Hi all,
Reports: Phoenix housing values improve - Two reports released Tuesday, one local and one national, appear to confirm that housing values are improving in the Phoenix market. ASU’s Repeat Sales Index shows that although prices are lower than one year ago, the declines are not as severe as they have been. “The March figures also show the first monthly increase in the median price of non-foreclosure homes since the end of 2007,” said ASU Professor Karl Guntermann, who is the Fred E. Taylor Professor of Real Estate. “This may signal the start of price stability throughout much of the housing market.” The S&P/Case Shiller Home Price Indices also indicate that housing value declines are beginning to slow in Phoenix with a one-year composite decline hovering at 1.6%. That was one of the smallest declines among 20 metropolitan areas surveyed.
http://www.bizjournals.com/phoenix/stories/2010/04/26/daily22.html?s=industry&i=resi_real_estate
Real Estate Outlook: Signs of Recovery - Sales of existing single family homes jumped by 7.3% in March, according to the National Association of Realtors survey released last Thursday, and were 13% above year-earlier levels. Median single family prices were up by 9% year over year in the Northeast region, and by about 7% in the South, Midwest and the West. Meanwhile, unsold inventory dropped by two percent in March, and is now 22 percent below its peak in July 2008. March single family housing starts rose by 1.6% to their highest level since November of 2008. Bottom line this week: Think positive. Because that's where we're headed in real estate and the economy overall. Read full article:
http://realtytimes.com/rtpages/20100428_realestateoutlook.htm
Additional articles that you may find of interest:
Expert: Housing prices in Valley flat
http://www.azcentral.com/business/realestate/articles/2010/04/28/20100428phoenix-housing-prices.html
The Valley's priciest home sales
http://www.azcentral.com/arizonarepublic/business/articles/2010/04/28/20100428biz-donedeals0428.html
Refi: FHA or conventional?
Does it make sense to refinance into a conventional mortgage? Or is an FHA refi better?
http://www.bankrate.com/finance/mortgages/refinancing-into-a-conventional-mortgage.aspx
Blessings,
Patty
Wednesday, April 28, 2010
Monday, April 19, 2010
What's Brewing in Real estate?
Hello all,
I hope the following information is useful. If you are still looking to buy we have until April 30th to get a contract in. Get pre-approved and let's go shopping.
Proposal to slash business property taxes on the table - Large commercial property tax breaks are included in a tax-cut plan under consideration at the Arizona Legislature. Business property taxes, which currently are as high as 20%, could be cut to 1% for 10 years for developers, property owners or businesses making building renovations or doing new construction of $250 million or more. These entities also must hire at least 150 new workers for their projects and qualify under Arizona Department of Commerce rules aimed at attracting and retaining high-wage jobs with benefits. Capital investments and developments of $1 million to $250 million that create at least 15 jobs could result in a 5% property tax rate, down from 20%.
http://www.bizjournals.com/phoenix/stories/2010/04/19/story2.html?b=1271649600^3199621&s=industry&i=commercial_real_estate
Real Estate Outlook: Faster Recovery? - It's been a long time since we've seen the Wall Street Journal run a front-page article suggesting that the national economy appears to be rebounding faster than most analysts forecast. But that happened last week. And over the past couple of years, we haven't seen retail sales -- a key barometer of consumer confidence -- jump by almost two% in a single month. But we saw that last week as well. Housing activity is also up in 11 of the 12 bank districts. Freddie Mac's economists expect to see total home sales this year at least 10% higher than last year, even with the possibility of higher mortgage interest rates.
http://realtytimes.com/rtpages/20100419_realestateoutlook.htm
Take Care,
Patty
I hope the following information is useful. If you are still looking to buy we have until April 30th to get a contract in. Get pre-approved and let's go shopping.
Proposal to slash business property taxes on the table - Large commercial property tax breaks are included in a tax-cut plan under consideration at the Arizona Legislature. Business property taxes, which currently are as high as 20%, could be cut to 1% for 10 years for developers, property owners or businesses making building renovations or doing new construction of $250 million or more. These entities also must hire at least 150 new workers for their projects and qualify under Arizona Department of Commerce rules aimed at attracting and retaining high-wage jobs with benefits. Capital investments and developments of $1 million to $250 million that create at least 15 jobs could result in a 5% property tax rate, down from 20%.
http://www.bizjournals.com/phoenix/stories/2010/04/19/story2.html?b=1271649600^3199621&s=industry&i=commercial_real_estate
Real Estate Outlook: Faster Recovery? - It's been a long time since we've seen the Wall Street Journal run a front-page article suggesting that the national economy appears to be rebounding faster than most analysts forecast. But that happened last week. And over the past couple of years, we haven't seen retail sales -- a key barometer of consumer confidence -- jump by almost two% in a single month. But we saw that last week as well. Housing activity is also up in 11 of the 12 bank districts. Freddie Mac's economists expect to see total home sales this year at least 10% higher than last year, even with the possibility of higher mortgage interest rates.
http://realtytimes.com/rtpages/20100419_realestateoutlook.htm
Take Care,
Patty
Monday, February 1, 2010
Changes to FHA loan programs
Hello all,
If you are in the process of thinking of purchasing a home, this new information is of value. Please read. Thank you and once again I hope this information is a valuable tool.
Important Changes to FHA Loan Programs
What do they mean for home buyers?
Mortgage Insurance Premiums
In order to replenish its barren reserves, FHA will increase the upfront mortgage insurance premium it charges to home buyers for obtaining an FHA loan. The insurance protects the lender in case the homeowner defaults on the loan. Recently FHA has paid a lot of claims and its reserves have suffered the effects. Therefore they are increasing the amount of the upfront premium from 1.75% of the loan amount to 2.25% beginning April 5. [cid:image002.jpg@01CAA328.93320A70]
If you are in the process of thinking of purchasing a home, this new information is of value. Please read. Thank you and once again I hope this information is a valuable tool.
Important Changes to FHA Loan Programs
What do they mean for home buyers?
Mortgage Insurance Premiums
In order to replenish its barren reserves, FHA will increase the upfront mortgage insurance premium it charges to home buyers for obtaining an FHA loan. The insurance protects the lender in case the homeowner defaults on the loan. Recently FHA has paid a lot of claims and its reserves have suffered the effects. Therefore they are increasing the amount of the upfront premium from 1.75% of the loan amount to 2.25% beginning April 5. [cid:image002.jpg@01CAA328.93320A70]
Wednesday, January 20, 2010
new things happening
Lots of new things happening. As new things come up I will post them.
Foreclosures, short sales bring tourists seeking cheap houses - In foreclosure tourism, out-of-towners take mini-vacations in the Valley to shop for foreclosure and short-sale bargains as investments, second homes and even primary residences. Jordan Rose, managing partner of Rose Law Group in Scottsdale has received dozens of calls from foreclosure tourists from New York, New Jersey and the Midwest who are looking at suburban markets that have seen home value declines and a substantial number of foreclosures and short sales. Rose said out-of-state investors and buyers comprise the bulk of her real estate business right now. “Nearly all the buyers we talk to — dozens over the last two weeks — have at least out-of-town financial backers. Money is trying to flow into Arizona right now,” she said.
http://www.bizjournals.com/phoenix/stories/2010/01/18/story8.html?b=1263790800^2728141&s=industry&i=resi_real_estate
Government lifts rule discouraging flipping; homes can be bought and resold within 90 days - In a move that could make foreclosed properties more attractive to investors and increase the number of homes available to first-time buyers, the federal government is temporarily lifting a prohibition against providing FHA mortgage insurance for homes that are resold within 90 days. The waiver on the purchase of flipped houses with FHA mortgages, which begins February 1 and is effective for one year, “will give FHA borrowers access to a broader array of recently foreclosed properties,” HUD said Friday in announcing the change. Conditions attached to the waiver are expected to prevent what HUD called “predatory practices” by investors. For instance when a house is resold within 90 days of purchase at a price that is 20 percent higher, the seller would have to justify the increase, such as by showing how much was spent on repairs and renovation.
http://www.pe.com/business/local/stories/PE_Web_FHA.8f462821.html
I hope is information is valuable to you.
Take Care,
Patty
Foreclosures, short sales bring tourists seeking cheap houses - In foreclosure tourism, out-of-towners take mini-vacations in the Valley to shop for foreclosure and short-sale bargains as investments, second homes and even primary residences. Jordan Rose, managing partner of Rose Law Group in Scottsdale has received dozens of calls from foreclosure tourists from New York, New Jersey and the Midwest who are looking at suburban markets that have seen home value declines and a substantial number of foreclosures and short sales. Rose said out-of-state investors and buyers comprise the bulk of her real estate business right now. “Nearly all the buyers we talk to — dozens over the last two weeks — have at least out-of-town financial backers. Money is trying to flow into Arizona right now,” she said.
http://www.bizjournals.com/phoenix/stories/2010/01/18/story8.html?b=1263790800^2728141&s=industry&i=resi_real_estate
Government lifts rule discouraging flipping; homes can be bought and resold within 90 days - In a move that could make foreclosed properties more attractive to investors and increase the number of homes available to first-time buyers, the federal government is temporarily lifting a prohibition against providing FHA mortgage insurance for homes that are resold within 90 days. The waiver on the purchase of flipped houses with FHA mortgages, which begins February 1 and is effective for one year, “will give FHA borrowers access to a broader array of recently foreclosed properties,” HUD said Friday in announcing the change. Conditions attached to the waiver are expected to prevent what HUD called “predatory practices” by investors. For instance when a house is resold within 90 days of purchase at a price that is 20 percent higher, the seller would have to justify the increase, such as by showing how much was spent on repairs and renovation.
http://www.pe.com/business/local/stories/PE_Web_FHA.8f462821.html
I hope is information is valuable to you.
Take Care,
Patty
Saturday, January 2, 2010
Best offer may not be the higest.
Hello all,
I hope your Christmas and New Years were great. Many blessing to you and your families for 2010.
If you are selling or buying this information below should shed some light on the contract you are receiving or if you are purchasing.
Daily Real Estate News | December 29, 2009 | Share
The Highest Offer May Not Be the Best
Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer, say experienced practitioners.
In this tough market, going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice.
Practitioners should encourage sellers to review all the terms and conditions of the sales contract. In some areas, the allocation of fees can take a big bite out of the net proceeds. While most contracts are written to reflect that, it isn’t always the case.
Also, the closing date in the offer should be considered carefully. A buyer who can close quickly can save a seller thousands. Offers contingent on the sale of another property are particularly suspect in this market.
Source: Inman News, Dian Hymer (12/28/2009)
All My Best,
Patty
I hope your Christmas and New Years were great. Many blessing to you and your families for 2010.
If you are selling or buying this information below should shed some light on the contract you are receiving or if you are purchasing.
Daily Real Estate News | December 29, 2009 | Share
The Highest Offer May Not Be the Best
Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer, say experienced practitioners.
In this tough market, going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice.
Practitioners should encourage sellers to review all the terms and conditions of the sales contract. In some areas, the allocation of fees can take a big bite out of the net proceeds. While most contracts are written to reflect that, it isn’t always the case.
Also, the closing date in the offer should be considered carefully. A buyer who can close quickly can save a seller thousands. Offers contingent on the sale of another property are particularly suspect in this market.
Source: Inman News, Dian Hymer (12/28/2009)
All My Best,
Patty
Tuesday, December 22, 2009
Tax Credit
Merry Christmas and Happy New Year to all,
This is such a wonderful time of year. This is the time to let go of the old and welcome the new and to count our blessings. We need to surround ourselves with friends and family and celebrate the people in our lives, even in this time of stress and uncertainty.
Have a Very Merry and Blessed New Year.
I hope the information below is useful to you.
Patty
Move-Down Buyers Can Be Eligible For Tax Credit Too - Move up, move down, move sideways; it just doesn't matter - buyers may still qualify for the new tax credit available to current homeowners. It is unfortunate that the credit has too often been characterized as a credit for "move-up" homeowners. We need to get the word out that the credit is equally available to homeowners who are moving down, cost-wise. The move-down homebuyer is not an unusual phenomenon. For years, retirees have been known to move from a larger home to one that is smaller and often less expensive. Moreover, it is reasonable to think that current economic conditions may lead to even more move-down buyers. The same requirements for the tax credit apply to both move-down and move-up buyers.
http://realtytimes.com/rtpages/20091222_movedown.htm
Additional articles that you may find of interest:
Nation's home resales surge to highest level in nearly 3 years
http://www.azcentral.com/business/realestate/articles/2009/12/22/20091222biz-homesales1222.html
November home sales soar 7.4%; median price $172,600 (nationwide)
http://www.azcentral.com/business/realestate/articles/2009/12/22/20091222biz-homesales1222.html
Mortgages Becoming Easier to Obtain
http://www.realtor.org/rmodaily.nsf/pages/News2009122101
New RESPA Rules Start Jan. 1
http://www.realtor.org/rmodaily.nsf/pages/News2009122102
12 Tech Predictions for 2010
http://www.realtor.org/rmodaily.nsf/pages/News2009122106
Real Estate Outlook: Economic Forecasting
http://realtytimes.com/rtpages/20091222_realestateoutlook.htm
Lower payments = fewer redefaults
http://money.cnn.com/2009/12/21/real_estate/loan_modification_redefaults/index.htm
Renovating doesn't pay off like it used to
http://money.cnn.com/2009/12/18/real_estate/return_on_renovations/index.htm
This is such a wonderful time of year. This is the time to let go of the old and welcome the new and to count our blessings. We need to surround ourselves with friends and family and celebrate the people in our lives, even in this time of stress and uncertainty.
Have a Very Merry and Blessed New Year.
I hope the information below is useful to you.
Patty
Move-Down Buyers Can Be Eligible For Tax Credit Too - Move up, move down, move sideways; it just doesn't matter - buyers may still qualify for the new tax credit available to current homeowners. It is unfortunate that the credit has too often been characterized as a credit for "move-up" homeowners. We need to get the word out that the credit is equally available to homeowners who are moving down, cost-wise. The move-down homebuyer is not an unusual phenomenon. For years, retirees have been known to move from a larger home to one that is smaller and often less expensive. Moreover, it is reasonable to think that current economic conditions may lead to even more move-down buyers. The same requirements for the tax credit apply to both move-down and move-up buyers.
http://realtytimes.com/rtpages/20091222_movedown.htm
Additional articles that you may find of interest:
Nation's home resales surge to highest level in nearly 3 years
http://www.azcentral.com/business/realestate/articles/2009/12/22/20091222biz-homesales1222.html
November home sales soar 7.4%; median price $172,600 (nationwide)
http://www.azcentral.com/business/realestate/articles/2009/12/22/20091222biz-homesales1222.html
Mortgages Becoming Easier to Obtain
http://www.realtor.org/rmodaily.nsf/pages/News2009122101
New RESPA Rules Start Jan. 1
http://www.realtor.org/rmodaily.nsf/pages/News2009122102
12 Tech Predictions for 2010
http://www.realtor.org/rmodaily.nsf/pages/News2009122106
Real Estate Outlook: Economic Forecasting
http://realtytimes.com/rtpages/20091222_realestateoutlook.htm
Lower payments = fewer redefaults
http://money.cnn.com/2009/12/21/real_estate/loan_modification_redefaults/index.htm
Renovating doesn't pay off like it used to
http://money.cnn.com/2009/12/18/real_estate/return_on_renovations/index.htm
Monday, November 30, 2009
What's brewing in Real Estate
Hello all,
I hope you all had a great Thanksgiving. Here are some items of interest I hope will answer any questions you may have.
Tax Credit Quandaries Answered - Here are answers to some of the most confusing questions related to the new home buyer tax credits:
How does a current home owner qualify for the $6,500 credit? Buyers must have lived in their homes for at least 5 out of the last 8 years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home - they can use it as a rental or a second home and still claim the credit.
Does the new home have to be more expensive than the one the buyer currently owns? No, but if the property sells for more than $800,000, the buyers don’t qualify.
Can buyers who are building a new home claim the credit? Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.
Can buyers claim the credit if they purchase a home from a relative? No.
http://www.realtor.org/rmodaily.nsf/pages/News2009112506
NE Valley last to see effects of housing rebound - Valley home prices are beginning to recover, a report from ASU contends. However, the northeast part of the Valley, which was not hit as hard as other areas, appears to be the last to see the effects. Karl Guntermann's Repeat Sales Index, which measures changes in average Phoenix area home prices from year to year, has seen positive movement for the past five months. "The local housing market is regaining some measure of stability," Guntermann said. Prices may be up because of investors buying foreclosed homes and first-time homebuyers taking advantage of the federal tax credit, he said. Guntermann's data shows the turnaround began in March. In the northeast part of the Valley, which is most reflective of northeast Phoenix neighborhoods, prices are down far less than the rest of the Valley.
http://www.azcentral.com/business/realestate/articles/2009/11/27/20091127biz-phx-homeprice1128.html
Be safe in your travels and God Bless
Patty
I hope you all had a great Thanksgiving. Here are some items of interest I hope will answer any questions you may have.
Tax Credit Quandaries Answered - Here are answers to some of the most confusing questions related to the new home buyer tax credits:
How does a current home owner qualify for the $6,500 credit? Buyers must have lived in their homes for at least 5 out of the last 8 years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home - they can use it as a rental or a second home and still claim the credit.
Does the new home have to be more expensive than the one the buyer currently owns? No, but if the property sells for more than $800,000, the buyers don’t qualify.
Can buyers who are building a new home claim the credit? Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.
Can buyers claim the credit if they purchase a home from a relative? No.
http://www.realtor.org/rmodaily.nsf/pages/News2009112506
NE Valley last to see effects of housing rebound - Valley home prices are beginning to recover, a report from ASU contends. However, the northeast part of the Valley, which was not hit as hard as other areas, appears to be the last to see the effects. Karl Guntermann's Repeat Sales Index, which measures changes in average Phoenix area home prices from year to year, has seen positive movement for the past five months. "The local housing market is regaining some measure of stability," Guntermann said. Prices may be up because of investors buying foreclosed homes and first-time homebuyers taking advantage of the federal tax credit, he said. Guntermann's data shows the turnaround began in March. In the northeast part of the Valley, which is most reflective of northeast Phoenix neighborhoods, prices are down far less than the rest of the Valley.
http://www.azcentral.com/business/realestate/articles/2009/11/27/20091127biz-phx-homeprice1128.html
Be safe in your travels and God Bless
Patty
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