‘Housing Market Mania Is Ending’ In Arizona
The Arizona Republic reports on an economic study. “The University of Arizona’s Eller College of Management said Wednesday that the state’s economy will experience a major slowdown in the second half of 2006 as inflation pressures mount, interest rates rise and the housing market cools.”
“‘Consumer budgets are also being squeezed, and that’s going to force (them) to curtail their spending as we go forward,’ said Marshall Vest, director of Eller’s Economic & Business Research Center. ‘Housing is backtracking as it returns to some sense of normalcy.’”
“Vest said the best-case scenario has Arizona’s economic growth continuing at a ‘fairly high level,’ just slower. His worst-case scenario: The economy sinks into a short, mild recession.”
“‘The economy has been growing well beyond its potential and now we’re feeling some inflationary pressures,’ said Vest. A slowdown is normal and overdue, he said. Last year, Arizona experienced its largest economic activity surge in history, Vest said.”
“That momentum lasted into early 2006, but Vest predicts a rapid slowdown that will result in a ‘growth recession,’ or growth at a rate slower than the long-term trend, in 2007 and 2008.”
“As consumers begin to worry about jobs, they’ll cut spending and repay debts, he said. ‘The party is over for consumers,’ Vest said. ‘They’re going to have to pay back some of that debt.’”
“The ‘housing market mania’ is ending, becoming a neutral force or a drag on the local economy, Vest said. Tucson markets will spend the next couple of years ‘adjusting to a frenzy-less environment,’ he said. ‘It’s an orderly retreat from the excesses of the frenzy days,’ Vest said.”
“The number of homes sold in Tucson is down, representing fairly significant, almost scary declines, Vest said.”
“Tucson, Phoenix and Flagstaff made national lists of overvalued housing, becoming some of the only inland cities to earn that distinction.”
“Current economic conditions strongly favor renting, which means rents could quickly soar, Vest said. Rents haven’t gone up significantly in five years, housing is less affordable and condo conversions have shrunk the supply of apartments. Builders will soon see demand for new apartment complexes and could change some condos back to apartments, Vest predicted.”
AZ Star tried a quick one by changing the quotes in yesterdays article, but this blogger stashed the url.
On another topic, check out this press release:
‘Southern Arizona, home of blazing hot days and Saguaro cacti is also home of a “blazing hot” real estate market. Real Estate appreciated almost 30% across the state of AZ in 2005 while the rest of the country averaged about an 8% increase..Though the market has slowed down a bit in AZ, it has been predicted that steady “above average” appreciation is expected to continue for at least the next 10 years here in the Grand Canyon state. While this is great for current home owners and investors a like, who it is not good for are those who are still renting, expecting that they will buy a home in AZ when they ‘are ready’ or when they ‘have enough for a down payment’, or the most common, ‘when their credit improves’. None, I repeat, None of the reasons are ‘necessarily’ a road block to home ownership in today’s market. In Fact using these excuses to delay buying your own home could cost you a lot of money in the long run.’
‘For those who currently rent in AZ and are expecting to buy in AZ (but?) do not buy soon they may find themselves completely priced out of the market and unable to afford home ownership.’
‘For those who currently rent in AZ and are expecting to buy in AZ (but?) do not buy soon they may find themselves completely priced out of the market and unable to afford home ownership.’
________________________________________________
So what happens when no one can afford a home??? Ohhh - Prices just keep going on - sorry. No bubble here, move along…
“So what happens when no one can afford a home??”
Exactly! This spin has been for some time now and rarely does anyone ask themselves this simple question. Because if they did, the door would open to understanding just exactly what is going on here. It really is quite simple. No one on this blog invented the wheel here.
If new investors don’t hurry, they can only buy four houses instead of the average eight houses that everyone else has.
Hahhahahhahahaa!
“‘For those who currently rent in AZ and are expecting to buy in AZ (but?) do not buy soon they may find themselves completely priced out of the market and unable to afford home ownership.’ ”
creeps.
nice touch citing only 2005 numbers. Guy looks like a Palooka too.
He does look like one!
“I ‘ m one tough Gazookus which hates all Palookas” - Popeye
This type of advertisement should be illegal. They are making false and unsubstantiated statements about real estate. “it has been predicted that steady “above average” appreciation is expected to continue for at least the next 10 years here in the Grand Canyon state.”
All this in the face of 344% yoy invetory increases for the state (see: http://www.armls.com/pdfs/HmSalesArmlsApril05.pdf and http://www.armls.com/pdfs/HmSalesArmlsApril06.pdf ), rising interest rates and stagnating listed prices and dropping sales prices (see: http://www.azcentral.com/class/marketplace/homes.php )
This guy is trying and probably suceeding at making money from the poorest, least educated, most likely to get stuck in a bad situation and never dig out of it people he can find “first mortgages, second mortgages,
refinances, 15 year, 30 year fixed rates, the new 40 year mortgage, adjustable rate mortgages or ARM’s as they
are called, Interest only loans and even the wildly popular 1% “pick-a-pay” option ARM loan. Current renters
and first time homebuyers are their specialty.”
My favorite part is this, “people make mistakes and that they should not have to pay for those mistakes forever.” Maybe he’s hoping he won’t be sent to prison for his minor moral lapse.
I’m ashamed to be sharing a state with this guy.
New Record
Phoenix
7/20/2005 10748
7/21/2005 10968
7/22/2005 11122
7/23/2005 11424
7/24/2005 11338
7/25/2005 11112
7/26/2005 11315
7/27/2005 11353
7/28/2005 11390
7/29/2005 11471
7/30/2005 11656
7/31/2005 11609
8/1/2005 11599
8/2/2005 11590
8/3/2005 11635
8/4/2005 11714
8/5/2005 11710
8/6/2005 12196
8/7/2005 12658
8/8/2005 12919
8/9/2005 13244
8/10/2005 13099
8/11/2005 13245
8/12/2005 13389
8/13/2005 13846
8/14/2005 13801
8/15/2005 13607
8/16/2005 13779
8/17/2005 13992
8/18/2005 14087
8/19/2005 14279
8/20/2005 14321
8/21/2005 14457
8/22/2005 14336
8/23/2005 14391
8/24/2005 14529
8/25/2005 14617
8/26/2005 14792
8/27/2005 15011
8/28/2005 14984
8/29/2005 14803
8/30/2005 15042
8/31/2005 15099
9/1/2005 15063
9/2/2005 15159
9/3/2005 15404
9/4/2005 15699
9/5/2005 15621
9/6/2005 15513
9/7/2005 15913
9/8/2005 16106
9/9/2005 16489
9/10/2005 16716
9/11/2005 16609
9/12/2005 16697
9/13/2005 16538
9/14/2005 16900
9/15/2005 16952
9/16/2005 17419
9/17/2005 17583
9/18/2005 17577
9/19/2005 17636
9/20/2005 17516
9/21/2005 17664
9/22/2005 17883
9/23/2005 18226
9/24/2005 18204
9/25/2005 18196
9/26/2005 18435
9/27/2005 18483
9/28/2005 18605
9/29/2005 18604
9/30/2005 19192
10/1/2005 19333
10/2/2005 19316
10/3/2005 19362
10/4/2005 19463
10/5/2005 19562
10/6/2005 19670
10/7/2005 20052
10/8/2005 20219
10/9/2005 20153
10/10/2005 20324
10/11/2005 20470
10/12/2005 20668
10/13/2005 20850
10/14/2005 21238
10/15/2005 21446
10/16/2005 21463
10/17/2005 21527
10/18/2005 21588
10/19/2005 21795
10/20/2005 21806
10/21/2005 22302
10/22/2005 22719
10/23/2005 22769
10/24/2005 22806
10/25/2005 22976
10/26/2005 23132
10/27/2005 23293
10/28/2005 23681
10/29/2005 23805
10/30/2005 23816
10/31/2005 23790
11/1/2005 23601
11/2/2005 23665
11/3/2005 24193
11/4/2005 24579
11/5/2005 24786
11/6/2005 24717
11/7/2005 24937
11/8/2005 25244
11/9/2005 25333
11/10/2005 25387
11/11/2005 25700
11/12/2005 25685
11/13/2005 25773
11/14/2005 25945
11/15/2005 25913
11/16/2005 25884
11/17/2005 26261
11/18/2005 26098
11/19/2005 26662
11/20/2005 26688
11/21/2005 26684
11/22/2005 26488
11/23/2005 26776
11/24/2005 26819
11/25/2005 26855
11/26/2005 26871
11/27/2005 26890
11/28/2005 26979
11/29/2005 26811
11/30/2005 26797
12/1/2005 26792
12/2/2005 26915
12/3/2005 27238
12/4/2005 27295
12/5/2005 27356
12/6/2005 27387
12/7/2005 27403
12/8/2005 27367
12/9/2005 27649
12/10/2005 27706
12/11/2005 27664
12/12/2005 27512
12/13/2005 27411
12/14/2005 27566
12/15/2005 27517
12/16/2005 27603
12/17/2005 27791
12/18/2005 27776
12/19/2005 27722
12/20/2005 27604
12/21/2005 27554
12/22/2005 27516
12/23/2005 27486
12/24/2005 27311
12/25/2005 27014
12/26/2005 26810
12/27/2005 26822
12/28/2005 26687
12/29/2005 26649
12/30/2005 26547
12/31/2005 26497
1/1/2006 26462
1/2/2006 26401
1/3/2006 26751
1/4/2006 27403
1/5/2006 27564
1/6/2006 28224
1/7/2006 28337
1/8/2006 28542
1/9/2006 28595
1/10/2006 28786
1/11/2006 29222
1/12/2006 29507
1/13/2006 29689
1/14/2006 29899
1/15/2006 30415
1/16/2006 30391
1/17/2006 30707
1/18/2006 30817
1/19/2006 31085
1/20/2006 31457
1/21/2006 31463
1/22/2006 31497
1/23/2006 31607
1/24/2006 31766
1/25/2006 31830
1/26/2006 32142
1/27/2006 32002
1/28/2006 32477
1/29/2006 32458
1/30/2006 32512
1/31/2006 32563
2/1/2006 32684
2/2/2006 33087
2/3/2006 33145
2/4/2006 32953
2/5/2006 33368
2/6/2006 33576
2/7/2006 33550
2/8/2006 33684
2/9/2006 33844
2/10/2006 34234
2/11/2006 34588
2/12/2006 34753
2/13/2006 34815
2/14/2006 34815
2/15/2006 34816
2/16/2006 34816
2/17/2006 35144
2/18/2006 35427
2/19/2006 36260
2/20/2006 35443
2/21/2006 35642
2/22/2006 35503
2/23/2006 35324
2/24/2006 35178
2/25/2006 36388
2/26/2006 36524
2/27/2006 36639
2/28/2006 36174
3/1/2006 36389
3/2/2006 36283
3/3/2006 36811
3/4/2006 36900
3/5/2006 37064
3/6/2006 37217
3/7/2006 36953
3/8/2006 37487
3/9/2006 37626
3/10/2006 37531
3/11/2006 38011
3/12/2006 38184
3/13/2006 38169
3/14/2006 38003
3/15/2006 38197
3/16/2006 38574
3/17/2006 38602
3/18/2006 39074
3/19/2006 38972
3/20/2006 38822
3/21/2006 39159
3/22/2006 38982
3/23/2006 39043
3/24/2006 39271
3/25/2006 39381
3/26/2006 39504
3/27/2006 39817
3/28/2006 39784
3/29/2006 39765
3/30/2006 39948
3/31/2006 40192
4/1/2006 40177
4/2/2006 40182
4/3/2006 40012
4/4/2006 40050
4/5/2006 40332
4/6/2006 40739
4/7/2006 40612
4/8/2006 41124
4/9/2006 41393
4/10/2006 41018
4/11/2006 42266
4/12/2006 42327
4/13/2006 42257
4/14/2006 42561
4/15/2006 42592
4/16/2006 42775
4/17/2006 42874
4/18/2006 42523
4/19/2006 42840
4/20/2006 43017
4/21/2006 43236
4/22/2006 43385
4/23/2006 43502
4/24/2006 43697
4/25/2006 43344
4/26/2006 43427
4/27/2006 44024
4/28/2006 43886
4/29/2006 44022
4/30/2006 44290
5/1/2006 44229
5/2/2006 43900
5/3/2006 43966
5/4/2006 44162
5/5/2006 44422
5/6/2006 44094
5/7/2006 44575
5/8/2006 44777
5/9/2006 44609
5/10/2006 44898
5/11/2006 45097
5/12/2006 45356
5/13/2006 45502
5/14/2006 45619
5/15/2006 45697
5/16/2006 45705
5/17/2006 45675
5/18/2006 46064
5/19/2006 46189
5/20/2006 46049
5/21/2006 46734
5/22/2006 46753
5/23/2006 46965
5/24/2006 46856
5/25/2006 47133
5/26/2006 47225
5/27/2006 47582
5/28/2006 47591
5/29/2006 47633
5/30/2006 47722
5/31/2006 47542
6/1/2006 47187
6/2/2006 47191
6/3/2006 47848
6/4/2006 47877
6/5/2006 47979
6/6/2006 48218
6/7/2006 48106
6/8/2006 48365
Ahhh, I was wondering about this posting. And was looking for it.
who it is not good for are those who are still renting, expecting that they will buy a home in AZ when they ‘are ready’ or when they ‘have enough for a down payment’, or the most common, ‘when their credit improves’. None, I repeat, None of the reasons are ‘necessarily’ a road block .
What about the existing owners who did not want property valuse to soar becasue of HIGHER TAXES. They are screwed again!!!
‘For those who currently rent in AZ and are expecting to buy in AZ (but?) do not buy soon they may find themselves completely priced out of the market and unable to afford home ownership.’
Yeah, right. Rents and housing prices will go up forever while incomes grow only 2% per year. Right! Guess the guy in that article thinks higher rent prices lead to more apartment construction - supply meeting demand, surpassing it, and causing prices to drop. Oh, hey, just like single family houses! Dolt!
Here is the homebuilder picture:
* Homebuilders have negative cash flows
* Homebuilders put the bulk of their profits into buying more land at absurd prices
* Homebuilders are totally ignoring the yield curve
* Homebuilders are discounting the odds of a recession.
That, of course, does not mean that homebuilders will sink anytime soon. They may or may not. There has been one hell of a short squeeze lately, and everyone seems to be playing the trend of 2003 right now. No one seems to see falling sales, rising inventories, sinking refis, and discounts by the homebuilders.
Just two weeks ago, I was told by a real estate broker friend of mine that Atlanta was impervious to a slowdown and there would be no recession coming our way. I note with interest this ad by Centrex.
$60,000 off? Everything is fine in Atlanta?
Everyone seems to think their area is impervious to a slowdown, because of demographics, warm weather, an ocean, or whatever. That seems to be the key to this mania.
Well, I have news for you. An “Interest Rate Squeeze” does not care where you live. Prices matter, as do prevailing rents. Home prices do not always go up. Please click on that link and see what I am talking about. I suspect Toll Brothers and Meritage Homes will find out in due time just how silly that purchase in Phoenix was. By then, it will be too late. It is the overpayment for land that bankrupts homebuilders every cycle. This cycle will be no different.
OT but I am curious Ben, did you experience the dust storm I heard about a few days ago? Smacks of the dust bowl days of yore. Of course it may not have been that bad.
That must have been in the Phoenix area. We are all watching for smoke here in N AZ.
Dust storms are quite common in central Arizona, and have the added benefit of affording you the oppurtunity to clean an inch of mud out of your swimming pool afterwards….
A picture of the dust cloud moving across the valley was on the front page of yesterday’s AZ Republic. I was taking a golf lesson at Glen Lakes when we were interupted by the storm. No rain until Wednesday.
Lots of blowing sand in Phoenix area the last couple days. The Ma Nature mixed in a little rain so we had a mud storm. Have to quit washing my car every weekend.
Bah you could be in Indonesia near an active volcano just about to explode.
ALBERTSON’S: 100 grocery stores to close in 5 states
Bloomberg News
Published June 8, 2006
Albertson’s LLC, the supermarket chain partly controlled by private-equity firm Cerberus Capital Management LP, plans to close 100 stores, or about 16 percent of its locations, because they are unprofitable.
The grocer will shut 37 stores in northern California, 30 in Texas, 16 in Colorado, nine in Arizona and eight in Florida, spokeswoman Stacia Levenfeld said Wednesday. The outlets are expected to be closed by early August.
I’m waiting for the $hit to hit the fan in Boise due to the Albertsons sale. The new owner, Supervalu, says they will keep the headquarters staff in Boise for at least a few more years.
Of course, the best of intentions can change if the economic picture pictures. I would not be suprised if high paying jobs are eliminated in Boise much sooner. This could perpetuate a bubble burst in Boise as one of the areas largest employers fades away.
Albertson’s are far inferior to Safeway IMHO. Good riddance.
They usually have hotter chicks at them. Well at least in Scottsdale they do?
They are converting the Albertson’s to Bristol Farms market, a poor-mans Whole Foods.
But are they inferior to SuperValu in Idaho?
Albertson’s is horrible, and a monumental ripoff. I second the sentiment.
albertsons in kingman closing next month.
My brother works for Alberstons and saw this coming a while back. He says it’s all part of the union busting efforts. Alberstons is union, the other (Tru-Value?) is not.
Main page content:
US surge in unsold homes may herald cooling market
By Christopher Swann in Washington
Published: June 7 2006 17:33 | Last updated: June 7 2006 17:33
us housingThe number of unsold homes on the American market has risen by more than 1m over the past year, a gain of a third, increasing the prospect of a rapid cooling of the US property market.
ADVERTISEMENT
<A TARGET=”_blank” HREF=”http://ads.ft.com/event.ng/Type=click&FlightID=41153&AdID=57330&TargetID=20511&Segments=3099,6198,6235,9122,9179,10158,11059,11353,11693,13043,13306,13432,13522,14052,14316,15288,15545,16157,16683,17741,18316,18348,18489,18571,18876,18952,18962,19119,19313,19724,20188,20936,21052,21193,21510,21680,21799,21845,21848,21958,21979,21993,22049&Targets=3099,22754,7972,15407,23960,6224,23358,18699,22909,24042,20511,20714,21685,21841,22018,23821&Values=30,51,63,77,84,94,102,150,165,239,249,253,494,547,559,575,600,639,666,931,1583,3614,4431,4548,4570,4646,4704,5633,6186,6206,6380,6391,6396,6617,8072,8177,8179,8427,8454&RawValues=&Redirect=http://www.ft.com/screensaver”><IMG SRC=”http://www.image.ft.com/adimages/banner/marketingscreensavermpu.gif” WIDTH=300 HEIGHT=250 BORDER=0></A>
The inventory of new and existing homes waiting for buyers is now approaching 4m.
The surge in unsold homes has been largely due to a release of new properties on the market rather than a sharp slowdown in sales. This suggests that many sellers are eager for one last payout before the halcyon days of the market draw to a close. Speculative buyers may also be trying to exit the market before conditions deteriorate.
From the Merriam Webster dictionary:
halcyon: A mythical bird believed to nest at sea and to calm the waves. CALM, PEACEFUL.
I don’t think that is what we have seen so far in the housing market but some people may need this bird to do its’ thing to stop the incoming tsunami though.
More evidence of housing slowdown–FT
By Darren Dodd
Published: June 8 2006 08:55 | Last updated: June 8 2006 08:55
UK property pricesHouse price growth is showing signs of levelling out, according to a closely-watched monthly survey from Halifax, the UK’s biggest mortgage lender.
Thursday’s report showed prices grew by just 0.1 per cent in May, similar to figures from rival lender Nationwide last week reporting “sluggish” monthly growth of 0.2 per cent. Halifax’s annual rate of growth stands at a relatively high 9.1 per cent, thanks to weak corresponding figures a year ago.
The new figures put the average cost of a house at £178,997.
The UK is an interesting contrast - I think the one fundamental difference between the UK and US markets is the lack of overdevelopment in the UK due to lack of land supply and planning restrictions.
There are pockets of oversupply, particularly in “condos” for investors (and I don’t mean “flippers”!) in Northern cities and some parts of London where land supply is easier, but generally the market is more balanced.
Still, systemic prices are pretty high, and a reasonably modest correction either through house prices staying flat and inflation doings it’s work, or through a short term 10-20% if the US economy goes “splat”, is possible.
Regards,
Loafer
“Growth Recession”???!!! One in three dollars of the Phoenix economy is real estate growth related. Take out construction, mortgage lending and sales volumes, add taxes and bond debt to pay for belated infrastructure (freeways, water treatment, etc. etc) and you have a full blown local depression that will make the 80’s look like a cakewalk. This sounds like another “soft landing” salespitch.
I hear ya- I think 25% of the businesses in the office complex I work in are real estate related- mortgage companies, brokers, etc.
The bubble bust is not only gonna kill those employed (or formerly employed) in the industry, bust a lot of offices will be vacant, depressing commercial real estate.
How do “economists” come up with this crap? It does not take a rocket scientist to be able to see the signs of a major correction coming in the near future. I wonder how much it takes to buy an economist? We should all chip in a couple of bucks to buy an economist that will actually tell the truth to the media, and anyone else who would listen.
“One in three dollars of the Phoenix economy is real estate growth related.”
Over 2 in 3 Euros in Spain.
Spanish retirement homes for everyone…
Regards,
Loafer
It takes Big Daddy FED to stop “consumers” from consuming. It must really suck to be a weak-willed, gotta have it now, can’t say no, keep up with the joneses schlep.
Big daddy Fed is going to give a spanking soon with a .5% increase. Unless the NAR can find a way to get Bernanke to reach into their pockets.
I am not sure if any of you would be interested but I had a great Idea. I have been looking at these houses for sale on Craigs list and I am appalled. When I zillow them they are usually overpirced by a few thousand and they say instant equity. We should post on craigslist “The Secrets of Real Estate” and put up some links to this blog. Oh that would be much fun me thinks. We could also link that page in Wikipedia that talks about the housing bubble. I think we call this the “Shock and Awe Campaign” oh wait they used that one already. Any thought?
Inviting the unwashed masses from craigslist would more than likely end up swamping this blog with flamers, trolls and nincompoops.
So far, the commentary here has been reasonable, entertaining and informative. Something I’d hate to see change for the worse.
c’est le computique, however.
MjM
Yes I see your point there but I always like a spirited debate as well as I may help to perpetuate the snowball that is the housing bubble. Every vote counts you know. Even if I reach one person and save them from making a huge mistake well then I will have returned the favor that was given to me by finding these blogs.
No good deed goes unpunished.
With all due respect, CBass, the great majority of bloggers here do not care for the type of “spirited debate” that would come from openly inviting trolls and contrarians. I’m sure they enjoy their own blogs — putting a thumb in their eye would be counterproductive to the extreme, IMO.
Going to one of their sites and engaging them one-on-one could be a solution to your desire for a more lively exchange.
Could you point me in the right direction as I would relish this opportunity. There is only one piece of data that a bull has left and that is YOY price increases. These will be gone sone and they will have nothing left
Those interactions ALL eventually degrade into name-calling and no real debate happens unless it is an actively moderated forum.
I too scour the Craigslist RE posts, and when you say overpriced by a few “thousand”, I can show you lists that were bought in January of this year, and are already back on the market for a 70 thousand dollar plus increased asking price from the over-inflated price they paid in January!
Oh, and if you dare try to point any of this out, you usually end up being “flagged” off the face of the board by the pissed of Real Estate Agents and FB’ers. Heh.
Do not try to encourage the likes of CL’s “CableGuy” and “PrimeProperty” to come here and spew incredible garbage.
ob-bla-di ob-bla-da life goes on, ….
But I think the line;
In a couple of years they have built a home sweet home
needs work
“Southern Arizona, home of blazing hot days and Saguaro cacti is also home of a “blazing hot” real estate market. ”
http://www.YourLenderForLife.com
How appropriate
How about
http://www.YourBallandChainForLife.com
What a dickhead statement to keep Joe Sixpack in debt for life. Nice find, nobubblehere
It Is My Goal To Be “Your Lender For Life” By Giving You The Best Service and The Most Pleasurable Mortgage Loan Buying Experience, No Matter What that Means To You, The First Time and Everytime
http://tinyurl.com/om5kr
nice staging
Oops wrong link…
Why isn’t anyone juming on this one? Hello? Echo?
http://washingtondc.craigslist.org/rfs/169321947.html
Was talking to a buddy of mine last night. His in-laws have been trying to sell their 3/2 in Glendale, AZ since July 2005. Original asking was $299K (which was ridiculously high even for July 2005.)
Nearly a year later, it’s still on the market. 3 offers have fallen through and they’re just changed realtors. I asked him, “so how much have they cut the price?” His reply: None — They’re RAISED IT!
Oh did I mention they’re paying two mortgages (they moved into their “new house” way back in August 2005.
I also know of a guy in Gilbert (Power Ranch) that couldn’t sell his home for what he wanted 600k (3,000 sf) so he is looking for a renter. He is asking $2,000/month.
I have no feelings for realtors, but it cracks me up the way the owners insist on a higher than realistic price, then blame their realtor when no one wants to buy it. I have seen this over and over. I read today about a RE Brokerage in SouthWest FL who is refusing to take listings unless the seller lists for 5% under market, and they also require a $495 non-refundable administration fee for the listing. My how things have changed.
I have spent the past year on and off looking through homes in the Phoenix area and only now am receiving calls from real estate agents. I received two calls from Ziprealty too. Yesterday I received a cards from Capital Pacific and Pulte. Keller Williams sent me a “Disclosure agreement” with a book on buying a home in Phoenix (it was sent 2 day air by UPS). Wow, these guys must be hurting.