2015-09-25
News to You By Doug Brown
Friday, September 25, 2015
  
Phoenix homebuying as hot as the temperatures
The Valleys' housing market didn't cool off during the hottest month of the year like it usually does. July was the second best month so far this year for home sales in the region, according to the latest data from ASU's W.P. Carey School.  Home sales reached 8,626 in July, up 19% from the same month a year ago. 
Read article - azcentral.com
  
Economists Bullish on Single-Family Rentals
The single-family rental market will continue to stay strong for years to come, according to Frank Nothaft, chief economist for CoreLogic and former chief economist at Freddie Mac. Nothaft believes the sector will do well because the largest demographic cohort are 22- to 25-year-old millennials who are getting ready to form new households. Single-family rentals tended to have the lowest vacancy rate - less than 3%.
Read article - Realtor Magazine
      
Additional articles that you
might find of interest:
  
Construction underway for new SkySong building in Scottsdale
Read article - Phoenix Business Journal
  
Phoenix-area class A medical office space sold for record $141 million
Read article - Phoenix Business Journal
  
California groups trade Arrowhead center
Read article - Phoenix Business Journal
  
Builder buys state land for $7.1M for new Happy Valley subdivision northwest of Phoenix
Read article - Phoenix Business Journal
  
Commercial Real Estate News 9-22-15
Read article - azbex.com
  
Hotel Coming to Tempe High Rise Project
Read article - azbex.com

1 in 5 Buyers Make Offer Without Seeing Home
Read article - Realtor Magazine

More Lenders Say They're Easing Up on Credit
Read article - Realtor Magazine

Fed Offers Buyers a Short-Term Reprieve, but Mortgage Rates May Rise before December
Read article - RIS Media
Read the rest of this article >>
2015-08-21
News to You By Doug Brown
Friday, August 21, 2015
  
Demand, rents up for single-family homes in Phoenix 
Demand for rental homes remains strong in the Phoenix area. Monthly rents are up and the supply of rental homes is down across metro Phoenix, according to Arizona State University economist and housing expert Michael Orr. The average monthly rent for a single-family home is $1,548 up from $1,418 a year ago.  That's a 9% increase. There are very few lower rent homes on the market right now. For the year, rents for homes were up 6.2% while apartments are up 10.9%. 
Read article - Phoenix Business Journal

How High Will Mortgage Rates Actually Climb? 
Mortgage rates are already inching up, ever-so-slightly. From January to June, the 30-year fixed-rate mortgage climbed from 3.7% to 4.2%. Mortgage rates recently have been hovering around 4%. In this latest era of super-low mortgage rates, what's normal? A 6% interest rate is "normal," says Jonathan Smoke, realtor.com®'s chief economist. He says mortgage rates likely won't hit that point in the next two years, however. 
Read article - Realtor Magazine
       
Additional articles that you
might find of interest:
   
'Money' names Mesa the best big city in the Southwest 
Read article - Phoenix Business Journal 

Arizona's apartment construction wave has crested 
Read article - Phoenix Business Journal 

Downtown Phoenix's growing residential boom shown in new study, mapping 
Read article - Phoenix Business Journal 

Florida developer moves forward with $50M downtown infill project 
Read article - Phoenix Business Journal 

New-home permits in metro Phoenix jump 55 percent in July 
Read article - Phoenix Business Journal 

FHA And VA Certification Are Useful For Condominium Developments 
Read article - Realty Times 

TRID Guide Aims to Ensure On-Time Closings 
Read article - Realtor Magazine 
Read the rest of this article >>
2015-08-07
News to You By Doug Brown

Thursday, August 6, 2015

 

Infill developer bringing $40M hipster-focused condo project to Central Avenue
Deco Communities is starting sales and will soon break ground on a new $40 million residential project in midtown Phoenix.  The company has developed and redeveloped infill condominiums and apartments in Phoenix, Scottsdale and Las Vegas.  The Edison Midtown condos are being built at Central Avenue and Monterrey Way.  Sales for the 110-unit project will begin next month. Prices start at $239,900.
Read article - Phoenix Business Journal

 

5 Popular Trends in New-Home Construction
This article highlights trends in new construction including:
1. Garages: The garage door is getting more enhancements, including windows, insulated doors, and doors made of composite or plastic materials. 
2. Flooring: 83% of all new-home bedroom installations having carpeting. However, only about 40% of living rooms now have carpet. 
3. Countertops: For kitchen countertops, granite continues to reign at 64% of new-home installations.
4. Appliances: Cooktops and wall oven combinations are gaining in popularity.
5. Kitchen sinks: More buyers are paying attention to their kitchen sink, with the single basin kitchen sink making a comeback, growing from 5% to 20% of all new single-family homes in the past decade. 
Read article - Realtor Magazine

      

Additional articles that you

might find of interest:

  

Downtown Phoenix, Roosevelt Row replace Scottsdale as most expensive rental markets
Read article - Phoenix Business Journal

   

ViaWest buys Class A Biltmore office park for $163M
Read article - Phoenix Business Journal

   

ASU not pressing opposition to Tempe high-rises
Read article - Phoenix Business Journal

 

ADOT starting property demolition to clear route for Loop 202 extension 
Read article - Phoenix Business Journal

What Makes A Home a Good Buy?
Read article - Realty Times

From The Abnormal To The Paranormal: Dealing With An Unusual Home
Read article - Realty Times

Read the rest of this article >>
2015-06-23
News to You By Doug Brown

Monday, June 22, 2015 

 

Millennials: Here's the salary you need to buy a house in Phoenix
A growing number of first-time buyers, mainly Millennials, have entered the Phoenix housing market this year. As a result, bidding wars are erupting over affordable Valley houses, which has led to the 10% increase in home sales this year. Many Phoenix-area real estate agents have seen their list of young clients looking to buy multiply during the past six months. That's great anecdotal evidence Millennials are no longer absent from the housing market.
Read article - azcentral.com
 

Fed Hints at Higher Rates Later This Year
Last week, the Federal Reserve voted unanimously in their regular policy meeting to leave the benchmark federal rate unchanged at zero but hinted that a raise is expected to occur for the first time in nearly a decade sometime later this year. The fed funds rate influences the cost of borrowing, such as in buying a new home. Since 2008, the Fed has kept the federal rate at basically zero, hoping to stimulate demand among consumers and businesses in propelling an economic recovery.
Read article - Realtor Magazine

     

Additional articles that you

might find of interest:

  

ASU to break ground on facilities district next year
Read article - Phoenix Business Journal

Adaptive reuse development in Phoenix sells for $36M
Read article - Phoenix Business Journal

4 takeaways from Yellen after Fed decides not to raise rates
Read article - Phoenix Business Journal

The Newport: Tempe's new single-family housing development, quickly taking shape
Read article - East Valley Tribune

CFPB Backs Delay for New Closing Rules
Read article - Realtor Magazine

At last, Millennials diving into home-buying pool
Read article - azcentral.com

First-Time Buyers Fuel Latest Sales Boost
Read article - Realtor Magazine

More Buyers Are Out Touring Homes
Read article - Realtor Magazine

Read the rest of this article >>
2015-06-19
News to You By Doug Brown

Friday, June 19, 2015

 

Demand spike, strained supply push prices higher in Phoenix housing market
Phoenix home prices have increased this year as supply decreases coinciding with a spike in demand, according to new data released from ASU. Median home prices rose 5.1% from last year as home buyers who have repaired their credit from foreclosure and short sale re-enter the market. Supply for entry to mid level homes in the $200,000 range has decreased with "boomerang" buyers beginning to re-enter the market, Orr said. The second quarter of this year has seen more demand than the same period last year.
Read article - Phoenix Business Journal
 

FHA's Lower Premiums Boost Loan Demand
Recent actions by the FHA to reduce its mortgage insurance premiums is giving its loan volume a major boost, particularly with a "significant uptick in refinancings," Julian Castro, Department of Housing and Urban Development Secretary, said before the House Financial Services Committee. The FHA was on track to also reach its 2% statutory capital minimum within two years. FHA is required by law to have at least 2% in capital reserves, but was at 0.41% as of November last year.
Read article - Realtor Magazine

      

Additional articles that you

might find of interest:

  

Chilean developer building condo lofts, live-work units in downtown Phoenix
Read article - Phoenix Business Journal

Avondale creates $2M fund to help builders, developers pay impact fees
Read article - Phoenix Business Journal

Phoenix city councilman pushing for dual Suns-Coyotes arena, downtown mall and grocery store
Read article - Phoenix Business Journal

New restaurant, retail spaces being built next to planned OdySea Aquarium near Scottsdale
Read article - Phoenix Business Journal

New $32M medical office complex planned for Banner Estrella Phoenix campus
Read article - Phoenix Business Journal

New $5M restaurant development coming to Scottsdale
Read article - Phoenix Business Journal

Cash is king with Phoenix-area luxury home sales
Read article - Phoenix Business Journal

Phoenix approves plans for new homes near Tatum Ranch
Read article - Phoenix Business Journal

  
A Big Pick Up in Homebuilding Is Coming
Read article - Realtor Magazine

Buyers Overestimate Mortgage Requirements
Read article - Realtor Magazine

For Sellers, Emotions Trump More Money
Read article - Realtor Magazine


Read the rest of this article >>