May Resale Number and What It Means to You!

Total re-sales in Maricopa County for May were 9,113! That’s 1,365 more than last month and 1,237 more than may 2012!  REO closed was 806 which is 9% and short sales closed was 1094 which is 12%. Normal sales closed was 7214 which represents 79%. Pending inventory is down to 12,497. REO pending was at 1,017 which is 8% and short sales are at 4,132 which is 33% and normal sales pending at 7,349 which is 59%. Active inventory for Maricopa County is still dropping down to 11,960. REO active is 631 which is 5% and short sales are at 482 which is 4% and normal listings are at 10,849 which represents 91%! There is less than 2 months inventory in all but 3 cities now!!(Fountain Hills, Paradise Valley and Scottsdale)

So what does this mean for you? If you are a buyer, expect prices to continue to rise as the number of available homes for sale shrinks.  You don’t have the luxury of  “time to think about it”.  Mortgage rates are still at historic lows, but they are creeping upwards.  As the interest rates rise, the amount of home you can afford diminishes.  If you are lucky enough to find that home you have been looking for do not hesitate to make an offer that will get you the home.  The steals and deals have been gone for two years now.

If you are a seller or a potential seller, now is a great time to put your home on the market.  The shortage of  inventory makes this a seller’s market.  Anytime inventory levels fall below a 3 month supply it is considered a seller’s market.  Of course you need to be reasonable on your asking price.  If you price your home too high above the current market value, you will have very little chance of getting it sold.  With the the internet, public information is easier to obtain than ever.  Today’s buyer is tech savvy and does their research long before calling a REALTOR®.  Tax records and sold property information can be obtained in a few keystrokes.  Even if someone would entertain paying over market value for a home, it must appraise for the sale price to complete the transaction. The only exception to this would be a cash sale.  Keep in mind that cash buyers are very business minded and most likely would not pay over market value.

In summary, we have what looks like a perfect storm.  Great time to buy. Great time to sell.

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Ladies and Gentlemen…Start your engines!

It’s that most wonderful time of the year in Scottsdale, Arizona for car enthusiast. With three major collector auto auctions taking place, there is something for every motor head. Barrett-Jackson is the largest of the three and includes a large array of cars, trucks, utility vehicles, celebrity owned cars and yes, even airplanes. The event has grown over the years from a 3 day event to a 9 day car auction marathon. Don’t be fooled by all the exhaust fumes and testosterone in the tent. You can find some fantastic shopping in the lifestyle pavilion as well. Of course the people watching and celebrity sightings are worth the price of admission.

If you are more of a muscle car enthusiast, then you should definitely check out the Russo and Steele Auction. It is a smaller venue. So if you do not like large crowds and still would love to see some fabulous cars, Russo and Steele is the place to go.

Perhaps you are more interested in rare classics and exotics? Then head down to Scottsdale Fashion Square to the Gooding and Company Auction. Guys, if your wife or girlfriend is not into cars, this is a win-win. You check out the cars while she shops at the mall. At the end of the day the two of you can enjoy a relaxing dinner at one of the many fine restaurants in Old Town.

For more information on the car auctions, just click on the links below. See you there!
Barrett-Jackson January 13-20
Russo and Steele January 16-20
Gooding & Company January 18 and 19

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Are You Unknowingly Violating Arizona Traffic Law?

As I drive around the wonderful Valley of the Sun in our 110 degree summer days, I have noticed that many drivers may not be aware of a law that was passed almost 2 years ago.

As of January 1, 2009 Arizona requires that an Arizona license plate on a vehicle must be clearly visible, and that the word “Arizona” at the top of the plate may not be covered.

The wording of A.R.S. 28-2354 is:

State law, ARS 28-2354(C), requires that the state name at the top of Arizona license plates must be visible. Any license plate holder or cover that prevents the license plate from being clearly legible, is in violation of this new law.

If you have a license plate frame on your vehicle that covers the word “Arizona” you are advised to remove it. There is a good chance you have a car dealer frame around you plate that you just never paid attention to and it covers the word “Arizona”. This frame most likely has been on your car prior to January 2009. The fine, depending on where you get pulled over, could be $150 or more.
Of course if you are doing something else you should not be doing, such as driving after a few cocktails, and you have one of these license plate frames you have now added an additional expense and problem to your error.

So, take a minute to walk out to your car and check your license plate. You just may want to take a screwdriver. It the word “Arizona” is at all obstructed, I would suggest putting the screwdriver to work.

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Out and About in Scottsdale, AZ

The temperatures have finally dropped below 100 degrees and the winter visitors have begun to arrive in Arizona.  The fall and winter months are by far, the BEST time to be in Arizona.  It feels wonderful to call a day with a high of 76 degrees “a bit chilly”.  Along with comfortable temperatures, sunshine and winter visitors comes an enormous banquet of fun and interesting events.

Scottsdale’s Fashion week has wrapped up. The World Cynopsort Games, an extreme sports event for dogs, had an incredible 5 day run at WestWorld.  Dogs from all over the world came together with their owners for one of the most prestigious dog events for dog athletes.   Next cool event is the Good Guys Car Show this week.  Beginning on Thursday, Nov. 19 until Saturday, Nov. 21, Hot Rod enthusiast from around the nation will converge at WestWorld in Scottsdale for the Southwest Nationals. For details, click on this link http://www.good-guys.com/events/eventdetails.aspx?eventid=09-629.

As always, when visitors come to Scottsdale they fall in love with our fantastic weather and lifestyle. It is not only busy time for events, golf and restaurants, but also for real estate.  The pace of home sales has picked up and well as some prices.  Homes under $500,000 have begun to see price increases in the last 4 months.  If you are thinking of buying now is the time to make it happen.  Interest rates are at an all time low and prices have come down 30%.  Arizona is hot and on sale.  Hope to see you here soon.

Real estate is a conversation…let’s talk!

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