BlogArizona Category: Renting a HomeThis page contains all BlogArizona posts related to Renting a Home. Read a specific post by clicking on a title below, or scroll further down the page to read through all posts in this category.Thursday, October 29, 2009Zip Codes Missing from Arizona MLSDear nice folks at Arizona Regional MLS (ARMLS®), What happened to the zip code? It used to be prominently displayed at the very top of the MLS printout (after the city & state where it belongs!). It looked like this...
It just disappeared in the past couple of weeks, so hopefully it won't be too hard for you to find it. I know you're usually very good about informing Realtors® when you make changes to MLS. So perhaps you did send out an email informing Realtors® the zip code would be disappearing soon. Unfortunately, I didn't get the memo. So here I sit wondering, what the heck happened to the zip codes? Please help. Thank you!
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on October 29, 2009 | Permalink | Comments (1) | TrackBack Real Estate Scam Involving Foreclosures, Short Sales & Vacant Homes For SaleHere's a recent "Scam Alert"sent out by ARMLS®. Realtors® and anybody who owns a vacant home should beware:
So sellers - keep an eye on your vacant homes and/or ask your neighbors to watch for suspicious activity. Realtors® - check your vacant listings. And renters - verify the owner/history of the property you're renting, and check out your potential landlord!
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on October 29, 2009 | Permalink | Comments (13) | TrackBack Monday, October 19, 2009Is the Phoenix, Arizona Real Estate Market Recovering?Here's a snapshot of the current Phoenix metro area real estate market, as I see it: At the end of last year, the real estate market in the Phoenix metropolitan area started to pick up... not because of any government program, but because the free market works. When prices came down to a certain level, the investors came out to play. Some of those who were sitting on the sidelines waiting decided it was time. And people started buying again... not in huge droves like a few years back when people were fighting each other for houses. But then again, who wants that, really? (I was taught that slow and steady wins the race!). Since then, I've seen a steady flow of buyers into the market, and many banks/real estate agents are even creating bidding wars again. Of course, these bidding wars are driven by totally fabricated demand. The bank has a real estate agent list the house for a super low price to attract multiple offers. Then instead of rejecting any of the offers, they entice all of the propsective buyers into a bidding war and tell them to make their "highest and best offer". None of the buyers know what the other bids are, so they often times end up bidding higher than they should because they get sucked into the emotion of 'wanting to win the bid' rather than rationally determining what the house is worth without that emotion present. I always tell buyers to avoid bidding situations, even in a sellers market. But especially in the current buyer's market... there are still way too many houses available for sale right now to get into a bidding war. Go find a seller who appreciates your offer more and is willing to negotiate under your terms. In a buyer's market, the buyer should feel like they're driving the terms of the deal, not the seller. But realize that Arizona's residential real estate market still faces significant foreclosures, and this will continue for some time. Supply is good for buyers and you shouldn't let uncertainty scare you away from the market if you're buying an owner-occupied home that you plan to keep for at least 3-5 years. However, I would advise inexperienced investors to be very careful buying Arizona real estate right now, especially if you plan to do a short-term flip. There's money to be made, but you can also lose a bunch so just know what you're doing. In my opinion, Arizona's real estate market is recovering, but is not out of the woods yet. The biggest danger to this recovery (other than government interference) is the commercial real estate market. I'm not sure why nobody is talking about it, but the commercial market could create huge problems in the coming years, especially if banking problems are not addressed. Commercial real estate market trends lag the residential market, and I don't think we've even started to see the real impact of the commercial market yet. Here's why: Many commerical real estate mortgages are 5-year or 10-year interest-only loans with balloon payments due at the end of the term. So as those commercial loans made at the height of the real estate bubble start to come due (as they currently are), the property owner (probably a small business owner) will have only a few choices. They either have to pay off the entire balance, which is unlikely for most businesses since they're probably already struggling to make ends meet. Or they'll have to re-finance the loan, which is also unlikely because 1) property values are much lower now and the property is probably not worth the loan amount anymore, and 2) lending standards are tighter and commercial loans are very hard to get. So if these loans can't be re-financed or paid off, the only other option is to sell the property before the loan is due. Many property owners will wait too long, not realizing how long it takes to sell a commercial property in today's market and will consequently face foreclosure. For this reason, I believe the commercial market could be the next big real estate crisis. Of course, I don't have a crystal ball, and nobody really knows for sure what tomorrow will bring. Everybody with an opinion on the future of the real estate market is really just guessing :) So my advice is guess carefully, and as always, buyer beware!
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on October 19, 2009 | Permalink | Comments (5) | TrackBack Sunday, July 05, 2009AWOL Blogger Returns to BlogArizona - Happy 4th of July!I know I haven't blogged forever and a day, so I guess it's time again! How could I have stayed away so long with so much to blog about lately? Honestly, I've been overwhelmed with work and life in general. Since the end of last year, the real estate & home inspection business have kept me working 12+ hour days, 7 days a week. Funny how the free markets actually work if the government stops interfering long enough to allow it. When AZ real estate prices came down low enough (last year), the buyers started to come out and inventory has come down significantly now. No, it wasn't the stimulus or the tax credit - it was lower prices (a function of supply and demand, not government intervention). For those of you who have emailed and left comments telling me to update BlogArizona... thanks! Even after months of not blogging, BlogArizona has still been visited by thousands of loyal readers and the search engines still seem to like us quite a bit. In fact, I still rank high enough to command attention from the bubble bursting crowd (what an honor!). After being quoted in this LA Times article by Nicholas Riccardi (which was also picked up by the Chicago Tribune, etc), I was recently bashed by Boom2Bust because I wasn't negative enough when discussing the Arizona real estate market. Okay, in all fairness, Boom2Bust was actually criticizing the use of Arizona real estate professionals as sources for the article... an article which happened to be about the Arizona real estate market (need I say duh???). Here's what Boom2Bust says about the Chicago Tribune article...
There were a few other AZ real estate professionals quoted, and Boom2Bust concluded/implied that real estate agents just say good things about the real estate market so they can make money. So who should Mr. Riccardi have called to interview for his article about the Arizona real estate market... some doctors in Nicaragua? Everything stated in the article was true, and the sources for the information were fully and accurately disclosed - so what's the problem? Boom2Bust goes on to give alternate sources of information about the Arizona housing market, to balance the opinions of us greedy real estate professionals who were quoted...
Note that Boom2Bust uses only national statistics and sources to talk about the Arizona real estate market. Should we tell Boom2Bust that real estate is local? The national numbers mean nothing to us here in Arizona, even if those numbers come from Yale scholars (Yale isn't even in Arizona!). So Boom2Bust would prefer generic, national sources rather than first hand information from people in the AZ trenches? The Arizona real estate market was among the hardest hit and therefore the first to start the recovery (when prices got low enough). Who do you think is more likely to know when that recovery has started... a Yale professor or an Arizona Realtor? Okay... considering I haven't blogged in many months, I guess I should just feel loved since I'm still being contacted for interviews by major newspapers and bashed by bubble bloggers. Never a dull moment. But don't worry, I'll be back for more much sooner this time. Hope you enjoyed your 4th of July weekend!
Posted by BlogArizona BlogMaster on July 5, 2009 | Permalink | Comments (8) Monday, March 24, 2008Homeowner Needs Help with HOA IssueI get many emails from homeowners who are having problems with their Homeowner Associations, and are seeking advice. I'm not an attorney, so I can't offer advice on how to handle specific HOA problems. But I've been there myself, so I found the email below particularly interesting. Without revealing any personal information, I'm posting the majority of the email along with my response:
My Response...
Hope you found this interesting too. Have a great day!
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on March 24, 2008 | Permalink | Comments (16) | TrackBack Tuesday, March 11, 2008Foreclosure Rates and Neighborhood CrimeHere's an interesting statistic: For every 1% increase in a neighborhood's foreclosures, violent crime increases 2.33%.
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on March 11, 2008 | Permalink | Comments (12) | TrackBack Friday, January 18, 2008AZ Termite Inspector Licensing Agency Going Away
Amid allegations of "cronyism, inefficiency, overregulation and instability", the executive director was recently fired by the seven member Commission. In protest, the 3 Commission members who voted against firing the executive director have resigned. A committee of Arizona lawmakers have since voted in favor of, and are introducing a bill to disband the SPCC altogether. Under the new bill, regulation & licensing of pest control professionals, including termite inspectors, will be transferred to the AZ Department of Agriculture. Arizona lawmakers also considered transferring the SPCC's duties to the AZ Registrar of Contractors (ROC) or the AZ Board of Technical Registration (BTR). However, agricultural pest control is already regulated by the AZ Dept. of Agriculture, so they are the most logical choice. Last I heard, the bill was supposed to be introduced in early January when the AZ Legislature reconvened. While I have not officially seen anything stating the bill has been introduced or approved, I was told by one of my State Representatives in early January that the SPCC's duties will be transferring to the AZ Department of Agriculture. I think he told me a time frame, but I don't remember what it was. So it sounds like a pretty done deal, even if it has not been officially approved. AZ Governor Napolitano mentioned late last year that she would consider the recommendation to get rid of the SPCC, and the State Representative I spoke with did not say the SPCC might go away, he said it was going away. Additionally, the SPCC (like all such agencies) is subject to review every ten years. I believe the SPCC's sunset review is due in June of this year, and even in the absence of other legislation, I don't think the SPCC is expected to be re-authorized or renewed. So, the "good ole boy network" at an Arizona licensing agency...could it really happen? Of course, I'm being sarcastic - yes, it really happens and probably more than you'd ever believe. I have personally witnessed the type of abuse of power alleged here at another AZ licensing agency. Luckily, it was not not directed at me personally. However, I would bet that it's much more widespread than the public really knows. That's a real shame since these licensing agencies are intended to protect the public. But when the agency is corrupt, it doesn't protect anybody - it just raises the cost of doing business. And that cost is ultimately passed on to the consumer, which means the licensing agency ends up hurting the very consumers it was supposed to protect. By the way, I want to apologize to my loyal readers for my recent "vacation" from blogging. Between the holidays, visiting relatives and another project I've been working on, the time has just gotten away from me. But I promise to post again soon. In fact, my friend the AZ Mortgage Guru recently sent me a very interesting article, which got me doing some research on another Arizona licensing agency. And what I found is definitely worth coming back to read. So be sure to check back in a few days and read all about it! Related articles:
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on January 18, 2008 | Permalink | Comments (4) | TrackBack Saturday, December 08, 2007Indoor Air Quality & Pollutants in Your HomeDuring the last 20 years, many homes have been made tighter to conserve energy, to decrease the amount of heated air that leaves the house in winter, and likewise, decrease the amount of cooled air that escapes in the summer. At the same time, of course, there is less fresh, cold air getting into the house in the winter and less fresh hot air entering the house in summer. This may seem like a good idea; it isn't. Because the air inside your house is in an enclosed space, the concentration or level of pollutants can be much greater in the air inside than outside. A tighter house has a lower ventilation rate. As a result of ventilation decreases, the concentration of pollutants inside the home increases. Indoor air pollutants pose the greatest risk to people who are at home the most; babies, children, the elderly and chronically ill. Ironically, these are the very same people who are most susceptible to pollution in the air. Some indoor air pollutants like radon and asbestos are life threatening. While others may not be life threatening, they can make your life miserable causing eye, nose & throat irritation, shortness of breath, dizziness, lethargy, fever and digestive problems to name a few. There are three basic ways to reduce and alleviate indoor air pollution:
There are many different types of indoor air pollutants: the by-products of combustion, including environmental tobacco smoke; respirable suspended particles; carbon monoxide; nitrogen dioxide; volatile organic compounds (VOC's); biologicals; and electromagnetic fields (EMF's). Carbon Monoxide (CO) is a colorless, odorless, tasteless and nonirritating gas that can interfere with the supply of oxygen to the body tissues. Its sources can include unvented kerosene & gas heaters, leaking chimneys & furnaces, car exhaust, gas stoves and tobacco smoke. Volatile Organic Compounds (VOC's) refer to a large number of organic vapors that contaminate the air. It's common for VOC levels to shoot up temporarily, during and following new construction, renovation or refurbishing. Therefore, it's important to increase ventilation as much as possible during and following any renovation. Some VOC's are carcinogenic and there are numerous sources of VOC's including: household products (paints, paint strippers & other solvents); new carpeting, drapes & furnishings; wood preservatives; aerosol sprays; cleansers & disinfectants; moth repellents & air fresheners; stored fuels & car supplies; hobby supplies; dry cleaned clothing; and environmental tobacco smoke. When present indoors, tobacco smoke can be a major source, or significant part of indoor air pollution. Biologicals include things like fungi, molds and dust mites. Higher levels of humidity tend to encourage their growth. The two major actions to control biologicals are controlling the moisture and keeping your home as clean as possible. Electromagnetic Fields (EMF's) are a combination of electric fields and magnetic fields that radiate from electric cables, wires, fixtures and appliances. They include any appliance that either: uses electric bulbs; has an electric motor, such as a refrigerator, freezer, clothes washer, hair dryer, shaver, food mixer, blender, vacuum, etc.; or has an electric heating element, such as a clothes dryer, iron, electric blanket, stove/oven. The data is not conclusive regarding EMF health hazards. It seems to indicate that the most likely health effects of exposure to EMF's would be in the areas of cancer and reproduction. While a cause and effect relationship has yet to be established, a statistical association has emerged between exposure to EMF and cancer risks and reproduction malfunctions.
Here's one (probably unknown) step to control and mitigate EMF in your home: If you have an electric blanket, use it to warm the bed and turn it off before you get into the bed!
Posted by Martin Spilo on December 8, 2007 | Permalink | Comments (2) | TrackBack Friday, August 17, 2007Sub-Prime Mortgage Crisis Causes Fed to Lower Discount Rate
As a Realtor®, lower interest rates would obviously make me happy. Lower rates will decrease a buyer's monthly mortgage payment, therefore enabling more people to qualify and buy real estate. But will lower interest rates really help solve the mortgage problem, or will it just create more inflationary worries? And as mortgage companies tighten lending standards, will new buyers who qualify due to lower interest rates even be enough to offset those buyers who no longer qualify due to tighter lending requirements? It's not that lenders don't want to lend - trust me, they WANT to make loans available. But the loans have to meet certain requirements or the mortgage company cannot sell them and free up money to lend to the next borrower. So mortgage lenders are faced with a choice:
As more and more of these risky loans go into default, there are less people willing to buy them. Investors are pretty scared right now, as indicated by the big sell-offs on Wall Street over the past few weeks. While there are definitely reasons to be concerned, I personally feel the media attention has made this problem out to be much worse than it really is. If you believe what you hear on TV and read in the newspaper, mortgage companies are closing their doors. Some really are, but it's still possible for someone with good credit and good income to get a mortgage (and shouldn't good credit and good income have been a requirement all along, really?). But don't expect to find the 100% financing and 103% financing of years past. If you plan to apply for a mortgage anytime soon, start saving now because you'll likely be expected to make a significant downpayment. You'll also probably be expected to document your income. Why? Because people with good credit, good income and a large down payment invested DON'T generally walk away from their house/mortgage when things get tough. On the other hand, people who put no money down and have so-so credit have very little to lose, and therefore can walk away from their home (and their mortgage debt) as if they were renters. In the short-term, stricter yet common sense lending requirements will cause panic and fear, and yes, fewer people will qualify for a mortgage. But in the long run, stricter requirements will help make for a more stable lending environment, and ultimately a more stable real estate market.
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on August 17, 2007 | Permalink | Comments (2) | TrackBack Thursday, June 14, 2007AZ Real Estate Blogs & Bubble Bursters
The article did mention some Valley bubble bursting blogs, if you consider those to be real estate blogs. These are the bloggers who cheer for decreasing home values and hope for a total collapse of the real estate market. They wish hateful things on all who own real estate - investors and average homeowners alike. I believe some of them have more of a political agenda, some have a business motive to hate real estate, while others are just bitter renters who were priced out of the market during the last boom. Regardless of the motives, the amount of hate you find on these ‘bubble burster’ blogs is just WRONG, and it makes me question everything they post. While some of the facts they tout may indeed be true, it’s hard to give any credibility to someone that’s hoping the real estate market will crash so that all property owners will be financially hurt. Normal people do NOT think this way. As soon as I spoke with Glenn Creno, I suspected the article would focus on these bubble blogs. He asked me several questions about them, and he was really curious why they were so hateful and what kind of person could seriously root for a collapse of the housing market. So Jay, Greg, et al, don’t be offended your blogs weren’t mentioned -somehow I don’t imagine you’re losing sleep over it :). You didn’t fit his agenda. In fact, if anybody should be bothered by this article, it’s me. BlogArizona was listed just beneath the Housing Panic blog, under the heading, “Critical of the Market”. But at least the ‘chatter’ on BlogArizona.com “is more subdued” than the Housing Panic blog. Seriously, there are more important things in the world to worry about than some Arizona Republic article. As one of the comments on azcentral.com reminded me, Paris Hilton’s in jail. I have to go watch the news and see how unfairly she was treated today!
Posted by Shannon Hubbard, AZ Realtor & Computer Guru on June 14, 2007 | Permalink | Comments (2) | TrackBack |
If you haven't already heard, the licensing agency for 
The Federal Reserve just lowered its discount rate by a half a point to 5.25% after continuous bad news from the mortgage industry and Wall Street. The discount rate is the rate the Federal Reserve charges qualified lenders, usually banks, for temporary loans. This move is mostly symbolic, as the Fed did NOT lower the federal funds rate as many expect will happen in September, and perhaps again in October (the federal funds rate is the more closely watched 'interest rate' which affects credit cards, home equity lines of credit, car loans, other consumer loans and eventually mortgage rates). But obviously, the Fed is now MUCH more worried about the credit crunch than about inflation. What started as a subprime mortgage problem is now wreaking havoc on Wall Street and the economy as a whole.
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