Blog
N. Mark Kramoltz, JD, GRI, CIPS writes blog articles on the metro Phoenix, Arizona, national and global real estate markets. Written from his perspective as a designated broker and real estate attorney, his articles avoid the inaccuracies and vacuous industry propaganda common to most real estate writings. He also blogs about animals (mostly dogs in the military) due to his love of pets and military history.
Should You Get a Reverse Mortgage?
Reverse mortgages are a way for homeowners 62 and older to convert the equity in their homes into cash. These loans create cash flow to pay financial obligations when the owner doesn’t want to sell the home. The amount of a reverse mortgage is based on the equity or...
Snakes, But Not on a Plane.
In a recent Iowa case the buyers found 2 large bull snakes in their new home on moving day - one on top of the downstairs bar (perhaps waiting for happy hour?) In the next year the buyers found up to 22 bull snakes in their home, including one that fell out of the...
How is the Phoenix Market?
Tom Ruff of the Information Exchange reports that the number of listings that went under contract in May were the most in 2020, surpassing the highwater mark of March. So its no surprise that closed sales in June were the highest so far this year, falling only 91...
Is COVID-19 Accelerating Millennials’ Move to Single Family Homes?
The COVID pandemic may change the rush of Millennials to luxury apartments. Although it will likely not significantly alter the home preference behavior of this age group, it may accelerate the demographic trend towards the single family home sector that was emerging...
Who Are Making Home Renovation a Priority?
In a survey conducted between January and March of 2020 of more than 87,000 homeowners by Houzz, renovations remain a popular activity, particularly among older age groups. Baby boomers accounted for more than half of owners who renovated in 2019. Gen Xers (ages 40 to...
Solar Tax Credits Are Disappearing!
Prior to January 1, 2020, an owner of solar panels was entitled to a 30% credit against federal income tax owed. In 2020 the credit was reduced to 26%. In 2021 the tax credit drops to 22%, and after that year it disappears. To qualify, a system needs to be “placed in...
Rin Tin Tin, Part 1.
The Aborted War Dog. The original Rin Tin Tin was a German Shepard that was intended to be a war dog. He was found by Lee Duncan, an American airman in WWI as a puppy in an abandoned German army kennel. Lee was scouting the county side after the front advanced when he...
Appraisal Concepts, Part 2.
The Cost Approach. One of the three classic methods of valuing commercial real property is the cost approach. In the cost approach, an appraiser values the value of the land and then adds what it would cost to build a new, roughly identical structure. Unless the...
Where to Staycation during COVID-19.
Places that offer plenty of options for entertainment and relaxation at the right price point make the best spots for staying local during the Corona virus pandemic. WalletHub compared more than 180 cities across 15 key metrics to determine where to staycation. The...