Inventory is down, pending closing up, all improvements

Here in the greater Phoenix area there is a lot of talk about the changing market.  Our outlying areas have seen the greatest recovery.  Well, let me rephrase that.  Those outer areas, prices have dropped to such a level that people are jumping in to purchase.

This chart is the current inventory, the number of homes currently on the market actively listed, divided by the number of homes that are closing.  Giving us an idea how long it would take at the current level to sell all of the homes available.  Back in April of 2008 there was a 420 day supply of homes.  That is a lot of homes, and not many people purchasing.

Move forward a little more than a year, and we have 209 day supply of homes.  Currently we have people buying homes, and fewer on the market.

The first chart must be looked at comparing it to active listings.  Together they tell a better picture.  This is the chart of active listings.   I included the 2002 and 2003 data because they show a ‘normal’ market.

You can see the inventory levels rose and reached their highest point in late 2007, and remained high all through 2008.  The first part of 2009 we see the number of listings is reducing, currently at 41,197 active listings.

The last chart to compare is the pending listings.  Is this a fluke or going to last.  This chart is jagged, due to many closing at the end of the month.  You can see the current pending listings is high.  Due in part to lenders taking longer to approve buyers.

From this information we know there are lots of people purchasing homes.  The inventory levels are dropping,  and there are lots of homes pending and about to close.  At least for the next few months, the Phoenix market is moving!

Wild Kingdom update in McCormick Ranch

Yesterday we had fun with the Badger.  

In the afternoon I got a call back from Critter Control.  They didn’t belive that we had a badger.  And in McCormick Ranch, impossible…

They asked for proof and I sent them to my blog to see the photos.  No doubting us, a badger is what we had.  They were speechless.  In 17+ years of doing critter control in the valley they have never had a confirmed badger report.  They once had a call from someone in Buckeye, but could not confirm it, as they didn’t trap it.  

So a badger is rare in populated areas.  Almost unheard of.  

That is good to know.  Today, someone checked the last known location of our little friend.  He has moved on.  Hopefuly to a more rural area, or out to the desert even better.

A Badger in McCormick Ranch

I get asked about critters, what will people expect to find when they move to Arizona.  When I let them know that even in the heart of Scottsdale’s McCormick Ranch they can still expect to see an occasional coyote, javalina, hawks and owls.  People are surprised!  They were thinking along the lines of bugs, snakes, scorpions.  I haven’t seen any snakes or scorpions in the area,  that doesn’t mean they aren’t there, just that I haven’t seen them.  

Today I got the surprise when a BADGER found it’s way to my front courtyard got trapped and ‘dug in’ literally.  

 

This ferocious critter dug a hole VERY quickly righ next to our front door.  I believe it felt trapped, and found a spot to defend itself.  

Not sure if it was still there…. we took the hose from the balcony of the upstairs office and flooded it out.  

It was there! and not very happy with us.

 

 

 

From the safety of the roof and upper deck, we hosed down the little guy and chased him out the patio and then blocked it off so he wouldn’t return.

 

He headed off and made another hole in the neighbor’s front courtyard.  They are out of state for the summer.  So that gives us a bit of time to get Animal control to get out here.  

Till then, I am headed out with notices for the neighborhood to be on the lookout for a Badger and do not approach - those are mean buggers!

Spell Check is my friend

Yes, it is true. Spell Check is my friend.

As I grew up, my parents thought I was a bit of a slow learner. We found out in 7th grade, I had a challenge with Dyslexia. Thank goodness my parents were in a position to get me further tested, and I went to a small school that taught me how to compensate for my learning disability.

Years go by, technology improves (thank goodness) and spell check has become my best friend. I love to use the web browsers of Google Chrome, or Mozilla Firefox as they have spell check built in.

Yesterday, I posted a blog, with spelling errors in the title. (the title doesn’t get spell checked - bummer)  I know I have great friends, many of you sent me an email, or DM thru Twitter to let me know. I have the best friends.

Thanks

Home Owners Associations - some not doing so great

Recently, at a continuing education class, the instructor shared some facts about HOA’s. There are currently around 11,500 Home Owners Associations (I am not sure if that is in the state, or in the county I didn’t write that tidbit down) and of those HOA’s 3000 of them are upside down financially.

I was surprised to learn that as little as 15% of properties going into foreclosure in an HOA can cause financial stress to the balance sheet.

With our residential purchase contract, you the buyer, do get to check out and approve during the inspection period, the CCR’s (rules and regulations of the HOA). We are now suggesting adding in that the buyer to also receive the current financial records for the HOA. Knowing what the financial status is of an HOA, you will have a better idea if there are going to be large assessments in the future, does the HOA have reserves, and are they adding to the reserves each month.