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If you’ve thought of refinancing your current mortgage recently or made the decision to purchase a home - you may have noticed that it’s taking a wee bit longer than you’d like to close.  Why?

Well, unless you’ve been living in a cave without internet, television and radio access, you might’ve heard the housing market hasn’t been so hot the past couple of years.  Oh yeah, and mortgage companies have failed left and right.  And left again.

As a result, many mortgage professionals left the business.  Now that interest rates are at or below 5%, many families are jumping on the refinance or purchase bus and flooding those still in the mortgage business with applications.  As a result, it’s taking longer to process all the paperwork.

Don’t be surprised if you’re purchasing a home if your real estate agent recommends you allow 45 - 60 days for the home to close as a result.

It was  reported today that the average size of a new home has declined for the first time.  After years of homes ballooning from 1,750 square feet in 1978 to 2,629 square feet in the second quarter of 2008 - the average new home is now down to 2,438 square feet (in the third quarter of 2008).

What about the southeast Phoenix Valley?  I’ve started to notice new homes seem to be designed more efficiently - making better use of a smaller space and adding architectural features that make the home seem bigger.  Buyers are wanting less space, too, but don’t want to compromise functionality.

This is via Kris Berg’s blog via Lani at Agent Genius - a great quick video to get your ready to sell your home in this challenging market!

If you’re reading this in a feed reader, click through to our website to view the interactive widget (it’s flash-based).

Tempe, Arizona’s single-family real estate market in November 2008 continued to show mixed signals.  While prices from month-to-month stayed consistent, a -17% drop in year-over-year prices occurred.  Here are the quick stats for Tempe:

Prices

• Average Selling Price (December 2008): $283,950
  Average Selling Price (November 2008): $273,179 (3.8% increase month-to-month)
  Average Selling Price (December 2007): $313,257 (10% drop year-over-year)

• Average Time To Sell (December 2008): 107 days
  Average Time To Sell (November 2008): 102 (5 more days in December)
  Average Time To Sell (December 2007): 79 (28 more days than a year ago)

• Months of Inventory (December 2008): 8.51 months
  Months of Inventory (November 2008): 10.82 months
  Months of Inventory (December 2007: 10.98 months

December’s selling bucked an expected trend that many real estate professional expected - sales prices increased while inventory levels decreased.  These are good signs in a traditionally slow period.  Prices actually increased 3.8% month-over-month from November to December but were still 10% less than December 2007.  The decrease in inventory can be attributed to more sales in Tempe and slightly less inventory - a trend we’d like to see continue for a stabilization in prices.

There is plenty of options in the Phoenix Valley for New Year’s Eve celebrations, including the Fiesta Bowl Block Party in downtown Tempe - rated as one of the top ten places to ring in the New Year!

Click here for a great listing of Phoenix New Year’s Eve parties!

It’s almost 2009 which means many people are making their New Year’s resolutions - both professional and personal.  And while this posting won’t bore you with mine (I’ll save that for a little later), I did have one that I’m already working to complete.  I want a new, fresh look for my marketing material that also transfers over to my website.  The goal is to create a universal look and feel for my websites and printed material.

So, I’m sharing a first draft of my tri-fold brochure.  I think the design is fresh and fun.  I think the colors invoke a feeling of Arizona sunshine and landscape.  I think the people on the cover are fresh and fun and enjoying the Arizona lifestyle.  I like that I can incorporate the circles and lines in the brochure into all of my website (as you’ll notice I’ve started the arizonafusion.com makeover already in the header graphic).  I can also take the basic graphic design and incorporate into custom yard signs for properties we’re marketing.

Take a look at the brochure and let me know what you think.  Again, it’s a first draft so I’ll probably change the wording and pictures ten more times before I’m ready to call it ‘done.’ Also, if you’re trying to access websites that are mentioned in the brochure (buyyourphoenixhome.com and sellyourphoenixhome.com) - they are still being developed.  You’ll see the basics of buyyourphoenixhome.com up-and-running as it has been for the past couple of months but it’s about to get a major overhaul with loads of information and capabilities.  sellyourphoenixhome.com should launch  in the next couple of days as well.

Click here to see the brochure.

In another “sign of the times” of today’s real estate market, TOUSA Inc, who owns Engle Homes locally, is in talks to either merge or sell to Standard Pacific Homes - one of the nation’s largest home builders.

In the Phoenix area, Engle Homes has about twenty communities spread throughout the valley, including a traditional single-family community in Gilbert - Layton Lakes.  There’s also a a condiminium project in Chandler - The Crossing at Gila Springs.  Across the Phoenix Valley, Engle Homes’ real estate offerings vary from near entry-level to luxury in North Scottsdale’s DC Ranch.

Standard Pacific Homes, on the other hand, offers mostly entry-level to low-mid-range homes in the Phoenix Valley maxing out in the $300’s.  Assuming Standard Pacific Homes kept the current Engle Homes inventory, land and home plans, the acquisition or merger would diversify Standard Pacific’s portfolio in the Phoenix area.

Personally, I’ve seen Engle Homes’ community of Layton Lakes in Gilbert and am overall impressed with quality of the construction and the floorplans offered.  My wife and I actually considered building a home in Layton Lakes but the concern over their bankruptcy filing on January 29, 2008 over shadowed our decision-making causing us to choose elsewhere.  The salesperson, Dave, was as upfront as he could be when we asked questions regarding the issue.  Naturally, he shed the best light on the situation but was not ’salemanny’ about it - which we appreciated.

It looks like 2009 may be just as hectic as 2008!

The long-awaited and much-needed Phoenix Light Rail System debuts on Saturday, December 27.  The twenty-mile line runs from downtown Phoenix to downtown Tempe and east to extreme-west Mesa.  “The METRO,” as the light rail service will be known, is offering free rides through 2008. Granted, that’s only five days of free rides but there’s a lot happening in the Valley of the Sun in the last few days of the year - including the Insight Bowl and Fiesta Bowl festivities.

• View and download maps of the entire line.

Valley Metro, the Phoenix Valley’s mass-transit authority, is also throwing a weekend celebration on Saturday, December 27 and Sunday, December 28.  Valley Metro put out a fantastic virtual booklet for the event, which can be viewed online.  Mini-parties will be held at each loading station across the rail line.

• View about.com’s guide to the celebration which details what bands will be performing at each station.

Starting January 1, the METRO will be a paid-for service.  Fare is purchased at kiosks located at each station and is on an honor-system - meaning there are no “ticket takers” at the stations to verify you’ve paid for your fare.  Instead, Valley Metro says that there will be random checks to ensure riders have paid their fare.  Those who can’t show proof will be ticketed.  Below is the fare schedule for the METRO (which is the same as normal bus fare):

Some other facts on the METRO:

• The twenty-mile line will take sixty minutes to ride from end-to-end and has 31 stops/loading stations.
• There are eight park-and-ride locations (totaling 3,513 parking spots) where riders can park and then take the METRO into downtown Phoenix and Tempe.
• The METRO will arrive at each stop every 10 minutes during peak hours and every 20 minutes during late hours.
• METRO cars are air-conditioned and can carry 200 passengers per rail car, 66 of which can sit.
• Up to eight bikes can be stored in each rail car.
• Light rail cars will travel the posted speed limit.  Future extensions along freeways will allow trains to travel up to 55 miles per hour.
• While there is not a light rail stop at Phoenix Sky Harbor, there is a shuttle  bus connection at the 44th Street and Washington stop.  In 2013, an automated People Mover is scheduled to open and be operated by Phoenix Sky Harbor Airport.

The 20 mile starter line is just that - the beginning of a light rail system throughout the Phoenix Valley.  Many people who visit Phoenix are amazed at the lack of mass transit options for a city that can claim to be America’s 5th largest metropolis.  The METRO is a good start to solving this issue.  37 additional miles of light rail will open in the coming years connecting outer areas like Chandler, south Tempe, east Mesa, Scottsdale and Glendale to the valley’s core.

Light rail is also a great way to continue the revitalization of downtown Phoenix.  It helps to solve the question of “Why Should I Live In Downtown Phoenix or Tempe?” Currently, Phoenix in particular, is pretty much dead at night.  With the convenience of light rail allowing downtown dwellers easy access to all part of the valley without having to jump in a car - we should see continued interest in downtown Phoenix and Tempe.

Real estatewise, the METRO offers many living options.  There are many single-family homes along the METRO line in addition to a growing assortment of brand spanking new condos and townhomes. If you’re interested in purchasing a home within walking distance to the METRO, we can set up a fusionpower search - a personal internet gateway that’s created just for you.  If you’d like to set up a search that incorporates single-family homes and/or condos within a quarter mile of a METRO stop it can be done.  New homes will automatically be emailed to you as they come on the market.

As always, Arizona Fusion gives buyers 20% of our earned commission back at closing while also donating 5% of our earned commission to the charity, non-profit or university of our buyers’ choice.

Phoenix is also known as “The Valley Of The Sun.”  The past few days have been quite the opposite.  Today really wasn’t that bad - it was 65 and partly cloudy.  But the past two days have been very rainy and cool with temperatures in the 50s.  And if you’re from Phoenix or lived here for one summer or more then “the 50s in December” is cold.

I have a friend in Vegas who sent me a picture of the Vegas Strip with snow-covered palm trees.

I have a friend in Twentynine Palms, CA (where it’s hotter in the summer there than in Phoenix) whose daughter built a snowman today because they had over five inches of snow.

So, in the spirit of the holidays - and totally being ‘Politically Incorrect’ by admitting I am a Christmas fan - I’ve added a great YouTube video to the site.  Check it out in your browser or on your iPhone (make sure you click through to “full site”).

Merry Christmas.  Happy Holidays.  Happy Chanuaka.  Whatever you celebrate this time of year - may it bring you happiness, joy and good times with your family and friends.  Cheers.