There are lots of homes out there being sold "as is'.  With all of the foreclosures, short sales, and vacant homes where there is either no one, or no money to put into repairs, the houses are requiring an "as is" addendum added to the purchase contract.  One of the first questions I get is "Do we get to do any inspections?" YES.  The "as is" addendum is letting the buyer know up front that the seller is not in a position to do any repairs.  So what you find in your inspection process allows for you to consider moving forward or canceling the contract. 

Lots of those vacant homes have no power on as we are looking thru them.  Where carrying a flashlight was a safety item in my car, now it is a standard home showing addition.  I feel like one of those CSI's wandering thru the crime scene, my eyes following the beam of light looking for clues. I digress...  The concern in homes without power on is also inspections.  "How do we inspect with no power?"  Great question.  Once we are in contract, we get he power turned in.  Many times the power is on, just turned off at the breakers, and the water is turned off at the house.  Gas is another issue.  It is almost always off.  There must be someone present when the gas is turned on, so the Gas Man can check for leaks, and get the pilot lites all lit correctly.

Because of these issues,  we (my mom ,my partner and  I) suggest doing a 15 day inspection  rather than the standard 10 days.  This gives us time to get the power, water and gas on.(can take a couple of days)  And gives you time to fully inspect.  The normal process is to have the home inspector and termite people come out, usually the same time,  Then if the home inspector finds anything requiring a more detailed look, there is enough time to get other trade specialist in to determine condition and cost of repair.  The home inspector only identifies issues needing care or maintenance not cost of repair.  Allowing for you the buyer to make the most informed choice about your new home as possible.

        

It was a great day in Old Town Scottsdale for a bike race.  That's my sweetie in the front of the pack.  The temps were perfect, it was delightful sitting outside Fine's Cellar in the shade and watch the racers fly by.     The course was fast and demanding and the racers had a great day. Good news, no injuries.  I like that! This was the second annual Cyclo de Mayo, a big thanks to Scott Delaune who worked so very hard putting this race on the past 2 years. 

        

If you don't know already the Mortgage world is in an upset.  With requirements for loans having gone so wild, where all you needed was a pulse to get into a home... they have now swung back hard the other way.  The 'golden rule' was 20% down and you get the best pricing, no Mortgage Insurance.  That was what every buyer really wanted.  It is what created the 80/20 loan combo as well as the 80/10/10 and many more variations for people with less than 20% down. 

The Mortgage world has created a new 'gold standard'.  30% down and 70% loan.  Ouch! 

Let me explain what this means.  First when you apply for a conventional loan there are many things that go into determining the interest rate you will be paying.  You credit score, or FICO is first and foremost the biggest contributing factor.  Then the amount of the loan, for example, if your loan amount is less than 100k, you get a little bump in the rate you pay.  Then the % of the loan to the value of the property or purchase price.  Where 20% down was the magic number, now it is 30% down if your credit is anything less than perfect.  The difference between someone with a 720 credit score or higher and someone with a 620 credit score is 2.75%.  So if the interest rate was 6% for the A+ credit of 720 or higher, the same loan would be at 8.75% for the person with a 620 credit score. 

The moral of the story, keep your credit score up!  If your credit score is low, put as much down as possible (your goal is 30%) .  Or purchase a home using an FHA loan (in Maricopa county till the end of 2008 that is a purchase price of about 350k). 

        

My husband is a dedicated cyclist.  You know, they guys out riding, even in the summer when it is over 110.  He belongs to a team, Procon and this weekend they are having the second annual Cyclo de Mayo.  It is a crit, meaning they ride  multiple laps along the course.  They will be in Old Town Scottsdale, riding a 1/2 mile course, with groups heading out to ride from 7am to 5pm.  There will be a Kids Zone, with "moonbounce", Bike Rodeo, and Pinata party.  Come out to join the riders, or watch the excitement. (these guys get moving, about 35mph on a bike).  Register to ride with bikereg.com. 

        

The numbers are looking good.  We have even reduced the number of active listings just a bit.  The total pending sales are remaining steady, and also see a bit of an incline.  The solds remain steady.  This is a good sign.  Each month we are anxious to see the pending and more importantly the sold listings remaining steady and hopefully increase.    The true test will come in the coming months.  Without all of the big crowd pleasers (Super bowl, Barrett Jackson, Nascar etc) and with the increase of our temps over the upcoming months, our northern visitors will be mostly out of the picture.  We will know in another couple of months if this was a seasonal influx or a true measure of the change in the market. 

	1-Feb-08	3-Mar-08	4-Apr-08	2-May-08
Total Active Listings	578	556	572	554
Single Family Homes	277	279	287	285
Patio/Town/Gemini Homes	157	150	167	149
Apartment style Homes	144	127	118	120
Total Pending Listings	57	72	70	79
Single Family Homes	36	33	39	37
Patio/Town/Gemini Homes	17	22	17	26
Apartment style Homes	4	17	14	16
	Jan	Feb	March	April
Total Sold	29	42	55	55
Single Family Homes	14	21	19	32
Patio/Town/Gemini Homes	11	17	21	14
Apartment style Homes	4	4	15	9

        

Today was the Scottsdale Area Association of Realtors Technology Symposium.  There were over 130 people registered, and it was a great turn out.  There were 4 breakout sessions, Websites, Blogging, Lead Generation, and Flex MLS.  I was invited to be on the Lead Generation panel.  It was an honor and a treat.  D. Patrick Lewis of John Hall & Associates was the moderator of our segment and did a great job. John Wake with Home Smart Realty and Amy Geddes of Clareity Security rounded off the group.  It is a great treat to have associates who are knowledgeable and so willing to share their knowledge with others.

Thanks to everyone who worked so hard to put the event on.  You did a great job, and I think everyone who attended received some great info!

 Not the greatest photo, that is me in the middle.

        

Today was the Scottsdale Area Association of Realtors Technology Symposium.  There were over 130 people registered, and it was a great turn out.  There were 4 breakout sessions, Websites, Blogging, Lead Generation, and Flex MLS.  I was invited to be on the Lead Generation panel.  It was an honor and a treat.  D. Patrick Lewis of John Hall & Associates was the moderator of our segment and did a great job. John Wake with Home Smart Realty and Amy Geddes of Clareity Security rounded off the group.  It is a great treat to have associates who are knowledgeable and so willing to share their knowledge with others.

Thanks to everyone who worked so hard to put the event on.  You did a great job, and I think everyone who attended received some great info!

 Not the greatest photo, that is me in the middle.

        

I have not written much in the past few weeks.  I ordered 2 new computer towers from Dell, and have been busy migrating, making sure things are working and cleaning up files.  Phew, glad I am mostly complete with that task! 

While choosing what direction to take, one of the sales persons let me know that Windows XP would not be being sold in a couple of months.  Since so many programs still have issues with Vista, I choose to jump on getting my XP's while they lasted.  Many of the programs I use daily are not compatable with Vista.  I know everyone has their favorites, I am looking forward to shifting over to Mac one of these days, just not today.  So if you are considering getting a computer soon, and would prefer to keep XP then consider taking action sooner rather than later.

        

The Arizona Republic has been writing about it and the news reports have been talking about it.  Snake Season.  Did you even know there was such a thing?  Rattlers are in the desert, and guess what, so are we.  With the warming temps they are coming out of hibernation and are being seen.  Not all snakes are poisonous, and they do serve a purpose.  Snakes feast on rodents, and with the abundance of fruit trees, we have roof rats (that is a subject to save for another time). What is your best course of action to keep them away from your home?  Clear debris from around your home, eliminating possible nesting areas.  Clear the fruit off your trees, eliminating the food for the rodents, and thus food for the snakes.  Watch where you are walking, and when hiking be alert.  And if you do see a snake, keep your distance, no bravery please.  If you or someone you know is bitten, call 911 immmediately and for more info contact the Scottsdale Fire Department at (480) 312-FIRE (3473)

I have only seen one rattler near a home, the home was surrounded by desert, and new construction had just begun across the street.  It was happily sunning itself on the walk way to the home.  Nope, they didn't buy that one.    Even though we don't see them, they are still around.  Please be full of care when out doors.

        

This morning I had breakfast at one of my favorite McCormick Ranch breakfast spots; JP Pancakes.  Located in the Mountain View shopping plaza on the south east corner of Mountain View and Hayden Rd.  It is a tiny spot, only 11 tables, and if you are looking to get in and out fast on a Sunday morning be there before 9am or plan on waiting.  (the wait is worth it!)  It is a no frills place, no fancy linens, just good food. The menu is not huge, and they only serve breakfast.  A favorite of my family's is the baked pancake, at least I think that is what they call it.  I get the Banana Pecan.  It is a cross between a pancake and a souffle. (yummy) It takes about 20 min to cook, so don't dawdle when putting your order in, the coffee flows while you wait so bring good company and prepare to feast.  If there are too many people ahead of you on the wait list, place your order and take it to go.  Yup, breakfast to go.  If you live too far just take the feast over to Mountain View Park, and have a picnic.