Consider Renting?

Recently I had a client come to town.  They had made ‘reservations’ for a 3 bedroom apartment to rent, while they looked for a house.  When they arrived in town, the rental was no longer available.  Panic stricken, furniture arriving a just a few days, they gave me a call.  I got online checked out the MLS, and other websites with rentals as well.  I let my fingers do the walking.  Call after call, no one was interested in a short term rental.  I talked with one property manager for a while and found out that rentals are staying on the market (if priced right) for about 2 weeks before they are rented.  Rental rates are going up slightly, not huge amounts.  With the people who have lost their homes to foreclosure and short sales they can’t purchase another home due to their credit and lack of down payment.  So they are out there renting.

There is a change in the market, the investors are purchasing up the houses, and renting them back to the previous owners. 

Scottsdale PD on Twitter

What’s the big deal about Twitter?

People either love it or hate it.  But everyone seems to be on it.  Twitter is a social media instant message on steroids.  Well that’s what I call it.  News today,  The Scottsdale Police Department is now on Twitter.  They are looking to keep the community informed quickly to important information.  Like the Indian Bend Wash being closed due to flooding, or when it opens.  Accident blocking lanes on Shea… and more.

Follow the Scottsdale Police Department on Twitter

Follow me on Twitter too!

Lending changes

I mentioned in one of my previous posts (Down Payment Assistance Programs - are they at an end?)  that Down Payment Assistance was ending as of October 1st.  That is a federal guideline. 

Many of the lenders, knowing this rule was coming into effect, adjusted their guidelines early.  Several lenders no longer accept the Down Payment Assistance loans at all.

If you require down payment assistance and are looking to purchase a home.  You better do it quick.  Most of the lenders require you to be in contract and have your loan locked by the end of August. 

 

Good Real Estate News on the front page of the paper

This weekend, on the front page of the Arizona Republic they actually shared positive news about the real estate market.  The housing market, priced under $350,000 is seeing lots of recovery.  We have a closer to normal supply of homes at just over 7 months.  Over the $350,000 we still have a 17 month supply.  My broker, Jim Sexton was interviewed for the article.

What is it about the magic number of $350?

Well the FHA home purchase amount in Maricopa county is about $355,000.  An FHA loan allows someone to purchase a home with 3% down and their closing costs. If you ask the seller to contribute to your closing costs, and/or down payment assistance programs (available until October 1, 2008) a buyer can purchase with little or no money down. 

Other conventional loans require 20% or more down payment.  So you can see why FHA loans are popular, and why homes are selling quickly in the acceptable price range.

Down Payment Assistance Programs - are they at an end?

On July 30th the President signed The Housing and Economic Recovery Act of 2008.  This bill will not allow FHA to insure any mortgage where the down payment comes from and 3rd party directly or indirectly.  That means programs like AmeriDream, and Nehemia will no longer be able to assist buyers in getting 100% financed homes.

Currently, and until October of this year, if you are purchasing a home and getting your financing thru FHA, you can have the seller contribute your 3% down payment, plus the processing fee, to a down payment assistance program, as well as have the seller contribute to your closing costs, allowing a home buyer to purchase with no money down. 

In plain English, if you, or anyone you know is considering purchasing a home, and requires help with the down payment, they will need to purchase a home by October first of this year.  After October, you will have to purchase a home the old fashion way.  With money down. 

You will still be able to have the seller contribute to your closing costs, not the down payment. 

Here is the Summary of the Housing & Economic Recovery Act of 2008.

• One more thing to be aware of is the down payment required for an FHA loan on October first will go from 3% to 3.5%
• In Maricopa county (Phoenix area) the FHA loan amount as of today is $346,250

 

Technorati Tags: down payment assistance,ameridream,nehemia,fha home loan,housing and economic recovery act of 2008

85258 McCormick Ranch area home statistics

This month we have seen a slight increase in the number of listings, and decrease in the number of sold and pending properties.  It could be we are leveling out.  The summer months are not a popular time for seasonal people to come purchase a property.  It is when families are looking to get into their new home before the schools start for the new year.  Check out the pending status for Single Family homes, the only group to keep the numbers strong.  Summer will soon be over, and the cooler months will arrive.  With snow up north we will see more visitors, and more of the condos and patio homes selling.

 

	2-May-08	6-Jun-08	7-Jul-08	3-Aug-08
Total Active Listings	554	507	475	483
Single Family Homes	285	253	242	249
Patio/Town/Gemini Homes	149	128	127	129
Apartment style Homes	120	126	106	105
Total Pending Listings	79	51	67	56
Single Family Homes	37	23	33	34
Patio/Town/Gemini Homes	26	17	14	7
Apartment style Homes	16	11	20	15
	April	May	June	July
Total Sold	55	68	51	45
Single Family Homes	32	35	23	21
Patio/Town/Gemini Homes	14	19	16	10
Apartment style Homes	9	14	12	14

Snap, Crackle, Crash

Snap, Crackle, Crash, no my husband  wasn’t eating a bowl of Rice Crispy’s in bed last night.  The tree in back of us on the greenbelt lost a limb. That mass of green on the ground is the large branch that dropped last night.  One of the maintenance items in the McCormick Ranch communities, are the trees.  Since my community was built in the late 70’s the trees have had about 30 years to grow massively.  Every year the Home Owners Association does major tree trimming.  This tree is one of the largest on the property.  Since it wasn’t likely to damage a home with a falling limb, they have put it off to next year, and next year.  I guess mother nature took care of the maintenance on her schedule after all.