Banker Hours?

Interesting... I have a buyer flying in from back east and they asked to see several properties (investor, buying single family homes to rent out). So using their list of 6 properties, contacted most of the agents. Of note was one company (that will remain nameless).

The agent tells me that they cannot show the property EXCEPT during Monday through Friday, from 9am till 5pm. Well, I had asked for a Saturday showing and was told that it can't be done. Although vacant, they would not put a lockbox on it and allow agents to view. Had to have a property manager there to 'show' the property (not a luxury, $279,000).

Little wonder the property has been on the market so long.

Prices still going up

Prices in the Phoenix area are still going up... even in the commercial markets. Last week I was contacted by a client we helped just over a year ago purchase a 4 unit (quadplex) in central Phoenix for $95,000.

He said he was real happy with the last purchase and was interested in buying another one. After we went back and forth a little on the details we got around to the price range he was looking for. Well, he said he wanted to stick with the under $100,000 price.

After searching the MLS I came up with a whopping 11 properties to tell him about. Needless to say, he was pretty disappointed that there were no longer 50+ properties listed for under that magic 100k number. The sad thing about those 11 properties was that a number of them had serious issues (missing a roof, burned out hulks, etc.) and were not even close to being 'rent ready'.

Heading into the hot part of the year now, and I expect the showings to drop, but not necessarily the prices.