Archive for December, 2008
Aviano At Desert Ridge – Real Estate Market Report
December 14th, 2008 categories: Desert Ridge, Stats and Facts
I really enjoy breaking down statistics and trying to truly analyze the data so I can help buyers make smart buying decisions and help sellers move their properties. Here is some real estate data for Aviano at Desert Ridge. This is for the single family homes only.
Currently there are 47 active listings in Aviano at Desert Ridge. Here is how those 47 active break down:
- 26 Listings are Normal Sellers
- Average price per sq. foot is $208.92
- Average Days on Market is 137 with a high of 420
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4 Listings are Bank Owned Properties
- Average price per sq. foot is $146.65
- Average Days on Market is 84 with a high of199
- 17 Listings are Short Sales
- Average price per sq. foot is $157.10
- Average Days on Market is 175 with a high of 668
From this information it is clear that the bank owned properties are setting the price trend. Of course it is important to note that many of those bank owned properties could have been distressed, but it is still driving the pricing.
Since November 1st, 2008 there have been 5 sales. Of those 5 sales, 3 were short sales, 1 was a bank owned property and 1 was a normal seller. Here are the 5 sales since 11/1/08: (click to enlarge)
From this image, you can see that short sales do close – if buyer can be patient. The normal seller was actually the best deal as far as cost per square foot at $136.00 per square foot. As you can see a motivated seller can come in all forms!
If you can have questions about any of these properties that closed or want information about any active listings, give me a call at 480-201-4185 or click here to contact me.
~Kim
Ready To Sell You Your Slice Of The Arizona Sunshine!
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5 Reasons It Is A Great Time To Buy A Home in The Phoenix Market!
December 2nd, 2008 categories: Real Estate News
With mortgage rates dropping and the phoenix real estate market clearly reaching a bottom in many areas, I am strongly encouraging home buyers to take the plunge and buy. Of course this will be an individual decision for each home buyer, but here are 5 reasons why it may be the right time to buy now vs. waiting another 6-12 months.
- Mortgage rates today are 5.274% for a 30 year fixed mortgage. Mortgage rates have been over 6% for most of the past 2 years. This will save your monthly and lower the total interest you pay over your loan term.
- Homes are affordable again. Affordability is as high as it has been since 2003. The housing boom priced many people out of the housing market, but now there are clearly homes that are in line with the average family median income in Phoenix.
- First time home buyers will receive a $7,500 tax credit if they purchase a home before July 1, 2009. In this program, a first time home buyer is defined as someone who has not owned a home in the last 3 years. You can view all of the guidelines for the tax credit by clicking here.
- FHA down payment requirements will increase from 3% to 3.5% on January 1st, 2009 and FHA loan limits will decrease from $346,250 to $271,050 in Maricopa and Pinal counties. With FHA being one of the lowest down payment options, someone who is interested in a home more than $271,050 may want to secure a hone this month.
- Housing inventory is shrinking and days on market are falling, both indicators of a recovery. While we do have a long road ahead due to the economy, these indicators do reflect that in many areas we are at or close to bottom. Owning a home is very gratifying and trying to time an exact bottom of a market is challenging. One must consider other factors that make home buying a good decision; tax savings, low mortgage rates, payments going towards equity vs. rent, future appreciation and the comfort of having your own home.
If you would like to sit down and talk about whether or not it is a good time for you to buy now, please give me a call at 480.201.4185. I would to review the pros and cons for you and show you what is possible.
~Kim
Ready To Sell You Your Slice Of The Arizona Sunshine!
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