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.
Phoenix House Flippers Lose.
Phoenix is second in the country in negative returns for home flippers in the first quarter of this year. The average Phoenix flipper lost nearly $10,000 on each flip. Only Austin Texas did worse. Phoenix has also had one of the lowest raw profit margins - overall...
What Will Hurt you when Selling your Home.
According to Opendoor, 54% of purchasers dislike outdated bathrooms. Other top buyer turnoffs are old carpet - 49%; outdated kitchen counter tops and cabinets - 41%; textured (incl. popcorn) ceilings - 32%; and outdated appliances - 30%. With kitchens and bathrooms...
Phoenix No. 1 in New Homes.
The Phoenix metro area leads the nation in new home construction. Through May of 2023, 6,597 new single-family homes were built. With an additional 7,238 new multi-unit residential homes, the total amount of new homes constructed in 2023 is 13,835.
Old Bill – The Navy Terrier.
Old Bill was a wire-haired Terrier that was the mascot of the H.M.S. Falmouth, a British cruiser in the First World War. But he didn’t start his duties on that ship. He was “captured” from a German fishing trawler that the Falmouth sank. When he and the crew of the...
You’re Not Buying a Home in Canada.
If you were thinking of buying a vacation or second home in the Frozen North, you need to put your plans on hold. As of Jan. 1,2023, Canada has enacted a two-year ban on the purchase of residential property by most non-residents. The Prohibition on the Purchase of...
Phoenix’s Downtown a Top 10.
Phoenix has one of the best downtown living experiences in the country according to StorageCafe. Its 2023 Downtown Living Hotspots report ranked the 30 largest cities in the U.S. using various categories including cost of living, rental inventory, apartment amenities,...
2023 Housing Trends, Part 2.
In 2023 Housing Trends, Part 1 I detailed 3 new trends. Here are 3 more: 4. Cash Remains King. All-cash repeat buyers jumped to 27% of the market nationwide during 2022, up from 17% the previous year. In the Phoenix metro area it was 35%, with some zip codes much...
You’re Richer Than You Think.
Home appreciation in the metro Phoenix area has been robust as I detailed In Sellers are Profiting from Equity. I gave the numbers available at that time, but the latest data shows that the gains set forth in that blog were conservative. Using January 2023 sales to...
Death of the IBuyer?
According to the Information Market, Opendoor lost money on 89% of the homes it sold in the 4th quarter of 2022 in metro Phoenix - an average of $58,000 apiece, before accounting for fees and expenses. For example, a home sold by Opendoor in November for $485,000 that...