The highs and lows of parenting and real estate.

Top 10 Signs the Phoenix Real Estate Market Has Gone Bananas

Number 10:

Answering office phones is no longer just an easy way to generate leads. Answering office phones is now an easy way to end up committed for post traumatic stress.

Number 9:

A listing agent tells you the house can only be shown Saturday between 1 and 2 pm because the owner breeds pit-bulls on the property, and also just FYI, the house will definitely need all new paint and flooring due to the pit-bull breeding. Your buyer is still wants to see it because there’s just nothing else available.

Number 8:

You’ve begun to screen your calls against annoying unsolicited all cash back-up offers on listings firmly under contract.

Number 7:

You develop a psychic sense for when a new house has come on the market for one of your buyers. By the time you pull up the house, set up the appointment and make it over there with the buyer at 8:05AM on day zero of the listing, the house is already under contract.

Number 6:

You are no longer deterred by the Multiple Offers Received field in the MLS. Until the new buyers have moved in, that sucker is fair game.

Number 5:

You show a house that mentions a ‘sparkling pool’ in the listing description, except the backyard is nothing but grass and dirt. The seller explains she doesn’t know why the listing agent put that in there because they threw the pump into the bottom of the pool and filled it in with dirt last fall. Despite this the house gets 8 offers in the first day.

Number 4:

No trouble finding buyers. Raining buyers. Trouble finding house for buyers. Stress ate part of brain in charge of grammar. Some buyers please go away thank you?

Number 3:

Your spouse has become accustomed to soothing you back to sleep after you wake up in the middle of the night drenched in sweat screaming, Not again! It can’t happen again! Did we learn nothing from 2005?!

Number 2:

Those water bottles Realtors are always carrying around to stay hydrated? It’s not water in them now.

And the Number 1 sign the Phoenix real estate market has gone bananas?:

You pass a stranger in the grocery store who has a desperate, defeated look in her eye. The skin on her face is saggy and grey from too much fast food eaten on the run. Her clothes are rumpled, she’s wearing two different shoes and she badly needs a root touch-up on her grey hairs. You feel deeply sorry for this hollow shell of a person… until you realize you’re standing in the mirrored display area of the floral section.

22 Responses to Top 10 Signs the Phoenix Real Estate Market Has Gone Bananas

  1. True dat. I’m eating contracts and crapping rejections.

  2. And yet… most home buyers will feel like you’re exaggerating and out of touch with reality. After all, they read the newspaper yesterday and it said the market in Phoenix was now becoming favorable to first time FHA home buyers. Yeah, right… [Great post!]

    • What’s the rule as to how far the media is always behind? I don’t think that’s changed… even in 2012.

  3. That’s the God’s honest truth, Randy. Level with buyers, and they think it’s a sales pitch. A maddening cycle of frustration that you see coming, but are powerless to thwart. Without a taser, that is.

  4. #2 had me giggling…out loud.

  5. Very Funny!

    #6 is too true – Buyers treat AWC like it’s a brand new listing. Short sales, too!

  6. I love it!!! So glad to hear things are back to “normal” in your world. Hope it filters to Oklahoma soon. And how did you know that clear liquid wasn’t water….?

  7. So seriously, why have the same 4 houses been for sale on my street for months? I’m ready for my next door neighbor to finally put that ‘sold’ sign up, because that will HOPEFULLY mean no more kids chucking huge rocks over our common wall at our bedroom windows and our tent trailer.

  8. Exactly right! It is off the hook crazy right now, but buyers don’t believe it until their 4th offer has been rejected!

    • How many offers do you have to write before the buyers are willing to look during their lunch hour, bring a preprepared offer, and sign on the hood of your car?

      • So True, I have blank contracts in my car constantly. Never know where your next offer will be submitted to and how quickly you have to write it. Sometimes by the time you finish writing it and the ink is half way dry there are 4 offers in to the seller by that time. I don’t know if there really is a shadow inventory but someone let the banks know please that we need them. Our first time home buyers NEED THEM!

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  11. Crazy how we can say, “not enough listings” when not very long ago it was “not enough home buyers” – you know?

    The “cash-offer” strategy is wonderful for making everyone second guess every other offer. Before you let is mess with your mind, remember that those offers can fall apart too.

  12. Great post! So true!! My favorites are 4,7,9!!

  13. So, I had to read this twice to “get” what is going on. Basically, “sellers” have taken their homes off the market b/c they cannot even break even and so there is a shortage of product. Not exactly the 2005 boom. In fact, another sad economic fallout for the real estate industry. Nice way to “spin” it though–like the stock market–let’s see if it works. Rather than “sell like hell,” the cheer is “hype like it’s 2005!”

    • Well… sort of. Most of the local real estate statisticians agree that because of various characteristics of the area (not landlocked, pretty constant influx of people, etc) our market will continue to be rollercoastery for the foreseeable future (rollercoastery is a technical term). Our inventory has shrunk for a variety of reasons (some underwater people are just staying put, prices have gotten so low in many areas the investors came back to eat up supply, lending constraints have loosened a bit so there are more qualified buyers out there, etc.) and this will eventually cause price increases (and already has in some parts). Low inventory is actually the last indicator before price increases begin. Because we’ve had nothing but price drops for 5 years, this would be a good thing. Although hopefully the increases won’t be $10k/month like it was in 2005.

      But really, the point of the article was just that to the local real estate agents, it feels like 2005 in terms of difficulty getting contracts accepted and even finding the right house for buyers with such little inventory. So all of the work of 2005, but without the big paychecks. 😀

      • “Low inventory is actually the last indicator before price increases begin.” (E. Newlin) Agreed!

        Contractors, are you listening?

  14. Funny article Elizabeth – love your sense of humor. I especially like the pit-bull story! While it’s not quite so frenetic in Seattle, it amazes me when I see a listings with insanely tight windows for showing appointments. While I’ve been an agent for a relatively short time, I certainly don’t look forward to “those days” returning. Sounds very stressful!

  15. Wow, I am so happy to know that I am not alone! Shared misery is wonderful. Was there ever a time when your clients liked a house, took a couple days to make a decision, came in with a strong, but not quite full price offer and you were pretty confident you could get the deal? That is my fantasy!

    Funny artcle by the way 🙂

  16. My number 1 is: Your buyer’s all cash offer for 25% over list price is bested by at least 5 other offers.

  17. Pingback: The Buyer Equation | Arizona Association of REALTORS®

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