Great information from Kevin Kaplan!
What is Happening to Home Prices?
Posted on June 16, 2011 by Kevin Kaplan
We've all seen the news. "Home prices slide", "Risk of a double dip in home prices" etc. But is it worth a few minutes to better understand what is happening to home prices here in Arizona? I do, so here we go.
The Product Mix
First of all, real estate is a very localized affair and needs to be evaluated as such. So while we see articles on the national housing market, let's take a closer look in our backyard here in Arizona.
Pricing in its simplest form is a function of supply and demand (remember those college economics classes? I am lucky enough to hold a degree in Economics….). But what many people seem to overlook in housing is that you also need to understand the type of product being sold, and what impact that has on overall pricing metrics.
We did some analysis on MLS data to determine the product mix of residential homes being sold in Tucson and in Phoenix for the time period January-May 2011. Specifically we wanted to know the mix of distressed (REO and short sale transactions) and non-distressed closed sales. Here are the results:
Tucson – 43% REO (Bank owned) sales, 9% short sales and 48% non-distressed sales
Phoenix – 42% REO (Bank owned) sales, 20% short sale and 38% non-distressed sales
52% of closed sales in Tucson and 62% in Phoenix were distressed.
Impact of Distressed Sales on Pricing
So now that we know more than half of residential properties sold were distressed, let's take a look at the impact that has to pricing.
We see a stark difference in pricing from distressed to non-distressed homes.
The product mix is driving down the overall home price sales. As this distressed inventory gets absorbed (which is happening now at a good clip) the product mix will start to shift back to more non-distressed sales, which means we may have a more instant uptick in home sales prices – just because of the product mix.
Another reason to work with an educated Long Realty agent who can help you understand local housing dynamics.
For a copy of our latest Housing Report to see market trends in your area, visit our website
Tuesday, June 21, 2011
Wednesday, June 15, 2011
Facebook!
Hi everyone!
I wanted to give you a link to my business facebook page! It is always updated with information concerning real estate and what is going on in Tucson and its surrounding area. It is a great way to get in touch with me, and if you have any news you would like to share with me, I would love to hear it.
Feel free to "like" Sherie Broekema Long Realty page!
http://www.facebook.com/home.php#!/pages/Sherie-Broekema-Long-Realty/139718236075480
I wanted to give you a link to my business facebook page! It is always updated with information concerning real estate and what is going on in Tucson and its surrounding area. It is a great way to get in touch with me, and if you have any news you would like to share with me, I would love to hear it.
Feel free to "like" Sherie Broekema Long Realty page!
http://www.facebook.com/home.php#!/pages/Sherie-Broekema-Long-Realty/139718236075480
Wednesday, June 8, 2011
New 2011 Flood Insurance Rate Maps
Brought to you by Pima County Regional Flood Control District:
New 2011
Flood Insurance Rate Maps
What is a Flood Insurance Rate Map (FIRM)?
Flood Insurance Rate Maps (FIRMs) identify federally recognized flood hazard areas and reflect insurance risk designations for flooding. The maps are issued by the Federal Emergency Management Agency (FEMA) through the National Flood Insurance Program (NFIP).
When will the new Flood Insurance Rate Maps become effective?
The new FIRMs are scheduled to become effective JUNE 16, 2011. Any modifications to the scheduled effective date will be posted on the Pima County Regional Flood Control District's (District) website www.rfcd.pima.gov/dfirm.
Where an I go to view the new maps?
You can view the maps on the District's website at: www.rfcd.pima.gov/dfirm using your address or tax code parcel number. If you do not have access to high speed internet you may access the website from computers at any branch of the Pima County Public Library. You may also view the maps at your local floodplain management agency (see the Local Map Repository contact information at the bottom).
Local Map Repositories
The Town of Marana
Marana Development Services Center
11555 W. Civic Center Drive
Marana, Arizona 85653
(520)382-2600
The Town of Oro Valley
Oro Valley Community Development Department
Department of Public Works
11000 N. La Canada Drive
Oro Valley, Arizona 85737
(520) 229-4818
New 2011
Flood Insurance Rate Maps
What is a Flood Insurance Rate Map (FIRM)?
Flood Insurance Rate Maps (FIRMs) identify federally recognized flood hazard areas and reflect insurance risk designations for flooding. The maps are issued by the Federal Emergency Management Agency (FEMA) through the National Flood Insurance Program (NFIP).
When will the new Flood Insurance Rate Maps become effective?
The new FIRMs are scheduled to become effective JUNE 16, 2011. Any modifications to the scheduled effective date will be posted on the Pima County Regional Flood Control District's (District) website www.rfcd.pima.gov/dfirm.
Where an I go to view the new maps?
You can view the maps on the District's website at: www.rfcd.pima.gov/dfirm using your address or tax code parcel number. If you do not have access to high speed internet you may access the website from computers at any branch of the Pima County Public Library. You may also view the maps at your local floodplain management agency (see the Local Map Repository contact information at the bottom).
Local Map Repositories
The Town of Marana
Marana Development Services Center
11555 W. Civic Center Drive
Marana, Arizona 85653
(520)382-2600
The Town of Oro Valley
Oro Valley Community Development Department
Department of Public Works
11000 N. La Canada Drive
Oro Valley, Arizona 85737
(520) 229-4818
Wild Fires
http://www.inciweb.org/
This site appears to be the most professional and up to date source of information for the wild fires. Click the fire that you are interested in and it provides not only information about the scope of the problem but links that can assist people in gathering more information.
This site appears to be the most professional and up to date source of information for the wild fires. Click the fire that you are interested in and it provides not only information about the scope of the problem but links that can assist people in gathering more information.
Why now is the time to sell
5 Reasons You Should Consider Selling Now
Will I Get More Money If I Wait?
Almost 14,000 Houses Sold Yesterday
What Exactly Is Shadow Inventory?
Month’s Shadow Inventory: State by State
The Impact of Distressed Properties on Neighboring Values
Oswald Acted Alone and We Did Land on the Moon
Those are just a few of the dealines in this month's KCM (Keeping Current Matters) on why now is the time to sell.
Check out the link below for more information!
Remember, if you have any questions for me don't hesitate to ask, comment, or e-mail. SherieB@tucsonhomes.com
http://www.keepingcurrentmatters.com/pdf/TimetoSell.pdf
Will I Get More Money If I Wait?
Almost 14,000 Houses Sold Yesterday
What Exactly Is Shadow Inventory?
Month’s Shadow Inventory: State by State
The Impact of Distressed Properties on Neighboring Values
Oswald Acted Alone and We Did Land on the Moon
Those are just a few of the dealines in this month's KCM (Keeping Current Matters) on why now is the time to sell.
Check out the link below for more information!
Remember, if you have any questions for me don't hesitate to ask, comment, or e-mail. SherieB@tucsonhomes.com
http://www.keepingcurrentmatters.com/pdf/TimetoSell.pdf
Friday, June 3, 2011
New Entries from KCM Blog!
KCM Blog always has fantastic articles and information. Their most recent, "How To Make An Offer That Will Be Accepted", is very helpful. Check it out and let me know what you think.
http://kcmblog.com/2011/05/31/how-to-make-an-offer-that-will-be-accepted/
http://kcmblog.com/2011/05/31/how-to-make-an-offer-that-will-be-accepted/
Long Insurance Group – What You Should Know About Vacant Homes
Did you know that most Homeowners Insurance policies will afford little to no
coverage in the event of a loss to an insured residence once it becomes vacant
for more than 30 days? This puts many homes that are currently up for sale and
no longer being occupied by their owners at great risk.
Long Insurance has the solution! We have national carriers that offer 3, 6 or 12
month insurance policies on homes that are temporarily vacant due to being on
the market, between tenants, or even undergoing minor renovations. These
policies provide essential coverage’s to the home and the Homeowner such as
Fire, Vandalism and Liability.
Contact us at 520-918-6565 for more information.
Did you know that most Homeowners Insurance policies will afford little to no
coverage in the event of a loss to an insured residence once it becomes vacant
for more than 30 days? This puts many homes that are currently up for sale and
no longer being occupied by their owners at great risk.
Long Insurance has the solution! We have national carriers that offer 3, 6 or 12
month insurance policies on homes that are temporarily vacant due to being on
the market, between tenants, or even undergoing minor renovations. These
policies provide essential coverage’s to the home and the Homeowner such as
Fire, Vandalism and Liability.
Contact us at 520-918-6565 for more information.
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