People have been coming to Arizona for years to escape the cold, snow and icy conditions that they experience in other states over the winter months. From November/December to around March/April Arizona has a tremendous population increase by about 375,000-400,000 new people.
A lot of people own homes from manufactured homes in mobile home parks to single family homes in prestigious golf communities around the state and everything in between. Some visitors just come and rent for 4-6 months to enjoy all the activities you can do in warmer weather.
Winter visitors are usually 50 years old and up. Many call them snowbirds and this way of life has become increasingly popular in the "Baby Boomer" age group (those born between 1946-1964).
These visitors not only come from cold states around the United States but from Canada as well. There are many activities in Arizona that attract these visitors. From tennis and golf to entertainment, dinner theaters, culture and art, to simple things such as pools and spas.
Are you or someone you know considering the Snowbird way of life? Do you have questions about the local market. If you or someone you know is interested in getting more information regarding buying or renting a home in the Metro Phoenix area. Please call us we would love to help answer your questions.
480-695-2010 Dani
480-980-2677 Carlene
480-239-5280 Marcia
Wednesday, August 11, 2010
Tuesday, August 10, 2010
Deal Vs. Dump
Are you in the market to purchase your own "HOME" many people in today's economy are contemplating taking advantage of buying in the down market. As a buyer, you have some room to negotiate, or so you would think. The problem is affordable verses a decent. There are many "deals" out there right now, but there are many dumps. I can pull up many listings that may fit into your price range, but buyer beware, not all homes are a "deal".
In many homes that are short sale or foreclosed homes the seller feels they are being cheated out of the home they put much work and effort into purchasing, they bought at the wrong time and will never recoup the amount of money owed. A fair share of these people are taking items with them when they leave, from ceiling fans and fixtures to appliances that shouldn't be removed (like stoves and dishwashers) and in some extreme cases I have seen the AC units and cabinets disappear. Sure they may be a deal, but not everyone has 20-40K in their back pocket to make them liveable. There is a loan for home improvement but the qualifications are intense and not guaranteed.
The homes that are in good shape aren't as plentiful as the previously mentioned dumpy homes and therefore tend to go faster and for more money than they are even listed at. Some agents are even pricing them low enough to get a pool of buyers and taking the best price offered much like a bidding war in some cases.
My suggestion is to do your homework, check out the neighborhood, work with your agent to see what homes are going for in the market where you are looking, and don't assume you can offer a lot less on a property just because of the economy. If you aren't looking to fix up a dump and you want a move in ready beautiful home, you have to be willing to pay for it. Remember the old saying, you get what you pay for.
If you are considering buying a home or want to know what is new in your area give me a call.
Dani 480-695-2010
In many homes that are short sale or foreclosed homes the seller feels they are being cheated out of the home they put much work and effort into purchasing, they bought at the wrong time and will never recoup the amount of money owed. A fair share of these people are taking items with them when they leave, from ceiling fans and fixtures to appliances that shouldn't be removed (like stoves and dishwashers) and in some extreme cases I have seen the AC units and cabinets disappear. Sure they may be a deal, but not everyone has 20-40K in their back pocket to make them liveable. There is a loan for home improvement but the qualifications are intense and not guaranteed.
The homes that are in good shape aren't as plentiful as the previously mentioned dumpy homes and therefore tend to go faster and for more money than they are even listed at. Some agents are even pricing them low enough to get a pool of buyers and taking the best price offered much like a bidding war in some cases.
My suggestion is to do your homework, check out the neighborhood, work with your agent to see what homes are going for in the market where you are looking, and don't assume you can offer a lot less on a property just because of the economy. If you aren't looking to fix up a dump and you want a move in ready beautiful home, you have to be willing to pay for it. Remember the old saying, you get what you pay for.
If you are considering buying a home or want to know what is new in your area give me a call.
Dani 480-695-2010
Saturday, August 7, 2010
FHA Changes are Coming
FHA changes are coming!
The FHA upfront premium is going to decrease as of September 7th 2010. It will go from 2.2.5% to 1%, however the monthly premium will increase from .55% to somewhere between .855-.90%
What does this mean for the Buyer?
The buyer will be spending about $37 more per month on an average of a $200,000 home and almost $60 more per month on a home over $300,000.
Is there an alternative?
If you have good credit and have a reasonable amount of money to put down you can go with the conventional loans like Fannie Mae or Freddie Mac, however with the ever increasing rules and requirements for their underwriting guidelines an FHA loan may still be the best option for buyers with less for down payment. (content courtesy of The Mortgage Advantage Newsletter)
Here is more on information on FHA mortgages.
With home prices and interest rates at historic lows, many young people are trying to buy their first home. But often, they do not have the income or credit to qualify for a loan. Here's where the FHA loan comes in. A relative can act as a non-occupying coborrower. That means that the relative's income, assets and credit are combined with those of the borrower who is going to live in the home. This can help the young borrower qualify when he would not be able to otherwise. Only the FHA loan allows a non-occupying coborrower to help a borrower qualify for a home loan. And best of all, the borrower still gets the same low FHA rates as if he would have been able to qualified on his own.
Call me on my cell this weekend if you need my help Matt Smith (602) 369-5158. First National Bank.
With that said, here are the rates for the weekend on the most popular loan products:
30 yr fixed conf 4.50% 4.811% APR
15 yr fixed conf 4.00% 4.399% APR
30 yr fixed FHA 4.625% 4.833% APR
15 yr fixed FHA 4.25% 4.522% APR
5/1 libor ARM 3.25% 3.788% APR
30 yr fixed VA 4.625% 4.908% APR
The FHA upfront premium is going to decrease as of September 7th 2010. It will go from 2.2.5% to 1%, however the monthly premium will increase from .55% to somewhere between .855-.90%
What does this mean for the Buyer?
The buyer will be spending about $37 more per month on an average of a $200,000 home and almost $60 more per month on a home over $300,000.
Is there an alternative?
If you have good credit and have a reasonable amount of money to put down you can go with the conventional loans like Fannie Mae or Freddie Mac, however with the ever increasing rules and requirements for their underwriting guidelines an FHA loan may still be the best option for buyers with less for down payment. (content courtesy of The Mortgage Advantage Newsletter)
Here is more on information on FHA mortgages.
With home prices and interest rates at historic lows, many young people are trying to buy their first home. But often, they do not have the income or credit to qualify for a loan. Here's where the FHA loan comes in. A relative can act as a non-occupying coborrower. That means that the relative's income, assets and credit are combined with those of the borrower who is going to live in the home. This can help the young borrower qualify when he would not be able to otherwise. Only the FHA loan allows a non-occupying coborrower to help a borrower qualify for a home loan. And best of all, the borrower still gets the same low FHA rates as if he would have been able to qualified on his own.
Call me on my cell this weekend if you need my help Matt Smith (602) 369-5158. First National Bank.
With that said, here are the rates for the weekend on the most popular loan products:
30 yr fixed conf 4.50% 4.811% APR
15 yr fixed conf 4.00% 4.399% APR
30 yr fixed FHA 4.625% 4.833% APR
15 yr fixed FHA 4.25% 4.522% APR
5/1 libor ARM 3.25% 3.788% APR
30 yr fixed VA 4.625% 4.908% APR
Sunday, January 31, 2010
Avoid the 10 most common buyer mistakes
Buying a home can be an overwhelming experience. You may encounter a roller coaster of emotions while searching for the right house to call home. For most of us, a home purchase is the biggest investment we will ever make. The emotions associated with purchasing a home can often cloud your judgment. Don 't worry! It will all work out.
Most people who purchase a home do not do much research before their purchase if they do any research at all. Doesn't it make sense to make your choice after first being informed? But where do you get all the information you need? Do not worry this little guide will help you avoid making the 10 most common and crucial mistakes.
1. Inspect, Inspect, Inspect- Although a home inspection is optional and typically paid for by the buyer, this money could be the most important $200-$400 you will ever spend! Order a home inspection by a professional. Go over the report thoroughly. Review the restrictions (CC&R's), By-Laws, and Association Fees with your agent if you are buying an an HOA. Be comfortable that you can live with any rules and regulations placed on the property.
2.Imagine the Property Vacant-Your furnishing will be the ones filling this new home. Don't let current beautiful features, furniture or disliked features or furniture sway your decision to buy the home or not, they will leave with the owner. You can always decorate how you like.
3.Income+Lifestyle=Mortgage Payment- Sit down with your lender and Realtor and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, fix-ups and hobbies.
4.View Several Homes-See at least 5-10 properties with your Realtor. Don't move too slowly but don't move on the first property you see. With your Realtor's help you should be able to view enough properties to get a good overall perspective of the market. When you find the right home for you all the legwork will be worth it.
5.Utilize Your Team-By aligning yourself with the right Realtor you will have an entire team at your disposal. Utilize your lender, title rep and Realtor. They are all working hand in hand for your benefit. Explore all your options.
6.Be Colombo- Check out all the costs and expenses before your 10 day inspection period is up. Utilities, taxes, insurance, maintenance and homeowner association dues if applicable. Inspect everything in working order. ASK LOTS OF QUESTIONS.
7.Do a Final Walk Through-Visit the property before closing to make sure there are no surprises. Be sure the property was in the same condition as when you wrote the contract.
8.Plan for Flexibility-Closing dates are not written in stone. Allow for flexibility and have a backup plan. If you or the sellers need a little more time to conclude the final arrangements, don't let these delays upset or frustrate you. These types of circumstances are not uncommon in real estate transactions.
9.If it is not in Writing, It Doesn't Exist-All promises and discussions must be in writing! Don't make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. A good Realtor will keep an ongoing log in writing of all discussions that must obtain seller written approval.
10.Loyalty Breeds Loyalty-Be open, honest and up front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to find. Take the time to select the right team in the beginning and your home purchase will be a pleasing and memorable experience.
OUR TEAM looks forward to helping you find the right house to call HOME!
Most people who purchase a home do not do much research before their purchase if they do any research at all. Doesn't it make sense to make your choice after first being informed? But where do you get all the information you need? Do not worry this little guide will help you avoid making the 10 most common and crucial mistakes.
1. Inspect, Inspect, Inspect- Although a home inspection is optional and typically paid for by the buyer, this money could be the most important $200-$400 you will ever spend! Order a home inspection by a professional. Go over the report thoroughly. Review the restrictions (CC&R's), By-Laws, and Association Fees with your agent if you are buying an an HOA. Be comfortable that you can live with any rules and regulations placed on the property.
2.Imagine the Property Vacant-Your furnishing will be the ones filling this new home. Don't let current beautiful features, furniture or disliked features or furniture sway your decision to buy the home or not, they will leave with the owner. You can always decorate how you like.
3.Income+Lifestyle=Mortgage Payment- Sit down with your lender and Realtor and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, fix-ups and hobbies.
4.View Several Homes-See at least 5-10 properties with your Realtor. Don't move too slowly but don't move on the first property you see. With your Realtor's help you should be able to view enough properties to get a good overall perspective of the market. When you find the right home for you all the legwork will be worth it.
5.Utilize Your Team-By aligning yourself with the right Realtor you will have an entire team at your disposal. Utilize your lender, title rep and Realtor. They are all working hand in hand for your benefit. Explore all your options.
6.Be Colombo- Check out all the costs and expenses before your 10 day inspection period is up. Utilities, taxes, insurance, maintenance and homeowner association dues if applicable. Inspect everything in working order. ASK LOTS OF QUESTIONS.
7.Do a Final Walk Through-Visit the property before closing to make sure there are no surprises. Be sure the property was in the same condition as when you wrote the contract.
8.Plan for Flexibility-Closing dates are not written in stone. Allow for flexibility and have a backup plan. If you or the sellers need a little more time to conclude the final arrangements, don't let these delays upset or frustrate you. These types of circumstances are not uncommon in real estate transactions.
9.If it is not in Writing, It Doesn't Exist-All promises and discussions must be in writing! Don't make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. A good Realtor will keep an ongoing log in writing of all discussions that must obtain seller written approval.
10.Loyalty Breeds Loyalty-Be open, honest and up front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to find. Take the time to select the right team in the beginning and your home purchase will be a pleasing and memorable experience.
OUR TEAM looks forward to helping you find the right house to call HOME!
Wednesday, January 27, 2010
Historic Home Hype?
I have always taken an interest in historic homes, the romance, character and ambiance are just some of these homes attributes. It amazes me the difference in style, care and build of these late 1800's early 1900's homes compared to those cookie cutter homes of the 90's and 2000's.
Take downtown Mesa as an example. They just recently hosted a historic home tour a few weekends ago where homes were featured that were once owned by prominent local business people. There is definitely a specific group of people who love, value and dream to live in these homes. My husband and I took part in remodeling a home owned once by his late grandparents a few years back off of Pasadena close to the Mesa Library. We were able to restore the paint to an original craftsman era bungalow color, we updated the porch, polished and repaired the original hardwood floors, re-plastered the home, remodeled the bathroom and much more. The home needed a lot of work but we loved and enjoyed the challenge and the end results not only proved positive and enriching but made for a great resale home as well.
The new owners have continued to add value to the home and restore it's beauty. Owning and restoring homes in these historic districts may be subject to rules and regulations on what can and cannot be done, make sure if you are in the market that you check with the local historic district to make sure the plans you may have for a house can be done before you take the plunge. If you are interested in finding out what is available to you in these areas, please give us a call. We would be happy to help you find a home that fits your specific needs and interests.
Take downtown Mesa as an example. They just recently hosted a historic home tour a few weekends ago where homes were featured that were once owned by prominent local business people. There is definitely a specific group of people who love, value and dream to live in these homes. My husband and I took part in remodeling a home owned once by his late grandparents a few years back off of Pasadena close to the Mesa Library. We were able to restore the paint to an original craftsman era bungalow color, we updated the porch, polished and repaired the original hardwood floors, re-plastered the home, remodeled the bathroom and much more. The home needed a lot of work but we loved and enjoyed the challenge and the end results not only proved positive and enriching but made for a great resale home as well.
The new owners have continued to add value to the home and restore it's beauty. Owning and restoring homes in these historic districts may be subject to rules and regulations on what can and cannot be done, make sure if you are in the market that you check with the local historic district to make sure the plans you may have for a house can be done before you take the plunge. If you are interested in finding out what is available to you in these areas, please give us a call. We would be happy to help you find a home that fits your specific needs and interests.
Wednesday, January 13, 2010
Home Buyer Tax Credit
First time and move up buyers are rapidly entering the market to take advantage of the home buyer tax credit. This credit has now been extended to the end of April for an accepted contract and the end of June to close on the property. Across the country over the last 9 months home sales have risen. Buyers are seeing affordable home prices and historically low interest rates. The tax credit extension is now including qualified move up buyers, opening a door for potential home buyers. This stimulus bill may not be extended again, so if you or someone you know is looking to take advantage of this opportunity, please visit www.federalhousingtaxcredit.com
for frequently asked questions. Call us for your free home buyer analysis and remember when buying a home from us it is a free service to you- take advantage of allowing us to be on your side of the transaction.
for frequently asked questions. Call us for your free home buyer analysis and remember when buying a home from us it is a free service to you- take advantage of allowing us to be on your side of the transaction.
Tuesday, January 12, 2010
Why Use a Realtor?
Well it is the new year and we are trekking along to provide you with the most efficient service in the year 2010!
So, I have had people ask me what the purpose of using a Realtor is... why can't I (buyer) just find a house myself?
Well, whether you are a first time home buyer or a seasoned pro you may ask yourself this question. With the ease of use of the Internet and so many houses to choose from with the click of a button, trying to find a home on the Internet may not be as easy as you think.
All Realtor sites will show you homes that have not yet closed escrow, but only the Realtor can see the difference of which homes are actively available and which are currently in escrow with contracts on them. It can be as frustrating as driving around from subdivision to subdivision writing down house addresses and calling on properties that are either not in your criteria or already under contract, which can prove to be a huge waste of your time, which in this day and age, time is valuable.
Having a good Realtor takes a lot of time out of your search, not to mention alleviates your frustrations. If you are calling on all the properties on your own you will be calling 10+ agents, to view 10+ homes at 10+ different times, your agent will be able to answer your questions and schedule showings so that you can view the properties you choose at one time.
You may have questions regarding whether the home you are seeing is a short sale or foreclosure, how many offers it has or has had, what the highest offer refused was, what the current market value is,the subdivision trends, and what these circumstances mean to you.
The Realtor who listed the home for sale works for the seller they have to treat you the buyer honestly and fairly but they have the seller's best interest in mind. Wouldn't it put your mind at ease to know you have someone as equally concerned about your needs?
What happens if the home inspector finds numerous repairs? Are you comfortable enough to decide what does or doesn't need to be fixed right away- will you know what to ask for as a reasonable repair, what if the property is being sold as-is, not to mention all the paperwork and forms, bank addendums can be the size of a small book sometimes- in the state of Arizona an attorney is not used like in other states, wouldn't you like someone who knows how to decipher these forms to make sure you are getting the deal you deserve?
There is so much more involved then just finding the right house when it comes to buying a home. Wouldn't you want someone on your side to make sure you are getting the best deal for the best possible terms for you? We work for YOU- the buyer and best of all it is FREE, so what do you have to loose?
Call us for a free home buyer analysis today!
So, I have had people ask me what the purpose of using a Realtor is... why can't I (buyer) just find a house myself?
Well, whether you are a first time home buyer or a seasoned pro you may ask yourself this question. With the ease of use of the Internet and so many houses to choose from with the click of a button, trying to find a home on the Internet may not be as easy as you think.
All Realtor sites will show you homes that have not yet closed escrow, but only the Realtor can see the difference of which homes are actively available and which are currently in escrow with contracts on them. It can be as frustrating as driving around from subdivision to subdivision writing down house addresses and calling on properties that are either not in your criteria or already under contract, which can prove to be a huge waste of your time, which in this day and age, time is valuable.
Having a good Realtor takes a lot of time out of your search, not to mention alleviates your frustrations. If you are calling on all the properties on your own you will be calling 10+ agents, to view 10+ homes at 10+ different times, your agent will be able to answer your questions and schedule showings so that you can view the properties you choose at one time.
You may have questions regarding whether the home you are seeing is a short sale or foreclosure, how many offers it has or has had, what the highest offer refused was, what the current market value is,the subdivision trends, and what these circumstances mean to you.
The Realtor who listed the home for sale works for the seller they have to treat you the buyer honestly and fairly but they have the seller's best interest in mind. Wouldn't it put your mind at ease to know you have someone as equally concerned about your needs?
What happens if the home inspector finds numerous repairs? Are you comfortable enough to decide what does or doesn't need to be fixed right away- will you know what to ask for as a reasonable repair, what if the property is being sold as-is, not to mention all the paperwork and forms, bank addendums can be the size of a small book sometimes- in the state of Arizona an attorney is not used like in other states, wouldn't you like someone who knows how to decipher these forms to make sure you are getting the deal you deserve?
There is so much more involved then just finding the right house when it comes to buying a home. Wouldn't you want someone on your side to make sure you are getting the best deal for the best possible terms for you? We work for YOU- the buyer and best of all it is FREE, so what do you have to loose?
Call us for a free home buyer analysis today!
Subscribe to:
Comments (Atom)