I was talking to a friend earlier this week who isn’t in real estate (Yes, I have friends outside real estate!) and she brought up an interesting subject…Real estate speak. Yes, we real estate professionals tend to have a language all our own. It’s easy at times to forget that some of the terms we use sound like Greek to the majority of folks out there. Happens in any profession. Heck when I was in semiconductor manufacturing, we wrote a glossary to keep track of all the TLAs … [Read more...]
Real Estate Secret Decoder Ring
Reading a post by Amy Jones (yet another great Phoenix real estate blogger) last night got me to thinking about the language of real estate. Then Mark Eckenrode of HomeStomper and Guerilla Marketing expert, (also from Phoenix) in his maiden voyage at AgentGenius penned this little nugget: One thing experts tend to do is immerse themselves in the language of their expertise. Problem is, the public doesn't know the language of “expertise.” And no one likes to feel like the stupid person in a … [Read more...]
Ask the Agents! Days on Market…
We received a couple of questions this week surrounding "Days on Market" and price changes in the MLS. (Multiple Listing Service) What is the AZ real estate law regarding resetting the number of days on market (what is required)? There is no state statute defining how "days on market" (DOM) is set, counted, or reset. These factors are based on the MLS rules and regulations, not state law. That said, here's how it works (note, this applies only to the Arizona Regional MLS (ARMLS) -- other … [Read more...]
Contract Question of the Week: Inspection Period Length
It doesn't seem to matter whether it's buyers or sellers, first-time homeowners or seasoned investors. When it comes to the Residential Resale Purchase Contract, we tend to get the same questions over and over. So I thought I'd share some of the more common questions here. My intent is to have a "Weekly Contract Question" but I have to be admit that it'll probably wind up just like my "Pic of the Week" idea did. That being instead of appearing weekly, it winds up being every 2 days to 2 … [Read more...]
30 Year Mortgage Rate Trend & Rate Chasing
UPDATED! Please go here for updated mortgage rate trend charts (updated through May 2011) UPDATE: Please see this post for an updated chart (through August 2008) plus new charts! "We've got to refinance NOW, rates are going up!" "If we don't buy now, we may not be able to get a good rate!" I hear comments like this all the time. Chasing mortgage rates will drive you bonkers. Yes, the rates for 30 year fixed rate mortgages are inching up. But keep this in mind... they are coming up … [Read more...]
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...