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Phoenix Residential Market Report ~ November 2014

Real Time_Supply

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

The current real time market profile shows there were approximately 10,009 new listings on the market in October 2014 but only 6,244 sold transactions. Currently the number of transactions is back down to the amount experienced in 2008 and as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since November 2013 (12 months ago), the average sold price has increased approximately +2.6% (up from last month), the average days on market have increased approximately +39.7% (up from last month) and the number of transaction has increased approximately +25.1% (down from last month). Since the month of November 2013 the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $248,000 which is up slightly from last month.

The volume of foreclosure purchases since November 2013 (12 months ago) has increased approximately +4.7% and the volume of short sales have decreased approximately -37.0%. Since November 2013 the volume of foreclosure purchases went up the beginning of the year and now the trend is back downward. Since August 2013 the volume of short sale purchases have consistently decreased because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity.

Since November 2013 (12 months ago), the number of homes for sale on the market have decreased approximately -0.6%. Since March 2014 there were 29,435 homes for sale on the market but the number of homes for sale has been gradually decreased to 26,668 or a -9.4% decrease in November 2014. This decrease in the number of homes for sale could be a sign the market is beginning shift once again back to a seller’s market (low supply and increased demand) but we will not know for sure until after the holiday season.

Real estate prices are still relatively low (near 2008 prices), mortgage rates are still at a historical low and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best investment strategy, TODAY!!

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Office: 480-213-5251

Phoenix Luxury Market Report ~ November 2014

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

Luxury Market Index

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the winter in April 2014, the average sold price has increased approximately +0.3% (down from last month), the average days on market have increased approximately +2.3% (down from last month) and the number of transactions have decreased approximately -32.9% (down from last month). The average price per square foot is approximately $329 PSF, average days on market is 177 days and 96 transactions last month. Since we are now in the winter months we are seeing the average sold price increase, the average days on market decrease and the number of transactions increase.

The luxury market is following its typical trend as we enter the winter months. The statistics for the month of September is showing a trend that the market is improving: the average sold price trend is increasing, the average days on market are decreasing and the number of transactions is increasing. Based on the statistics for the month of September it appears the Phoenix luxury market is following its typical trend during the winter months.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. The economy is continuing to show signs of improvement in terms the overall economy and the real estate market is start to improve so you might be able to pick up a good deal. Give us a call to discuss your best buying strategy, TODAY!!

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Phoenix Residential Market Report ~ August 2014

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. Currently the number of transactions is slowing down as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since September 2013 (12 months ago), the average sold price has increased approximately +5.5% (up from last month), the average days on market have increased approximately +42.6% (up from last month) and the number of transaction has increased approximately 2.6% (up from last month). Since the month of September the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $252,000 which is unchanged from last month.

The volume of foreclosure purchases since September 2013 (12 months ago) has decreased approximately -19.3% and the volume of short sales have decreased approximately -59.7%. Since October 2013 the volume of foreclosure purchases have teeter tottered up and down with no upward trend. Since August 2013 the volume of short sale purchases have consistently decreased because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity.

Since September 2013 (12 months ago), the number of homes for sale on the market have increased approximately +18.3%. This increase in the number of listings is caused by investors leaving the market and sellers that purchased during the real estate boom are putting their homes on the market to break-even or sell with a small amount of equity. During the month of August the number of homes for sale has decreased from 26,903 homes to 26,063 homes or a decrease of approximately -3.1%. This is a good sign for the market since an oversupply of homes on the market will cause real estate prices to decrease and the summer buying season has been slower than in recent years.

As more and more sellers enter the market and as more of the supply of residential homes increase, real estate prices may start to decrease (more supply and weaker demand causes prices to decrease).Real estate prices are still at an all time low (near 2008 prices), mortgage rates are still at a historical low and the market is improving both in terms of prices and the overall economy. Give us a call to discuss your best investment strategy, TODAY!!

Phoenix Luxury Real Estate Market Report ~ February 2014

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the summer in August 2013, the average sold price has increased approximately +9.% (down slightly from last month), the average days on market have decreased approximately -27.1% (down from last month) and the number of transactions have decreased approximately -3.3% (down from last month). The average price per square foot is approximately $327 PSF, average days on market is 167 days and 88 transactions last month. This holiday season the average sold price has increased, the average days on market decreased and the number of transactions decreased.

The luxury market is following its typical trend during the winter months: the average sold price trend is upward, the average days on market are decreased but the numbers of transactions were down as compared to the winter months in 2012. The slowdown in the number of transaction indicates the market is in confusion regarding the overall direction of the market and macro economy as a whole.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low as compared to past price performance and the economy is continuing to show signs of improvement in terms the overall economy. Time to buy in the Luxury market is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

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More Home Owners Stay-Put in Foreclosure

More lenders are allowing home owners in default to stay-put in their homes longer–and even negotiating special arrangements with them, such as the lender paying the home insurance if the home owner pays the utility costs, The New York Times reports.

Why the postponement? Banks don’t want the cost of maintaining more homes on their books. Many municipalities are forcing banks to better maintain foreclosed homes, which has been adding to the costs.
By the end of January, more than 644,458 homes were under bank ownership. What’s more, about 710,725 are in the foreclosure process, awaiting to add to that number, according to data by RealtyTrac.

“Under normal circumstances, the banks would be able to cover the cost of maintenance, upkeep, and property taxes by just reselling the property, but these are desperate times, and banks are resorting to somewhat desperate measures in some cases,” Daren Blomquist, a vice president at RealtyTrac, told The New York Times. “It is more of a factor now because property values have come down and will not cover all these costs when the banks resell the property, if they can resell the property.”

In 2007, the average time it took to complete a foreclosure was four months. By the end of 2011, that has stretched to a year. In some states the slowdown is even more pronounced, such as in Florida where defaulting home owners often stay put for more than two years, or in New York in which foreclosures in 2007 once took 263 days to complete and in 2011 now average 1,019 days.

In Phoenix, Arizona, many homeowners are able to stay in their homes for 1 year or more before receiving the Arizona Notice of Foreclosure and then they still have 90 days before the trustee sale. Approximately half of all Arizona trustee sale are being postponed on any given day for one reason or another.

NAR: REO Rental Programs Largely Unnecessary

Housing markets are complex and varied, and a government pilot program to turn properties into bank-owned rentals could be disruptive and counterproductive in some markets, according to the National Association of REALTORS®.

NAR urges the Federal Housing Finance Agency (FHFA) to proceed cautiously with its Real Estate-Owned (REO) Initiative pilot program to sell homes repossessed by government agencies to private investors to convert into rental units.

“REALTORS® support efforts to reduce the high inventories of foreclosures, but all real estate is local and we are concerned that REO-to-rental programs are not necessary in some areas and could even hinder the recovery,” NAR President Moe Veissi said. “In many communities REOs are already moving well through the normal processes, so we urge caution when proceeding with a rental program.”

According to a recent NAR analysis, while the overall visible inventory of foreclosures has been trending down across the country, there is a noticeable difference in foreclosure inventories in states that require judicial proceedings to foreclose on a property versus inventories in states that do not require the court’s intervention. Foreclosure inventories in judicial states are currently 2.5 times higher than non-judicial states. In addition, the disposition of foreclosure inventories is considerably faster in non-judicial states, where foreclosure sales rates are four times higher than in judicial states.

“Inventories of condos and single-family homes for sale continuously fell last year, suggesting that there is no significant oversupply of visible foreclosure inventory in the market,” NAR Chief Economist Lawrence Yun said. “Even the shadow inventories of distressed homes have fallen, though they remain elevated and are an ongoing concern. The government REO-to-rental plan could work in areas where buyers are not quickly absorbing the shadow inventory.”

To prevent further increases in foreclosure inventory, NAR has repeatedly called for improved lending to creditworthy home buyers and have urged lenders to make more loan modifications, mortgage refinancings, and short sales, which will help stabilize struggling housing markets.

“While REO-to-rental programs could be successful in a few communities, we believe that doing more to ensure mortgage availability for qualified home buyers and investors could be even more beneficial in helping absorb excess foreclosure inventories across the country,” Veissi said.

NAR urges that a national advisory board be created to ensure that current and future REO-to-rental pilot programs truly benefit the local community, minimize taxpayer losses and stabilize home values, and suggests substantial participation of local market experts, especially licensed real estate professionals, who have unparalleled knowledge of local market conditions.

In Arizona, we have seen a number of bank owned properties being converted into rental properties. Arizona bank owned properties are being managed by large property management companies and will later be put on the market to sell. The inventory of bank owned properties in Arizona have decreased which is a good sign for the market.

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