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.
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...
Phoenix ties San Francisco for best high-tech job growth.
Phoenix tied San Francisco for the best high-tech job growth among major North American markets over the past two years, according to a new report from CBRE. The report shows the Phoenix added 12,662 new high-tech jobs from 2012 to 2014. That is a 42.7% increase for...
New-Home Construction Trailing Job Growth.
The metro Phoenix-Mesa-Scottsdale area is one of the metro areas where new-home construction is lagging. According to the National Association of REALTORS®, this may lead to a shortage of new housing stock. NAR measured the ratio of new-home construction to the number...