Aviano at Desert Ridge rental home in North Phoenix Arizona.

I have just listed this stunning luxury model home in the prestigious community of Aviano at Desert Ridge.

This North Phoenix rental home priced at $2,900/month, comes with four bedrooms, two full baths, a powder room, a den, and three living areas (a living/dining room, a great room, and a loft).  The kitchen boasts granite counters, stainless steel appliances, under mount sink, flush surface range, and ample upper and lower cabinets.

Other features of this home include but are not limited to upgraded tile flooring throughout lower level, wood flooring on upper level, a 3-car garage, outdoor synthetic grass, an outdoor Jenn-Air barbeque and beverage refrigerator, an outdoor fountain, an outdoor gas firepit, and an additional private outdoor courtyard with fireplace.

All this plus the amenities that Aviano at Desert Ridge has always been known for which include a clubhouse, state-of-the-art workout facility, heated pool and spa, parks, walking trails, and an array of social activities.

Do not miss this rare opportunity in Desert Ridge.

The original HARP program was largely unsuccessful because the majority of homeowners who needed the payment reduction could not qualify due to their home having too much negative equity.  The “new” HARP program will not require an appraisal and negative equity is not supposed to be a deterrent anymore.

The new HARP program is also supposed to reduce the fees and in some cases “waive” all fees to refinance.  This should allow more homeowners who could not afford to refinance to see some relief.

One requirement will be that the homeowner must have be on time with their payments for the last 6 months.  You can watch video of U.S. Department of Housing and Urban Development Secretary, Shaun Donovan explain all the changes here, http://goo.gl/ZsbQG.

If you need a referral for a lender who can see if you qualify for this program, call me at 480-201-4185 or send me an email at kanderson2121@gmail.com.

This is a great sign as we head into peak season.  This development is very popular among winter visitors.  Perhaps we have solidified somewhat of a “bottom” in this community.  Clearly it is a huge value at these prices considering the upgrades, amenities and the fact that it is gated.

If you are a seller, this is a good time to sell – of course understanding if you bought new you paid more than today’s values.  If you want to sell but feel you cannot due to the mortgage balance you have, then perhaps you would like to consider a short sale on your property.  I have successfully closed 75+ short sales and with the current demand for properties, now would be a great time.

If you are a buyer, I have to advise to get off the fence if you have been there.  Trying to time the very bottom is very difficult, however the combination of value and interest rates now makes for a hard argument to buy now.  Prices could even go up as the winter months come and demand increases more.  Toll Brothers consistently sells much higher than the resale market so their is market for higher prices.

Call me if you would like to discuss your situation – happy to share with information about the process and help you determine if it would be right for you.

Have a happy and safe Labor Day Weekend!

This Solaria model is special in that is back to a lush common area – no homes behind.  Includes a grassy backyard and nice covered patio.

Kitchen has granite counters, upgraded cabinets, black appliances and includes a fridge with rental.  There is a charming breakfast nook off of the kitchen

Home is 3 bedrooms plus a nice study with additional storage.  Spacious family room with fireplace plus a formal dining room.  Master bedroom includes a separate excess to the patio.  The master bathroom has tile counters, double sinks, separate tub and shower and two large walk-in closets.

This home is ready for immediate move-in – just call me at 480-201-4185 to schedule a showing.  You can view more photos, here.

Brian can be reached at 480-250-7342.

What do you think?

Are you still on the fence? Do you think we hit the “bottom” of this real estate market? Well, you never may know. Maybe we hit the “bottom” of this historical real estate cycle. Maybe not?

Anyone that tries to predict the perfect time to purchase a home in a market as volatile as this one is just kidding themselves. We may have a solution that may make it easier. What if there was a loan that allowed you to purchase a home that needed some work? A loan that allowed you to by a home below market value and then rehab it into the home of your dreams? Not with your money, but the banks money. Well, this loan is no secret any more. It’s becoming one of the most popular loan in the Phoenix, Maricopa and all over the state of Arizona.

We all know how hard hit the state of Arizona was during the boom. There is a huge inventory of bank owned and potential foreclosed homes on the market and soon to be offered to anyone that may have the cash to buy or the credit to find a loan. Well, if your in the market or thinking about entering the market to buy your first home. There is a little secret you may want to know about. It’s called the FHA 203K Rehab Loan.

Well if your out looking for that dream home and you come across one located in that location you have wanted to live in for years. But, it needs some work, the home has not been cared for and empty for months sometimes years. Well, then we have the perfect loan to turn that run down, dilapidated home with all that potential into your dream home. It’s called the FHA 203k Rehab loan.

The FHA 203k Rehab Product is a loan that buyers can actually finance the cost of the renovations or upgrades into the purchase loan. Not a secondary loan or a HELOC (Home Equity Line of Credit). But, the cost of expenses to fix up your new home is actually financed by the purchase loan you use to buy your home. Most loan programs want the work needed to the home to be done beforethey finance your home loan. Not this one. Home Buyers are qualified based on the purchase price and the money needed to complete the renovations and upgrades. So now you can have that dream kitchen or add on that second floor you have always been thinking about.

The Benefits of the FHA 203K Rehab Loan:

First Time Home Buyers may not have the money to fix up the home in order for it to be livable or suitable for most of thier needs. This loan allows the money needed for all the renovations to be financed at the current low FHA rates.

No reason to have to try and get approved for a high interest personal bank loan after you close on your home. Think of this loan as a construction loan, the lender provides you with the money you need to get started at closing. Then keeps the rest of the money ready in an escrow account until your finished.

There are two versions of this loan:

Two Types of FHA 203(k) Loans:

* The Streamlined K used when you want to make minor cosmetic changes and the total rehab cost can not exceed $35,000.

* A Standard FHA 203(k) loan allows you to make larger more substantial structural improvements, repairs, remodeling etc…even build a new one.

First,find a home you will want to purchase and then determine what improvements or upgrades you need to be make to the home in order to make it livable or your dream home.

Then, the purchase contract is written the same as any other. There is no difference between a regular purchase contract and FHA 203K Rehab purchase contract.

You will then need to meet with a licensed and bonded contracter to complet a written estimate cost of the work that needs to be done. An invoice from the contractor will need to be submitted to the lender for approval.

The lender will order an appraisal to determine the value of the home before the work is completed and an estimated value after the work is completed.

You will need to be qualified for the full loan amount which is based on the purchase price plus the additional cost of repairs and upgrades. Once the loan is approved, you will go to your closing like you normally would.

The amount that will be needed to do all of these repairs and/or improvements will be placed in an escrow account. As the work is being completed, you will be able to draw from the account to pay the contractor.

As you may have noticed this is not just your typical FHA or Conventional loan. Be sure to contact a loan officer or lender that is familiar with these products and has some experience funding them. There are lots of details that need to be processed and verified to qualify. But, an expert will know how to confirm if your situation fits either one of these loan products.

This is a great opportunity for First Time Home Buyers and Reators looking to work with new buyers.

The moral of the story, is the FHA 203K Rehab loanis just one of the many loan products that many buyers and realtors don’t know about. You need to contact a true expert that will take the time to uncover your needs and provide you with all the options you may have. That is the KEY to your succees in this market.

FYI, this loan may be used to refinance your home also. To complete that new renovation to your kitchen or finish those needed uprgades to your roof etc. Please contact me direct for more information.

Luxury Condos in Desert Ridge

Today we have 2 open houses at the Villages at Aviano from 11-3pm today.  Both condos that are open are the popular Amici floorplans.  These are ground level units and are one story units.

One listing, unit #1234 is an incredibly upgraded unit that is listed at $297,500.  This units rivals the builder inventory at it was completed in December 2009 and lightly lived in for 5 months before sellers were relocated.  There is over $100,000 in upgrades.  For somebody who wants ALL the upgrades at a huge discount, then units will be for you.

The 2nd listing, unit #1080 is back on the market.  It was only on the market for one day before it went under contract.  This is a fully approved short sale at the list price of $215,000.  The buyers had a change of plans so this is now available for some lucky buyer.  This is an interior unit so no road noise from Deer Valley Road.  This does require short sale approval but  will likely take only 30 days since it was previously approved.  This unit is immaculately clean -  not your typical short sale.

So get out to the open house and you will be one of the first to view #1080 at this incredible value.

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.

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!

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, all the buyers who have been on the sidelines jump in so they don’t miss “the bottom”.  This will cause prices to stop tumbling and will drive them back up to where they really should be.

For example, I have seen older homes in Central Phoenix listed at prices that were lower than what they sold for in 1982!  That means these homes that slid far beyond “pre-boom” pricing and have been driven down to super cheap due to the inventory and glut of bank owned homes that need a lot of work.  This mini-frenzy will get those prices back to where they should be, but no where near the type of inflated prices that we saw during our boom.

What is causing his turnaround?  I believe it is a number of factors.

1. Homes are really cheap now and buyers just finally realized that the value was there even if they did not exactly time the bottom of the market perfectly.
2. Interest rates are so low that buyers can’t resist.  Take a 5% mortgage with a $99,000 house that should be $125,000 and you just can’t help but call that a great situation.
3. Homebuyer tax credit.  I personally know this has motivated several people to buy before December 1, 2009.  An $8,000 tax credit is significant and money in the pocket….just for buying a home in a great buyers market and great interest rates!
4. Investors have returned.  Investors can cash flow on rental properties again and that is causing many to put their cash in housing for a nice return on their investment.  Short term investment opportunities exist as well for the rehabbers of the investor world.

While I am happy that the market is rebounding, I also find it frustrating that in a blink of the eye I am running around with buyers and calling the listing agents to ask, “How many offers do you have on the home?”  I have a very qualified couple now that has been out bid on 3 different property in the $200 – $220k range and they bid over list price every time.  Crazy…..

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, Obama plan will not help those loans.  There is no plan for a principle reduction on the mortgage.

First, it will only be able available to primary homeowners.  Investors or second home owners will not be able to take advantage of any type of loan modification.

Please read the details yourself as I truly “skimmed” but I was curious.  I am not trying to be pessimistic, I am actually curious as to how many people this will help and if it keeps some of the homes from going to short sale or foreclosure, then I suppose it will help housing.

Mortgage lenders will begin accepting applications for this program after the program details are announced on March 4, 2009.