Joyce's Blog

Realtor & Seller Caution, "Occupied" Homes For Sale, Sun City West, AZ

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 24 Feb 2009 18:54:39 -0600

This is an update from the association of Realtors sent out today (2-24-09):

A couple with a 13-year-old boy asked to look at an occupied home for their parents who live in San Diego. They gave the impression they were very interested in the home. In the process, the boy used the bathroom. After further discussion with the Realtor, the sellers determined their medication was missing. The couple was driving a white pick-up truck with no license plate; however, it did have a paper registration. They were possibly of middle-eastern origin. The woman and boy were heavy set.

This report is very similar to the one received by the association in December 2008. There is a male, approximately 40 years old, attending open houses of occupied homes in Sun City. His mission is to acquire prescription drugs from bathrooms. Reportedly, he drives a newer model pickup truck.

Realtors should advise their clients and sellers should be aware to place their medication(s) in secure places and pay attention to the where-a-bouts of open house guests.

If you feel there is risk while showing listings, please call the Sheriff's office or the local police. Any additional information you can share with them will be beneficial in catching them.

From the National Association of Realtors: 7 Steps to Preparing for an Open House

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.

2. Pay attention to the outdoors. Mow your lawn, and be sure toys and yard equipment are put away.

3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn't fill up.

4. Lock up your valuables, jewelry, and money. It's impossible to watch everyone all the time.

5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.

6. Send your pets to a neighbor or take them outside. If that's not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.

7. Sellers, when represented by a Realtor, leave. It's awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

Do you know about these...Free Free Free TA DA!

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 24 Feb 2009 15:44:50 -0600

Do you know about these free services? If not, I hope you find them helpful! Have fun!!!!

- Great "Seller" Resource! Buyer Hunt - http://www.buyerhunt.com/home? It's free. They call it "real estate in reverse." Instead of sellers telling buyers what they have to sell, buyers tell sellers what they want to buy. Nice concept...check it out!

- You can create a free virtual tour at http://picasa.google.com/ - all you need is a google account. Free.

- AND, if you're registered on Facebook, you can add a simple button to Picasa and upload your photos straight to Facebook! Just think you can easily add your listing photos to your Facebook business account with a click of a button! Free! http://www.facebook.com/apps/application.php?id=2483740875&b

If you know of any others, please feel free to share!

WHO'S ON YOUR TEAM?

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 10 Feb 2009 22:18:20 -0600

WHO'S ON YOUR TEAM?

TEAM U.N.I.

Your Professional Realtor, Joy Brewster

A successful purchase starts with the right representative. As a professional Realtor, a member of the National Association of Realtors®, not only do I guide you through the entire purchasing process from beginning to end, I can also recommend other professionals to join our team, taking more of the responsibility off of your shoulders.

Get Pre-Approved by a Qualified Lender

First, do you know what monthly payment you can afford, i.e., your own, personal home affordability? Do you know what type of loan is right for you? You want to make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Having worked with many lender professionals, I can recommend one that fits your needs, one who can investigate all your options -- it is your money we’re talking about after all!

Why get pre-approved and not pre-qualified? According to one school of thought, when you are "pre-qualified," the lender is making an educated guess about how much you can borrow based on information you've provided. When you’re "pre-approved," the lender has verified everything you have told him or her and is offering to lend you up to a given amount at current interest rates -- under certain conditions. By meeting with loan officers in advance and identifying mortgage programs, it won't be necessary to quickly find a lender, check credit, and rush into a financing decision that may not be the best option. In Arizona, a Loan Status Report must accompany the purchase contract when making an offer to a seller.

After the seller accepts your offer, 10 days is the magic number!

Get a Home Inspection

A number of inspections are common in residential real estate transactions. They include checks for termites, appraisals to determine value for lenders, title reviews, structural inspections, and, in some cases, surveys to determine boundaries.

Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours, and buyers should attend. This is an opportunity to examine the property's mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk-through.

No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that “surprise” down the road. I have worked with a number of reputable home inspectors, and I would be happy to recommend one should you request it.

When is the Home Yours?

For most owners, a home is the largest single asset they hold, so it makes sense to protect that asset. After closing, many owners make a photo or video record of the home and their possessions for insurance purposes and then keep the records in a safety deposit box. Your insurance provider can recommend what to photograph and how to secure it.

Lastly, enjoy your home! Owning real estate involves contracts, loans, and taxes, but ultimately what's most important is that home ownership should be a wonderful experience. Enjoy!

If you are ready to begin the home buying process, give Joy a call today, (623) 205-8112 or e-mail jbrewsterhomes@aol.com.

Cashier's Checks vs. Official Checks in Arizona

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 09 Dec 2008 16:56:20 -0600

When it comes to closing escrow, we all want to ensure that all loose ends are wrapped up and that things run smoothly. There has been some confusion with regards to banks issuing Official Checks instead of Cashier's Checks. Banks have been telling customers that they are one in the same and they are not.

SAME DAY AVAILABILITY

. Cash (Special requirements may need to be met if necessary to accept cash)

. Electronic Transfer

NEXT DAY AVAILABILITY

. Official Checks (Must be in state drawn on FDIC Insured Institution

. Cashier's, Certified and Teller's Checks

. US Treasury Checks

. Postal Money orders (other money orders see below)

. Federal Reserve, Federal Credit Union &

. Federal Home Loan Bank Checks

- State and Local Government Checks - Must be In-State

2ND DAY AVAILABILITY

. Other Checks - Personal/Corporate/Credit Union/Money

. Market/Travelers Checks - Must be local (See below)

5TH DAY AVAILABILITY

. Official Checks - Out of state &/or Not drawn on an FDIC Insured Institution

. Money Orders (Except Postal Money Orders - see above)

. State & Local Government Checks - Non Local

. Other Checks - Personal/corporate/Credit Union/Money

. Market/Travelers Checks - Non Local/Other

NOTE - Because of the length of time it takes to receive notice from the banks on NSF and returned items, regardless of the information shown here, if a personal check was deposited and 10 days have not elapsed since the funds ere deposited, telephone verification from the customer's bank that the check has been paid is required.

ACTUAL GUIDELINES

CASHIER'S CHECKS are the preferred type of check accepted for closing funds to close "next day".

An Official Check drawn from an out-of-state bank cannot be accepted as "Good Funds" for "next day" closings per Arizona law and if issued, could delay the close of your escrow.

If your bank cannot issue a cashier's check, please call the escrow office for wiring instructions.

Arizona Drowning Prevention, Not Just For Homes with Children

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Sun, 01 Jun 2008 17:36:07 -0500

Along with reports of our great year-round weather in the Valley of the Sun, often come news reports of accidental deaths by drowning. This makes water safety a high priority for Arizonans where the potential for disaster from swimming pool drownings exists all year long.

On average, nearly 90 people die from drowning in Arizona each year with the majority of those deaths happening between April and August. This comes as no surprise since Arizona summers are known for outdoor recreation including swimming and boating.

Although they make up only 20% of the number of total drowning deaths in Arizona according to the Arizona Department of Health Services, news reports usually center on children who have drowned in their family's or a friend's backyard swimming pool. Most of them, about 75%, were being supervised around water by at least one adult and were out of the sight of those adults for 5 minutes or less.

While less than half of all drowning deaths in the state involve swimming pool accidents, owners of swimming pools must adhere to stringent state and local building codes.

However, the best way to prevent swimming pool drownings is by following simple water safety procedures including these from the National Safety Council:

· Never swim alone.

· Never leave a child alone near water. If you must leave, take your child with you.

· Enroll children over age three in swimming lessons taught by qualified instructors.

In addition to water safety relating to swimming pools, you must be aware of other drowning dangers, especially for children, in and around your home. These include bathtubs, decorative ponds, and even mop buckets. It only takes 2 inches of water and a couple of minutes for a small child to drown.

Carelessness while participating in water sports, including boating, tubing, and piloting personal watercraft, contributes to many drowning deaths in Arizona. Following these water safety tips from the National Safety Council can help prevent such tragedies:

· Always use approved personal flotation devices (life jackets). Don't jump or dive into unknown bodies of water.

· Always have a first-aid kit and emergency phone contacts handy.

· Never consume alcohol when operating a boat or other watercraft.

Arizona is a wonderland for outdoor recreation throughout the year. It's also well known for being consistently above the national average for drowning deaths. Water safety is serious business. Following these few simple rules can keep your outdoor activities fun, and your friends and family safe for many summers to come.

Arizona Local Home Sales Up; Median Price Drops

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Sun, 01 Jun 2008 17:09:54 -0500

The monthly ASU Realty Studies (as reported by the Arizona Republic) listed 5,585 sales in April 2008 compared with 4,855 sales in April 2007. According to the report, valley-wide, the median home price decreased from $265,000 in April 2007 to $210,000. This is the lowest median price since February 2005 when it was $200,000; the lower median sale price has contributed to the turnaround, and it is cautioned that the recent increase in resale numbers does not necessarily indicate the housing market is recovering.

This is only one month's figures and arguments on whether the housing market is recovering can be made on both sides. Resale figures include publicly recorded foreclosure sales, which helped drive down the median price as the valley's high foreclosure rate continues. Across the valley, home-resale transactions for March and April totaled 9,920 sales down from 10,245 sales in the same two-month period in 2007. The current year-to-date total is 16,975 sales, compared with 19,045 sales in January-April 2007.

West Valley communities saw the biggest percent gains in home-resale activity, with relatively high foreclosure rates driving April median prices down more than 24 percent from the previous April. For example, sales in Avondale more than doubled from 90 in April 2007 to 190 a year later, while the median price fell from $233,980 to $176,000, the report shows.

See http/www.azcentral.com/arizonarepublic/business/articles/0514biz-resales0514.html

NAR First Quarter Report, Home Price Medians, Home Prices Continue Sharp Descent

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Sun, 01 Jun 2008 16:54:16 -0500

CNNMoney.com reports that single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.

The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007. Hurting home prices were big rises in foreclosure rates over the past 12 months which threaten to get even worse. Delinquencies more than doubled over that time and more than 155,000 lost their homes in bank repossessions during the first three months of the year. With many adjustable rate mortgages (ARMs) poised to reset this year to higher interest rates, defaults could go even higher. All that foreclosure activity added to the glut of homes on the market. The total inventory has risen to an average of 10 months worth of unsold homes. In addition, a record number - 2.9 million - of vacant homes are up for sale, according to the Census Bureau. The big inventory has led to aggressive price slashing and increased incentives by builders looking to sell homes. They've also cut way back on housing starts, which are at a 17-year low. The article gives the median price for homes in the first quarter of 2008 and the change from a year ago.

Studies report that foreclosed properties sell for an average of 20% less than comparable properties that have not been foreclosed on.

As for the bubble markets that have already lost 30% of their values, it is predicted that the declines are not over. It is expected to drop another 20% or so through February 2009.

(First Published: May 13, 2008)

NAR 1st quarter 2008 home prices

Single-family Homes

Apartment Condo-Coops

Total Home Sales

Metro Area	Median Price 1Q 2008 (in thousands)	% Change (1-yr)
Akron, OH	$96,300	-13.2%
Albany-Schenectady-Troy, NY	$194,100	-3.8%
Albuquerque, NM	$190,500	-1.7%
Allentown-Bethlehem-Easton, PA-NJ	$237,000	-4.2%
Amarillo, TX	$122,200	8.2%
Anaheim-Santa Ana, CA (Orange Co.)	$597,900	-14.3%
Appleton, WI	$121,500	-4.0%
Atlanta-Sandy Springs-Marietta, GA	$154,000	-9.6%
Atlantic City, NJ	$277,400	4.8%
Austin-Round Rock, TX	$184,500	4.7%
Baltimore-Towson, MD	$270,500	-3.0%
Barnstable Town, MA	$354,600	-4.7%
Baton Rouge, LA	$169,200	-3.6%
Beaumont-Port Arthur, TX	$122,900	6.1%
Binghamton, NY	$109,700	11.8%
Birmingham-Hoover, AL	$153,200	-2.7%
Bismarck, ND	$153,400	2.7%
Bloomington-Normal, IL	$150,900	2.5%
Boise City-Nampa, ID	$193,400	-5.2%
Boston-Cambridge-Quincy, MA-NH**	$357,100	-7.8%
Boulder, CO	$355,700	-4.0%
Bridgeport-Stamford-Norwalk, CT	$439,300	-6.7%
Buffalo-Niagara Falls, NY	$96,600	5.5%
Canton-Massillon, OH	$88,500	-12.0%
Cape Coral-Fort Myers, FL	$213,200	-17.0%
Cedar Rapids, IA	$130,000	0.5%
Champaign-Urbana, IL	$139,400	-4.1%
Charleston-North Charleston, SC	$201,400	-8.2%
Charleston, WV	$116,800	1.4%
Charlotte-Gastonia-Concord, NC-SC	$192,700	3.8%
Chattanooga, TN-GA	$125,200	-3.4%
Chicago-Naperville-Joliet, IL	$249,600	-6.6%
Cincinnati-Middletown, OH-KY-IN	$128,500	-6.1%
Cleveland-Elyria-Mentor, OH	$102,100	-16.9%
Colordo Springs, CO	$208,900	-1.6%
Columbia, MO	$143,900	-1.1%
Columbia, SC	$141,600	-0.6%
Columbus, OH	$131,400	-7.2%
Corpus Christi, TX	$136,800	4.9%
Cumberland, MD-WV	$95,000	-5.0%
Dallas-Fort Worth-Arlington, TX	$142,400	-2.1%
Danville, IL	N/A	N/A
Davenport-Moline-Rock Island, IA-IL	$88,600	-17.0%
Dayton, OH	$100,500	-7.7%
Decatur, IL	$79,400	4.2%
Deltona-Daytona Beach-Ormond Beach, FL	$175,600	-10.9%
Denver-Aurora, CO	$223,500	-6.6%
Des Moines, IA	$147,900	1.7%
Detroit-Warren-Livonia, MI	N/A	N/A
Dover, DE	$199,100	0.6%
Durham, NC	$178,200	0.5%
Elmira, NY	$82,500	9.6%
El Paso, TX	$134,600	8.5%
Erie, PA	$96,200	4.0%
Eugene-Springfield, OR	$227,500	-3.9%
Fargo, ND-MN	$136,900	-0.4%
Farmington, NM	$190,000	6.3%
Ft. Wayne, IN	$88,700	-4.0%
Gainesville, FL	$188,300	-13.0%
Gary-Hammond, IN	$124,000	-1.7%
Glens Falls, NY	$163,100	7.7%
Grand Rapids, MI	$102,800	-20.7%
Green Bay, WI	$137,000	-5.6%
Greensboro-High Point, NC	$142,300	-1.9%
Greenville, SC	$154,500	6.0%
Gulfport-Biloxi, MS	$139,000	-9.6%
Hagerstown-Martinsburg, MD-WV	$192,700	-7.9%
Hartford-West Hartford-East Hartford, CT	$247,300	-3.0%
Honolulu, HI	$620,000	Unch
Houston-Baytown-Sugar Land, TX	$148,400	0.8%
Indianapolis, IN	$107,300	-4.6%
Jackson, MS	$123,600	-13.0%
Jacksonville, FL	$185,700	-6.0%
Kalamazoo-Portage, MI	N/A	N/A
Kankakee-Bradley, IL	$119,300	-8.0%
Kansas City, MO-KS	$139,500	-4.3%
Kennewick-Richland-Pasco, WA	$163,700	0.2%
Kingston, NY	$237,800	-4.3%
Knoxville, TN	$146,000	-2.7%
Lansing-E.Lansing, MI	$92,600	-26.9%
Las Vegas-Paradise, NV	$247,600	-20.2%
Lexington-Fayette,KY	$138,900	-5.8%
Lincoln, NE	$134,000	-0.3%
Little Rock-N. Little Rock, AR	$127,200	3.8%
Los Angeles-Long Beach-Santa Ana, CA	$459,400	-21.3%
Louisville, KY-IN	$131,600	-1.3%
Madison, WI	$217,100	-1.8%
Memphis, TN-MS-AR	$110,800	-18.5%
Miami-Fort Lauderdale-Miami Beach, FL	$318,900	-17.2%
Milwaukee-Waukesha-West Allis, WI	$204,400	1.3%
Minneapolis-St. Paul-Bloomington, MN-WI	$199,900	-10.2%
Mobile, AL	$129,900	-0.4%
Montgomery, AL	$133,700	0.8%
Nashville-Davidson--Murfreesboro, TN	N/A	N/A
New Haven-Milford, CT	$255,500	-9.5%
New Orleans-Metairie-Kenner, LA	$157,100	0.8%
New York-Northern New Jersey-Long Island, NY-NJ-PA	$445,400	-3.9%
New York-Wayne-White Plains, NY-NJ	$491,900	-5.7%
NY: Edison, NJ	$361,200	-0.6%
NY: Nassau-Suffolk, NY	$462,200	-3.5%
NY: Newark-Union, NJ-PA	$409,300	-3.4%
Norwich-New London, CT	$244,900	N/A
Ocala, FL	$145,500	-13.3%
Oklahoma City, OK	$124,900	-7.1%
Omaha, NE-IA	$132,900	-1.0%
Orlando, FL	$232,000	-13.1%
Palm Bay-Melbourne-Titusville, FL	$158,800	-17.0%
Pensacola-Ferry Pass-Brent, FL	$156,300	-4.2%
Peoria, IL	$119,000	10.4%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$220,900	-0.7%
Phoenix-Mesa-Scottsdale, AZ	$222,200	-15.4%
Pittsburgh, PA	$111,600	2.4%
Pittsfield, MA	$216,600	2.8%
Portland-South Portland-Biddeford, ME	$234,000	-0.3%
Portland-Vancouver-Beaverton, OR-WA	$286,600	-1.1%
Providence-New Bedford-Fall River, RI-MA	$262,900	-8.1%
Raleigh-Cary, NC	$228,100	2.4%
Reading, PA	$148,400	5.0%
Reno-Sparks, NV	$283,700	-12.9%
Richmond, VA	N/A	N/A
Riverside-San Bernardino-Ontario, CA	$287,100	-27.7%
Rochester, NY	$108,500	1.5%
Rockford, IL	$115,200	1.9%
Sacramento--Arden-Arcade--Roseville, CA	$258,500	-29.2%
Saginaw-Saginaw Township North, MI	$65,400	N/A
Saint Louis, MO-IL	$121,400	-9.7%
Salem, OR	$218,500	-1.4%
Salt Lake City, UT	$225,700	3.5%
San Antonio, TX	$149,800	1.0%
San Diego-Carlsbad-San Marcos, CA	$459,000	-22.9%
San Francisco-Oakland-Fremont, CA	$701,700	-6.1%
San Jose-Sunnyvale-Santa Clara, CA	$780,000	-1.0%
Sarasota-Bradenton-Venice, FL	$262,300	-22.2%
Seattle-Tacoma-Bellevue, WA	$372,300	-2.1%
Shreveport-Bossier City, LA	$131,500	1.9%
Sioux Falls, SD	$136,000	-3.0%
South Bend-Mishawaka, IN	$80,900	-5.5%
Spartanburg, SC	$130,300	10.1%
Spokane, WA	$186,800	2.8%
Springfield, IL	$107,200	4.2%
Springfield, MA	$198,100	-4.4%
Springfield, MO	$120,900	2.6%
Syracuse, NY	$110,300	2.6%
Tallahassee, FL	$173,300	-5.7%
Tampa-St.Petersburg-Clearwater, FL	$184,700	-9.1%
Toledo, OH	$89,700	-13.8%
Topeka, KS	$103,300	-2.8%
Trenton-Ewing, NJ	$288,200	1.6%
Tucson, AZ	$221,000	-8.8%
Tulsa, OK	N/A	N/A
Virginia Beach-Norfolk-Newport News, VA-NC	$237,600	1.6%
Washington-Arlington-Alexandria, DC-VA-MD-WV	$371,800	-13.1%
Waterloo/Cedar Falls, IA	$104,000	0.1%
Wichita, KS	$112,700	4.0%
Worcester, MA	$248,200	-8.3%
Yakima, WA	$148,400	9.0%
Youngstown-Warren-Boardman, OH-PA	$67,700	-13.5%
U.S.	$196,300	-7.7%
NE	$280,000	3.2%
MW	$142,700	-7.9%
SO	$164,200	-7.5%
WE	$296,300	-12.3%

Note1: California prices provided by the California Association of REALTORS®
*All areas are metropolitan statistical areas (MSA) as defined by the US Office of Management and Budget as of 2004.
** Boston-Cambridge-Quincy, MA-NH - Data from New Hampshire not available
They include the named central city and surrounding areas. N/A Not Available p Preliminary r Revised
©2008 National Association of REALTORS® © 2008 National Association of REALTORS®

For more information, see

http://money.cnn.com/2008/05/12/real_estate/Q12008_home_prices/index.htm?postversion=2008051314

The Next Building Bust

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 26 May 2008 10:07:14 -0500

CNNMoney.com reports that a combination of the economic slowdown and tighter credit appears to be putting the brakes on nonresidential projects. Even if work continues on those projects already underway, there are signs that the pipeline of new construction is about to dry up. A slowdown in the entire construction market would be bad news for the economy. Investment in nonresidential buildings added an average of $250 billion to the economy every year since 1990. A downturn is also expected to lead to the loss of many well-paying jobs in the months ahead.

Economists say a fall-off in nonresidential construction in the face of an economic slowdown shouldn't be a surprise. "Developers are a little nervous about getting enough rent, getting enough tenants so they're pulling back," said Jim Haughey, chief economist for Reed Construction Data. David Seiders, chief economist of the National Association of Home Builders, said problems in the residential mortgage market seem to have spread to the nonresidential construction sector as well even though there hasn't been a corresponding problem with rising defaults on those types of loans. He points out that the Federal Reserve's latest loan officer survey showed that tightening of credit in commercial real estate.

For detailed information, see

http://money.cnn.com/2008/05/16/news/economy/nonresidential_construction/index.htm?postversion=2008051909

Arizona, Valley Home Sales Reports are at Odds

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 26 May 2008 10:02:08 -0500

There has been a lot of confusion between ASU's April monthly sales report and one released by ARMLS on Monday according to a recent Arizona Republic article. The report, compiled each month on home-resale transactions in Maricopa County, reported that home resales were up 15 percent compared with the same month in 2007, the first year-over-year increase since July 2005.

That conflicts with a report released by the Arizona Regional Multiple Listing Service indicating a 12 percent decrease in home sales in the same period. The reason is ASU's report does not differentiate between "trustee sales," in which banks take over properties from borrowers in default, and routine home resales. More than one-third of the sales reported for April, or 2,025 of the 5,585 total, were trustee sales. The listing service includes new-home sales, some pending-sale transactions and sales in certain areas of Pinal County. But since January, ASU has been painting a rosier picture, reporting higher sales figures than the listing service for each of the year's first three months.

ASU agrees that trustee sales should not be lumped in with routine resales and would be reported separately from now on.

See http://www.azcentral.com/arizonarepublic/business/articles/0520biz-homesales0520.html

Arrowhead Earns Nod as Arizona Valley’s Best Neighborhood

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 26 May 2008 09:52:33 -0500

Voters at azcentral.com, according to the The Arizona Republic, have chosen ARROWHEAD as the valley's best neighborhood. "Arrowhead" is loosely used to identify a region of northern Glendale into Peoria. But the name was branded with Arrowhead Ranch, a former citrus ranch on about 5,000 acres that was transformed in the 1980s into a posh master-planned community in north Glendale.

Arrowhead won over competition from Phoenix's swanky Biltmore neighborhood and its historic Willo district. It also topped Scottsdale's DC and McCormick ranches.

Today, the development, divided into subdivisions, is at 95 percent build-out. Arrowhead Country Club's golf course and the course at Legends at Arrowhead are immaculate. And, Loop 101 allows residents to access all points of the Valley with greater ease.

A 2001 survey by Nielsen's Claritas, a San Diego market-research company, found that the area's 85308 ZIP code had more millionaires than any other in the Valley.

For more information, see http://www.azcentral.com/community/glendale/articles/2008/05/17/20080517gl-arrowhead0517-ON.html

Fannie Mae Payment Rules Eased

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 26 May 2008 09:41:26 -0500

An article from the Arizona Republic reports that lending Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the U.S. where home prices are dropping. The government-sponsored mortgage finance company said it will require minimum down payments of between 3 percent and 5 percent for all loans it guarantees. That replaces a December rule requiring a higher minimum if the loan was for a home in a ZIP code with declining real-estate prices.

When Fannie Mae tagged metro Phoenix a declining housing market in January, the residential market suffered. Dozens of home sales fell through because borrowers couldn't come up with the extra cash required for a down payment, and the status of buying in a declining market spooked some potential buyers. Housing-market watchers say Fannie's move Friday should help ease the credit crunch, and that will translate into more Valley home sales.

See http://www.azcentral.com/arizonarepublic/business/articles/0517biz-fanniemae0517.html for more information.

Scottsdale Fails to Grab Homebuyers' Interest

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 26 May 2008 09:37:12 -0500

An East Valley Tribune article, reports that while Valleywide home sales posted their first year-to-year increase since 2005 last month, sales in Scottsdale are still lagging. Experts say that's because available loans are mostly for lower-priced homes, which are more plentiful in the southeast valley than in Scottsdale, where median home values surpass the half-million-dollar mark. There were 330 resale homes sold in Scottsdale in April, down from 400 sales the same month a year ago, according to a report by Arizona State University's Realty Studies Office.

The median value for single-family home sales also dipped from $557,500 last year to $506,500. The biggest reason cheaper homes are selling is the kind of financing available to buyers, said Scottsdale-based real estate agent Karl Stauffer. There are lower interest rates and more money available for loans that are under $417,000 as opposed to larger loans, he said. But Scottsdale residents trying to sell homes in the $400,000 range or higher would have more trouble getting a loan to buy up to a more expensive house unless they have a lot of cash on hand, he said. According to Stauffer's analysis and own real estate deals, the lower-priced homes in Scottsdale are selling. For the number of buyers out there, there are fewer homes remaining on the market in the $300,000 to $400,000 range than there are in the $400,000 to $500,000 range, he said.

See http://www.tribunehomefinder.com/story/116492 for more information.

Economists Forsee Credit Crisis Nearing End

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 26 May 2008 09:32:23 -0500

A recent article from CNNMoney.com, reports that according to the National Association for Business Economics, the worst of the painful housing slump and the credit crunch might come to an end this year. Now the bad: The economy will weaken further and unemployment will rise. A growing number of economists believe the country is on the brink of a recession or in one already, dragged down by all the problems in housing, credit and financial markets. Now 56% of the economists think the economy has started or will enter a recession this year. That's up from 45% in a survey in February. If there is a recession, it probably will be short and shallow, economists said. Forecasters downgraded their projections for economic growth.

They now predict the economy, which grew by 2.2% last year, will slow to 1.4% this year. That's lower than the 1.8% growth projected in February. If the new figure proves correct, it would mark the weakest growth since the last recession in 2001. Forecasters are hopeful that the housing slump - in terms of home sales - will hit bottom this year. However, economists were divided over whether the low point would be reached in the second, third or fourth quarters of this year. House prices, though, are still expected to drop this year and next.

For more information, see http://money.cnn.com/2008/05/19/news/economy/nabe_outlook.ap/index.htm?postversion=2008051909

Bargain Hunters Boost Home Sales in Some Markets

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 22 Apr 2008 11:19:02 -0500

USA TODAY reports that as home sales and prices drop across much of the USA, many potential buyers remain scared to jump into the market, and sellers are resorting to slash-and-burn prices. The national median price sank to $195,900 in February, down from $213,500 in February 2007. Foreclosures are up nearly 60% from March 2007, according to RealtyTrac. But, to a small but growing number of buyers across the nation, the grim housing recession offers a tantalizing upside: They can get a home at a fire-sale price. In some metro areas, price declines are galvanizing bargain hunters - especially first-timers, foreign investors and out-of-state buyers looking to rent properties they hope to sell later for a windfall. Those shoppers are forming isolated pockets of real estate activity, especially in cities where foreclosure rates are high but jobs remain available to attract potential home buyers.

See http://www.usatoday.com/money/economy/housing/2008-04-16-bargain-hunting-real-estate_N.htm, for more.

Apartment Rental Costs are All Over The Map

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 22 Apr 2008 11:13:40 -0500

According to reports from MSNBC.com, as a result of the housing supply and demand imbalance, median rental prices in Phoenix fell this year to $939 per month, down about nine percent from $1,035 in 2007. Mark Forrester, a partner with Hendricks & Partners in Phoenix, says that the rental market in Phoenix has been impacted not by an oversupply of apartment properties, but by an oversupply of single-family homes. The city can accommodate about 30,000 new homes per year, he said, but between 2005 and 2007 about 60,000 were built annually and many were acquired by investors to function as rentals or for quick resales. A local decline in home values means many of these homes are unable to sell. Faced with mortgage payments, the homes' developers or owners then attempt to rent them as a way to cover costs, which creates a "shadow market" for rentals that competes with the regular apartment market, he says.

See URL: http://www.msnbc.msn.com/id/24098346/, for more information.

Surprise / Sun City Grand Homeowners Take Legal Action Against Pulte Homes

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 22 Apr 2008 11:05:11 -0500

The Arizona Republic reports that owners of about 1,000 homes in Sun City Grand, one of Surprise's most affluent retirement communities, are seeking legal action against developer Pulte Homes to correct alleged construction defects. The sheer number of participants puts this among the largest such complaints in Arizona history, building experts say. With about 9,600 homes in Sun City Grand, more than 10 percent are part of the legal action. The law firm representing the residents argues that abnormal cracking in walls, floors and ceilings demonstrates a clear pattern of defective construction. It says the repairs could amount to $50,000 to $100,000 per home. But Pulte Homes, while not yet served with the lawsuit, stated Tuesday, "Since receiving notice of the initial claim, more than 100 homes have been inspected, and we have found few, if any, issues related to the foundations and slabs." Other complaints by residents include:

Stucco: About half the homes do not have "weep screeds." A weep screed is part of stucco wall construction that allows rainwater to drain out of the walls and prevents mold growth.
Acoustics: Noise levels are too high inside some Sun City Grand households, which fall within the noise-impact zone of Luke Air Force Base.
Concrete: Foundations are deteriorating because of corrosive salts and desert weathering.

Pulte Homes, under the Del Webb brand, bills itself as "the nation's largest builder of active adult communities for people age 55 and better."

Pulte merged with Del Webb Corp., famous for its Sun City brand developments, in 2001.

For more information, see http://www.azcentral.com/arizonarepublic/local/articles/0414gl-nwvlawsuit0416cover-ON.html.

Arizona 4th in U.S. in Home Foreclosures

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 22 Apr 2008 10:54:27 -0500

A recent article from the Business Journal of Phoenix reports that Arizona ranks fourth among all states in the rate of home foreclosures, according to new research from Realty Trac. Nearly 9,200 homes in Arizona were touched by foreclosure proceedings in March, an average of one in every 283 households. That's more than double the rate from March of 2007. Nationwide, rates are up 57 percent from March of last year. In all, nearly 235,000 homes were hit with foreclosure filings last month, which include default notices, auction sale notices and bank repossessions. Of those, 51,393 homes were lost to foreclosure - a 10 percent increase over the number of homes lost in February. Overall, one in every 538 households were affected by a filing in March. The state with the highest foreclosure rate is Nevada. One in every 139 Nevada households received a foreclosure filing during March, 3.9 times the national average and the highest state foreclosure rate for the 15th consecutive month. Foreclosure rates in California and Florida ranked second and third highest, respectively, among the states for the fourth straight month. One in every 204 California households received a foreclosure filing in March -- 2.6 times the national average -- and one in every 282 Florida households received a foreclosure filing during the month -- 1.9 times the national average. Despite a nearly 5 percent dip in foreclosure activity in March, Arizona posted the nation's fourth highest state foreclosure rate for the third straight month.

For more information, see http://www.bizjournals.com/phoenix/stories/2008/04/14/daily9.html?f=et73&ana=e_du.

Northeast Arizona Valley Decline in Inventory - Pending Sales on the Rise

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 22 Apr 2008 10:49:20 -0500

The Arizona Republic reports that home prices continue to slump in Scottsdale but Realtors are encouraged by a decline in inventory and a pickup in pending sales. In the northeast Valley, there has been nearly a 50 percent increase in pending sales since January. As of early April, there were 2,654 listings of existing Scottsdale homes priced under $1 million. That is an inventory of 12 1/2 months, which is better than some areas of the Valley. The report shows about a 26-month supply of homes in Paradise Valley and in Scottsdale for homes priced at more than $1 million.

For more information, see http://www.azcentral.com/arizonarepublic/business/articles/0416biz-sr-realestate0416.html.

U.S. Home Construction Falls to a 17 Year Low

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 22 Apr 2008 10:30:24 -0500

Construction of U.S. homes fell to a 17-year low in March, according to CNNMoney.com, which is a much steeper than expected drop, according to a government report released Wednesday. Privately-owned housing fell to a seasonally adjusted 947,000 annual rate in March, according to the Commerce Department. The rate was down 11.9% from February's revised reading of 1.07 million and 36% lower than March of 2007. Economists were expecting housing to decline to 1.01 million, according to consensus estimates compiled by Briefing.com. Mike Larson, a real estate analyst with the research firm Weiss Research, reports, "These figures confirm that the housing market is still groping for a bottom. As painful as these numbers are, in the short term, they are exactly what we need for long-term growth." New construction of single-family homes, considered the core of the housing market, were at a rate of 680,000, or 5.7% below last month's number. Single-family housing starts have not been this low since May 1980.

For more information, see http://money.cnn.com/2008/04/16/news/economy/housing_starts_march/index.htm?postversion=2008041609.

Latest Real-Estate Fad: Hunting for Foreclosure Deals

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Sat, 29 Mar 2008 09:23:42 -0500

In February 2008,

2,500 homes in metro Phoenix were foreclosed on,

the highest monthly tally since the real-estate recession of 1990

Are you an individual interested in picking up a foreclosure deal as an investment? Today's recent AZCentral.com article regarding the latest real estate fad known as "foreclosure-investing" reveals that the bus tours of the past housing boom are starting again but, this time, home buyers are looking for foreclosure properties they can flip for a fast profit.

Not only are the bus tours coming in from other states but some local real estate companies are coordinating foreclosure homes bus tours. The buses are conveniently equipped with a local real estate agent and a mortgage expert and, for a small fee, you can have lunch, preview foreclosure properties, and begin your deal before heading for home.

As an individual, it is important to know that lenders just won't deal, and it makes no sense because it's only going to cost them more money, particularly when the houses are going for so cheap at auctions. A big auction held in Sun City earlier this month marketed almost 400 foreclosure properties in the Valley!

Over the past few months, I've put in several offers for bank-owned properties for individual investors at $20-25,000 less the list price and lenders just are not biting. An important offer tip - do not go in $20-25,000 less the list price; $10,000 maybe, but lenders will generally counter back full list price so be prepared. It is important to know that if you're hearing the word on the street is that the deals are out there, they are, but when making an offer as an individual, investor or not, be aware that the list price is already at rock bottom price so a lender generally will not deal with a low-ball offer.

If you are looking to pick up properties cheap, auctions are becoming "the craze" here in the Valley although as an individual you need to be aware that you will be up against large investment companies who are making buying foreclosures their priority.

Novice investors are cautioned to not get in over their head and it is advised when investing in foreclosures to spend only money that you can afford to lose. It is important not to take money from your retirement account or take out a home equity loan to invest but if you have extra money, like money you would take to Vegas and drop on a table, then invest it in foreclosure properties.

Today's AZCentral.com article reads that most Valley homes in foreclosure don't have any equity left because of falling home values and more than 95 percent of the houses going into foreclosure are going back to the lender because no one wants to bid on the houses with upside-down loans, which are worth less than what is owed on them.

For more information, see http://www.azcentral.com/news/articles/0329bustour0328.html?source=nletter-news.

Retiring Baby Boomers on their way to Surprise and Scottsdale ~ not Sun Cities?

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Thu, 20 Mar 2008 12:48:49 -0500

An artist rendering of Diamond Resort Retirement Community,

Courtesy of RDeLaFuente

From AZCentral.Com, the latest breed of retirement communities is a change from the traditional, golf-course-and-recreation-center variety found in the Sun Cities. A new style of vertical, urban condominiums is taking root, and a development company out of Canada is hoping to sell Surprise seniors on the ultra-hip concept.

This new, hip community will begin construction at the corner of Paradise Lane and Parkview Place near the Surprise Stadium in the hopes of targeting younger, more active retirees who want to be in a vibrant, urban setting like Surprise Stadium Village.

The company has found that seniors who moved into traditional retirement communities reported that they felt too far removed from upscale shopping and cultural activities. Modern retirees covet walkable, urban-style living as much as homebuyers in their 20s, 30s and 40s.

Avenir's Surprise project would go up close to the city's future downtown, a portion of which is known as Surprise Stadium Village. The urban core includes the stadium, the city's Tennis & Racquet Complex, and a 17-acre strip of retail, restaurants and entertainment venues. A handful of other high-density residential projects, a future medical campus, office buildings and Surprise's new City Hall also are planned for the area.

The 339-unit condominium project is expect to cost more than $100 million to build.

For more information, see http://www.azcentral.com/realestate/articles/0317gl-nwvdiamond0319cover.html

Northwest Valley Market Update - Surprise, Peoria, Waddell Homes Among Top Recent Sales

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Thu, 20 Mar 2008 12:28:23 -0500

The top recent sale prices for homes in the Northwest Valley:

$1,075,000, Peoria 10033 W. J Ranch Road

$868,162, Peoria

31548 N. 133rd Lane

$732,200, Peoria

30771 N. 126th Lane

$655,000, Surprise
19414 N. Ponderosa Court

$652,110, Waddell
18553 W. Beryl Court

$646,500, Peoria

12546 W. Bajada Road

$592,953, Peoria

28744 N. 128th Drive

$581,768, Peoria

28920 N. 128th Drive

$580,000, Surprise

20660 N. Enchantment Drive

$579,100, Peoria

28876 N. 128th Drive

Sun City, Arizona Mandatory Fees - Not "One-Time" Fees if Buying Another Property

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Tue, 18 Mar 2008 10:10:29 -0500

I've been working with a couple different buyers looking to purchase a home in the Sun City (Arizona) area. One couple currently own in Sun City and they want to purchase a second property; the other, currently leasing in Sun City West, would be purchasing a home in Sun City for the very first time. As each buyer has a different set of circumstances, it is important to understand the mandatory fees required by the City.

The "Sun City" fees that are required to be paid upon close of escrow are: The Recreation Center (Rec Center) fee and transfer fee. As of April 1, 2008, the Rec Center fee will be increasing to $396.00; the transfer fee remains the same, $300. The Rec Center fee covers one household providing two membership passes which provide membership to the seven Rec Centers in the Sun City area. The transfer fee covers the cost of the paperwork involved to transfer the membership into the new homeowner's names. The Capital Preservation fee, used to upgrade and improve faculties as well as to modernize facilities, is $2,500.

One of the biggest misconceptions surrounding these fees are that they are one-time only fees. If you purchase another property in Sun City, you will pay these fees again.

Currently own a home in Sun City and buying another home? You will pay all the required fees once again but will be reimbursed the $2,500 if and when you sell one of your Sun City homes and only if is within the first year (from date of closing).

It is important not to confuse a Homeowner's Assocition fee with the Recreation Center fee. Some communities do not have a homeowner's association while other communities do and these fees vary considerably. Most are mandatory, but one I have found in Phase I is optional and only $12.00 a year while many Phase III fees are $180+ a month. In addition, if you wish to join a country club/golf club, there will be additional fees to be paid.

Some may wonder the point of living in the Sun City area. Besides the beautiful climate and the friendly people, a couple reasons are low, low property taxes. How low? These vary from $180 a year and up. In addition, there are no schools in Sun City, hence, no school taxes are imposed. Sun City is a wonderful retirement community with beautifully remodeled homes, most built by Del Webb, large square footage, and low, low prices.

Looking for a home in Sun City? Give me a call (623) 205-8112.

Recession Worries in Today's Housing Market

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 17 Mar 2008 23:25:07 -0500

The article, Limp housing market looks even weaker, from the Arizona Republic, reports that last Thursday saw three reports on the slumping housing market. The Fed announced that homeowner equity fell below 50 percent in the second quarter of 2007. The Mortgage Bankers Association reported that foreclosures hit an all time high in the final quarter of last year. Also reported Thursday was that pending U.S. home sales came in below analysts expectations for January and remained at the second-lowest reading on record. The trifecta of reports illustrates a housing market caught up in a "very negative, reinforcing downward spiral," said Mark Zandi, chief economist at Moody's Economy.com. Economists worry that the prolonged housing downturn has put the economy on the brink of a recession. The economy grew at an anemic 0.6 percent in the fourth quarter of 2007.

For more information, see http://www.azcentral.com/realestate/articles/0306biz-housingwoes0307-ON.html

Homes Listed Unchanged in January 2008

Joyce "Joy" Mahaney Brewster (High Profile Realty) — Mon, 17 Mar 2008 23:23:01 -0500

An article from CNNMoney.com, reports that the number of homes under contract for sale was unchanged in January, leaving that measure of the battered real estate market just barely above the record low, according to the latest reading from the National Association of Realtors. The Realtors' Pending Home Sales Index came in at 85.9 in the month, the same as in December, which was the second-lowest reading on record. The Pending Home Sales Index is considered a more forward-looking indicator of home sales than the same group's more closely followed existing home sales report, which tracks sales at the time of closing, typically a month or two after a sales contract is signed. The Realtors also released an updated economic and sales outlook that now sees the sales pace and prices for existing homes during the first half of this year slightly worse than in its February estimate. But it is still sticking with a forecast of a modest turnaround in the second half of the year. For the full year it sees a 1.2% decline in median home prices, unchanged from its earlier estimate and nearly matching the 1.4% decline posted in 2007, the first year on record that the group has seen a full-year drop in the value of existing homes sold.