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
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