Phoenix a growing Market

Monday, December 8, 2014  10 Markets to Grow the Most Next Year The U.S. housing market is expected to make strides overall in 2015, but 10 metros in particular are "ready for significant acceleration across housing metrics" next year, according torealtor.com®'s latest housing report. The Phoenix-Mesa-Glendale market made the list at #8 thanks to the following expectations: income growth; increase in new-home construction by 22%; home sales expected to grow by 11%. Read article - Realtor Magazine

Rental prices on the rise!

Wednesday, October 29, 2014

Rents on the rise for metro Phoenix houses, apartments
Renters are paying more for apartments and houses in metro Phoenix than they did a year ago. The average rent on an apartment climbed 4.9% during the past year to reach $815 a month at the end of September. Monthly rents on houses are up 5.8 percent from last year. In September, there were 4,342 houses, not including vacation homes, for rent that were listed on the ARMLS.
Read article - azcentral.com

purchase vs rent

Buying in metro Phoenix is as much as 34 percent cheaper than renting a house, based on current home prices, rents, types of mortgages and interest rates. The comparison comes from home-buying website Trulia, but the data appears to be unbiased.

Falling interest rates over the past few weeks have made buying more affordable for most people. The average rate for a 30-year mortgage is 4.12 percent, according to Freddie Mac. That's compares with 4.23 a month ago.

Nationally, Trulia says buying is now 38 percent cheaper than renting if you stay in a house seven years, get a 30-year mortgage, put 20 percent down, itemize deductions at the 25 percent tax bracket and get a 4.3 percent mortgage rate. The formula also takes into account closing costs, insurance, maintenance and taxes.

What is really surprising about the survey is that buying is cheaper in all of the U.S.'s 100 largest metro areas.

The benefit is the smallest in Honolulu, where purchasing a house is 17 percent less expensive than renting. Detroit home buyers get the best deal because Trulia found it's 63 percent cheaper to own than rent.

Beautiful Avondale Super Bowl Rental

Mortgage rates sink

Mortgage Rates Sink to New Low for 2014

DAILY REAL ESTATE NEWS | FRIDAY, AUGUST 22, 2014

Despite predictions that mortgage rates were to inch up in the second half of this year, fixed-rate mortgages continue to tumble.

Borrowing costs moved lower this week, as the 30-year fixed-rate mortgage dipped to a 4.10 percent average, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgages previous low average for the year was 4.12 percent.

Forecasts: Right or Wrong?

• It's 2014 -- Why Aren't Mortgage Rates Higher?
• 2014 Expected to Have Strong Finish
• Altos: Critics Are Wrong About Where Housing Is Headed

Freddie Mac reports the following mortgage rate national averages for the week ending Aug. 21:

• 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.58 percent.
• 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.6 point, dropping from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.60 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.21 percent.
• 1-year ARMs: averaged 2.38 percent, with an average 0.5 point, rising from last week’s 2.36 percent average. A year ago, 1-year ARMs averaged 2.67 percent.

Source: Freddie Mac

August event calendar

BEWARE OR FAKE REFRIGERANTS!!!!!

Hello all  

With summer reaching it's highs here is some info to be aware of:

We've all heard of fake Rolexes and Gucci purses, but counterfeit refrigerant?! Counterfeit and alternative refrigerants may be rare, but you should be aware that they're out there—and they represent a safety hazard that could damage your clients' HVAC systems.

The cost of R-22 Freon is skyrocketing, and this rapid acceleration in price has created a market for counterfeit and alternative refrigerants. The same holds true for R-134a used in kitchen refrigerators, and the fake stuff can be dangerous!

Genuine, alternative, and counterfeit refrigerants… what's the difference?

Genuine Refrigerants have been laboratory tested and approved by the EPA and HVAC manufacturers for use in their equipment. When refrigerant is required to perform covered A/C system repairs, Old Republic Home Protection (ORHP) covers the cost of genuine refrigerant.

Alternative Refrigerants are approved by the EPA but not by manufacturers for use in their equipment. Using alternative refrigerants is legal, but can void the manufacturer's warrantyas an improper repair. Likewise, Old Republic Home Protection's Plan does not cover a system failure if alternative refrigerant is determined to be the cause (please see Limitations of Liability, paragraph 1.E. of our Home Warranty Plan). We follow manufacturer guidelines when adding refrigerant to complete repairs; we do not use alternatives!

Counterfeit Refrigerants are illegal to use or sell, and neither the EPA nor the equipment manufacturers have approved their use. Counterfeit refrigerants are often a concoction of genuine refrigerant and additives. These "cocktails" can be dangerous, as they may be toxic and/or explosive. ORHP's Plan does not cover a system failure if counterfeit refrigerant is determined to be the cause. In addition, it is not likely that any of our Independent Network Service Providers will provide service if they discover a counterfeit, as it may require specialized hazmat methods for cleanup.

Give your home buyers the best advice: suggest that they have the HVAC system checked by a trusted HVAC expert rather than relying on the usual home inspection. HVAC experts can spot alternative and counterfeit refrigerants, in addition to other potential HVAC issues that require correction prior to close-of-sale.