Side bar conversation: Social media, real estate, small business strategies, and more

Stephen Murphey contacted me, asking for an interview for his ASU class in Communications. Without taking a breath, I agreed.  Having spent so much time in school, I have a soft spot for students.  Turns out Stephen is taking a Ph.D. level class, where he is focusing on social media,  and we had a great time chatting about Twitter, Facebook, Flickr, and more. 

I guess you could say that I enjoy what I’m doing – take a peak!

How do you create long term relationships? from Stephen Murphey on Vimeo.

Stephen has a new blog, Business Gets Real, and he’s interviewing various business people who are sharing their thoughts on social media and business.  I really enjoyed his first interview with Miss Details Design. You might too!

Updated 2/8/2011:

Stephen has moved his blog to a new address: StephenMurphey.com

Phoenix Metro Real Estate: In Retrospect – Highs & Lows

Phoenix Metro Real Estate: In Retrospect – Highs & Lows

Interesting chart that Michael Orr has on his lead-in page at CromfordReport.com today.

Look at all these highs and lows that were recorded in April 2009.

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Today, a year later, I’ve posted today’s results for some of the most meaningful statistics:

Market Statistic Reading Difference %
Pending Listings 13,915 -98 -0.6%
Monthly Sales $/SF $91.64 +$9.58 +11.6%
Average Price – Monthly Sales $176,657 +$20,792 +13.3%
Median Price – Monthly Sales $127,500 +$12,450 +10.8%
Days on Market – Active Listings 146 -24 -14.1%

 

Slightly few homes under contract (negligible), prices increasing slightly, and homes selling more quickly.  Pretty good news, wouldn’t you say?

The figures shown are for the entire Arizona Regional area as defined by ARMLS (Arizona Regional Multiple Listing Service). All residential resale transactions and all dwelling types (singfle family houses, condos, townhouses, patio homes, manufactured homes on land) recorded by ARMLS are included.  For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units and multiple dwelling units are also excluded.

Single Family Rentals Harder to Find in Scottsdale

Single Family Rentals Harder to Find in Scottsdale

House-for-rent

I have a client moving into one of my Scottsdale listings next week, and while I knew she’d been looking independently for three months, I didn’t know how challenging her search had been until last night.  She copied me on an email, referring me to a colleague who needed to find a home to rent in the next week.

In part, her email said:

So you know, it’s a rental frenzy right now.  We looked for 3 months to only find that every decent home we liked, there were already 2-3 offers on the table.

And then, I read this update from Michael Orr at the Cromford Report.

We know that rental MLS listings represent only a small part of the overall rental market since since many landlords and rental agencies don’t use the MLS to advertise their rental properties. This is particularly true of multi-family apartment buildings. However the rental listings that do appear within the ARMLS database represent a statistically significant sample of the rental market. There are usually between 7,000 and 10,000 rental listings active on ARMLS and single family detached rentals are particularly prominent among these listings.

Six months ago, on September 21, 2009 there were a total of 9,381 active rental listings on ARMLS, of which 5,460 were single family detached. Today there are only 6,009 active rental listings of which 3,133 are single family detached.

So in just six months, 36% of the total rental inventory on MLS has disappeared, while 43% of the single family detached rental inventory has gone. This is NOT normal!

Challenging, if you are renter.

 

Opportunity, if you are an investor or home seller not attracting any buyers.

 

To get a copy of the rest of Michael’s commentary, just email me at dru@click2az.com, or contact me via Linked In, Facebook, or Twitter.

Photo Credit: www.passionatephoto.com

Home Buying Trends

The following home buying  stats from 1999 and 2009, were just published in this month’s Certified Residential Specialist magazine. 

% of U.S. home buyers 1999 2009
Bought single family home 82% 78%
Bought in suburban neighborhood 46% 54%
Began home search online 37% 90%
Married 68% 60%
Single women 15% 21%
Single men 7% 10%
Median home value $137,600 $172,600
Median age 39 39

Data Source: National Association of REALTORS®

The most significant change is how many more buyers start their home searches online, now reaching 90%.  That number has been steadily increasing over the past 10 years.

More single people are buying homes, which I’m definitely seeing in my business, even more so than these statistics show. 

I find it interesting that the median age has stayed the same.  I would have guess that it would have decreased, but can think of a lot a reasons it didn’t. 

Phoenix Homeowners’ Survival Event – Free Community Assistance

Notice of this event is courtesy of the Arizona Regional Multiple Listing Service (ARMLS):

On Saturday, March 20, 2010 from 10am to 4pm, the Arizona State Escrow Association in conjunction with the Better Business Bureau, Arizona Department of Financial Institutions and the Arizona Mortgage Lenders’ Association will host the Homeowners’ Survival Event at the Steele Indian School Park / Memorial Hall at 300 East Indian School Road, Phoenix, AZ 85012.

Attendance at this community assistance event is FREE.  Throughout the day there will be mini sessions on adjustable rate loans, foreclosure/homeowner eviction, short sales, scams, tax implications and second mortgages/credit impact.

Attendees who would like to meet with a counselor from Take Charge America are encouraged to bring copies of their current loan documents, e.g., Note, Truth-in-Lending Statement, etc.

ARMLS is making this information available as a courtesy, and has no vested interest in the outcome of the event or any of the participants.  The event is sponsored by trade associations and will not be used as an opportunity to promote the services of a for-profit organization.

Click here to learn more.

Questions?  Contact the Better Business Bureau at 602-264-1721.