Real Estate News
Existing Home Sales Record Another Big Gain
November 24th, 2009 categories: Real Estate News
Today the National Association of Realtors released the news that existing home sales recorded another huge gain and that inventories continue to shrink. I can attest to that! The last 3 months have been crazy and the reason I have not updated my blog in 3 months!
Many would agree that the tax credit deadline that was originally scheduled for November 30, 2009 created the sharp increase. Now that the tax credit has been extended, we may see a drop for the month of December – historically a slower month anyway.
The tax credit is not the only reason for the spike in sales. Historically low interests rates are motivating buyers to purchase. Mortgage interest rates last month were the 3rd lowest dating back to 1971.
According to Lawrence Yun, NAR Chief Economist, “The supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers.” The last time the relative housing inventory was this low was in February 2007 when it also was at a 7.0-month supply.“The supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers,” Yun said. The last time the relative housing inventory was this low was in February 2007 when it also was at a 7.0-month supply.
You can read the complete news release here. It is good information if you are thinking about buying or selling a home.
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Alexi T. Mavrellis Earns Prestigous Designation To Help Homeowners In Danger of Foreclosure
July 2nd, 2009 categories: Real Estate News, Short Sales
At Guardian Realty & Investment Group, LLC we deal with many homeowners who are in financial duress and many times they are facing foreclosure. With the drastic drop in property values in the Phoenix area, many times a short sale is the best solution since we can not sell the home for what the homeowners owes on that property. The short sale is usually a better alternative than foreclosure for the homeowner. Click here for more information on short sales.
As the Designated Broker for Guardian Realty & Investment Group, LLC, I am very pleased to announce that Alexi T. Mavrellis, a Realtor our brokerage, has earned the prestigous Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” says Mavrellis. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Roton, Florida said that Realtors such as Alexi with the CDPE designation have valuable training in short sales that can offer the homeowner Read the rest of this entry »
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Happy Memorial Day – A Heartfelt Thank You
May 25th, 2009 categories: Real Estate News
Nothing moves me more than to think about the hundreds of thousands of men and women of the United States Military who have made and are currently making the ultimate sacrifice to serve our country and protect the freedom that we all treasure.
When I think about the sacrifice that is made by these individuals and their families, I just feel like there is nothing I could every do in my life that would even compare to this noble job done by all of these men and women.
Saying thank you will never be enough. The best I can do is to pray daily for the safety of these men and women and to support our troops, both when they are serving and when they return and live as civilians.
Our military and veterans are the bravest of the brave and from the bottom of my heart, I say “Thank You” and “God Bless America” and “God Bless Our Troops”.
Happy Memorial Day!
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Phoenix Real Estate Market Heating Up – Multiple Offers Again???
May 11th, 2009 categories: Real Estate News
I have not been as faithful as I would like to be writing my blog posts. The reason is that I have been SUPER busy and the real estate market is really heating up. Something has triggered all the buyers who were on the fence to jump off and the investors have re-entered our market and are gobbling up the bargains.
I have been telling people for the last 12 months that I did not know exactly when the market would turn around, but I felt like whenever it started, it would be a mini-frenzy – not too unlike our 2004 – 2006 years. I am not suggesting we are going to see another real estate boom like that, but we are in multiple offer situations in many cases and I personally have qualified buyers who are having a hard time finding a home.
The “mini-frenzy” is what happens when the consumer believes they are not going to be buying at the lowest point and get the greatest deal. As the news travels that homes are getting multiple offers, Read the rest of this entry »
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Homeowner Affordability and Stability Plan
February 18th, 2009 categories: Real Estate News
I do not even want to begin to try to digest the President’s Stimulus plan that was passed, so I am starting with the portion that is near and dear to my heart, housing. President Obama is in Phoenix, AZ today to unveil his “Homeowner Affordability and Stability Plan”. Some details of the the plan are outlined on the White House Blog.
I have not read it word for word, but skimming it gives me a few insights.
The program is limited to loans that are held or securitized by Fannie Mae or Freddie Mac. The other interesting thing is that it is limited to loans where the 1st mortgage that is to be refinanced cannot exceed 105% of the current market value (including refinancing costs). While I am sure there are may that fall into that category, I feel that in many areas like Queen Creek, Buckeye or Surprise, it is not going to work for many. The reason is that many people bought in the 2004 – 2006 period where prices rose to their highest level. The market has over-corrected dramatically in those areas. Homes that appraised for $200,000 are selling for $90,000. Many of those people had 100% financing, so the mortgage amounts are going to exceed the 105% limit by a lot. From what I can tell, Read the rest of this entry »
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Happy New Year – So Far So Good!
January 3rd, 2009 categories: Real Estate News
Okay, I realize I am a few days late to send this wish, however I have been BUSY! That is a great sign! Since New Years Day I have had 3 showings on one property, multiple showings on my other listings, an accepted contract on one house and two short sale approvals! Not too shabby.
I am not saying this to brag, I am truly most happy for those most affected, my SELLERS! During the dog days of November and December I kept stating that I felt first quarter of 2009 would bring “change” to the real estate market. I am not saying everything will be smelling like roses in right away, but I do think we will be approaching a bona fide “bottom” and I believe there are a slew of buyers waiting to purchase – and why wouldn’t there be!
Lets recap, mortgage rates are at 5 year lows, homes price are affordable and there is something for everyone out there. If you hear that the banks are not lending, don’t listen. There are plenty of good programs out there, you just have to know what to look for – and they don’t all require 20% down like I keep hearing buyers say.
Lastly, if you buy before June 30th, 2009, and you have not owned a home in the last 3 years, you are going to receive a $7500 TAX CREDIT! That is not a write-off, that is a tax credit. All the details of this can be founding by clicking here.
So, I am pleasantly surprised by what 2009 has brought so far. I know we have a have long road ahead, but it is a start!
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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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Montevista By Toll Brothers – New Master Planned Community Near Desert Ridge
November 22nd, 2008 categories: Desert Ridge, Real Estate News
Montevista by Toll Brothers is a new gated master planned community at Dixileta and 54th St. If you are familiar with the Toll Brothers community Aviano at Desert Ridge, then you will be familiar with many of the floorplans at Montevista. They have many of the same plans and series.
In total there are 5 series and 25 floorplans to choose from. Each series is located in the same area of the subdivision so there is a common theme in that area. Entry level base pricing at Montevista is $592,995. Both the Strada in the Ocotillo collection and the Borrego in the Palo Verde collection start at $592,995. The Strada is a 2 story plan and is 3,294 square feet. A two car garage is standard with this plan. The Borrego is also a 2 story plan and is 2,991 square feet. A split 3 car garage is standard with this plan.
The Desert Willow collection features homes from 3,150 – 4,369 square feet and prices in this collection range from $662,995 – $789,995. The Cottonwood collection has homes ranging from 3,402 – 4,639 square feet. Prices in this collection range from $725,995 – $784,995.
In 2009 the Cypress collection Read the rest of this entry »
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Grand Opening Blockparty at CityCenter at CityNorth – Tonight!
November 13th, 2008 categories: Desert Ridge, Real Estate News
CityCenter CityNorth AZ, the much anticipated development in North Phoenix is celebrating the Grand Opening of High Street – Blockparty style! CityNorth refers to their project as a New City Rising and if you live in the area, that is what it definitely feels like.
CityNorth is designed to unite the best in city living, shopping, dining and working. The Blockparty is from 5-9pm tonight, November 13th. Subsequent events will be held through the weekend. You can go to the City North Block Party website for more details.
Join the party to tonight with live bands, food & drink, street performs, mariachi’s, clowns, sales & special offers, raffle prizes and a special Circle of Life exhibit presented by Disney’s The Lion King and The Phoenix Zoo.
Hope to see you at the party!
~Kim
Ready To Sell You Your Slice of the Arizona Sunshine!
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100% Financing is Still Available! Buy Your Home Now!
November 5th, 2008 categories: Featured Properties, Real Estate News
100% financing is alive and well! It does have some limitations, but I have 3 listings that qualify for 100% financing. The folks at Sun State Homes Loans are doing a good job of helping buyers secure these loans that require no down payment. A full explanation of the program can be found here, Affordable100.com.
If you have heard that 100% financing does not exist anymore, that is the case is many instances. As with any other program this program has criteria that must be met. These loans are for designated areas that are more rural; places like Buckeye, Maricopa, Casa Grande, Coolidge and Queen Creek. As the borrower, you must have a 580 score or greater. All the criteria is listed on the website.
I currently have 3 properties that qualify, here is a sample of one:
23418 W. Pima, Buckeye – $119,900
5/3, 2 CG, 2154 sf, Built in 2004
Zero Down, Est. Payment $1068.20*
If you would like more information about these properties, give me a call or send me an email. They are also listed in my Featured Properties section so you can review more pictures and details. If you have questions about whether or not you would qualify for this program, I encourage you to go to Affordable100.com and apply on the website.
* Monthly Payment is an estimate only and are subject to buyer qualification and rates and confirmation of taxes & insurance amounts.
- Kim
Ready To Sell You Your Slice of the Arizona Sunshine!
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