for the cities and for the zip codes indicated. Note that I am only including Single Family Residences and not townhomes, apartment homes, etc.

Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, ServingMesaArizona, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog

It appears as though our Phoenix, Arizona market is adjusting. I’ve been keeping track since January 1, 2009 (and before), and posting updates weekly.  If you will recall, in January, we were up to almost 60,000 active listings. Things are changing.  Inventory stats of all listings in our MLS are as follows:

March 19

Active: 48,837

Pending: 10,869

April 3

Active:  45,694

Pending: 11,896

April 10

Active:  44,348

Pending:  12,963

April 17

Active:  42,907

Pending:  13,403

Listed below are the comparisons for the cities and for the zip codes indicated. Note that I am only including Single Family Residences and not townhomes, apartment homes, etc.

Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, ServingMesaArizona, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog

I love this! ARMLS, Arizona Multiple Listing Service, is always coming up with new ideas. The latest is a way to work with the banks and short sales by having an approval process entitled: "Fannie Mae Pre-Approved" Short Sale. Hopefully this will eliminate or at least modify some of the ridiculous hoops and mazes we, as a Realtor, are faced with when we either choose to represent the Seller, or to help a Buyer purchase a Short Sale. This is a tough time for Sellers who are faced with a Short Sale, and the less stress for them, the better.

I've included a view of the proposal to enable everyone to understand the new Pilot Program. I, for one, am all for it. AND HERE is the link for the Frequently Asked Questions!

Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: Active Rain; or Phoenix Valley Real Estate Blog

Things are definitely looking up for our market. Keeping in mind that 6 months is considered a healthy market, I am enclosing a graph of Inventory and Solds in our entire MLS as well as a graph depicting our inventory and solds as of September 30, 2008:

I love this stuff 'cause it helps me get a feel of what is really going on. Yes, we still have REO's and Short Sales, but things WILL improve, and in, fact, by the looks of these numbers, IS. ;-)

Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog

Okay, I've been away for a few days - reading and working.

As I was reading an article in the Wall Street Journal describing this tactic of buying a less expensive home in your neighborhood, and then letting your bigger, more expensive home go back to the lender, I was shocked at the audacity of people in this world of our's.