How many ads, blog articles or signature lines do you see with "I specialize in..." stated? Do yourself a favor and read these claims with a critical eye.

Do you really believe that an agent in a metropolitan market can "Specialize" in residential, rental, commercial, land business opportunities, etc? Really? These claims are simply a way of saying there is no specialization, the agent has NO area of specialization, and will grab at any opportunity to make a buck.

It is exactly the same thing with geographic specialty claims. It is about 50 miles from Sun City AZ. to Gilbert AZ. Can an agent in Gilbert "Specialize" in Sun City?

It is often stated "All Real Estate is Local". Only a local agent can tell you about the particulars on a neighborhood you wish to buy in. Only a local agent will have the contacts amongst agents selling in a neighborhood to help you sell your home.

It is even more important to sellers to have a local agent when the property is vacant. Who is more likely to check your home after a storm, the agent who lives and works nearby, or the agent who is located across the valley?

Jim Little, your Sun City REALTOR®

Please visit my Web Site, suncityneighborhood.com where you can search the MLS with no registration for free.

               That is the second most popular phrase from today's home shoppers. It is only second to "I have to sell my home to buy a new one."

               Here are some solution suggestions for dealing with either of these issues.

               Are you a prospective buyer who doesn't like the kitchen, carpet or...? Just get a buyer's agent who has the mortgage contacts to help you get a Renovation Loan like         FHA's 203K program, or a conventional lender's similar program.

               If you buy an eligible home using a renovation loan, you don't have to settle for an outdated, inefficient floor plan, ugly carpet, or a home with a great location but not enough space.

               Renovation loans can be used for almost any remodel or improvement that will ADD VALUE to the home being bought, up to the FHA area maximum home value. In Maricopa County that is currently $346,250.

               There are some qualifications and requirements that MUST be met, and it is imperative that you get good, competent advise from your agent (should know the neighborhood very well) and from a qualified lender. (Please note, not all lenders are qualified to underwrite and fund these specialty loans)

               Do you have to sell a home? Are you finding buyers don't want your outdated home, no matter how low you price it?

               Why not select a selling agent familiar with these loans and work with that agent and his mortgage lenders to market the home toward the Renovation buyer? It might help you overcome the 1970's kitchen, the worn out Avocado Green carpet, the lack of a great room the lack of a garage or home office

               Are you interested in the fantastic opportunities in the Foreclosed properties now available?

               You probably know that most foreclosed properties are in poor condition. What better way to use a renovation loan than in the purchase and rehabilitation of these homes? An experienced agent, teamed with a professional mortgage banker can help you achieve your goals, and may help you get more house for your housing dollar than you ever dreamed possible.

Don't be left behind, call today to start your new home search.

Jim Little, your Sun City REALTOR®

Please visit my Web Site, suncityneighborhood.com where you can search the MLS with no registration for free.

The Arizona Republic reported today (7/20/09) in an interview with Bob Bemis of the Arizona Regional Multiple Listing Service (ARMLS) That only 28,000 of ARMLS' 36,000 former members renewed their dues for the 2008-2009 period. Even though ARMLS expects 3,000 late renewals, the anticipated net decline represents 20% fewer agents than last year.

It is presumed that the agents not renewing are either agents who are retiring, were part-time, or who had licenses during the boom times and are not willing to put the time and effort into competing in today's market.

I hope that the remaining agents are the professional level, active agents with a commitment to the real estate industry, and to the clients and customers. I also hope that this will lead to a higher level of professionalism and client care than has been the case in the last several years.

Why is now the time?

There are real reasons to believe the market is no longer declining, but is now in a trough.

• There is less inventory available. Inventory levels have been decreasing since the first of the year. Wait much longer and your choices will be limited.
• Greater sales. Demand is starting to increase, and while the number of foreclosures is steady, the number of new delinquencies is decreasing. Additionally, we are seeing more than one offer on foreclosed properties.

Mortgage are readily available now. The mortgage shakeout seems to be subsiding.

• FHA & VA Mortgages are available. These give the qualified borrower no or low down payment loans. In the case of FHA, down payment gift programs and family gifts are allowed.
• Interest rates are now in the low 6% range, but are forecast to go to 7% or more by 2009. Higher interest will greatly increase your payments and reduce the price you are able to pay for a property.
• FANNIE MAE and FREDDY MAC currently buy loans up to $729750. This program is scheduled to expire 12/31/2008. That's this year folks. This may dry up jumbo loan availability again.

We now have the "Perfect Storm" for the buyer. Now we have low prices, adequate inventory, low interest rates and available mortgages. In addition, many buyers cannot wait any longer and are now shopping for their new home.

Don't be left behind, call today to start your new home search.

Jim Little, your Sun City REALTOR®

Please visit my Web Site, suncityneighborhood.com where you can search the MLS with no registration for free.

2007 Sun Cities Market Report

As you can see, it was not all doom and gloom. I would be lying to
imply this is the greatest year ever, but we did sell a lot of homes
in spite of the media and mortgage meltdown.

Jim Little, your Sun City REALTOR®

Please visit my Web Site, suncityneighborhood.com where you can search the MLS with no registration for free.

1. Is this a good time to buy? The answer to this is: It depends. If you are going to buy a home to live in for several years, EMPHATICALLY YES! Prices are low, there are plenty of choices, and interest rates are low. What more can you ask for?
2. Have we hit bottom yet? If you are going to live in the home for several years, it doesn't matter. With the exception of the great depression, real estate has always recovered from slumps within a couple of year. In the mean time, you still have to live somewhere, don't you?
3. Should we wait until the market changes? SEE ITEM 2 ABOVE.
4. All the news on TV and in the newspapers is negative. Of course, that is what sells papers. The economy is strong, over 100,000 people move to Arizona each year, job growth continues, but where are the headlines about these items?
5. We don't want to pay too much. OK, as your REALTOR® I don't want you to pay too much either. That is why I will give you recent comps. You can than decide how much you are willing to pay, and make an offer accordingly. With so many homes on the market, sellers are willing to negotiate from their asking price.
6. What is going to happen to the economy? Heck if I know, I don't know anyone that smart, do you?
7. There is so much to look at the choices is overwhelming. You bet, that is one of the most important reasons to use a neighborhood specialist. If you are looking to buy a home in the Sun City or Sun City West neighborhoods, your agent should be able to tell you much about the models available, and their features and problems without even getting out of the office. A good real estate agent is invaluable in helping you select the neighborhood and home of your dreams. The agent will help you avoid costly mistakes, and make you aware of potential problems BEFORE you spend your hard earned money.

Jim Little, your Sun City REALTOR®

Please visit my Web Site, suncityneighborhood.com where you can search the MLS with no registration for free.

This post is inspired by 2 others on this forum. Lenn Harley's MORTGAGE FRAUD THRIVES - THE PLAYERS ARE THE SAME and Broker Bryant's You want my buyer to do what?

Both of these posts touch on the Buyer's agent responsibility in the procurement of a home loan. I am just adding some of my thoughts to theirs.

Many problems in today's real estate market have been caused by FRAUD! Often guided by the lending officer, who feels pressured to make the deal at any cost. Since most states do not require the lending officer to have a fiduciary responsibility to the lender, fraud may easily occur.

Buyer's agents DO have a fiduciary responsibility to the buyer. It is their highest duty when representing the buyer. Why don't they stop the fraud? Here are a few reasons.

1. Accepting a buyer provided lender. Sorry folks, this is my biggest fear. Many, if not most lenders don't play well with real estate agents. They do not keep us in the loop, and often won't provide us with the information necessary to protect and counsel the buyer. Make sure your lender will talk to your agent, or be prepared to accept the consequences.
2. Many agents don't understand mortgage rules and procedures. I will bet most agents have never seen a buyer's Good Faith Estimate. If you don't know what is on this document, there is no way to help the buyer understand the loan they are getting.
3. In my state, most buyer's agents do not attend closings. It is at the closing, or a few days earlier, that you get to look at the Note. The Note defines all of the terms and conditions of the loan. Anything said or written prior to the signed note are null.
4. Many agents were "trained" to let the "mortgage professional" do the job without interference. This has often been justified as "preserving a buyer's privacy". It is imperative the buyer's agent be involved.

 These are just a few of the things a buyer's agent should do to protect their buyer, and make the real estate purchase a good one.

Jim Little, Your Sun City Realtor
http://jclittle.com/
Ken Meade Realty
17001 N Del Webb Blvd
Sun City AZ 85373
800-877-1776
623-977-1776

By the way...if you know someone who is interested in buying or selling real estate in the Sun City Neighborhood, Peoria, Glendale or Surprise, please call me with their name and phone number. Thank you!

Innman Real Estate News asked this question today. The answer was, yes for some.

The conclusions were that a bailout was in order for those who were defrauded, but not for those who were foolish or careless.

Unfortunately, many of the foolish and careless are also part of the economy. Letting them fall by the wayside will blight the neighborhoods they live in, cause more economic chaos, and delay the recovery of the housing market indefinetly.

The author felt that a bailout for these people unjustly rewards them for their actions. No argument, but why stop there. We don't have to bail them out, but creating a mechanism for a just work out of the loan would still hold them responsible without damaging the neighborhood, community, state and country.

In addition, lawmakers were asleep at the switch. Don't tell me they didn't know the kinds of ads and marketing that went on for the last several years. Bait and Switch, teaser rates, liar's loans etc. If they didn't, what were they doing?

Now that I have your attention, I learned early on that there is no such thing as a FREE LUNCH.

Why do I bother to write about free lunches? Because, living and working in Sun City AZ, it is rare that a week goes by without my mail including an invitation to a FREE LUNCH.

Yes, there is a catch. You have to listen to a high pressure pitch for investments and financial products. All who offer this are suspect, even if they aren't all bad. The problem has become so serious that the Securities and Exchange commission has started to investigate the practice.

The FREE LUNCH people target the older segment of our community, hoping to get ahold of their retirement funds.

Be careful:

• Who you entrust your retirement nest egg to,
• Don't believe what you hear without independant investigation.
• Don't buy if the deal is "Today Only"
• Do Check with the Better Business Bureau
• Do Check with the various trade organizations dealing with financial advise and investments.
• Do Google the company and its affiliates.

Jim Little, Your Sun City Realtor
http://jclittle.com/
Ken Meade Realty
17001 N Del Webb Blvd
Sun City AZ 85373
800-877-1776
623-977-1776

By the way...if you know someone who is interested in buying or selling real estate in the Sun City Neighborhood, Peoria, Glendale or Surprise, please call me with their name and phone number. Thank you!

Fall is here!

It may be only for a few days, but this first day of fall was glorious! I'm sure we will have some more triple digit days before Halloween, but today was great.

The people who live in the New England area, upper Midwest, and even in Arizona's mountains mark the change of seasons by the changing colors of the leaves in the trees. Those of us who live in the Sun City and Sun City West of Arizona's Sonoran desert mark the change by the changing colors of the license plates on the cars in front of us. I particularly like the blue of Minnesota, and the red of Wisconsin, but all snowbirds are welcome.

And now for a joke. Seen on a bumper sticker... So many snowbirds, so little freezer space! Joke folks, just a joke.

Jim Little, Your Sun City Realtor
http://jclittle.com/
Ken Meade Realty
17001 N Del Webb Blvd
Sun City AZ 85373
800-877-1776
623-977-1776

By the way...if you know someone who is interested in buying or selling real estate in the Sun City Neighborhood, Peoria, Glendale or Surprise, please call me with their name and phone number. Thank you!