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 

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  

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.

cactusleague.com

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.

paradadelsol.us

March 1 

Wine, Women and Horses

Learn to play the ponies, hat contest, horse races, prizes, raffle, luncheon. Turf Paradise, Phoenix.

turfparadise.com

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.

azbeer.com

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).

therailroadpark.com

March 1, 2 

Devoured Food + Wine Classic

Features food and wine tastings from local artisans, farms, restaurateurs, food producers and vintners. Phoenix Art Museum. 

devouredphoenix.com

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.

royalfaires.com

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.

cactusreiningclassic.com

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.

good-guys.com

March 7, 8, 9 

Maricopa County Home and Garden Show

Hundreds of vendors, seminars, workshops, contests. University of Phoenix Stadium, Glendale.

maricopacountyhomeshows.com

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.

amrevents.com

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.

azalohafest.org

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.

checkeredflagrun.com

March 14 - 16 

Chicago Fest

Celebrate all things Chicago. Food, history, music, baseball. Mesa Riverview.

mesariverview.com

March 14 - 16 

Fountain Hills Fine Art and Wine Affaire

Arts, crafts, entertainment, wine. Sponsored by Thunderbird Artists. Fountain Hills.

thunderbirdartists.com

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.

stpatricksdayphoenix.org

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. 

riosalado.audubon.org

March 22, 23 

Arizona Dragon Boat Festival

Dragon Boat Races at Tempe Town Lake. Craft booths and entertainment.

azdba.com

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.

dvrac.asu.edu

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.

thebeerforbrainsfoundation.org

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. 

heard.org

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.

scottsdaleaz.gov

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.

azminis-mhaa.com

March 22 

Just for Kids Fishing Festival

Anglers United organizes a free fishing event for hundreds of kids at Kiwanis Park in Tempe.

anglersunited.org

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.

chandlerbbq.com

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.

dbg.org

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.

cavecreekprorodeo.com

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.

onlineatanthem.com

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.

azgfd.gov

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.

clubzona.org

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.

azpbs.org

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.

Mortgage tips

5 Mortgage Tips for Home Buyers

Daily Real Estate News | Thursday, February 20, 2014

Bankrate.com offers some tips for your home buyers on securing a mortgage, getting the best rate, and more.

1. Be prepared to document your finances. Buyers should be prepared for extra review by lenders when underwriting mortgages due to new mortgage regulations that took effect in January, particularly in proving borrowers’ ability to repay their loans. Borrowers should be prepared to show bank statements, tax returns, W-2s, investment accounts, and documentation of any other assets they own. Also, they should be prepared to explain any large deposits to their accounts—even a $500 check from a family member during the holidays. If they can’t prove where the money came from, it has the potential to delay closing.
    
2. Lock in a rate soon. Mortgage rates are expected to rise in 2014 as the Federal Reserve winds down its $85 billion per month bond-buying stimulus program. A rate lock is usually good for 30, 45, or 60 days, although that time period can vary among lenders.
    
3. Shop around. Buyers may have the upper hand in 2014. Lenders have lost a large amount of their refinance business this year as rising rates encourage fewer home owners to refinance. That means they are turning their attention to home buyers and may be more willing to compete for their business. Home buyers will want to shop around for more than just the best interest rate on the loan, looking at points and closing costs as well.
    
4. Pay careful attention to credit. The best mortgage rates often go to borrowers with credit scores of 720 or higher, Bankrate reports. While those with a credit score of 680 can still likely qualify for a loan, they may end up paying higher rates or higher closing costs.
    
5. Watch your spending. Make sure your buyers aren’t tempted to go outfit their new home with all new furniture—on credit—before closing on the home loan. Lenders will be carefully scrutinizing their debt obligations, such as credit cards and student loans. Borrowers are advised to keep their monthly debt obligations, including mortgage and property taxes, to below 43 percent of their income.

Source: “10 Mortgage Tips for 2014,” Bankrate.com (February 2014)
Read more

ASU report: Phoenix housing market slows
Phoenix-area home prices have been going up since they hit a low point in September 2011, but the increases have been slowing down in recent months, according to a new report from the W. P. Carey School of Business at Arizona State University.  Things are still looking good in the luxury market -- homes priced at more than $500,000.  In December, the percentage of residential properties purchased by investors was 19.3%.

Read article - azfamily.com
 

Jumbo Loans

Hurdles shrink for jumbo loan shoppers
You'll pay more for a big home nowadays, but a big mortgage should be less of a reach.  For the first time in over 20 years, rates on jumbo mortgages are at or below rates on conventional mortgages.  Jumbo rates usually run one-quarter to one-half of a percentage point higher, but lenders eager for wealthier customers are making deals.  And last year, Wells Fargo and Bank of America cut minimum down payments to 15% from 20%; some competitors did too.
Read article - CNN Money