general real estate info: So what is Renovation Lending? - 06/23/10 07:18 PM
Renovation Lending is a option for purchasing a property sold 'as is'. This type of loan will include the purchase price and repair money. Wow, the buyer can purchase the house and have the cash to pay for professional contractors to fix it up after closing! No need for ‘out of pocket money’ or a second loan to make the repairs to the property. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. In today's market place with so many vacant lender owned properties … (1 comments)
general real estate info: The Evolution of the Short Sale - 06/14/10 06:53 PM
First, we should be aware that the short sale market will continue to expand and could be with us for another four to five year. Consequently, this means we need to understand the process, attempt to streamline the process and sell these qualifying properties! The professionals (lenders, realtors, title companies, appraisers etc) who are part of these transactions are becoming more educated on how to improve the process as they continue with training and then become more experienced in this type of sale. The public, both buyers and sellers, is also gaining an understanding this frustrating process. The short sale is … (0 comments)
general real estate info: The Arizona Short Sale Advisory - tool for consumers - 05/31/10 07:44 PM
Short sales are plaguing the real estate market. Here in Arizona a Short Sale Advisory has been generated by the Arizona Association of Realtors. This advisory provides valuable information for a short sale real estate transaction. In addition to the information included in the Short Sale Advisory itself, there are multiple hyperlink references for web sites with additional assistance and guidelines. The Arizona Short Sale advisory has been an example to the rest of the country for providing the consumer with needed information to answer their short sale questions as well point the homeowner to resources available to them. The Short … (0 comments)
general real estate info: Fountain Hills real estate April 2009-April 2010 - 05/01/10 03:34 PM
What a difference a year can make. According to the Cromford Report real estate statistics for Fountain Hills from March 2009 thru March 2010, the inventory has been reduced, the sales price per square foot has remained level and the foreclosure notices have increased. Since the beginning of 2010, sales per month has had a major upswing. It appears that the real estate market here in Fountain Hills as with most other cities that comprise the greater Phoenix merto area know as "Valley of the Sun" has been very active as investors, first time home buyers and people relocating have jumped … (0 comments)
general real estate info: Going, Going, Going …….Green - 04/01/10 10:01 PM
The real estate industry continues to strive to improve the green home and educate the public of the amazing technology available today to make their existing home more ‘green'. The benefit of green technology is twofold. Not only does the homeowner help the environment, he also saves money and enjoys a more comfortable surrounding. Many of the invocative green technology options available today can improve the average energy efficiency and produce a healthier indoor quality of living. Solar heating, hybrid solar systems, green batteries, better thermal insulation are some of the new options being developed. Renewable energy and sustainability will be … (0 comments)
general real estate info: If lenders lose less money with a short sale, why aren't more selling? - 03/30/10 07:05 PM
The short sale, now an every day word in our vocabulary, is a property that has a loan due to a lender that is less than the present real estate market value. The actual short sale occurs when a lender agrees to discount a homeowner's loan balance when an 'upside-down' homeowner needs to sell his home. The bank absorbs the monetary loss and the homeowner loses his home. Here in AZ, the homeowner is protected. We are an Anti-Deficiency state, meaning that the lender cannot come after the homeowner for the deficiency of the sale. What happened to the 'good old days'when … (0 comments)
general real estate info: Factors that should NOT affect your Home Asking Price - 03/29/10 04:12 PM
Establishing the market value is not an absolute science. But is should be based upon location, the latest ‘like property' sales in your neighborhood, condition of home, features, market inventory and conditions. Here are some factors that should NOT influence the pricing your home : Your cost. The amount you paid, does not affect the current market value. Your Investments / Improvements. Sometimes improvements, such as upgraded new kitchen, can influence the asking sales price, but typically you will not recoup the total amount of your improvements. An improvement to you, may not necessarily be an improvement to a potential buyer. … (2 comments)
general real estate info: Own Rental Property in Maricopa County?...don't forget to - 01/18/10 06:09 PM
So, you have decided to lease your Maricopa county property.You have moved and your property is now vacant. The market is slow, you either can't sell your home or you do not want to sell your home because you think it is worth more than the current comparables are indicating. For whatever reason, now you have become a property manager or have hired one. Here in Maricopa County, if you choose to lease your property, you have some obligations to the county. If you lease your property for more than three months in any given year, you MUST update the Legal Class … (2 comments)
general real estate info: Good News..... - 01/18/10 02:54 PM
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, Friday, Jan 15, 2010, HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance and allow a quicker resale of foreclosed properties. The 90 Day “Seasoning Rule” for FHA financing, will be lifted starting Feb 1, 2010. It will be in effect for ONE year. FHA currently requires a seller to own (must be on the title) a Phoenix property for a minimum of 90 days before they can sell it to a buyer using FHA financing. In today's real … (0 comments)
general real estate info: Will the greater Phoenix metro area reach 90,000 sales?? - 12/29/09 12:58 PM
The greater Phoenix metro area real estate market is booming once again!As of TODAY (12-29-2009) there have been 89,777 properties sold! And, we SHOULD reach 90,000 before December 31st. There were approximately 60,000 properties sold in 2008. Thus, real estate sales improved approximately 50% in 2009! We probably will not see the 50% increase in unit sales that we saw at the end of 2009. However, a 5-10% increase in sales is attainable, and that figure will be the 3rd highest number of closings- all time for our market. So What is the future for the Phoenix metro area real estate market? Here … (1 comments)
general real estate info: There is never a bad time to Improve your Credit Score - 11/14/09 02:52 PM
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 … (1 comments)
general real estate info: Take advantage of the extended and expanded tax credit gift! - 11/14/09 01:31 PM
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 … (0 comments)
general real estate info: Quarter 3 2009 - the 10 Highest Priced Zip codes in Maiccopa County AZ - 11/11/09 12:26 PM
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 … (1 comments)
general real estate info: November Phoenix Real Estate Market Updat - 11/07/09 02:21 PM
November is here! Where do the years go anyway? 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 … (0 comments)
general real estate info: It's Official! - Tax Credit Extended! - 11/07/09 01:53 PM
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 … (0 comments)
general real estate info: Sellers are NOT becoming Buyers! - 08/05/09 03:00 PM
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 … (2 comments)
general real estate info: Not in foreclosure—but close? - 06/05/09 06:59 PM
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 … (0 comments)
general real estate info: Have we hit the'bottom' real estate market in Phoenix? - 05/12/09 02:16 PM
The Bottom? I suppose your guess is as good as mine. The only way to know if you have ‘hit’ the bottom in the real estate market is when it begins to rise again. There definitley has been a boost in sales as many of the foreclosures and short sale properties are selling. Even new homes sales are increasing slightly. The interest rates remain historically low, the inventory is shrinking and first time home buyers cashing in on the opportunity to own by taking advantage of the first time home buyer $8,000 tax credit. This sounds good and we are definitely … (0 comments)
general real estate info: Scottsdale AZ Real Estate Sales Feb 2009 - 03/21/09 02:22 PM
Scottsdale and Paradise Valley MLS real estate statistics for all property types sold in February 2009: Total of 168 single family homes sold in Scottsdale and Paradise Valley · Total of 156 single family homes in Scottsdale · Total of 23 single family homes sold in South Scottsdale · Total of 133 single family homes in North Scottsdale · Total of 83 patio homes, townhomes and condos sold in Scottsdale and Paradise Valley · Total of 77 patio homes, townhomes and condos sold in South Scottsdale · Total of 34 patio homes, townhomes and condos sold in South Scottsdale · Total of 43 patio homes, townhomes … (0 comments)
general real estate info: Phoenix metro area real estate snapshot Feb 27, 2009 - 02/27/09 03:52 PM
The greater Phoenix metro area encompasses several cities that are right next door to each other and extend over 80 miles from east to west and 40 miles from north to south . The area is in Maricopa County which is the fourth largest county in terms of population size and the 14th largest in the continental United States, covering over 9,220 square miles. The metro area has grown rapidly over the past several years offering a wide variety of affordable housing and desirable climate. In this ever changing market, where are we today? The current real estate market inventory is 50,052 properties … (0 comments)
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Renovation Lending is a option for purchasing a property sold 'as is'. This type of loan will include the purchase price and repair money. Wow, the buyer can purchase the house and have the cash to pay for professional contractors to fix it up after closing! No need for ‘out of pocket money’ or a second loan to make the repairs to the property. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.
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