Mullan Brothers Real Estate Group, Homesmart

05/31/2024

To all who know and love Mike, I want you to know, my brother is battling cancer! I'm posting this to let everyone know this man, who has been a friend to all, who would do most anything for those he cared for, who regularly put others in front of himself, is in need of your prayers.. I know he would not approve of this post, but frankly, I don't care! He deserves the love and compassion which comes with being a good, honest, humble human being! Please keep Mike in your prayers! 🙏❤️ Love you brother!!

02/25/2023

Fast changing Phoenix Metro Market -- Update 2/25/23
I guess that most of what is happening is common sense. When you get cars selling for a million dollars at January Auctions, People paying $100.00 for general admission to events and it costs $5000.00 for a nosebleed seat at the Super Bowl – all in great weather or maybe I should say better, weather than 90% of the Country, you need to know there is money in Arizona for the winter and spring!
The additional million visitors in the Phoenix metro area has already started having a major effect on business.
On 1/7/23 our Realtors listing system had 16606 Active homes available and 5557 listed homes with contracts.
On 2/22/23 the same listing system has -–11997 Active homes available and 7736 listed homes with contracts.
As you can see, there was a major change in a reduction of supply of 4609 homes available for sale, all in just 46 days.
Also shows a major increase on demand of 2179 homes listed but already with contracts on them.
All in the same 46 days.
Not only are these figures for homes available, well below the supply numbers of which many consider, pre-pandemic,
normal years of 2018 (14230) and 2019 (15954) with over 100,000 fewer residents, but the media will not report
this increase in sales until these homes under contract(pending), show sold or close in another 30 to 45 days. Most sellers and agents
will not see the increase in prices for 30 to 45 days.
That leaves a small window for buyers to act.
Other figures show that present buyers are buying homes of their choice while prices are negotiable, with the intention of refinancing down the road.
More figures that buyers and sellers should pay attention to.
The largest dip in supply are homes in the homes under $800,000 while homes over a Million dollars still are
staying strong with 50% of those homes being bought with cash.
On top of all the above figures, Arizona retains a position in the top 5 states with the greatest population increase since 2019.

Don’t be left out. Whether you are selling or buying, give us a call so we can give you an idea of how valuable your neighborhood is now!
Or look to buy while things are negotiable! Call US!

Our family has been serving Arizonans for over 100 years. We are Tim and Mike Mullan, and we're here to serve you throughout the real estate process.

02/08/2023

https://conta.cc/3XfiA7N

What Now?? Buy or Sell! or wait for eveyone else to join in!   Happy Hour Figures to start with --- Over the past 4 months, up until 1/15/23, interest rates were between 6% and 7%. Phoenix metro area

12/25/2022

Merry Christmas and We Wish Everyone a Fantastic 2023!
Mike and Gay Mullan and Tim Mullan and Teri Sissel

11/15/2022

ARIZONA - Do you buy Now? Figures to consider when looking at the near future in the real estate market.
The First set of figures gives you an entirely different look at buying between November and Jan. 1, this usually slow period of the year. Yes, interest rates are higher but prices are lower, more homes to choose from and some owners are looking for a year-end tax deduction.

The second set of figures will show you that with all the talk about no demand and a huge supply of single-family homes, is it really happening. The figures below show will show you that from 9/19 to 10/22 the supply had increased but only by 1121 listings which for a population area of over 4 million residents, is a very small number.
The demand, even though it fell by 1406 pending contracts, again it is not much for the population involved.
If you look further down the chart to 11/14 that the supply has started to slow, and the demand has started to increase.

11/07/2022

A Great but quick flyover as the Arizona Cardinals celebrated Veterans Day early! Go to full screen and watch the rollover through the Stadium's Open Roof. - There were two jets flying over but I missed the first! - The Cards lost, again but thanking those for their service is worth doing it Again! and Again!

10/23/2022

Yes, I am a car guy, and here is a little information for our automotive friends and clients! Some boutique shows and incredible Concours that local insiders know, not to miss!
From Oct.2022 till Jan. 2023

BWOG – 5th year– Sunday, Oct 30th, 2022 9:00 am (British Wheels On the Green)
Centennial Plaza and public parking are located at 9875 N. 85th Avenue, Peoria, AZ 85345.
The Largest Vintage British Car and Bike show in Arizona

Tucson - Jaguar Club of Southern Arizona, 49th Jaguar Concours d’Elegance, November 12, 2022
Only Jaguar Concours in Arizona to be sanctioned by the Jaguar Clubs of North America (JCSA) this calendar year.
https://jcsaz.com/concours-registration/

“E” VENT - 10th year – Nov. 12th, 8:00am
Largest Jaguar E-type (XKE) show in Arizona
7200 N Scottsdale Rd, Paradise Valley, Az
RSVP to 480-968-5000

Arizona Concours d’ Elegance – Jan. 22, 2023
Arizona’s only true Multi-manufacture Concours d’Elegance comes out of hibernation at a new location on Jan. 22, 2023
Yes, Arizona’s one truly judged Concours d’ Elegance to appear in Old Town Scottsdale. A chance to see some extremely rare and historic automobiles. Get tickets now! A great Christmas gift for your family auto enthusiast!
ArizonaConcours.com

09/30/2022

Where could have the Phoenix Metro area home market gone? - 9/28/22

To Sell or to Buy, That is the Question!

To answer the first question -- the market is here and evolving. Both the supply and Demand are still here!

With a population of over 4 million, there are only 16354 active single-family home listings for sale (9/28/2022) in the Arizona Multiple listing services (Includes all of Maricopa County +) as compared to the 45,000 plus listings with 100,000 fewer residents during “The Crash”.

Over Sept. we had added another federal interest rate hike of .75% but our market only added another 670 single-family home listings. Over the last 30 days, we only lost 77 pending contracts for single-family home listings. A bit of a surprise that listings did not jump well past normal listing records for this time of year and our pendings didn’t drop by thousands, instead, only double digits. Yes, we have more supply, and we still have demand that so far is stable.

2nd Question -

Buyers - Are you going to flip the home or expect to live in it over the next 5 to 10 years? If you are flipping (buy, fix up and sell in 6 months or less), you might want to wait and see what happens after the election and maybe after Dec. – Keep in mind that over the past 10 years, in all types of markets, prices usually climb after Feb.

If you are looking to hold on to your new purchase for 5 to 10 years (primary home or rental) and are financially stable, I would be looking to buy, NOW! Yes, some people have to move, Offerpad and Zillow must clean out their overbought inventory. I have found that like 7 to 8 years ago, there are some houses coming on the market in Great Locations we have not been able to compete for, over the past 3 years. It is time to grab that great location without much competition and maybe even get a discount off last spring’s prices. Lesser locations are giving larger discounts.

Interest rates – Charts show that most interest rates, once they go up, they usually come down within 2 years. If you purchase a home in a great location at 6%, look to refi in 2 years, or consider yourself lucky if rates go higher. Remember that you are buying and using a home in a great location for 5 years or more, and you should enjoy watching the appreciation. Usually, appreciation in our area is the rate of inflation or better. Hard to beat that.

Sellers – If you bought more than 2 years ago and you have not refinanced during those two years you should still have a large pot of money at the end of the sale. Will you see a sale price that you might have been able to get last May, maybe, maybe not, but are you going to take the money from your sale and run or buy another home at a possible discounted price? --- Yes, you might have to declutter and clean the house. Nice homes, clean and not updated, still bring some good money.

The sad part is, you may have to wait 30 days for a good offer instead of an offer over the 1st weekend.

No, selling your home to a wholesaler or I-Buyer at 15% to 20% below market is still not worth giving away your hard-earned equity. Putting a home on the open market in order to get, usually, the best sale price is the only way to go. Even Now!

Contact us if you want to get a feel for the real market in your area!

08/20/2022

For my Car buff Buddies! One of the Great Mini-monster car shows. For lovers of British cars, especially E-types, XKE's or just call them Jags! Nov. 12th, 2022!

08/05/2022

Sell your House for MORE! – Low or No Commissions – Not!
–Federal Trade Commission is finally catching up to some I Buyers and Wholesales!
If it is too good to be true, it probably was!
The FTC just slapped Opendoor with a $62 million fine for 'misleading' customers about the true costs of its homebuying business. – Alex Nicoll (Insider)
• The Federal Trade Commission has hit homebuyer and seller Opendoor with a $62 million fine.
• The FTC said Opendoor misled sellers by telling them they would make more by selling to Opendoor.
• The company disputes the allegations, though it says it has stopped using misleading marketing.

• The Federal Trade Commission is fining homebuying company Opendoor $62 million for "cheating" home sellers.
• In a settlement announced on Monday, the FTC said Opendoor told customers that they could make more money selling their homes to the company than they by selling homes traditionally. The FTC found that, in fact, most people who sold their homes to Opendoor made less money than they would have selling to regular buyers via a real-estate agent.
For a complete Report from Alex Nicool of the Insider! - https://www.businessinsider.com/opendoor-gets-62-million-ftc-fine-misleading-customers-costs-2022-8

Our family has been serving Arizonans for over 100 years. We are Tim and Mike Mullan, and we're here to serve you throughout the real estate process.

07/15/2022

OK, I have been asked this question about Arizona Real Estate often over the past month ---Is it time to panic over the Arizona Housing Market!? Nah!
Have “ASKING PRICES” gone down. Yes, many “asking prices” have dipped in many cities.
Have Sale prices dipped below “sale comp prices?” No, unless the seller panicked! Yes, it could take 2 weeks to sell, rather than 2 days! OMG!
Have listings, increased, Yes! (Fewer buyers)
Sales have gone flat. In Arizona – Not up nor down! For Now!
Before you try and read between the lines that aren’t there, consider----
Most homes were bought over a year ago, knowing almost all have some or an incredible amount of equity.
Why would you give your home back to the bank with thousands of existing dollars in equity? Do not wait for a foreclosure!
What happens in the Phoenix metro area every late June, July and part of August! People go on vacation. Why?
It’s a long 4th of July Federal Holiday. It’s the usual vacation time of 90% of the country. It’s blinking HOT!
If you have the money to put down on a new home, the credit needed to buy a home
– why would you be spending your vacation time in Phoenix at 105 degrees looking for a home.
– Now you have it! Fewer buyers around in 105 degrees during vacation time, equals more listings and fewer sales for another 30 days.
This all adds up to slow acting buyers -less competition for buyers ready to act now.
Also, sellers should have their homes clean and, on the market, or freshen up their listings by August!
The charts attached might give you a hint of the Future of the housing market in the Phoenix metro area and most of Arizona.
You may notice that Phoenix is one of the cities you can find in the first chart but does not show on the 2nd chart!
With hundreds of people still moving every day to Arizona, many with good cash down payments, cooler times will probably see another shift in price, probably up. Just not as high an appreciation as in the past 2 years.
Last usual excuse for buyers. The interest rates are too high. You have a couple of options unless you just can’t afford the payments.
Now is a great time to find a home in your top location but do you wait for lower rates?
Do you buy at a higher interest rate? If you find a home in the location you are lusting after, YES!
If the rates are high now, what can happen in the future?
Rates go down and you get to refinance at a lower rate, the home in the location of your choice, that has probably gone up the usually 5% to 7% a year in value.
If rates go up, you made a great deal because you have the location you want, and your interest rate is lower than the new rates. Then again, your home has probably gone up 5% to 7% a year in value!
Really not much reason to wait to sell or buy your new home!

Our family has been serving Arizonans for over 100 years. We are Tim and Mike Mullan, and we're here to serve you throughout the real estate process.