I wanted to use the title “when banks hold up their own closings”.  I also considered titling this “I hate banks.”

The short answer is “banks reply whenever they feel like it.” The longer answer is: usually, in Metro Phoenix, in Fall/Winter 2010, banks take about 2-3 business days to reply to an offer. Once you’re under contract and in escrow the bank’s reply time often slows down considerably. Try 2-3 weeks.

This is an email trail between myself and the Realtor representing a bank on an actual transaction currently in progress.

Me, on Nov 29 at 5:55pm:

The buyer’s underwriter is ready to issue final approval but needs seller’s signature on Amendment changing price. Still don’t have that and it could hold us up. Otherwise, we’re aiming to close on Mon, Dec 6 as planned.

Bank’s Realtor, on Nov 30 at 1:03am:

This addendum was submitted to seller on 11/17/10 when I received it. All we can do is wait for it to go through Fannie. It is reviewed by 4 people each of whom can take up to 3 days, not including weekends and holidays.

I will send the seller signed copy just as soon as I have it.

(note that Realtor was working at 1 o’clock in the morning! Being a Realtor is not all sweetness and light and easy money)

Me, on Nov 30 at 6:24am:

Ok, understood.  Just as long as seller knows that Buyer’s lender is at a stand-still and Seller is holding up closing. I’m sure you know, but wanted to put it in black and white for seller’s 4 people who have to review. thanks.

again, note the timestamp. Don’t go into real estate unless you consider yourself a workaholic.

How long do banks take to reply to an offer on an REO foreclosure home? is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Banks Pull More Nonsense
2. I’ve had it up to my eyeballs with banks
3. Banks “Hoarding” Foreclosed Homes?

(photo credit, kirobuch at StockExchange)

Clients of ours need to furnish an entire home – their new vacation home.  They asked for local recommendations on retail sources for appliances and furniture.

Thought I’d pass on the insider tips to our loyal readers. All four of them.

For appliances, I recommend either B&B Appliances in Sunnyslope or Spencer’s Appliances or even Best Buy. If you tell them you’re buying a combo pack of appliances of some kind, most stores will give you a discount or interest free financing or something like that. 

• http://www.bbappliances.com/
• www.spencerstv.com/appliances.html
• http://www.bestbuy.com/

For furniture, I guess I’d recommend IKEA first. They’re in Tempe and have all kinds of styles. It’s not just Danish modern anymore.

http://www.ikea.com/us/en/ 

Also good (and local!) is Pruitt’s down on Thomas or Indian School and about 20th Street.

http://www.pruitts.com/

Pruitt’s "scratch and dent" section can be quite a good bargain, because their idea of a scratch or dent is usually VERY minimal and possibly un-noticeable.   Ashley Furnishings is also good.

www.ashleyfurniturehomestore.com. 

The Room Store also gets very good press around town for discount pricing.

www.arizonaroomstore.com/

And if you just want to browse in person, you can visit what I call The West Bell Road "Furniture Row". This is a group of a half-dozen or so shops on West Bell Road in the Northwest Valley. They’re mostly on the north side of Bell Road, out west at about 69th Avenue out to about 75th Avenue. They include Thomasville, Oasis Bedrooms, Creative Leather, Razmataz, Design Source Furniture, BBQs Galore, Paddy O’Furniture, the Ethan Allen Design Center, the Stool & Dinette Factory, etc. They’re all in a row, just east of the Arrowhead Mall on Bell Road. Good shopping!

If you’re made of money, go to Robb & Stuckey in North Scottsdale. For the rest of us mere mortals on a budget, the retail shops above are a good bet.

Note: Blog authors post vendor reviews and retail recommendations from time to time. Blog authors are not compensated in any way for these reviews and/or recommendations.

Furniture and appliance stores in North Phoenix area is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Surprise – Bell Road Construction
2. East-West Roadways for Surprise Area
3. WalMart’s MarketSide convenience stores coming to Phoenix

To readers who found us via Realtor Heather Barr’s quote in today’s Wall Street Journal article “Bargain Hunters Descend, Cash in Hand”, welcome! We’re glad you’re here and hope you enjoy our blog content.

Long-time readers who aren’t Wall Street Journal subscribers might have missed our mention.  The story is behind the WSJ’s subscription firewall and I don’t want to tempt copyright lawyers by reprinting the entire article on this blog. You can read the article in its entirety here if you are an online subscriber or on page C10 if you get the print edition.

I talked with WSJ reporter Nick Timiraos about the growing number of cash buyers who see bargains amid the current housing price declines. Here’s the quote:

“Cash investors have come right out and said, ‘We can’t make a return on our money in stocks or bonds,’” says Heather Barr, a Realtor based in Gilbert, Ariz., a Phoenix suburb. “They think Phoenix has had such sharp price declines that we’ve got to be near the bottom and real estate will be a safe place to put their money.”

There are bargains to be had in the metro Phoenix real estate market. It’s increasingly easy to find properties in the suburbs that will cash flow immediately after installing a tenant. For those seeking a vacation home, houses are more affordable than they’ve been in years while mortgage rates are still near historic lows.

Looking for a bargain yourself?

We at The Phoenix Agents team have been working with bank owned properties and investors of all stripes lately so we’re familiar with the banks’ (often confusing) paperwork and requirements.

Click around and visit the various parts of our blog. We’ve got tons of great content, MLS searching with no registration required, and are ready to help you find the perfect property when you’re ready to talk with an agent.

Browse properties listings.

• At the Phoenix Agents: the whole MLS or click here to search only Phoenix-area foreclosures
• At the Phoenix Real Estate Guy blog:  property search (The Phx RE Guy is our broker and famous local blogger, Jay Thompson)
• All three links here search the same data source, the private Realtor’s Multiple Listing Service (MLS). We just present the data in slightly different ways on-screen.

When you feel like you’ve browsed enough and done the homework you wanted to, give us a call. We’ll help you negotiate the best possible deal we always provide world-class customer service from start to finish, and beyond.

Let the bargain hunting begin!

Related Posts

1. Inman.com quotes Jay Thompson, “the Phoenix Real Estate Guy”
2. USA Today quotes Heather Barr on recent changes in mortgage industry
3. Chris Butterworth interviewed by Phoenix’s own Channel 3 TV about foreclosures

Wall Street Journal Quotes The Phoenix Agents is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. 2130 E. Taylor Street, 85006
2. Glendale Updating Street Light Technology
3. Buying near a Busy Street

The Indian Gaming Regulatory Act was passed by congress in 1988, allowing casinos to be built on Indian Reservations.  During the first year about $100 million was generated nation-wide from casino operations.  By 2004, that number had ballooned to $19.4 Billion, spread across the 224 tribes operating casinos.  And with money comes greed.

Somewhere along the way, as will ALWAYS happen, the money got big enough to change the perspective.  States and cities have realized that more gambling revenue translates into more taxes collected.  In addition, luxurious resorts on (and near) reservation land can act as a tourism draw.  (think Las Vegas on this one.)

Over the last several years we’ve watched as the casinos have grown larger, offering more amenities and luxury.  We’ve watched cities grow closer to the casinos, building (or encouraging the development of) resorts and other amenities, while using the casinos as a draw.

Today the City of Glendale is in the process of crossing the line by using a legal loophole to create a casino within the city’s limits, right in the middle of the stadium district.  Here’s a watered down version of the basics:

• The Tohono O’odham Nation has a reservation which falls mostly along the Mexico-Arizona border.
• The City of Glendale wants to get 134 Acres at 91st & Northern classified as “land in trust,” a requirement for a casino to be built upon non-reservation land.
• The Tohono O’odham tribe would then be allowed to build a large spa resort and casino on this parcel of land, which also happens to be within a mile of the University of Phoenix stadium and all the other development already underway.

Now, I’m personally not against gambling.  I enjoy a weekend in Vegas as much as the next guy.  However, I’m against – to the point it drives me crazy – deceit, loopholes, and talking out of both sides of your mouth.

Glendale (and other cities), if you want everything gambling has to offer – revenue, jobs, and tourism (along with addiction and other vices), please just come out and say it.  Legalize gambling.  Stop hiding behind the Native Americans and the IGRA of 1988.

Your disgusted with Glendale on this one Realtor,

Chris Butterworth

Legalize Gambling Already. Glendale aims to build a casino in the stadium district is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

Other posts you might like:

1. More Development around Stadium
2. Glendale Updating Street Light Technology
3. Glendale Main Street gets unanimous approval

photo credit to MiamiAmia, courtesy of StockExchange. See the entire series for historical perspective.

Time for another edition of the Sunday Stats

Background and Color Coding: red is bad, green is good, inasmuch as it means the stats are moving towards a balanced market. Most local experts/forecasters and Realtors use 6 months’ supply of inventory on the market as the benchmark for a balanced market. Months of inventory is a measurement of how long it would take to sell every house currently for sale, if no new houses were listed for sale and sales continued at the current monthly pace. In metro Phoenix, balance is usually reached at about 5,000 sales per month and about 30,000 to 35,000 homes for sale.

There’s a whole lotta green going on, and that’s good news. I find it interesting that the green in the sold columns is mostly in the ZIPs I consider outlying parts of metro Phoenix. ZIPs closer to downtown Phoenix, particularly 85012, 13, and 14 continue to suffer with too much inventory for sale and not nearly enough selling. That seems to make sense, at least as much as it follows the old real estate adage “drive until you qualify.”  That’s a saying that basically means that a buyer who’s intent on getting exactly what he wants often has to drive outwards from the downtown core to get to a place in the suburban sprawl where what he wants is affordable. That seems to be holding true in our downturn just as much as it held true in the price run ups of 2005 and 2006.

Green in the Pending columns but red in the Sold columns (like you see in most of the ZIPs from 85012 to 85024) seems to indicate either (1) a coming ‘bulge’ of sold homes, or (2) more likely homes that go under contract and then the deals fall apart during the home inspection (“Due Diligence”) period.

2 Phoenix Area ZIPs Where It’s GOOD to be a Seller

The media is filled to bursting with the phrase “buyers’ market” and almost every person I talk to thinks “nothing is selling”, “nobody can get a mortgage” and “sellers are taking pennies on the dollar these days.”  No so!At least not everywhere.

It’s good to be a seller in ZIPs 85379 and 85053. There’s just about 6 months’ worth of inventory on the market, and properties are generally selling quickly (if they’re right-priced). Some specs:

ZIP 85379

• Average time on market is just 48 days
• Average sales price is a mere 2.05% less than the final list price (7.89% less than the original list price)
• Average sold price is $149,349 ; median sold price is $143,000

ZIP 85053

• Average time on market is 54 days
• Average sales price is only 3.51% less than the final list price (14.08% less than the original list price)
• Average sold price is $100,178 ; median sold price is $97,000

But just who are those lucky sellers who are getting nearly full list price in just a few weeks?? Banks. The stats above are for bank owned homes in both ZIPs. And banks are just about the only ones selling anything in these ZIPs (bank owned homes account for 77% of sales in 85379 and a whopping 89% of sales in 85053).

Banks are selling in the 85022 ZIP too. They’re taking just a few days longer on average (66 days on market) but are getting a wee bit closer to their original asking prices (homes sold, on average, for 12.89% of original list).

What’s the difference between ZIPs 85379 / 85053 and ZIP 85022? In the former, 15% of homes for sale actually sold in the past 30 days.  Things aren’t so rosy in 85022, where only 3% of homes for sale actually got sold in the past 30 days. If you’re a buyer looking to be in the 85022 area, take this info with you and drive a hard bargain when you make offers on properties! That seller you’re negotiating with has only a 3 in 100 chance of selling if she/he doesn’t make your offer work.

Till next week, this is your stats lovin’ Realtor signing off.

Sunday Stats is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.

Other posts you might like:

1. Sunday Stats
2. Sunday Stats (on Monday)
3. Sunday Stats

When the smoke from the budgetary cuts clears, The College of Interdisciplinary Arts and Sciences will be the lone college remaining at ASU West.

reported on AZCentral.com

All graduate degrees, including the W.P. Carey School of Business master’s program and the School of Global Management, will cease to exist at the west campus.  The College of Education and Leadership and the nursing program are also being moved to other campuses.

I think it’s a shame.  ASU West is special to me; I received my MBA there while attending classes in the evenings after work, and then studying like heck on the weekends.  The education was terrific, but that’s only half the story.  I still keep in touch with many of my fellow students and professors – lots of good, smart, interesting, hard-working, diverse, well-connected people.

I also think it’s a shame because ASU West had been growing nicely with the West Valley, and the dual degree with Thunderbird School of Global Management drew talent to the area from across the globe.

Hopefully things will change when the economy rebounds, and in 5 years we’ll be talking once again about the great things ASU West is doing.

Your happy to have gone to school, happy to not be going to school, and sad to see it closed Realtor,

Chris Butterworth

ASU West cuts MBA program is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

Other posts you might like:

1. “College Town” coming to Glendale and West Phoenix
2. West Valley housing boom
3. Moving Stills 3 – ASU West

the 3 most famous words in real estate.  Last week I was driving through a shopping center’s parking lot when something caught my eye.

Who has the BEST BURRITO – the coffee shop or the ice cream parlor?

Then I saw it, a Taco Del Mar tucked into a little nook/cranny within the shopping center..

No wonder they need to fly a hot air balloon.

Buyers – location matters, and you know it!  That’s why you won’t get the home on the large lot with the perfect views for the same price as the home squished between 2 other homes in the middle of a block with 30 other homes on it.  Make an appropriate offer when you buy your home, because you’re going to have to take it into consideration again when you sell it.

Your probably not up for the burrito-coffee-sundae combo Realtor,

Chris Butterworth

Location. Location. Location. is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

No related posts.

I’ve sliced & diced the NW Valley numbers in the past, most recently in early December (Northwest Valley Market Statistics).  I enjoy doing this as a way to keep my finger on the pulse of what’s going on, and I usually get some interesting feedback from readers, so I’m trying to make this a regular post at the end of each month.  In the meantime, here is an update looking at the activity from mid-December through mid-January.

Northwest Valley by City

Northwest Valley by Price Range

Northwest Valley by City by Price Range

Definitions and Variables – here are the criteria I used for this exercise:

Northwest Valley:  Glendale, Peoria, Surprise

Single Family detached homes only

Active:  homes currently listed for sale as Active in the MLS

Sold:  homes sold between 12/16/2008 and 1/15/2009

Inventory:  the number of months it would take to sell all the Active homes at the current sales pace if no new homes came on the market.

That’s an awful lot of red ink in the last column.  The only number that’s realistically better is the $250k – $400k price range in Peoria.  Otherwise we’re worse across the board.

One silver lining (that’s me, ever the optimist) is the total number of Active Listings is lower than last month:  5,283 down from 5,573.  Could that be a step in the right direction?

I’m also giving some leeway for the holiday season skewing our month-to-month comparison.

Your reporting the facts Realtor,

Chris Butterworth

more Northwest Valley Market Statistics is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

Other posts you might like:

1. Northwest Valley Market Statistics
2. Northwest Valley market statistics
3. February Market Statistics

Heather once wrote a post about some neighborhoods being more “walkable” than others – she even found a website which can assign a WalkScore to any address, showing how easy it is  to get around without a car.

I live in the suburbs, where walking might be great for exercise, but it’s not a very practical way to get things done.  It’s about a half-mile just to get out of my subdivision and onto the closest major road; then it’s another mile to reach a grocery store or strip mall.  This is pretty common around most of the Phoenix-area.

Lately I’ve been gravitating towards the centers at 67th Avenue & Loop 101 – Corte Freccia on the SE corner, and The Village at Arrowhead on the SW corner.  I like these centers because they have a “neighborhood feel” to them. 

What’s missing are the big-box stores and other chains found at most power centers around town – Target, Ross, Home Depot, Frys, Costco, Applebees, Best Buy, etc. etc. etc.  What’s left are a combination of Mom n Pop shops, boutiques, and a few chains with smaller stores than their counterparts.

If you’re looking for a place to have a nice meal, buy some gourmet groceries and a good bottle of wine, or find something a little different, this might be the neighborhood market for you.

Your making the most of walkability Realtor,

Chris Butterworth

Walk-able shopping centers is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

Other posts you might like:

1. Bell Mar Neighborhood Shopping Plaza
2. Open House Home Shopping

photo credit:  azcentral.com

I’ve been watching the photo radar progression over the last few months.  First the local police forces stepped up their radar patrols to catch speeders and slow down traffic.  (I was lucky enough to receive a warning!)  Next came the use of moveable photo radar – a van equipped with photo radar is parked at different locations.  Recently they started installing permanent equipment along Loop 101, similar to what’s been in place in Scottsdale for the last couple of years.

AZCentral.com reports DPS has installed 9 cameras along west valley freeways:  3 on eastbound I-10 in Buckeye; 3 on eastbound Loop 101 between 75th Ave and I-17; and 3 on southbound Loop 101 between Bethany Home and I-10.

** Note – I think I saw 4 cameras yesterday on southbound Loop 101, with the first one being somewhere around Northern.  I’ll double check & post an update next time I drive that way.  (update – there is a 4th camera, located just south of Olive at the Northern Ave exit sign.)

I’ve also seen a continued use of the photo radar vans on the opposite side of the freeways from these cameras.

I’m not here to argue the politics in favor of or against the use of photo radar; I’m just here to remind you to keep your speed in check.

Your relying on cruise control and patience Realtor,

Chris Butterworth

Photo Radar goes live in West Valley is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

Other posts you might like:

1. West Valley Population Explodes – my unscientific opinion
2. Super Bowl XLII: West Valley Is On the Clock!
3. West Valley housing boom

Be warned – beginning Monday morning Bell Rd will be restricted for westbound traffic between Reems Rd and Parkview Pl. (As if traffic on Bell wasn’t bad enough!)

Here is a list of what the City has budgeted for Bell Road this year:

courtesy of AZCentral.com

Here is an article published by AZCentral.com with the full construction schedule for the remainder of the year. Or, if you have any other questions, you can call 602-264-6416 for updates on the Bell Road Project.

Your doubting construction will ever end Realtor,

Chris Butterworth

Surprise – Bell Road Construction is a post written by The Phoenix Agents at Thompson's Realty. If you're reading this anywhere other than a feedreader (rss subscription) of ThePhoenixAgents.com, the site you're reading this on is guilty of copyright infringement.

Chris Butterworth is: Realtor. Analyst. Husband. Father. Writer. Amateur Photographer. Triathlete. Soccer Dad. Big fan of technology, efficiency, and the Arizona Wildcats.

Other posts you might like:

1. Bell Mar Neighborhood Shopping Plaza
2. Loop 303: Road Construction AHEAD!
3. Should I have my New Construction Home inspected?