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.
Do you Have a HOA Dispute? Part 2.
Arizona law provides homeowners and homeowners associations a method for resolving disputes between them. This is an alternative to the civil court system, and does not limit the legal rights of the parties to litigate or arbitrate if need be. Strangely those...
Agents are Not Trusted, Part 2.
The D.A.N.G.E.R. report, commissioned by the National Association of Realtors, states that a problem with agents is “[t]he knowledge and competency gap from the most to the least is very large, due to the low barriers to entry, low continuing education requirements,...
Global Sales Market Volume Up, Sales Down.
Waning economic growth in many countries, higher home prices and the strong U.S. dollar resulted in a slight decline in international sales dollar volume in the U.S. over the past year, according to NAR’s Profile of Home Buying Activity of International Clients....
Agents are Not Trusted, Part 1.
Last year Consumer Reports magazine said "[t]he real-estate-agent business is saddled with a poor reputation" and "[a]ccording to the real estate agents we surveyed, that reputation is sometimes earned." This is also reflected in an earlier study of the most trusted...
Closing Costs – Who Pays and How Much? Part 1.
Escrow and Title. The 2 main costs charged by escrow companies in Arizona are the escrow fee and the premiums for the title insurance policies. The standard AAR contract used here states that the escrow fees will be split equally between buyer and seller, and the...
Best Cities for First Timers.
The metro Phoenix, Arizona cities of #Gilbert (4th), #Chandler (10th), and #Peoria (at 13th) are ranked among the best medium sized U.S. cities for first time #homebuyers according to the NAR. #Arizona as a state ranks 10th in the nation.
Banks are Leaving the Mortgage Business.
MPA Magazine reports that large banks are leaving the home mortgage business. They originated just 52% mortgages in 2014, down from more than 70% seven years earlier. The magazine cites the CEO of BankUnited (a Florida based bank) who said "We can't make money in the...
Strange Buyer Incentives.
Some sellers will try weird marketing methods. Here are 3 of the most unusual: 1. Alcohol. A Chicago-area seller offered a $1,000 tab at a bar located across the street from the property. 2. Another home. A Connecticut seller threw in their Florida vacation condo...
It’s Getting Easier to get a Mortgage.
Over the past few years the federal government and lenders have taken several steps to open up the credit box. Signs that the efforts were paying off came last fall when credit scores on closed loans lowered to 723. As of April 2016, the average FICO score was still...