Friday, June 27, 2014
Wednesday, June 18, 2014
How much of a down payment do you need? Read below
You Don't Need That Much of a Down Payment
Many consumers are overestimating the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.
Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage.
But in reality, home buyers often can qualify for a conforming, conventional mortgage with a down payment of as little as 5 percent — and sometimes even 3 percent — Boyle writes. Between 2009 and 2013, Freddie Mac’s purchases of mortgages with down payments of less than 10 percent more than quadrupled. So far in 2014, more than one in five borrowers who took out conforming, conventional mortgages put down 10 percent or less.
“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines,” Boyle writes. “Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 percent or 10 percent.” However, Boyle notes that any borrower who puts down less than 20 percent will be required to buy mortgage insurance.
Boyle says that buyers should also be encouraged by the abundant down-payment assistance programs that exist to help break into home ownership. Every state in the U.S., as well as many cities and counties, offer down-payment assistance programs for qualified borrowers, such as the American Dream Downpayment Initiative and HOME Investment Partnerships Program.
Source: “Down Payments: Today’s Most Persistent Misconception About Mortgages,” Freddie Mac (June 16, 2014)
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Monday, June 2, 2014
INVESTOR FLIPS
As home prices have climbed and foreclosures tumbled in recent years, it’s been increasingly difficult for Phoenix-area home investors to score a bargain.
But new research by RealtyTrac today shows that hasn’t necessarily been a deterrent for house flippers.
In fact, RealtyTrac said the Phoenix area had the second-highest number of home flips in the nation between April 2013 and March 2014.
RealtyTrac defines flips as homes that were bought and sold within one year, and for a profit.
Maricopa County had 4,632 flips during the aforementioned period, second only to the New York-New Jersey metro area’s 7,066 flips, the report showed. Keep in mind the Phoenix metro area has a population of roughly 4.4 million, while it's a whopping 20 million in and around New York.
Phoenix-area flippers raked in a 31.42 percent gross profit on average, based on an average purchase price of $172,547 and an average sale price of $226,761.
According to the most recent Arizona State University data, house flippers made up 7 percent of all Valley single-family purchases in March, up slightly from 6 percent a year prior.
Also, the median price of those March investor flips — $172,500 — was up 18.2 percent year-over-year, which was the biggest jump of any transaction type, ASU said.
RealtyTrac did not, however, consider Maricopa County one of the best places for flipping. But that’s not really a bad thing.
One of the criteria for RealtyTrac’s top 14 list of best counties for flipping was that foreclosures increased year-over-year. These counties also had to have unemployment rates below the 6.7 percent March national average and the flips made at least a 30 percent profit on average.
While Maricopa County met the other criteria, it failed to make the list because foreclosures dropped 52 percent year-over-year.
Kristena Hansen covers residential and commercial real estate.
Wednesday, May 21, 2014
Phoenix is 8th most affordable metro area for homebuyers
Wednesday, May 21, 2014
Phoenix is 8th most affordable metro area for homebuyers
Phoenix is a relatively affordable market in which to buy a home, according to a report released by HSH.com. The report looks at the salary needed to buy a median-priced home in 27 metro areas around the country. Phoenix ranks 8th with a salary of $41,308.74 needed.
Read article - azcentral.com
Phoenix is a relatively affordable market in which to buy a home, according to a report released by HSH.com. The report looks at the salary needed to buy a median-priced home in 27 metro areas around the country. Phoenix ranks 8th with a salary of $41,308.74 needed.
Read article - azcentral.com
Monday, May 19, 2014
LOOKING FOR A NEW BUILD?
2 subdivisions underway in north Phoenix
One can't help but notice the pattern of house lots outlined on the slope of a hill as motorists travel Interstate 17 in north Phoenix. Stoneledge at North Canyon is projected to have model homes finished by late July. It's south of Carefree Highway and north of North Valley Parkway, and west of 27th Drive, against a hill that developers say will offer stunning views. La Solana is the other new subdivisions underway south of Carefree Highway and north of Dove Valley Road in Phoenix Council District 2. Nearly 1,600 new homes are zoned for the area.
Read article - azcentral.com
One can't help but notice the pattern of house lots outlined on the slope of a hill as motorists travel Interstate 17 in north Phoenix. Stoneledge at North Canyon is projected to have model homes finished by late July. It's south of Carefree Highway and north of North Valley Parkway, and west of 27th Drive, against a hill that developers say will offer stunning views. La Solana is the other new subdivisions underway south of Carefree Highway and north of Dove Valley Road in Phoenix Council District 2. Nearly 1,600 new homes are zoned for the area.
Read article - azcentral.com
Tuesday, March 4, 2014
March events
Almost every day in March
Cactus League Baseball
Each March the 15 Major League Baseball teams that make up the Cactus League come to Arizona for exhibition baseball. Map of all the Spring Training Stadiums.
February 27, 28, March 1, 2
Parada del Sol Rodeo
By the Scottsdale Jaycees. The Parada del Sol Rodeo is a PRCA sanctioned rodeo and consists of 5 sessions over a period of three days at WestWorld in Scottsdale.
March 1
Wine, Women and Horses
Learn to play the ponies, hat contest, horse races, prizes, raffle, luncheon. Turf Paradise, Phoenix.
March 1
Great Arizona Beer Festival
Sample more than 200 specialty and micro-brewed beers from all over the Southwest and beyond. The festival also features live music, food, and fun for people ages 21 and over. Tempe Beach Park.
March 1
Exclusively Little
This free admission event for children six years and younger features game booths, moonwalks, face painting, a petting zoo, health demonstrations and other entertainment. Train and carousel rides (small charge).
March 1, 2
Devoured Food + Wine Classic
Features food and wine tastings from local artisans, farms, restaurateurs, food producers and vintners. Phoenix Art Museum.
February 8 - March 30
Arizona Renaissance Festival
Each year you can enjoy music, theater, comedy, food and drink, crafts, games and knights jousting at the Arizona Renaissance Festival. Apache Junction.
March 5 - 9
Cactus Reining Classic
400 of America’s top horses and riders compete. Judged on athletic ability while executing an assigned pattern, these horse and rider combinations are required to demonstrate circles, spins and sliding stops. Free to spectators. WestWorld, Scottsdale.
March 7 - 9
Good Guys Spring Nationals
More than 2,000 Rods, Customs, Classics, Trick Trucks and Muscle Cars; Vendor & Manufacturer Exhibits; Swap Meet & Cars 4 Sale Corral; Model & Pedal Car Show; Hot Rod Cruise. WestWorld, Scottsdale.
March 7, 8, 9
Maricopa County Home and Garden Show
Hundreds of vendors, seminars, workshops, contests. University of Phoenix Stadium, Glendale.
March 8
Anthem at Merrill Ranch Community Spring Festival
Hot air balloon rides, skateboard exhibition, train ride, petting zoo, pony rides, dog agility demonstrations, entertainment, inflatable attractions, food vendors, business vendors. Florence.
March 8, 9
Arizona Aloha Festival
Music, dance, song, and rhythms of Hawaii and Polynesia. Also enjoy island foods and shop for crafts and products. Tempe Beach Park.
March 15, 16
Luke Days
Air shows, food, games, and attractions at Luke Air Force Base in the West Valley. Free admission.
luke.af.mil
March 14, 15
Checkered Flag Run
Two days of activities for motorcycle enthusiasts. Meet & greets, bike show, ride to NASCAR event. Various locations.
March 14 - 16
Chicago Fest
Celebrate all things Chicago. Food, history, music, baseball. Mesa Riverview.
March 14 - 16
Fountain Hills Fine Art and Wine Affaire
Arts, crafts, entertainment, wine. Sponsored by Thunderbird Artists. Fountain Hills.
March 15th
31st Annual St. Patrick’s Day Parade and Faire
The Phoenix St. Patrick’s Day Parade began in 1984. It’s purpose is to preserve and enhance the heritage and traditions of the Irish Culture as well as share that culture with the citizens of Arizona. The Parade has marching bands, Irish step dancers, bagpipers, police and fire vehicles, government dignitaries, floats, the 2014 Arizona Irish Colleen / Arizona Rose with her Court and a whole lot more.
March 20
Birds ‘n’ Beer
Birds ‘n Beer offers local professionals a fun and refreshing way to learn about Arizona birds and other wildlife while networking with fellow nature-lovers. Have a cold brew while enjoying an enlightening and lively presentation on Arizona nature. Nina Mason Pulliam Rio Salado Audubon Center in Phoenix. RSVP requested 602-468-6470.
March 22, 23
Arizona Dragon Boat Festival
Dragon Boat Races at Tempe Town Lake. Craft booths and entertainment.
March 22
Archaeology Festival
Activities highlighting the archaeology, rock art, and desert ecology of Arizona. Activities include archaeology demonstrations, guest exhibitors, guided hikes on the petroglyph trail, mock archaeology dig for kids, rock art and archaeology themed children’s art exhibit, live Sonoran Desert wildlife, music. Free admission. Deer Valley Rock Art Center, Phoenix.
March 22
Beer for Brains Epicuriad
Chefs create beer and wine parings with gourmet dishes in friendly competition. Raffle and live music in a cocktail party setting. Proceeds the Beer for Brains Foundation to find a cure for brain cancer. Phoenix.
March 22
American Indian Art & Artifacts Appraisal Day
Get an expert opinion on your American Indian artwork as leading art traders offer information about materials, dates, artists and traditions. Appraisals are not for insurance purposes, but solely for educational information. Appraisal fees apply. Heard Museum.
March 22
Astronomy Evenings
A talk (novice level) explaining facts about the solar system and the galaxy around the planet earth followed by observing the moon, several planets, star systems through a celestron telescope. Weather permitting. Registration required. Ages 8+. Pinnacle Peak Park, Scottsdale.
March 22, 23
Arizona Touch of Class Miniature Horse Show
At WestWorld in North Scottsdale. Registered miniature horses in performances and competition. Free admission, free parking.
March 22
Just for Kids Fishing Festival
Anglers United organizes a free fishing event for hundreds of kids at Kiwanis Park in Tempe.
March 22
Great American BBQ & Beer Festival
A family festival in the streets of downtown Chandler where you can listen to music, have fun and enjoy great food and beer. Downtown Chandler.
March 28
Agave on the Rocks
Celebrate Sonoran roots with gourmet cuisine prepared by renowned Valley restaurants and caterers, music and margaritas. 21+ only. Desert Botanical Garden, Phoenix.
March 28 - 30
Fiesta Days Rodeo in Cave Creek
Golf tournament, dance, parade, three-performance PRCA rodeo and related events. Entertainment for cowboys and cowgirls of all ages.
March 29, 30
Anthem Days
Arts, crafts and business fair, live musical entertainment, carnival rides and games, food court and beer garden, bounce houses and egg hunt. Anthem Community Park.
March 29, 30
Arizona Game and Fish Expo
Activities, demonstrations and exhibits in the areas of hunting, fishing, recreational shooting, archery, off-highway vehicle (OHV) and watercraft recreation, conservation and wildlife education, camping and other outdoor elements.
March 30
Bon Vivant - A Celebration of Fine Food & Drink
Hundreds of varieties of wines, beers, and non-alcoholic beverages will be sampled and cuisine from the valley’s hottest restaurants. Live entertainment. Tickets start at $65. 21+ only. Tempe Marketplace.
March 30
Eight’s Check, Please! Arizona Festival
A food event highlighting Arizona’s independent restaurant scene, the event showcases cuisine from restaurants featured on the locally produced TV show Check, Please! Arizona. Seminars, cooking demonstrations. CityScape, Downtown Phoenix.
Friday, February 28, 2014
Phx homeowners lifted out of underwater
Fri Feb 28, 2014 9:44 AM
Higher home prices
have lifted more metro Phoenix homeowners out from underwater on their mortgages.
Only about 22 percent of Valley homeowners owe more on their mortgage than their house is worth now, according to real estate brokerage and data firm Zillow.com. That's down from a high of 36 percent during in the fall of 2011 after home prices plummeted to the lowest level during the housing crash.
But the rate isn't likely to drop by much more this year, according to real estate analysts forecasting a slower price appreciation for the region's housing market.
A breakdown of Phoenix-area underwater homeowners, and how much they owe:
-Fewer than 20 percent of homeowners underwater owe more than 42 percent of what their house is worth.
-A range of 21 to 40 percent owe 22 percent more than their house is worth.
-A range of 41 to 60 percent owe about 12 percent more than their house is worth.
-A range of 61 to 80 percent own 7 percent more than their house is worth.
-A range of 81 to 100 percent owe 4.4 percent more than their house is worth.
-About 13 percent of Valley homeowners owe more than double what their is house is currently rate.
Las Vegas has the highest negative equity rate for homeowners in the country at 35 percent.
Nationally negative equity has fallen for the past seven quarters, freeing almost 3.9 million homeowners nationwide in 2013. The U.S. rate for homeowners underwater is slightly below 20 percent.
have lifted more metro Phoenix homeowners out from underwater on their mortgages.Only about 22 percent of Valley homeowners owe more on their mortgage than their house is worth now, according to real estate brokerage and data firm Zillow.com. That's down from a high of 36 percent during in the fall of 2011 after home prices plummeted to the lowest level during the housing crash.
But the rate isn't likely to drop by much more this year, according to real estate analysts forecasting a slower price
appreciation for the region's housing market.A breakdown of Phoenix-area underwater homeowners, and how much they owe:
-Fewer than 20 percent of homeowners underwater owe more than 42 percent of what their house is worth.
-A range of 21 to 40 percent owe 22 percent more than their house is worth.
-A range of 41 to 60 percent owe about 12 percent more than their house is worth.
-A range of 61 to 80 percent own 7 percent more than their house is worth.
-A range of 81 to 100 percent owe 4.4 percent more than their house is worth.
-About 13 percent of Valley homeowners owe more than double what their is house is currently rate.
Las Vegas has the highest negative equity rate for homeowners in the country at 35 percent.
Nationally negative equity has fallen for the past seven quarters, freeing almost 3.9 million homeowners nationwide in 2013. The U.S. rate for homeowners underwater is slightly below 20 percent.
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