Realty Executives Phoenix

Denise van den Bossche

Denise van den Bossche

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2005 Bubble vs. 2022 Potential Correction

(Published on - 5/31/2022 12:51:26 AM)

2005 Bubble vs 2022 Housing Market
2005 Too Many Homes ...  2022 Not Enough Homes.

  • 2005 Zero Down Loans Freely Available ...  2022 Borrowers must have "Skin in the Game." 
  • 2005 was dominated by Investors ...  2022 Buyers are Homeowners, or those wanting badly to be homeowners.
  • So what is the Worst Case: A Crash. However, there is nothing in the math that supports a crash.
  • Best Case: No Effect.
  • Most Likely: A short term market shift or correction. Interest rates could go back to 5% as early as this Fall.   

Interested in the increased number of listings and lower market demand here in the Valley of the Sun? Watch my 3 minute June Market Re-cap Video Here

June 2022 Market Update DeniseVDB.com

 


Buyer Waiving Repair Request (Inspection Contingency)

(Published on - 4/12/2022 5:14:18 PM)

The Arizona Purchase Agreement is an As-Is contract, and due diligence is the responsibility of the Buyer. So when a Buyer states they are willing to purchase "As-Is" in this competitive Seller's market, it is redundant and really doesn't carry any weight. However, a Seller may require the Buyer to waive the lines of the contract regarding the BINSR process.   But importantly, if the Buyer submits a repair request anyway, the Seller should not respond based on the stricken language, or it may negate the Seller's intention.  More in this month's 3 Minute Market Recap HERE


This is NOT a Housing Bubble: April 2022

(Published on - 4/5/2022 4:09:55 AM)

 

NOT a Housing Bubble

According to a Forbes article March 25, this is NOT a housing bubble (full article)

Housing Bubble stick diagram

 And to buy a house in this market you REALLY need someone experienced. See more on this topic in my 3-MINUTE VIDEO link. (check back April 15)

 

 

Experts Predict Another 16.3% in Home Values by December

A new survey of experts published 3/24/2022 sees home valuations between February and December this year averaging 16.3% appreciation. Excerpts:  While 38% of experts polled by Zillow believe 2024 will be the year inventory returns to 2019 levels, 36% pegged 2023 as the year. The remainder believe we'll have to wait until 2025. The survey continues,  The inventory crisis gripping America’s housing supply will most likely let up in 2024, with some experts forecasting a longer wait, according to a new survey released Thursday (3/24/2022) by Zillow.  In the immediate future, experts predicted home values and rents to continue trending upwards, with Zillow economists predicting a 16.3 percent increase in typical homDeniseVDB.com Celebrating 36 years Arizona Real Estatee valuations between February and December 2022.

 

One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a 36 year career in Arizona Real Estate.

 

 


Real Estate: The Best Hedge Against Inflation. March 2022

(Published on - 3/1/2022 4:35:01 PM)

Inflation as a Hedge DeniseVDB.com

Real estate is one of the time-honored inflation hedges. It’s a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values. – Mark P. Cussne, Financial writer, Investopedia

 

Diverse Opinions of Housing AppreciationOne thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance.  Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a 36 year career in Arizona Real Estate.


Short Term Rentals New Rules Arizona

(Published on - 2/27/2022 1:03:18 AM)
Paradise Valley Arizona has new laws in effect February 26, 2022. What does this mean for home buyers?

Paradise Valley IndependentSTR new Laws in AZ DeniseVDB.com

By Tim Dickman | Guest Commentary

The Paradise Valley Town Council recently enacted changes to the town code related to Short Term Rentals (“STRs”). A state law passed several years ago, substantially reduced the ability of cities and towns to regulate STRs — including an outright ban. However, that law does permit cities and towns to regulate STRs related to health and safety.

The Paradise Valley Town Council changed the code fully in compliance with state law. The purposes of the code changes were to:

  • Further define and regulate “special events” since many STRs were being used as wedding venues or engaging in other impermissible business activities;
  • Minimize nuisance behaviors which have become all too familiar to people living near an STR;
  • Protect public health and safety.

If you live near a problematic STR, it is important for you to know the Town code and your rights.

Emergency Complaints — Call 911.

If there is an emergency or criminal activity, you should immediately call 911.

Tell the 911 operator the nature of the emergency. You have a right to be safe and should always feel free to call 911 if you or your family are threatened or feel threatened.

Non-emergency complaints — 480-948-7410

Tip! Put the non-emergency number in your phone so that you have it handy!

 

You can report any violation of town code related to STRs to the non-emergency number above. You should fully understand the new town code so that you can file an informed complaint.

 

Here is a seven-step guide to understand the new code changes for the purpose of non-emergency complaints.

  1. STRs are required to be “registered” with the town. If there is an STR nearby, you can check to see if they are registered and operating legally. You can check online at www.paradisevalleyaz.gov/rental. If the STR is not registered, report the violation.

The operator will be notified and action will be taken to rectify the situation.

 

Also, on the town website you have a right to obtain the owner’s name and contact information, the physical address and land line (required) phone number, and the local contact and emergency contact name and address. here is a per day fine for operating an unlicensed STR.

 

  1. Excessive noise is a violation of town code (there are special exceptions for licensed special events which are not common). The town regulates noise by time of day. Between 7 a.m. and 10 p.m., noise cannot exceed 56 decibels.

 

Fifty-six decibels are equivalent to a coffee percolator or normal conversation.

 

Between 10 p.m. and 7 a.m., permissible noise levels are reduced to 45 decibels. Forty-five decibels are equivalent to the hum from a refrigerator.

 

You should report any noise violations to the town. A police officer will be dispatched to verify the violation take enforcement action. If two or more neighbors report a noise violation, a citation will likely be issued. In this instance, the neighbors reporting the noise must be willing to testify in a court proceeding.

 

  1. Enforcement action for code violations will be issued if STRs: (1) operate any adult-oriented business, performances, parties or activities; (2) have any public urination or defecation, nudity or sexual acts that are visible from another property or the street; (3) rent to sexual offender (owner must perform a background check on anyone who is staying at the STR; (4) Motor homes, campers, trailers, boats, buses or similar equipment allowed to be stored on the property may not be used for sleeping or habitation purposes.

 

Report any of these code violations. You should know that STRs must have a responsible party who responds within one hour when requested by police at the scene.

 

  1. STR owners or designee must meet guests in person upon their arrival, present copies of rules and regulations and keep records of compliance. If police are summoned for other violations, they will be checking for compliance. If you are aware of people “checking in” without an in-person attendant, report the violation.
  1. Trash and refuse can only be placed at the street beginning the evening before trash day pick-up and ending at sunset on trash day. Except for trash day, cans and refuse may not be visible from the street. Littering, exposed garbage or trash is a violation of town code.
  1. There are requirements for specific information to be included on any internet platform listing an STR for rental. One such requirement is that every on-line listing must display the Transaction Privilege Tax (“TPT”) number issued by the state. If you are aware of an on-line listing without displaying a TPT number, you should report that to the town.
  1. There are requirements of STRs for: (1) liability insurance; (2) smoke and carbon monoxide systems; (3) fire extinguishers; (4) fire safety and emergency evacuation map; (5) air filters; (6) local land line phone; (7) cleaning between bookings consistent with CDC guidelines; and (8) pest control. If police are summoned to the STR, they have the ability to check for compliance of town code with additional citations issued for violations.

It is important to know that any and all violations are cumulative with escalating series of fines. The town also has fines associated with events deemed an “Unruly Gathering.” Multiple violations increase fines and are counted separately.

 

Aggravating factors increase fines to the next higher level and may require the property owner to reimburse the town for any costs related to the police department. Ultimately, bad owners or operators are subject to loss of license by the state.

 

The town encourages all code violations to be reported. Working together, we can eliminate bad operators.

 

DeniseVDB.com www.AZMultipleListingService.com


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