{"id":157,"date":"2006-07-30T17:30:21","date_gmt":"2006-07-31T00:30:21","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=157"},"modified":"2006-07-30T18:59:09","modified_gmt":"2006-07-31T01:59:09","slug":"mountebanks-confounded-phoenix-real-estate-market-refuses-to-go-up-in-flames","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/157\/mountebanks-confounded-phoenix-real-estate-market-refuses-to-go-up-in-flames\/","title":{"rendered":"Mountebanks confounded: Phoenix real estate market refuses to go up in flames . . ."},"content":{"rendered":"

I wrote this earlier today as a response to a comment, but I think it warrants a post of its own.<\/p>\n

Here’s the Cliff’s Notes: After a huge run-up in home values, so far the Phoenix-area residential resale real estate market has given back four percent from the peak in December of 2005. We have a surfeit of inventory, but I suspect that many sellers are loosely-motivated. We have a completely normal number of buyers buying a completely normal number of homes in a completely normal number of days on market at a completely normal level of discounting on price. The idiot newspapers cannot stop comparing current conditions to the middle of the boom, but if the current market is compared to 2003, it becomes clear that, except for the surplus inventory, we are in a relatively normal market.<\/p>\n

Whatever might happen in the future in the Phoenix real estate market, it is clear that, after more than two years’ worth of predictions of imminent doom, our oft foretold Armageddon has not yet come to pass. These facts are documented here. The blockquoted matter is snipped from the remarks of my interlocutor.<\/p>\n

What makes you so certain that the majority of individuals who are re-selling at the moment are “loosely motivated” as you say?<\/p><\/blockquote>\n

First-hand experience and peering into the MLS. The surge in inventory started about September of 2005, and, from the beginning, I had the strong impression that many of the sellers were owner-occupants looking to cash out at the top of the market. When I show, I see a lot of homes that are not market-ready. A significant number of homes aren’t even available to be shown.<\/p>\n

It seems that this housing run-up has featured a lot of speculation from “flippers” who bought as an investment and plan on selling for a profit.<\/p><\/blockquote>\n

I do not have this impression. Certainly most of the homes I’m showing (and most of those I represent) are owner-occupied. I have investors with homes for sale right now, but none at fire-sale prices. To the contrary, my investors are doing very well.<\/p>\n

For what it’s worth, most mainstream media reports Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I wrote this earlier today as a response to a comment, but I think it warrants a post of its own. Here’s the Cliff’s Notes: After a huge run-up in home values, so far the Phoenix-area residential resale real estate market has given back four percent from the peak in December of 2005. We have […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":{"0":"post-157","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-marketing","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/324\/republic-year-over-year-median-prices-down-in-some-areas\/","url_meta":{"origin":157,"position":0},"title":"Republic: Year-over-year median prices down in some areas . . .","author":"Greg Swann","date":"September 12, 2006","format":false,"excerpt":"Here's the Republic's read on yesterday's housing numbers, a much more dire interpretation:Valley home prices dipped again in August, even falling below last year's levels in some areas. It is the first time since the Valley's housing market turned red-hot in late 2004 that the monthly median price of existing\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":329,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/329\/could-valley-resale-home-inventories-really-only-be-15-over-normal\/","url_meta":{"origin":157,"position":1},"title":"Could Valley resale home inventories really only be 15% over normal?","author":"Greg Swann","date":"September 13, 2006","format":false,"excerpt":"Interesting notes from John L. Wake's Arizona Real Estate Notebook:Dr. Jay Butler, the head of the Arizona Real Estate Center at ASU, made a presentation yesterday at the Industry Partners Conference, an annual meeting of real estate industry folks - agents, escrow officers, mortgage brokers and many others. Looking at\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":235,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/235\/were-number-seven\/","url_meta":{"origin":157,"position":2},"title":"We’re number seven?","author":"Greg Swann","date":"August 23, 2006","format":false,"excerpt":"Maybe not. BusinessWeek has the Phoenix\/Mesa metropolitan area as the seventh healthiest real estate market in the country -- but since their analysis is based on year-over-year appreciation, that news is not nearly a momentous as it portends to be. Using our own numbers, yearover-year through July we're up 0.57%\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":364,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/364\/greater-phoenix-chamber-of-commerce-residential-real-estate-rebounding-commercial-real-estate-strong-population-growth-unabated\/","url_meta":{"origin":157,"position":3},"title":"Greater Phoenix Chamber of Commerce: Residential real estate rebounding, commercial real estate strong, population growth unabated","author":"Greg Swann","date":"September 22, 2006","format":false,"excerpt":"Two articles in today's Arizona Republic on the state of the local economy as detailed by the Greater Phoenix Chamber of Commerce, both largely good news. Catherine Reagor continues her slow apprehension of the idea that this year is not last year. And R.L. Brown advises us all to adapt\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5778,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5778\/the-bottom-of-the-phoenix-real-estate-market-may-be-in-sight-but-alas-the-end-is-not-near\/","url_meta":{"origin":157,"position":4},"title":"The bottom of the Phoenix real estate market may be in sight — but, alas, the end is not near","author":"Greg Swann","date":"November 23, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0The bottom of the Phoenix real estate market may be in sight -- but, alas, the end is not near When will the Phoenix real estate market finally hit bottom? Believe it or not, I can answer\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2826,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2826\/in-the-metropolitan-phoenix-real-estate-market-our-long-slow-slide-in-home-prices-is-finally-encountering-demand\/","url_meta":{"origin":157,"position":5},"title":"In the Metropolitan Phoenix real estate market, our long, slow slide in home prices is finally encountering demand","author":"Greg Swann","date":"March 24, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link): \u00a0In the Metropolitan Phoenix real estate market, our long, slow slide in home prices is finally encountering demand If you've been looking for the bottom of the Phoenix real estate market, it might well be upon us.\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=157"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/157\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}