When It's Hot, It's Hot............

This is truly a Sellers market.

Houses are on the market for less than a day and with multiple offers being received on them. Most are selling above market value, and with Sellers calling most of the shots.

If your agent is having trouble finding and getting you into a home; it's not just you trust me. I run 24/7 for my clients; checking the MLS 10 or more times a day and running the minute I see a new listing, only to get to the house and several other Agents have already been there before me. You rush to try and get your clients in to view the home and sometimes have to do it by photos alone. The the mad rush to do the comps and get an offer (full price or more) to the listing agent, only to find they have accepted an offer already; all within 24 hours of it coming onto the market.

This is truly a tuff time to be a buyer. But don't let the Sellers or their agents convince you to for go your appraisal and inspection contingencies, you still need to protect yourself.

The number of houses falling out of escrow are amazing right now and most are either because the house did not appraise at the asking price or the Buyers could not qualify for the increased cost of these homes.

Sit back, and strap yourself in this is going to be a bumpy road for sure.

Be sure to visit: http://www.GotRealEstateQuestions.com for more information about buying or selling your next home. Search the MLS 24/7/365 from the privacy of your own home.

Arizona Real Estate Questions

http://www.GotArizonaHomes.com

• Are you ready to play the real estate game; but need more information? Visit my web site and find homes available 24/7/365 from the privacy of your own home. No calls, No long winded agents trying to sell you on why you should use them.
• Interest rates are feared to be going up if your even thinking about buying or selling a home you should talk to a lender who can help you be prepared to move FAST; houses are limited after the length of time interests rates have continued to remain low. You want to be in the best possible state when ready to buy; i.e. no contingencies, no waiting to be approved for a loan, and know that the days of sellers paying all your closing costs may be be hind us for awhile. Let me help you hook up with a great lender who may be able to help you.
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  LATEST NEWS (From the Arizona Business Journal)
  1:06 PM MST Tuesday
  Resale housing market up 38 percent over last year
  The Valley's resale home market jumped 38 percent in 2004, rising from 73,785 homes changing hands in 2003 to 102,115
  recorded sales last year.
  Since 2000, the local resale housing market has consistently set new records, officials of the Arizona Real Estate Center at
  the East College at Arizona State University said Tuesday.
  For the year, the median home price increased 22 percent, going from $156,000 in January to $190,000 in December.
  The median square footage for a single-family home sold in 2004 was 1,685 square feet, while it was reported as 1,670
  square feet in 2003.
  "There are four basic motivations that drive home buyers: the need for housing, especially for new residents; the desire to
  own, not rent; the dream to improve current housing; and/or to invest in housing as a rental or seasonal home," said Dr. Jay
  Q. Butler, Arizona Real Estate Center director.
  Looking across the Valley:
  • Recorded sales in Phoenix improved from 20,100 to 27,075 sales, while the median sales price increased from
  $126,000 to $139,500.
  • Scottsdale's resale market increased by nearly 2,100 sales to 9,485 sales in 2004. The median sales price also
  continued its strong upward movement from $322,000 to $385,000.
  • The resale market in Mesa also expanded from last year's 9,205 sales to 12,310 sales. The median price increased
  from $141,000 to $158,000.
  • Glendale sales activity increased from 6,345 sales to 7,695 sales, while the median sales price increased from
  $142,000 to $158,900.
  • The Sun City West resale market increased from 1,035 sales to 1,065 sales, and the median sales price also
  increased from $144,500 to $165,000. In Sun City, sales activity improved from 1,770 sales to 2,065 sales while
  the median sales price increased from $118,000 to $136,925.
  • The Gilbert resale market jumped from 1,755 resales to 6,310 sales in 2004 while the median sales price improved
  from $174,500 to $205,000.
  • Chandler's resale market improved from 5,610 to 7,280 sales, while the median sales price increased from
  $162,000 to $186,000.
  • The resale market in Tempe expanded from 2,205 sales to 2,530, while the median sales price moved from
  $166,925 to $182,000.
  • Avondale's resales jumped from 1,080 to 2,145, with the median sales price jumping from $148,800 to $163,000.
  • El Mirage's resale market more than doubled to 1,340 sales and the median sales jumped nearly $17,000 over the
  year to $134,900.
  • In Goodyear, the resale market increased from 920 in 2003 to 1,900 sales in 2004, with the median sales price
  posting an increase from $163,500 to $183,000.
  • And the Surprise housing resales jumped from 1,865 to 3,685 sales and the median sales price jumped from
  $140,000 to $164,900.
  The highest median sales price was in Paradise Valley at $925,000 with a median square footage of 3,525 square feet.
  Butler noted that low interest rates continue to support the strong housing market.
  With that in mind, Butler said in order to sustain home buyer motivation, the economic recovery must continue, home
  prices must not rise so quickly as to result in affordability issues and future traumatic events must be limited.
  For more: www.east.asu.edu.