Whether you have poor credit or excellent credit - there is never a bad time to improve your credit score!
Your credit score is an extremely important financial tool. It provides access to the financing you need in order to buy a car, a home, or pay for college tuition, among other things.
When applying for a mortgage, every point in your credit score can make a big difference. Make Plans now to ensure your credit is accurate and begin to make increases on your score over time.
So, where to you begin?? First, at a minimum, you should review your current credit report for accuracy. Make sure the information on your report is about You. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. Take the initiative to begin the process of a dispute investigation. Free Trad Commission - Protecting You
Assuming that your credit report is accurate, look for ways to improve your score:
Payment History: 35% impact Paying debt on time and in full has a positive impact. Late payments, judgments, and charge-offs have a negative impact. Missing a high payment has a more serious impact than missing a low payment. Delinquencies that have occurred in the last two years carry more weight than older items. If you’re struggling to catch up, contact your creditors to work out a payment schedule.
Outstanding Credit Balances: 30% impact. Outstanding Credit Balances: 30% impact.Of course, attempt to keep your balances reasonable. A high average balance will negatively affect your score.
Credit History: 15% impact. This marks the length of time since a particular credit line was established. A seasoned borrower is stronger in this area.
Type of Credit: 10% impact A mix of auto loans, credit cards, and mortgages is more positive than a concentration of debt from credit cards alone.
Inquiries: 10% impact Every time a lender runs your credit, an inquiry is recorded. This quantifies the number of inquiries (or requests for credit) that have been made on a consumer's credit history within a six month period.
If you do not have a credit card, get one. Unfortunately, it is one of the ways that the credit bureaus can monitor that you are able to handle credit effectively. Creditors need to determine how much of a risk you are and want to know how likely you are to repay the money they loan you. Your credit history helps them understand your payment history. Do not however, get extended, Use it strategically, make small purchases that can easily be paid off monthly. In this somewhat depressed economy, it is sometimes difficult to not live on credit. Byt, at least, attempt to make the minimum payment required. Definitely pay more than the minimum if possible. it is better to attempt to pay off revolving debt rather than moving it around.
Unfortunately, negative credit items can remain on your credit report for up to 7 years (up to 10 years for a bankruptcy). But, it is never too late to begin the repair your credit. Keep all of your current accounts in order and pay them down as quickly as possible.
Your credit has improved??? Now is an excellent time to purchase real estate!
Homebuyers have been given a gift! The extension and expansion of the tax credit provides time to still jump in to this ripe real estate market. And, there are some excellent choices available.
The FHA option of putting only 3 1/2% down is an excellent opportunity for those buyers who are 'cash poor' but certainly able and qualified to make the monthly mortgage payments. Often the final monthly mortgage payment is less than the cost of rent even without the additional benefit of deductible interest at tax time.
Now buyers have until April 30, 2010 to sign a purchase contract and until June 30, 2010 to close escrow.
HOW IT WORKS TAX CREDIT: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time buyers and $6,500 for others.
DEADLINE: Purchase agreements must be signed by April 30 and closings must be final by June 30. MILITARY: The deadline is extended by a year for those who have served outside the United States for at least 90 days from Jan. 1, 2009, to May 1, 2010.
INCOME LIMITS: Individuals who make up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
HOW TO APPLY: Taxpayers can claim the credit on their federal tax returns. If the credit exceeds the tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their 2008 returns.
The new deadline will
probably NOT be extended again. The market may never be as ripe as it is today. And the interest rates will continue to rise.
Actually, there is another gift - the gift of a ripe real estate market with many reasonably priced options to choose from.
Checkout the local Phoenix metro area market place and begin your shopping now while these gifts are available.
The Arizona Regional MLS statistics for Quarter 3 2009 in Maricopa County compute an average sales price of properties across the valley of $ 182,200 in Quarter 3 2009. This was an increase from the average sales price of $ 174,900 in Quarter 2 of 2009.The market values are finally increasing. The numbers indicate that the bottom of the market was April 2009. The first time home buyer tax credit, low prices and historically low interest rates have all contributed to an increased consumer confidence stimulating the real estate recovery.
Below are the zip codes with the top 10 highest Average Prices for Quarter 3—2009.
AZ Regional Multiple Listing System (ARMLS) Top 10 Most Expensive Zip Codes Quarter 3, 2009 (more than 20 sales in the quarter)
CityZipAverage price
Paradise Valley85253@ $1,711,400
Scottsdale85262 @ $724,000
Scottsdale85266@ $638,200
Scottsdale85255@ $572,600
Scottsdale85257@ $557,900
Scottsdale 85268@ $372,100
Phoenix85045@ $364,100
Scottsdale85258@ $360,700
Scottsdale 85260@ $351,100
Scottsdale85263 @ $350,500
Prices by zip code as computed by ARMLS are available for all zip codes in Maricopa and Pinal Conties. Feel free to contact us for details of the other zip codes
The extension and expansion of the Tax Credit will continue to stimulate the real estate market with a goal of creating housing market self-sustainability. Today the pool of renters that can qualify to purchase a median priced home is over 16 million. This is definitely enough potential buyers to put a significant dent in to home value stabilization.It is a win-win situation for both buyers and sellers.
There is good news on the real estate front as the market is very active. Of course, the most active market remains in the lower price ranges but as these properties sell, the more expensive market will become the new hot spot.
Its official– President Obama signed the Homebuyers Tax Credit extension and expansion on Nov 6, 09.
So what about the numbers for October 2009? Do not believe everything you read in the newspapers or hear on the news as the data they receive lags the current market by about 3 months. We have access to the latest statistics on a daily basis and would be happy to furnish detailed info for a zip code, city or even subdivision. Do not hesitate to contact us for specific info.
Regarding the overall Phoenix metro market::
October 2009 research shows closings +8000 which is 50% above October 2008.
With 12,000 transactions still in Pending status, and with the First Time Homebuyer Tax Credit thatwas scheduled to end this month, November should close a similar number.
If we top the high of 8,071 sales of November 2004 – this will be the most November closings ever.
At 78,000 YTD closings; 2009 is on track to rank as the 3rd highest year on record (should reach by Thanksgiving). We are already 30% above the total for 2008 and should end the year up about 50%.
Besides the YTD numbers, let’s look at the trends. The percentage of REO’s (Foreclosures) continues to drop both with Closed transactions at 44% and the Pending Sale category of 35%. There is currently a 38-day supply of Active REO’s. Short Sales (SS), on the other hand, continue to increase. SS Active Listings make up 25% of all Actives with another +6000 in the Active Under Contract status. October’s Closings were at 20%. But, with SS Pending’s totaling 31%, the closed % will increase. A further look at SS shows that the Days on Market (DOM) is approximately double of the non-SS DOM numbers. SS are slow to sell, as banks are overwhelmed with the volume and sluggish to review any offers. Unfortunately, many simply go to foreclosure auction before the SS sale is approved. However, the Good News is that the DOM for Closed SS has improved by almost 3 weeks in the last quarter.
The price numbers are continuing to ‘bump around’ with no consistent trend line. October’s Average Sales price was down about $4,000 to $171,000 and the Median Sales price was down $2,000 to $128,000. Both of these numbers are considerably above the yearly low of $159,000 and $115,000 respectively. The Average has been up and down for the past 4 months, with the Median down for the first time since April.
Overall Inventory – as you can see the inventory for the lower priced properties is minimal as compared to the highest priced homes. This graph supports the sales numbers showing that 90+ % of the sales are priced under $400,000. Homes priced under $300K are now considered a Buyers Market.
The Supply of Lender Owned Single Family properties priced under $300K is 27 Days while the Supply of ALL Single-Family homes priced under $300K is now only 2.4 months.
Specific numbers vary across the cities of the metro area. We can provide the details for the area you are interested n, just send an email or give us a call.
We are proud of our Broker Jim Sexton as he is always on the leading edge of the real estate community: Congratulations Jim Sexton ... Recipient of Phx Assn Realtors’ Continuing Service Award
It's Official --- President Obama signed the Homebuyers Tax Credit extension and expansion
Two Ways to Qualify for the Tax Credit
First-Time Homebuyers: First-time homebuyers (a person who has not owned a home for the last 3 years) may be eligible for the tax credit. The credit for first time home buyers is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five years during the last eight years. Again, single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. The previous tax credit limited this income to $75,000. Those who earn more than this cap can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Previously the income limit for married couples was $150,000. Those who earn more than this cap can receive a partial credit.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000. The previous tax credit had no limit on the purchase price of a home.
The National Association of Realtors provides some excellent information to questions you may have:
Compare the differences between the current tax credit and extended and expanded version. (PDF: 30KB)
Search the MLS directly from our web page AZ-real-estate-sales.com - your comprehensive resource for buying or selling real estate in the greater Phoenix metro area.
If you know the area and/or the specifics of what you are searching for, you can search by the traditional price range, # bedrooms, dwelling type etc. You also search by location / city. If you know more specific information, you can search by individual subdivision, MLS number or address by entering it to find the listing detail.
If you do not live in the greater Phoenix metro area and are unfamiliar with the cities encompassed within the Valley of the Sun, you can perform a simple map search. The map will provide the general layout of the metro area - here you can either click on the city you are interested in or you can scroll down to a listing of cities The list will provide the current volume of available properties and the average sales price for that city. These tools will give you the info you need to determine the areas most suited to your needs and price range.
To obtain additional information about a specific city - simply select the back to home page button . From the home page you can choose the Community Profile option to select the city(s) you want to research.
Once you have selected the city, you can quickly determine the volume of properties available and the average cost to buy or sell in a community by searching the Local Multiple Listing Service (MLS) from our Arizona Real Estate Web page.
Below is a sample of a result of a city search. You can then search by type of Home, Price Range, all properties in the city or the newest homes that have been added to the market - the results include - total listings available, Average Price, High Price, Low Price, average age of the properties and average price per square foot.
At this point, you have additional options available to further streamline your specific search - single story, number of bedrooms, pool etc.
These searches provide you with general and detailed information about the current Phoenix / Scottsdale Real Estate Market!
What is happening in the real estate market? Many of the properties being sold in the greater Phoenix metro area are vacant.Approximately 17,000 homes currently listed for sale on the local Multiple Listing System (MLS) are vacant. This is more than half or about 55% of the total properties listed in the MLS. Interestingly enough the vacant homes are selling quickly as approximately 82% of the closed sales have been vacant.This means that the “seller” is probably not buying. In many cases the “seller” is the bank who is trying to clear property off their books. Banks do not like to ‘own’ property.So, where did all the sellers go???? Are there sellers that are turning in to real buyers?
Unfortunately there are the high number of home owners losing their property to short sale or foreclosure.The resulting decrease in there credit score combined with the more stringent requirements to obtain a real estate loan in today's market, has greatly reduced the previous homeowners ability to purchase another home.
We are witnessing the classic supply and demand. They say you never know where bottom is until you are past it. For the past 3 years volume was high and prices came down.But, the market appears to be on the rebound. The number of sales is up 50% from 2008 and 66% from 2007.The volume of properties available has dropped from a high ofapproximately 56,000 to 31,700 today.Prices seem to be stabilizing for the past few months. The average home price is currently around $171,000 up from a low of $159,000.The reporting companies are stating that the market hit bottom (lowest price)in the late March /early April of 2009. The majority of buyers in today’s market place are first time home buyers or investors with cash. So if you are qualified or have cash, it is a great time to pick up a ‘good deal’.
The community of Arroyo Grande at Anthem Parkside is located in the foothills of northwest Phoenix metro area. This community is the last phase of Del Webb’s national, award-winning master-planned community of Anthem.This Pulte/Del Webb new build community which offers breathtaking views in a family oriented neighborhood is just minutes from beautiful Lake Pleasant and all of the activities of nearby Phoenix. A true retreat from the hustle and bustle of the large metro area. The homes are well constructed on large lots, many with view fencing. Homeowners in this community have access to all of the activities and amenities of the Community Center at Parkside. These amenities include a state of the art fitness center, indoor and outdoor basketball, Big Splash Water Park,swimming pools, sports fields and more!
Arroyo Grande is only about 9 miles from Lake Pleasant which is nestled in the Bradshaw Mountains about 30 miles north of Phoenix.This popular lake has 10,000 acres of water surface and over 50 miles of shoreline! The lake is primarily fed by the Aqua Fria River which carries rain and snow melt-off from the northern parts of Arizona including the Bradshaw Mountains.This lake was originally formed in the mid 1920’s when Waddel Dam was constructed. A new dam was built in 1992 which tripled the size of the lake.
On a warm summer day of 110 degrees the cool water can be quite refreshing!There are opportunities for a variety of water sports such as boating, jet skiing, water skiing, sailing, fishing and exploring the vast shoreline.There is also hiking, camping, picnicking and horse back riding. Something for everyone close to the metro area!
My buyers opted for a spec home in Arroyo Grande. Once we chose the spec home and executed a purchase contract, we investigated the Arroyo Grande community, the Anthem Community Center and were off to explore the surrounding area and the lake. They were very pleased to find such a beautiful home in an excellent community!
Check out the view from their back yard - surrouding this community is miles of open state land.
Due to a variety of reasons, many of today’s homeowners are facing some serious hurdles in the current market place. Is your house worth less than you owe? Whether you purchased your home in the height of the boom and now your creative loan is about to escalate to a new monthly mortgage payment you cannot afford or if your job/business is suffering the effects of the recession, you can be pro-active about the future of your home ownership.
One option allows for loan restructuring/modification. This is an opportunity to obtain new loan terms for your existing mortgage. You principal balance is not reduced but new terms are negotiated presumably to decrease your current monthly mortgage payments. Be careful who you deal with as this industry remains largely unregulated. Unfortunately, many times this simply delays the eventual loss of the home.
Another option is the short sale. A short sale typically is executed to prevent a home foreclosure. In a short sale the bank agree to forgive a portion of the owners principal balance due.The home is sold at the current market value which is usually significantly less than the mortgage and the owner is basically forgiven the debt.
The last option is to simply walk away and let the bank foreclose/take the property back.
All of these options lead to consequences for the homeowner.
Be Pro-Active. If you see potential problems in the future, don’t wait until you receive that threatening letter from the bank. Begin researching your options early in the process. Ideally even before you even miss any mortgage payments. Avoid the run around from the bank. Consider qualified legal representation for advice regarding lender negotiations and debt settlements. Understand your risks and rights. Legal council can analyze your situation and offer a variety of possible solutions and strategies designed to reduce the negative impact on your credit and to ensure that your legal rights are protected.
Call today to find out how to get a No Cost legal consultation today!
School is out, kids are home and the warm weather has officially arrived. Time for Summer in the Sonoran Desert! For those of us to live here year round lovingly referred to as "Desert Rats", this is just another opportunity to enjoy our heat.
For those hearty soles who love golf,set those tee times are set earlier in the morning or in the late afternoon. What an awsome opportunities to play on those very expensive courses at quite reasonable prices! Do you think these exclusive may help improve your game?
The Scottsdale Parks and Recreation division opens registration today (June 1) to enroll in a variety of classes. If you want to learn a new hobby, how about ceramics, jewelry making, painting, sewing or dance? For those who prefer more strenuous activities, there are aerobic classes, swim classes , tennis lessors & leagues or hiking adventures. How about learning CPR or cartoon drawing? There is something for everyone-they offer a wide variety of activities for pre-schooles to teens to seniors! Check it out and consider signing up for the various opportunities available through the Scottsdale park and recreation division.
The free concert series hosted by McCormick-Stillman Railroad Park is available to the public Sunday evenings from 7:30 - 9:00 pm through July 5th. Get your blanket or chair and listen to local bands under the stars. The train and Carousel will be operating for kids and parents alike. The Botanical Gardens is presenting its annual Jazz in the Garden 2009 Concert Series. Kierland Commons offers a Summer Concert Series. This event for the entire family is held every Saturday evening from June 6 - July 25 from 7 - 10pm (excluding Saturday, July 4th).
Thinking about how to get out of the heat for some cool entertainment? There are many neighborhood movie theaters offering great kid summer movie series. Tickets only cost minimal and they show some fun kids movies like Shrek, Curious George, and Shrek2...
If you have some time off and don't want to go far, many of the local upscale resorts are offering ubelievable deals to stay for a few nights. You can be pampered while the kids take advantage of the fun pools and activities.
Of course, there is always the Phoenix Zoo, various museums,summer arts and craft fairs, Rawhide and the Arizona Diamondbacks baseball.
So, enjoy the sunshine and take advantage of some fun summer activities.
Selling Scottsdale Real Estate Blog is a comprehensive resource for both Buyers and Sellers to get to know more about Scottsdale Arizona as well as other parts of the Phoenix metro area Real Estate market.
With more than 325 days of sunshine annually, the State of Arizona is an outdoor enthusiast's dream, but for avid golfers, it's a real paradise! Check out the courses
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
award-winning master-planned community of Anthem.
Check out the view from their back yard - surrouding this community is miles of open state land.
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