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 More Affordable Despite Price Recovery.
The median home values in many metro Phoenix areas have fully recovered and are near or equal to that of the height of the market in 2006. But there is one important difference between peak prices in 2006 and resale home values today: the cost of money. In June of...
Phoenix a Job Rising Star.
The #Phoenix metro area is a “clear rising star” and its #tech workforce has grown 39% since 2010 - second only to Silicon Valley, says Forbes.com.
Lot Shortage Problems Persist.
Finding suitable lots remains a top concern among home builders. Lot shortages are the most problematic in what are considered "A" -- or the most desirable -- locations. 62% of builders reported that the overall supply of developed lots in their areas was low to very...
U.S No. 1 in Global Luxury sales.
San Francisco tops a global index based on prices for high-end real estate around the world with its median asking price more than $1 million, according to the Knight Frank Prime Global Cities Index. The Index compares prime residential prices of the top 5% of the...
Appraisers Are Dying – Literally!
MarketWatch.com reports that the number of appraisers is down 20% from 2007, and the number in that profession is expected to decline steeply in the next five years. Residential has been hit harder than commercial, with predictions that the decrease could continue by...
Cheaper New Builds on the Way?
Standard Pacific and Ryland Group, both based in Southern California, merged last year becoming CalAtlantic Homes. It is a major player in the new home market, building houses in 20 of the top 25 metro areas in the U.S. It owned or controlled about 74,000 home sites...
Get a Free Down Payment.
The AzHFA Home Plus Mortgage Loan Origination Program provides down payment assistance to Arizona home buyers with an annual household income less than $89,000 using a Fannie Mae, 30-year fixed mortgage. The down payment assistance can be used to purchase a home under...
Coyotes Player Loses $$$.
Unlike me, agents have no legal training. Yet they are allowed to prepare contracts. An example of what can go wrong when an agent plays attorney occurred to Coyotes defenseman Zbynek Michalek, who lost a $100,000 cash earnest money deposit when he tried to buy a...
Why People Rent, Not Own, Part 2.
According to the Wall Street Journal, when asked what was their primary reason for renting, 49% of those aged 18 to 34 said they were not financially ready to own. Of those 35 and older, 26% cited that same reason. In the younger below 35 group, 15% said they rent...