Phoenix Real Estate- New Home Builders
August 18th, 2008 categories: For Buyers, New Construction, Real Estate News
The real estate market in Phoenix and around the country has been and will continue to be challenging for home buyers and sellers.
New home builders are having their share of challenges. If you are planning to buy a new home in Phoenix- it is important that you know the financial health of your home builder, such that you are not left with a partially completed home and your earnest money possibly lost.
The Arizona Dept of Real Estate has provided a resources for Phoenix Home Buyers- here is a list of Phoenix home builders that are experiencing financial diffuculties or are in bankruptcy.
The department also has issued Commissioner’s Advisory No. 2 for home buyers that may have been impacted by home builders that are having financial problems.
If you are considering purchasing a new home, you should also check the the builders financial performance.
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Phoenix Foreclosures-Deal or No Deal | Phoenix Real Estate
August 11th, 2008 categories: For Buyers, Phoenix Foreclosures, Real Estate News
Many home buyers in the Phoenix area are looking for a “good deal” as prices 
continue to decline and foreclosures soar. Many buyers, think that buying a Phoenix Foreclosure may be the way to get a “great deal” and they may or may not be right.
CNN posted an article “How to buy a foreclosed home“ that is worth reading if you are looking to buy a foreclosed home.
Here are some key points to remember if you are considering buying a foreclosure:
- “As-is” - you will in most cases be required to purchase the home in it’s current condition. The bank most likely will not make any repairs. **Note: if the house is very bad condition and you are seeking financing using an FHA loan- you can read more about FHA’s Repair Conditions
- Property Inspection: This is a must when purchasing a foreclosure by a qualified home inspector. At first view, the home may appear to be in acceptable condition, however a good inspector will be able to find any issues with electrical wiring, plumbing etc. Two of the most expensive items to repair/replace in Arizona, that most buyers always ask about- the roof and the air conditioner. While a home inspector looks at all system’s- if the inspector recommends further inspection by a qualified HVAC technician or Licensed Roofer- it is worth spending a few more dollars to ensure you are not faced with expensive repairs.
- Cost of Repairs- If several repairs are needed- make sure you investigate the cost of the repairs- Yes the home may seem to be a “deal”- but if you are faced with expensive repairs- your savings on the purchase price of the home may be eaten up with costly repairs.
- Title- ensure the the property has a clear title-free of tax liens, mechanic liens, HOA assessments, etc.
image courtesy of Downtown Blue
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Chandler Real Estate-Market Statistics July 2008
August 9th, 2008 categories: Market Statistics, Real Estate News
Currently there are 2198 active listings in the Chandler AZ Real Estate Market. The inventory of single family homes increased from June 2008.
New Listings: 593
Pending Sales: 380
Sold Homes: 333
The current absorption rate or supply of homes is 6.6 months-approaching a balance market.
The average sales price continues to decline, $276,178 for the month of July. The average sales for homes in Chandler decreased 10% from June 2008.
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Chandler Real Estate-Foreclosures
Foreclosures in Chandler accounted for 83 of the sales in July and there are currently 189 Chandler homes for sale that are foreclosures.
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Housing and Economic Recovery Act of 2008
August 5th, 2008 categories: Economics, Mortgage and Lending, Real Estate News
If you are looking for information on the newly signed bill aimed at helping distressed home owners and to stimulate the housing market- head on over to Agent Genius for a great post by Brad Nix-he gives a great summary of the bill.
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Phoenix Real Estate-July 2008 Market Statistics
August 3rd, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News
July 2008 Phoenix Real Estate Market Statistics
Here is the latest and greatest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix. Note-in prior months- I have based my charts and numbers on just single family homes. This month and in following months statistics will be based on all housing types (homes, condos etc) - since it is all about Phoenix Real Estate.
Currently there are 13,501 Phoenix homes for sale.
The current absorption rate of Phoenix homes for sale is about 10.3 months-no change from June 2008.
For the month of July there were:
- New Listings: 3580
- Pending Sales: 1746
- Sold Homes: 1305
Listing Status Phoenix Real Estate July 2008
The average sales price of Phoenix homes continued in a negative direction, which was not unexpected with the number of Phoenix foreclosures. The average sales price fell 9.0% from June 2008.
Phoenix Real Estate-Foreclosures July 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2509 bank owned/REO homes for sale in Phoenix, an increase of 12% from April 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
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Time Passes
August 1st, 2008 categories: Just for Fun
I have been getting ready all week for my son’s 18th birthday party tommorrow- I can still remember the very hot August day 18 years ago when I brought my baby home, my first born, with a head full of blond hair and beautiful blue eyes. 
It seems like yesterday, and have enjoyed everyday with this fine young man. He is a goofy, smart, funny and has made me a very proud Mom.
So Noah- Happy Birthday and I love you dearly and I am very proud of you!!
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On the move
July 30th, 2008 categories: Blogging, General Information
After 4 wonderful years at Keller Williams Realty East Valley, I have moved to a local real estate company-Thompson’s Realty. Jay Thompson, the designated broker-known to many as “The Phoenix Real Estate Guy“ is nationally known and respected blogger and Realtor. 
Jay and his wife Francy, are dedicated to providing outstanding customer service and use the latest technology in their business-the values that are so important to me in my real estate business. Read more about Thompson’s Customer Service Philosophy
Needless to say I am thrilled to be apart of such a great company and will continue to provide great service to my clients-using technology to ensure a great home buying or selling experience.
I thank Keller Williams for all of the training, teaching and support that they gave me when I first started in real estate and will miss all my friends, but change brings growth and I look forward to my new adventure.
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Thank you Agent Genius
July 27th, 2008 categories: Blogging
Last week, I was invited to be a contributing agent to the national real estate magazine-Agent Genius:
“Agent Genius is the first multi-author real estate blog designed by and for real estate agents nation wide. Unlike other real estate blogs that blog at the consumer, we blog beside the consumer. We talk about whats hot in technology, new and inventive real estate business models, the nature of the real estate industry, hot topics that impact consumers and so much more… “
I have to say it is an honor to be associated with some of the best and brightest agents across the country.
If that is not enough, Agent Genius won Inman’s Most Innovative Blog, this past week at Inman Connect SF 2008.
Congratulations Benn and Lani- AG’s founders on a well deserved award and thank you for letting me be apart of such a wonderful group of people.
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More Changes for Phoenix Home Buyers
July 25th, 2008 categories: Mortgage and Lending, Real Estate News
As I wrote in my last post, with the Senate passing a new housing bill and the anticipation that the President will sign the bill, here are some of the ramifications of this new bill and the impact on home buyers in Phoenix as well as buyers across the country.
Included in the bill is the elimination of seller funded down payment assistance programs such as Ameridream, Nehemiah & Partners in Charity. FHA statistics show 
that Borrowers who take part in these arrangements go to foreclosure at nearly three times the rate of borrowers who put their own money down. If you are thinking of buying a home in Phoenix with a DPA program, act fast, buy now your time is limited.
FHA Loans-Up-front & Monthly MIP (Mortgage Insurance Premium)
All FHA loans used to be standardized with a 1.5% upfront MIP and a .50% factor for monthly mortgage insurance. Things are changing, now both upfront MIP and monthly rates are on a tier system based on down payment, loan term (15 or 30 years), credit score and use of traditional or non-traditional credit. Upfront MIP now ranges from 1.25% to 2%. The monthly factor now ranges from .25 - .55%. Remember, up-front MIP can be financed into the loan or paid in cash up front by buyer or seller. Monthly mortgage insurance is required on all FHA loans, regardless of down payment amount.
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Ameridream, Nehemiah DPA Programs-Going Away?
July 24th, 2008 categories: Mortgage and Lending, Real Estate News
The House on Wednesday voted 272-152 to pass legislation that will offer up to $300 billion in assistance to troubled homeowners and give support to Fannie Mae and Freddie Ma.
The new Federal housing bill is expected to be signed into law very quickly in order to grant the Feds authority and the means to take over Fannie and Freddie. The President has already rescinded his earlier threat to veto and has now promised to sign.
In the new bill there is a provision to eliminate the FHA Seller Assisted Dowpayment Programs (ADP) through Nehemiah and AmeriDream. The bill gives a stop date for the programs of October 1, 2008, however, lenders will be permitted to discontinue the ADP at their discretion anytime before October 1!
There is opposition to the elimination of this program, but if you are thinking about buying a home in Phoenix with one of these programs, it might be time to get off the fence-time is not on your side.
If you are currently under contract with such a loan program, you should be ok, unless it is a short-sale transaction-which could take 2-3 months to close, in which you may be at risk of losing your financing, check with your lender for more detailed information.
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