Realtor Sonja

Get $15,000 To Buy A Home in the City of Phoenix

2010-05-12T13:37:00.000-07:00

Your Window to Homeownership

The federally funded Neighborhood Stabilization Program (NSP) enables eligible applicants to realize homeownership in Phoenix by providing monetary incentives to assist with down payment, closing costs and home improvement.

The three NSP assistance programs are:

Homeownership Assistance (purchasing foreclosed homes anywhere within the city of Phoenix limits)
Home Improvement Program (purchasing foreclosed homes needing repair in specific Phoenix ZIP codes)
Move-In Ready (purchasing newly rehabilitated, foreclosed homes in specific Phoenix ZIP codes).

Each of the NSP programs provides the following:

a three-year home warranty policy
friendly guidance throughout the process
assurance that the buyer is ready for successful homeownership

Phoenix has a large inventory of eligible, foreclosed properties to choose from, offering close proximity to amenities, jobs and public transportation, while living in established neighborhoods.

You may be eligible for one of these helpful NSP programs, if you:

Do not currently own any real estate
Will occupy the home as your primary residence
Earn within the program’s income requirements, which are less restricted than you may think. For example, a family of four can make $79,100 and still qualify for the program.

Achieve your dream of homeownership by pursuing one of the three NSP programs without delay. Given the current affordability of resale homes in Phoenix, the time to buy is now!

Call today to learn more at 602-262-6602 or by e-mail at nsphome@phoenix.gov.

Phoenix housing values improve

2010-04-29T05:47:00.002-07:00

Phoenix Business Journal - by Jan Buchholz

Two reports released Tuesday, one local and one national, appear to confirm that housing values are improving in the Phoenix market. Arizona State University’s Repeat Sales Index shows that although prices are lower than one year ago, the declines are not as severe as they have been.
For instance, the index shows prices dropped 9 percent from January 2009 to January 2010. That compares with a 13 percent year-over-year price drop in December 2009 and a 17 percent year-over-year price drop in November 2009.
“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 median price for single-family homes sold in January was $125,000. That compares with May 2009 when the median price slipped to $115,000, the lowest recorded during the recession.
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 percent. That was one of the smallest declines among 20 metropolitan areas surveyed.
The largest housing value decline from February 2009 to February 2010 was 14.6 percent in Las Vegas, although Las Vegas has seen a small improvement in recent monthly returns. Other markets where prices reached new lows were Charlotte, N.C.; New York; Portland, Ore.; Seattle; and Tampa, Fla.
The only market to record price increases from January to February of this year was San Diego. Case Shiller shows Phoenix as recording a 1.5 percent composite decline from January to February and a 0.6 percent decline from December 2009 to January 2010.
Analysts at Case Shiller said all homes sales, housing starts and inventories showed “tremendous improvement” in March, as well.
The ASU Repeat Sales index indicates, however, that condo and townhouse sales are still suffering with an average price drop of 28 percent from January 2009 to January 2010. The median price was $80,000 in January but that number is expected to rise to $83,500 when the final numbers are tabulated for March of this year.
ASU recently began tabulating the repeat sales index for commercial properties. The news there isn’t good.
“At the end of 2009 commercial prices were declining at an annual rate of 40 percent,” the report stated.
The ASU-RSI is based on repeat sales, which compare the prices of a single house or now a commercial property against itself at different points in time, instead of comparing different homes with different quality factors.

Don't foreclose! Do a short sale

2010-03-29T14:58:00.000-07:00

By Les Christie, staff writerMarch 29, 2010: 2:30 PM ET

NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.

"Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales."

These transactions, where lenders allow homeowners to sell their houses for less than they owe, accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.

And Bank of America (BAC, Fortune 500), the country's largest mortgage servicer, has more than doubled the number of short sales it processed in recent months.

Elizabeth Weintraub, a Sacramento, Calif.-area real estate agent who handles many short sales, was amazed at how quickly a recent deal went through. "Bank of America approved it in 24 days," she said. "That flipped me out."

This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers.

Beware: You lost your house but still have to pay

"In the past, many short sales would never come to fruition and the ones that did averaged over half a year to complete," said Chris Saitta, CEO of Equator, which produces short sale software.

"Things would just fall into a black hole and not come out again," added Weintraub.

And even when banks did agree to the sale, the process could be further complicated if the original owner had a second mortgage.

In most cases, the first lender is repaid in full before any money flows to a second-lein holder. And because most distressed borrowers are severely underwater, there's usually nothing left to send on. As a result, second-lein holders are left holding the bag and have been killing many deals.

But that has been changing. For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. "The lenders lose 50% on a foreclosure and only 30% on a short sale," said Glenn Kelman, founder of the real estate Web site Redfin. "And short sales offer a way to get distressed properties off their books quickly."

And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing.

Under the new Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 "relocation incentive" and servicers will get $1,500 for handling a short sale.

The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims.

Lenders participating in the program must also determine the market values of properties early on and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

Equator's Saiita anticipates a short sale explosion in response to the new program. "The challenge will be handling all the volume," he said.

The company has already tweaked its software, which 58 servicers use, to handle the new HAFA rules. And that should help reduce the time it takes to execute a sale, which currently averages 88 days.

The boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners.

Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale.

Your Window to Homeownership

2010-03-22T09:26:00.000-07:00

Buying a foreclosed home within the city of Phoenix has its advantages.

The city of Phoenix Neighborhood Stabilization Program (NSP) offers a homeownership assistance program providing $15,000 for down payment and closing cost assistance. Eligible buyers must be FHA creditworthy and have completed the NSP-required eight-hour Homeownership Education Class and Credit/Budget Assessment counseling course.

Buyers must maintain the property as their principal residence and the total household income must be below 120% of area median income. For example, a household of four earning $79,100 or less has the potential to become eligible to participate. Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs.

The program targets foreclosed single-family homes, townhomes and condominiums (condominium conversions are not eligible) that meet HUD Housing Quality Standards (HQS). The purchased home must be a foreclosed home anywhere within the city of Phoenix limits and meet other eligibility requirements.

The $15,000 is paid back to the city when the homebuyer sells the home or refinances.

Funds are still available.

For more information visit phoenix.gov/nsphome or call 602-262-6602.

Where have I been??

2010-02-23T06:18:00.000-07:00

Gosh, it's been since November since I posted!! I didn't think it had gone that long, but now I'm back. Life just sometimes gets in the way... My goal is to post every other week, so please let me know what information you are in need of and I will get you answers! Welcome back..to me!

Economy showing sustainable recovery...

2009-11-18T06:59:00.000-07:00

Housing and Economy Headed for Sustainable Recovery; First-Time Homebuyers Lead the Way

RISMEDIA, November 18, 2009—Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”
The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in the 2008 survey. The share has risen steadily since a cyclical low of 36% in 2006.
Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0% over last year, and then are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.
New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.
The 30-year fixed-rate mortgage will probably average 5.3% in the fourth quarter, rising gradually to 5.8% by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers.
“We’ve seen a steady downtrend in housing inventory for well over a year and home prices appear to be in the early stages of stabilizing. With the expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5% in 2010, but with wide geographic differences,” Yun said. He expects growth in the U.S. gross domestic product to be at a pace of 2.5% in the current quarter, with GDP up 2.8% in 2010.
The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year.
“The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4% this year, then rising 1.6% in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4% this year and 1.2% next year.

For more information, visit www.realtor.org.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
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Home sales up over '08, but many involve foreclosures

2009-11-15T17:11:00.000-07:00

Sales of existing homes around the Phoenix area are up from last year, but a large number of those sales continue to be foreclosed properties.
According to ASU’s Realty Studies department, the region recorded more than 6,100 home resales in October. That’s roughly the same as September, but up sharply from about 4,500 in October of 2008.
Despite the strong annual growth in home sales, a big portion of the transactions this October were sales of previously foreclosed properties – a whopping 45 percent.
According to ASU, more than 3,800 homes were foreclosed on during October. That’s up from the September foreclosure total of more than 2,900.
“Typically, a housing recovery happens in a growing economy and with declining interest rates,” says associate professor of real estate Jay Butler, author of the new housing report. “However, the current recovery is limited with the possibility of higher rates and a continuing weak job market. Further, the housing tax credit could be dissipating the pent-up demand for new buyers to get into the market, weakening their influence in the future.”
Butler added that all of these foreclosures will eliminate some households from being able to obtain financing to buy a “move-up” home. Others may be “seriously limited by declining neighborhood values (on their current homes) and restrictive debt amounts.”
The median single-family home price in the Valley in October was $143,000, up from September’s median price of $140,000, but still far below last October’s median of $167,000.
“For the last year, approximately half of the home resales in the Phoenix area were foreclosed homes that were sold again with a median price markdown of 19 percent,” Butler said.

Courtesy of the Phoenix Business Journal
Thursday, November 12, 2009, 11:58am MST

Home Buyer Tax Credit Extended AND EXPANDED...

2009-11-10T19:46:00.000-07:00

Details of Home Buyer Tax Credit Extension

Yes, Obama passed the Home Buyer Tax Credit last Friday and here are the details:

The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Please let me know if you have any questions on this!

Keep Tax Credit Going...

2009-10-22T05:42:00.001-07:00

Housing Tax Credit Working, NAR Says to Keep Momentum Going

RISMEDIA, October 22, 2009—
Consumers are just starting to see the first glimmers of a bright future for the housing market and the overall economy. It’s up to Congress to make that glimmer a reality by building on the momentum created by the $8,000 home buyer tax credit.
One of the key ways to do that is for Congress to extend the home buyer tax credit, said National Association of Realtors® First Vice President Ron Phipps to the Senate Banking, Housing and Urban Affairs Committee during a hearing on “The State of the Nation’s Housing Market.”
“The data on the present home buyer tax credit show that the credit has had its intended impact—sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably,” Phipps said. He also pointed out that each home sale generates approximately $63,000 in additional economic activity, providing a tremendous economic boost to the national economy.
“But it is a fragile recovery, and now is the time to build on home sales momentum by extending the tax credit throughout 2010 and expanding it to all home buyers,” he said. The present credit, due to expire on November 30, cannot help new purchasers now who write a contract today—they won’t be able to close before the deadline, and will lose out on the credit, said Phipps. “Without congressional action now, the market and our national economy may freeze again—possibly as soon as this month.”
Phipps called upon Congress to take action on a number of additional fronts to strengthen the recovery. First, make the FHA and Fannie Mae/Freddie Mac loan limits permanent; these are set to expire on December 31. “Maintaining current loan limits would ensure that families have access to low-cost financing to purchase homes and can refinance problematic loans into safer, more affordable mortgages,” Phipps said.
In addition, Congress should continue federal government involvement in the secondary mortgage market. “Without the government’s involvement in the secondary mortgage market, market participants will have no incentive to reach out to lower income, creditworthy consumers. We must ensure that the housing market works in all markets and at all times and that mortgage capital is provided to all potential and qualified purchasers in a way that promotes sustainable homeownership,” said Phipps.
Congress must also adequately address:
-The lack of liquidity in the jumbo mortgage market;
-Tight credit in the commercial real estate market;
-The Home Valuation Code of Conduct’s unintended side effects that are hindering sales;
-Increased funding to help FHA upgrade their technology and for Congress to ensure that funding be included in the final version of the FY2010 appropriation for HUD;
-Administration incentives and uniform procedures for speeding short sales under a new Foreclosure Alternative Program; and
-The potential for significant spikes in interest rates or disruptions to the flow of mortgage capital as the Federal Reserve unwinds the mortgage-backed securities purchase program to ensure that this does not happen.

Be savvy to snag home tax credit

2009-10-03T06:26:00.001-07:00

Be savvy to snag home tax credit

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ARMLS Year-to-Date Market Analysis...

2009-08-30T19:42:00.002-07:00

As we head into September, let’s review ARMLS Closed numbers Year to Date (YTD) and compare them to 2008 to identify trends.

Here are the numbers for 2008 and 2009 as the FBS system reports as of 8/27/2009.
So what are some noteworthy trends?

HUGE TREND: We have closed more transactions in 2009 in 8 months than we did for all of 2008. That’s a significant increase!
Where did the increases come from?

REO’s have spent most of the year up almost double from last years percentages; 34% for all of 2008, currently 61% YTD 2009, but Pendings show that % coming down (42%).
Short Sales (SS) have increased dramatically also and continue to be increasing. 2008 had only 2% of closings as SS. Currently 12% of 2009 YTD closings are SS, with Pendings totaling 28%. This doesn’t even account for the +5000 SS that are in AWC statuses.
Vacant properties continue to account for a large % of all closings; up 9% from 2008’s 76%. Pendings show Vacants dropping which is good news for sellers living in their houses as well as builders, whose buyers are waiting for their houses to sell.

Reviewing the prices figures shows a drop of 32% for the average sales price and a 35% drop for the median. Again this is comparing all of 2008 to YTD 2009. 2008 started the year @ $313,000 as the Average for January and ended with $192,900 in December. These just happened to be the high and the low months, with the average for the year coming in at $248,000. 2009 started @ $180,000 in January with August MTD @ $169,000. The range is $159,000 to 180,000 with the average @ $168,000. The Median for 2008 started @ $220,000 and ended @ $150,000 – which was also the range. The Median for 2008 was $189,500. 2009 started @ 130,000, bottomed in April @ $115,500-and is currently at $122,500 YTD.

So what does all this mean?
It would appear that supply and demand have arrived in the Valley and are not being ignored. However there is still a ‘tale of 2 markets’ with the price break around $400,000. The supply of properties is less than 6 months under $400,000 and climbs well over 6 months above. Properties need to be priced well to sell and appraise.

2009 will probably be the 3rd highest year for closings this decade, behind only 2004’s 98,900 and 2005’s 104,700. Yes read that one again! The Average Sales price and the Median may be the lowest of the decade. Right now-2009 is tracking with 2001 and 2002 figures.

Short Sales are trending up and REO’s are trending down. However, there are still 47,000 properties currently in Foreclosure and that number did ’shoot up’ for the first 4 months this year. 2008 saw a +16000 increase in ‘Pending’ Foreclosures (from 15,000 to 31,000) and 2009 matched that increase through the end of July. The number of Bank Owned properties has actually decreased by 3000 (33000 sold versus 30000 foreclosed) through July in 2009.

Article compliments of Jim Sexton with John Hall & Associates. The original article can be found on their blog through http://www.johnhall.com

A personal post...

2009-08-20T08:54:00.002-07:00

I know it's been a long time since I posted anything other than a real estate related post. So I figured you'd want to hear from ME! Well maybe... ;-)
Anyway, this past Sunday was the 3rd anniversary of my Dad's passing, so my mom, my brother and I drove up to Lake Mary - near Flagstaff, AZ - and spent the afternoon remembering him, in one of his favorite spots to fish and watch elk. We reminisced and decided every year on August 16th, we would celebrate my Dad in some way. Last year I got a tattoo in memory of him and I honestly can't remember what I did on the 1st anniversary. I'm sure I was still healing from his death. He will forever be remembered - he was the very best!
R.I.P. Big "D" (Lance Jerome Rohrer)
March 6, 1943 - August 16, 2006
- love you DAD!

6 Reasons Why Some Homes Sell...

2009-08-04T14:09:00.000-07:00

Why do some houses sell and others don’t?

There’s no ultimate answer to this question, but Tribune Media Services columnist Ilyce Glink has a theory.

Here are her six top reasons properties linger on the market:
• Lousy pictures on the Web.
• Priced too high for the neighborhood.
• Blah interior; ho-hum landscaping.
• Little online marketing and hard-to-find MLS listings.
• Low commissions. Practitioners make sure their customers see properties that offer a payoff.
• Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

Source: Tribune Media Services, Ilyce Glink (08/02/2009)

Housing market may be near the bottom

2009-08-02T08:08:00.001-07:00

Housing market may be near the bottom

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I know...it's been way too long between posts!

2009-07-09T08:19:00.002-07:00

I have to apologize for my lack of posting, but I am BACK!!
Here is a great article regarding the real estate market - which is crazy right now!!
This is compliments of Mike Orr with The Cromford Report...

Market Summary for June
June produced another strong sales number of 9,333 across all areas and types, just ahead of May 2009. We are still seeing very high numbers of pending listings and record levels of AWC listings (active with contingent contract). The limited availability of financing is a major factor in how fast these convert to closed sales.

June was relatively normal compared with the huge changes of the previous four months. Demand has stabilized at a high level, while overall supply is lower than demand and is still falling. At price points over $500,000 we still have a large over-supply situation, however.

The fall in supply was nothing like as fast as it was between February and May. After something of a lull in March through May, the banks have emerged from all the so-called "moratoriums", the trustees got busy and foreclosure sales hit a level similar to February. The resulting additional supply of REOs was almost enough to meet the buying demand and the inventory of REOs on ARMLS started to level off somewhere above 5,000. I think it would be fair to those who are continually forecasting a "flood of foreclosures" to say that more than 5,000 trustee sales in one month is definitely a big number. However these same analysts seem to believe this number is so large that the market must crumble with the volume. In fact, however, the number of lender owned properties listed as active on ARMLS fell from 5,475 to 5,150 during the month. Moreover the average price per square foot for the REOs that sold to third parties during June rose from $63.77 to $65.64. So the supply was huge, but the demand was even greater. We will have to wait to see which one is strongest in July. With both numbers between 5,000 and 6,000 per month we now have a more evenly matched contest and as a result it becomes more tricky to call the result ahead of time.

Pricing is still increasing
Overall pricing moved higher during June, as evidenced by the sales median, average pricing and average sales price per sq ft.
However certain sectors are still moving lower. Short sales pricing ended lower, as did normal sales. The rise in pricing of REOs, couple with a rise in the number of normal transactions were the two main factors that led to the overall pricing increase. Single family detached pricing is stronger than for other dwelling types.

In many cities single family detached pricing made a distinct move upwards during the Spring quarter. These include:
Anthem
Apache Junction
Chandler
El Mirage
Fountain Hills
Glendale
Goodyear
Litchfield Park
Maricopa
Phoenix
Queen Creek
Sun Lakes

In other cities, pricing can best be described as "moving sideways". In the following cities, there is no longer a prevailing downward trend, but we have not seen a sustained and determined move upwards so far:
Arizona City
Avondale
Casa Grande
Gilbert
Laveen
Mesa
Paradise Valley
Peoria
Sun City West
Surprise
Tempe

The cities where pricing appears to be still falling is now a fairly short list:
Buckeye
Cave Creek
Gold Canyon
Scottsdale
Sun City

Notices of foreclosure issued in June were similar in number to May, and 8,500 to 9,000 per month seems to have become the norm. It is also normal to see about 2,500 foreclosures canceled each month.

The current market conditions, together with the usually seasonal fall in volume during the third quarter, suggests that July may be a consolidation period like June rather than a month of dramatic change like February through May.

Forecasters Say Recession Nearing End...

2009-05-28T17:59:00.002-07:00

Source: The Associated Press, Jeannine Aversa (05/27/2009)

More than 90% of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon.

Nearly 75% of economists, surveyed by the National Association for Business Economics, say that the recession will end in the 3rd quarter. Another 19% think the turnaround will come in the 4th quarter. The rest are betting on the 1st quarter of 2010.

Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there have been an increase.

Forecasters say that home sales will bottom out in the 2nd quarter, an important stabilizing factor.

Sorry it's been so long since I've posted...

2009-05-26T07:42:00.000-07:00

I just returned from Texas on Saturday - I was there for a week visiting my uncle. T had meetings in Austin and San Antonio and was able to spend the rest of the week with us in New Braunfels - beautiful Hill Country!
I will get a real estate related post out soon!

Foreclosure Prevention

2009-05-13T11:07:00.001-07:00

Foreclosure Prevention Forum Set with Representatives from Chase and other lenders

Fannie Mae and the city of Phoenix are partnering to provide homeowners an opportunity to meet with lenders to discuss foreclosure prevention options noon to 8 p.m., Friday, May 15, and 9 a.m. to 4 p.m. Saturday, May 16.

“This is a unique opportunity for homeowners to meet face-to-face with mortgage lenders,” said Jerome Miller, director, Neighborhood Services Department. “It’s a great example of Neighborhood Services commitment to providing residents the tools to preserve their homes and neighborhoods.”

Participating lenders are Chase, Citibank, EMC and Washington Mutual. Representatives from each will meet one-on-one with customers facing the possibility of foreclosure to discuss various prevention options, including President Barack Obama’s “Making Home Affordable” program.

The sessions are available by appointment only. To register, call 1-866-785-8178.

Has the Phoenix Real Estate Market hit 'bottom'?

2009-05-06T07:27:00.004-07:00

The Phoenix real estate market is hard for a lot of people to figure out. Tom Ruff and Michael Orr are not two of them. Armed with the most accurate data available, an advanced understanding of statistics, and a humorous tone - they are shining the Phoenix real estate light on the rest of the world. Please allow them the opportunity to shine by reading their latest housing report.

Cromford calls the bottom
On April 2nd an article on Azcentral.com basically stated anyone calling the bottom of the housing market anytime soon would be a fool. On April 6th, Mike Orr of The Cromford Report called the bottom, does 4 days translate into soon? How does Mike know this, the answer, he’s got better stuff. A licensing agreement with ARMLS allows him to analyze daily MLS listings, sales and pending contracts. He also has access to daily publicly recorded sales and foreclosure data as well as the very best property address and zip code files available. With the most current and precise data in hand he puts it through a rigid cleansing process. From there, the data goes into his disciplined and insightful model and voila. So you see, stuff is getting better every day.

Preliminary April 2009 Report
April 6, 2009 established a bottom for $/SF sales pricing across the Greater Phoenix area. This does not mean that prices will not go lower in certain areas - they will. But the overall average price per square foot put in a convincing low on April 6th and has been moving sideways to slightly up ever since. The increasing sales volume tends to reinforce the significance of this pattern. I would claim that the cities of Phoenix, Avondale, Gilbert, Mesa, Peoria and Queen Creek are making the best cases for establishing a bottom, while Chandler, Goodyear, Scottsdale, Tempe, Glendale and Surprise still have some work to do. Of course we need to continue to watch to see if the pattern strengthens or fades. The current readings for Pending $/SF suggest more sideways movement in the near term. Every city showed improvement in April over March with supply falling and demand rising. In some areas the fall in supply was breathtakingly swift. Pending sales rose yet again, actual sales continued their strong advance, and listing success rates climbed.

To illustrate the change in the market since January, let’s look at Months Supply for May 1st vs. Jan 1st:
Avondale 4.4 (was 8.9)
Chandler 5.7 (was 9.1)
Gilbert 5.2 (was 7.9)
Glendale 3.2 (was 9.1)
Goodyear 3.8 (was 8.6)
Mesa 4.4 (was 8.9)
Peoria 4.9 (was 10.3)
Phoenix 3.4 (was 9.0)
Queen Creek 2.9 (was 6.1)
Scottsdale 14.3 (was 19.4)
Surprise 3.3 (was 7.2)
Tempe 6.7 (was 8.7)

Some very positive news!

Who are these REALTORS®?

2009-04-30T13:26:00.004-07:00

My hubby found this site, it's actually pretty funny and goes to show you that pictures are VERY IMPORTANT when selling/listing/showing a home. Please remember, you ARE trying to sell your home. I tell my clients; "Your home should look like it's for sale, not like you live in it..." Sometimes difficult to do, I understand, but homes sell faster when they are in great condition.... Why do you think model homes always look so great???
Take a look:

http://www.lovelylisting.com/

30 Year Mortgage Rates Fall Again...

2009-04-22T08:15:00.002-07:00

I hope everyone enjoyed our first 100 degree day yesterday! It's like having a blow dryer on you, when your hair is not wet!
Anyway -- WELCOME SUMMER! ... Rates are down...please read!

RISMEDIA, April 22, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgage rates fell during the past week. Last week’s rate was 5.06%, down from 5.10% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com®. Meanwhile, rates for 15-year fixed mortgages decreased to 4.68%, down from 4.73% and 5-1 adjustable rate mortgages decreased substantially, down to 4.47% from 4.65% the week prior.

Mortgage Type % Change
30-year fixed -0.90%
15-year fixed -1.00%
5-1 ARM -3.80%

Rates for 30-year fixed purchase mortgages fell even further on Monday, with the average rate on Zillow Mortgage Marketplace at 4.99%.
Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and New Jersey mortgage rates decreased the most, down from 5.17% to 5.10% in Maryland, and from 5.12% to 5.05% in New Jersey. Georgia mortgage rates (4.99%) and Florida mortgage rates (4.99%) were the lowest in the country, while Ohio mortgage rates (5.17%) were the highest. California mortgage rates were the most requested among all states.

% Change
Arizona -0.8%

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace by mortgage lenders to buyers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.
For more information, visit www.zillow.com.

If you have any mortgage related questions, please contact my preferred lender - Geoff Rooker at Security Mortgage, 480-282-5858 or geoff@securitymortgagecorp.net.

Buyers, Buyers, Buyers!!

2009-04-07T10:01:00.006-07:00

Sorry I haven't 'blogged' in over a week! I had 4 buyers that I showed homes to last week!! Yes, business has been busy - and I have NO complaints! And, a few of the homes that my buyers liked either had multiple offers or went Pending before we could move on them... You know what that means? Yes, the real estate market is looking up!
In the midst of my buyer madness - I found a good article to pass on to you all...

Real Estate Outlook: Promising Numbers
by Kenneth R. Harney

The good news keeps rolling in about the small but important turnaround underway in the home real estate market.

Last week's headliner was the second straight monthly gain in pending home sales...On top of that, the ability of consumers to buy a house, as measured by the National Association of Realtors' Affordability Index, hit a record new high last month thanks to declining home prices and record-low mortgage rates.
To put it bluntly: Median priced houses haven't been more affordable to more households in decades!
Mortgage rates continued to drop last week -- even from the record lows the week before, according to the Mortgage Bankers Association. Thirty year rates now average just 4.6 percent and 15-year fixed loans average 4.45 percent with about a point.
Not surprisingly, applications for new mortgages to buy houses and condos jumped again for the third straight week -- up about 1.4 percent for FHA loans and one percent for conventional mortgages.
Lawrence Yun, chief economist for the National Association of Realtors, agreed that the pending home sales and affordability numbers are promising...He also noted reports by Real Estate firms of higher numbers of shoppers visiting open houses, checking online listings and following up with agents. Those "recent increases in shopping activity," he said, "are hopeful indicators that we'll see some additional sales gains" in the weeks ahead.
Meanwhile, there were other positive economic signs popping up like spring daffodils. For example, both the major indexes that measure consumer confidence, which is a key driver of home buying, were up slightly in the last month. The University of Michigan's survey and the Conference Board's index both registered small gains. Both, however, remain at low levels in comparison to non-recession periods in past years.
And consumer spending registered a small increase, up by seven tenths of a percent in the last month. Personal income was up slightly as well.
All in all not a bad set of reports in the middle of an economic recession and financial crisis.
That doesn't mean happy days are here again, but they do point to much better days for real estate as we proceed through the year.

Rentals Anyone?

2009-03-29T09:18:00.003-07:00

Yes, they are very popular right now... unfortunately because of the number of people losing their homes. Do I handle rental transactions? YES! Does everyone know that? Probably Not. When you think of your REALTOR you probably don't think of leases or rentals...but we do them as well! So if you - or anyone you know - ever has any rental needs, please let me know! As I said before, they are very popular right now - I've had 5 in the last month - so I will help where I can!

Where has March gone?

2009-03-16T11:22:00.004-07:00

Have any of you asked yourself that? Am I the only one? My March has been CRAZY BUSY!! Every single weekend something bigger than working or running errands has occurred. So I apologize, in advance, because this post won't have much to do with Real Estate! The first weekend of the month T and I were invited last minute to a Ball. Here is a photo of me in my great green dress - I loved it!

Then the next weekend - March 7th - we had our good friend's wedding at the Buttes in Tempe.

And this past weekend, my family from Texas were in town AND we had a house warming/birthday party to attend.

Next weekend we will be in New Orleans for T's brother's wedding.

I'm hoping April is a little less busy...just a little!

Phoenix Housing Stats...

2009-03-09T17:49:00.003-07:00

I received the following info from my broker, Jim Sexton and wanted to pass it along to you...

This is all POSITIVE REAL ESTATE INFORMATION. I know you're not used to reading anything positive, but there are good things happening!

ARMLS recently posted January numbers.

- The number of sales per year has ranged from 54,800(2007) to 104,705 (2005).
- January has always shown a significant drop in the number of sales from December - the drop has ranged from 10% for January 2002 to 20% twice 2003 and 2006. It makes January 2009’s 14% decline look good. January 2009 was the 8th month in a row of Year over Year (Y over Y) increase-following 32 months in a row of Y over Y decreases (10/05-6/08).
- February is tracking to be the 9th month in a row for the increase. And with 9000+ properties in Pending status, it appears the trend will continue for at least the short term.
- January also gives an indication of what the year may hold. The month has accounted for between 5% to 8% of a given year’s total. If we used a 7% indicator, that would give us 68,000 sales. It would be a 13% increase over 2008’s numbers, which were 10% above 2007 figures.
- The number of sales has also increased by more than 50% (Year over Year) in 4 of the last 5 months. And November had a 33% improvement, which was the smallest increase.

January’s Y over Y numbers show:
- Sales increased from 2912 to 4742-a 63% GAIN;
- The average price dropped from $313,000 to $180,000 a 42% decrease;
- The median price dropped from $220,000 to $130,000-a 41% decline.

It seems that some folks are waiting for both the number of sales and the sales prices to turn around before reporting on any positive trends. I think it’s time to talk about the increases...you know 8 months and counting.

Going to be a great weekend...

2009-02-26T21:38:00.003-07:00

We were invited - just this Monday - to the John C. Lincoln Gold Ball! So, today I ventured out to find a gown (not just a 'party dress' and YES there is a difference), purse, shoes, and jewelry.
Why is it that we women have to find an entire outfit and men throw on a tux? Will we ever have it that easy? It's like being a bridesmaid... 'nuff said!
Anyway, in a matter of 4 hours (I think that's good!), I found a gown, shoes, purse, jewelry. And, the gown is not your standard black - which is actually what I was looking for - since I DO have the black purse and black shoes and probably could have found jewelry at home too... Nooo, the dress that I liked and actually looks nice, was olive green...imagine, now trying to find shoes and a purse to match! But, I did!! It's a long olive gown, with 1 shoulder of chocolate beading... maybe I'll post a picture after the event.
And, as tradition would have it, I will be getting a pedicure and then my hair 'did' before the Ball (I like saying that)... and T will jump in the shower and be ready...go figure!
But, it's still going to be a great weekend!

Now it is a GREAT time to buy a home...

2009-02-20T07:45:00.003-07:00

Especially if you're a first time home buyer... I received this information from my broker, Marge Lindsay. I wanted to pass it on, please read the latest for first time home buyers...

First Time Home Buyer Tax Credit
First time home buyer tax credits as amended by the American Recovery and Reinvestment Act of 2009 (HR 1).

Please consult your tax advisor / accountant to determine whether you are eligible for this tax credit before making any decisions or changes to your tax status. This is for information only and should be verified by a tax professional.

The 3 changes to the first-time home buyers tax credit program include:
-Tax credit has been increased to $8,000.
-Homes have to be purchased between January 1, 2009 and December 31, 2009.
-No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

1. The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.

2. The maximum credit is $8,000 or 10% of the home purchase, whichever is less.

3. The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.

4. To qualify for the full tax credit, married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.

5. Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.

6. There is no recapture or repayment clause IF the home is owned for at least 36 months.

7. The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.

8. The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.

9. The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.

Please let me know if you know any FIRST TIME HOME BUYERS that I can assist with purchasing their first home!

President Obama was here...

2009-02-18T15:40:00.003-07:00

...today in Phoenix. I watched his speech on the foreclosure issues and his new "Homeowner Affordability and Stability Plan". It was a very good speech and I'm looking forward to watching it play out. And, being in real estate, I'm excited to get the 'perception' of a bad real estate market out of the thoughts of many.

Here are the 3 key points to the President's new plan;
1. Refinancing for up to 4 to 5 million responsible homeowners to make their mortgages more affordable.
2. A $75 billion homeowner stability initiative to reach up to 3 to 4 million at-risk homeowners.
3. Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.

My week....

2009-02-13T17:34:00.004-07:00

...was pretty uneventful, due to the nasty head cold I had, but I finally started feeling like myself again on Wednesday...
I could post a great article on real estate, but I don't have any 'earth shaking' ones right now, so just a short note...
I received 3 DOZEN red roses yesterday from the great husband! He's not one to have flowers delivered, so I was shocked! I think, like most men, he doesn't understand the popularity of a soon-to-be dead gift, but I loved them!
And, tomorrow is my brother's birthday - yes Valentine's Day - we're going out for lunch, because it's not as chaotic as if it were at night. The husband and I also have a wedding reception to attend that night, for friends who were married on New Year's Eve in Chicago...so I'm glad I'm feeling a lot better.
And then on Sunday a friend and I are hosting a bridal shower for a close friend of ours...looking forward to that as well.
In between social engagements, I will also list another home in my neighborhood, so yes, I will be working this weekend as always!
Sorry nothing 'earth shattering'... but didn't want a full week to pass before I posted again!
I promise next post will be much better.

It's Friday...

2009-02-06T17:20:00.003-07:00

...at 5:30pm and I'm feeling a head cold coming on - thanks 'T'!

I helped teach a "new agent" class this morning, at my old office. It was about 'geographic farming' and I'm one of the few agents that consistently does it. So, I was invited to come and speak. I'm very good at marketing, not so good at knocking on doors - so 'farming' is great for me! I'm the person that doesn't like to answer my door or phone to people I don't know, so it's incredibly difficult for me to do the same. Does that make sense? How many of you don't mind it or would open the door if I knocked? Would you do business with someone knocking on your door? I don't know... so it's something I struggle with.
Anyway, because I despise door-to-door activities, I consistently send something - hopefully of value - to certain subdivisions to create new relationships that at some point will turn into helping those neighbors sell or buy. Does it work? Yes, I've made a lot of great contacts that have turned into great relationships and even clients... I think it's what works best for me and that's what makes us all a little different.

Phoenix Area Real Estate...

2009-02-02T16:22:00.003-07:00

I know I said this blog would also be about real estate, so I didn't want to disappoint!

At the beginning of January, I went to a very informative seminar given by our designated broker/owner, Jim Sexton, of John Hall & Associates. A lot of the information provided was very encouraging - regarding the real estate market. Here are just some of the stats I took away from this;
- December 2008 closed real estate sales were up 60%, compared with December 2007 home sales.
- Although we had declining sales for 32 year-over-year months in a row beginning October of 2005, sales have had a month-after-month increase since June of 2008.
- REO’s (bank owned properties) are approximately 59% of the current pending sales.
- 52% of December 2008 sales were bank owned properties.

This is just a snippet of the factual information out there on real estate. The bottom line is that houses are still selling and people are still buying.
Can I help you do either of those?

A little about me...

2009-01-30T06:38:00.010-07:00

So I thought today I'd go into my background - get it out of the way - then we can move onto bigger and better things, such as REAL ESTATE!!

I was born here in Phoenix AZ....years ago...I will not mention the year, but just know that I remember Wallace & Ladmo and Legend City!!

Anyway..back to being born...I grew up in North Phx, actually lived in the same home until I moved out in my 20's. And, I sold that home - my parents home - after they had lived there 34 years, it was my 1st listing, can you believe it??

So, I know a great deal about this Valley of the Sun because I've lived in various areas of town - North Phx, Surprise (before anyone knew where Surprise was), central Phx, and South Mtn area. Currently I'm in the NE Phoenix area, near Desert Ridge, and I love it here!

...I went to GCC and ASU West after high school, graduating with a Bachelor of Science Degree, with a specialization in Human Resource Management. And before I became the REALTOR you all know and love (hee hee), I worked for a 'little newspaper' called The Arizona Republic. I supported almost every department there, in an HR role, for 5 years.

Onto more of of the present... I met my husband - "T" - in 2002, we were married in 2004 and here we are!

We also have 3 "children" I should probably mention... Lucy - our Boxer, Jackson - our Shih Tzu and George - our Persian.

That's a little about me.. I hope I didn't bore you all too much... next post will be more exciting 'stuff' - like how much better the market is doing, than last year....HMMM.. got you curious...

My 1st Post...

2009-01-29T19:01:00.000-07:00

... so I'm now a part of the land of 'bloggers' as they're called...
I've been reading many blogs for the last few months and decided I'd join in! Plus, this will give me a great space to give out some terrific (no one uses that word enough) real estate advice, tips, --vents, what have you!
If you are looking for any specific real estate info - please let me know. If I don't know, I will find out for you!