Surprisingly home values went up in the last year 3.6% and up 4.4% in the second quarter over the last quarter. Unfortunately, jobs are still hard to find so that’s keeping many people out of the market. However, interest rates continue to be low and that’s convincing many who are secure in their jobs to buy. It’s a strange market we have out there.
Downtown Phoenix seems to be holding it’s own lately. Home values in the Downtown and MidTown areas have been holding steady. I’ve even seen a condo that didn’t sell in a short sale recently get foreclosed on and the bank raised the asking price of it. I’m not sure it will sell for the new price but there’s a Realtor and a bank out there that think so.
I also have a few investors that are looking for single family homes below $50k and I can tell you, there’s plenty to choose from all over the valley. Basically, if you can pay cash and keep the remodel to a minimum you can charge between $500 to $700 a month rent for these homes. Where can get that kind of return on your cash right now. Not to many places I’m sure. Check with your financial advisor to see if this is the right move for you. There are still risk in real estate as we all learned in the last few years.
When you do the math, you’ll see that buying a more expensive house at a lower interest rate is cheaper than buying a less expensive house at a higher interest rate. Consider this; If the loan Amount is $175k at 5% the payment will be about $939.44 vs 6% the payment will be about $1049.21 or for a loan amount of $150k at 6% will be $899.33.
With this is mind, you might want to call a lender to see what interest rate you qualify for and what the payment will be. There are a lot of good deals out there with so many foreclosures and short sales on the market. I’ve heard from a few people that Short Sales are getting easier but I haven’t seen it. I’m still selling them but I do warn my clients not to expect anything fast.
Downtown Phoenix has some great deals in the condo market. You can get nice 2 bedroom and 2 baths for less than $100k. Even though the first time home buyers tax credit has expired it’s still a good time to at least look into buying a home in Phoenix.
You also might want to just search through MLS. You can search by zip code and check out different areas of the valley. RooPho Realty sells real estate all over the valley so feel free to call us with any questions in any part of town.
Comments Off
The recent HUD announcement stated the HUD was lifting the 90 day flipping rule effective 2/1/2010 and will not loan on a property that has not been owned by the current owner for more than 90 days. Until now, the current had to own the property for 90 days before FHA would insure the loan. This is for contracts effective 2/1/2010. It does not apply to contracts or loans already in existance. Again this waiver DOES NOT apply to existing loans or contracts. It applies to new contracts 2/1/2010 and later.
This 90 day waiting period has kept many buyers from purchasing the home they really wanted because they wanted to use FHA financing. Now they will be able to us FHA for many homes and condos in the valley.
Comments Off
WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”
Comments Off
S&P/Case Shiller Home Price index tracks the the 20 largest metropolitan areas of the country. Phoenix was the highest gain with 1.3% and San Francisco was number 2 with 1.2%. We aren’t out of the woods yet and there is an expectation that we have another wave of foreclosures to go through but as history tells us, Phoenix has recovered faster than many other markets and this is good news that maybe we can recover out of this one too.
There are many good values out there. 1 bedroom condos for $35k in Central Phoenix. Single family homes for as little as $50k. Interest rates are expected to go up in 2010 but by how much is still unknown. Just remember, with interest rates currently in the 5% range, even if they go up to 6% or 7%, those are still good rates compared to the last 30 years. Yes, those are higher than the 4% adn 5% of the recent past but they can’t stay that low forever.
Even luxury condos in the Biltmore area are going for pennies on the dollar compared to how much they were selling for just a few years ago, and if you buy a Fannie Mae owned property you can get in for a little as 3% down and not PMI (Private Mortage Insurance) and no appraisal.
Comments Off
2010 is here and it couldn’t have gotten here any too soon. 2009 was one of the most interesting and yet stressful real estate markets I think the United States in general and Arizona more specifically has ever seen. Now that we are in a new year it’s time to look at things in a new light. The market is still very fragile and while many economist are saying we are at the bottom of the market and should be slowly climbing out this year, I think it’s still time to be careful about purchasing real estate.
There are many good properties for sale and many for very good prices. With interest rates still at near record lows in many cases it could be cheaper to buy than to rent. And with the Federal First Time Home Buyers Tax credit extended to June of 2010, that could mean as an extra $8000 in your tax return next year.
So what do you need to determine if you should buy now? You need an honest conversation with a real estate professional that knows the market and understand the strategies for making a good offer that will not only get you the best price for the property but also gets accepted by the seller. Since most sellers are the banks that foreclosed on properties or investors that bought the property at auction, there are better ways to write an offer then in other real estate markets. Chris Campbell of RooPho Realty has just what you need. Experience and knowledge of the market. Contact Chris to discuss your needs and what you want and he’ll honestly tell you if this is the right time for you to buy and what properties might suit your needs best.
Chris is a native of Phoenix and has lived in Central Phoenix for over 20 years and Downtown Phoenix for over 4 years. Chris specializes in Urban Properties Valley wide, including condos, townhomes and historic homes. Check out all of the latest information on the real estate market on this website and then call Chris for a free and no hassle consultation.
Check out the many Phoenix condo, Tempe Condos, Scottsdale Condos and the Biltmore Condos under the Urban Properties tab and get the latest status of any of these properties. While RooPho Realty specializes in the Central Phoenix Urban market, we keep in touch with the whole valley. As a Native Phoenician, Chris has lived in many parts of the valley and has sold properties in many more. You can also check out our other website at www.PhoenixAZUrban.com
Comments Off
CityScape’s first building in Downtown Phoenix has been a magnet for law firms. Polsinelli Shughart recently committed to 45,000 sf in the project and joining Squire Sanders & dempsey, Ballard Spahr, Jennings Strouss @ Salmon and Gust Rosenfeld. The first tower is scheduled for completion in June of 2010.’
This is just another sign that although the economy is still struggling, Downtown Phoenix remains in the spotlight for commerical and residential. If you’re intersetsed in working in Downtown Phoenix and living there are 3 great projects you can consider. The Summit at Copper Square is a highend condo tower and only a few blocks from CityScape. There are 1, 2 and 3 bedroom units for sale and prices are very reasonable now. Currently (1-5-2010) there are 6 units for sale at the Summit with prices ranging from $140k for a 1 bedroom and going to $450,000 for a 2 bedroom on the 17th floor.
Another great building that is a few blocks from CityScape is the Orpheum Lofts. This is a great 1934 building converted to lofts in 2004. One bedrooms are now starting at just under $100k and two bedrooms start at $145k. This building is certainly a great lifestyle in a very well done Art Deco building in the heart of Downtown. All units have exposed brick, concrete columns and duct work. With a Light Rail Station only a block a way, you can really give up your car most of the time.
If you’re looking for something a bit larger but still very cool, you might like Stadium Lofts (also known as Downtown Phoenix Lofts). These are larger and a ver open floor plan ranging from 1100 square feet to over 1700 square feet. Most are designated 1 bedrooms but have plenty of room for 2 bedrooms. Located just south of the USAirways Arena and only about 3 blocks from CityScape, it’s a great location to get anywhere downtown easily and the Jackson Street Entertainment area is still being planned.
Check out these communites and all the communities in Downtown Phoenix by going to http://www.aznativeproperties.com/ and see what happening. You can also contact the Downtown Urban Real Estate Specialist at Chris@RooPhoRealty.com
Comments Off
While existing home sales were up in November over October by 7.4%, new home sales were down 11.3% according the Census Bureau. They had expected new homes sales to go up in November but this could be an affect of the First Time Home buyers Federal Tax Credit. To qualify for the tax credit you have to have closed on the purchase by November 30th. New homes can take 3 to 4 months to build and close so it would appear many First Time Home Buyers went to the existing market for low prices and to qualify for the tax credit. As nice as a new home can be there are many existing homes on the market that may need a little work and the tax credit can certainly help that. Also, many new homes in the Phoenix area are out in the suburbs and many people are moving back into the city.
Comments Off
Phoenix home prices went up over 50% in the boom of the market and now they are down about the same. With interst rates still very low and federal tax credits, it’s a great time to buy. There are news reports all the time in the last 12 to 18 months saying lenders are not lending but I have many clients that didn’t have a problem with many different lenders. Try Legacy Home Mortgage, they do great work. Then, check out some of the great properties around the Phoenix Metro area. There are many great values all over town. Some of the best values under $100k will be in the Phoenix condo market. There are some nice Pheonix single family homes just under $100k but if you get down to $50k they normally need a lot of work.
Comments Off
The First Time Home buyers tax credit was not only extended but it has been expanded to include people who want to buy a home or second home. The income minimum has been raised from $75k to $125k for a single person. You must be in a contract by April 30th, 2010. This can really help home sales. There are great buys right now all over the valley. Tempe has Bridgeview that over looks the Tempe Town Lake and has some really good prices.
Bridgeview at Hayden Ferry Lakeside condominiums offers 104 luxury condominiums in an elegant 12-story tower all to be located on Tempe Town Lake. Enjoy the view of Tempe Bridge and downtown Phoenix skyline at sunset while you relax on your balcony of your condo at Bridgeview at Hayden Ferry Lakeside on Tempe Town Lake. Bridgeview at Hayden Ferry Lakeside condominiums has one, two, and three bedroom units, all with a private patio or balcony. Relax at the heated pool, spa or workout at the on-site fitness center at Bridgeview at Hayden Ferry Lakeside condominiums. Nearby Bridgeview is downtown Phoenix, Sky Harbor Airport, ASU, downtown Tempe, Mill Avenue, great clubs, restaurants, and ASU Sun Devil Stadium.
The Biltmore Area has the Biltmore Jewel which is another great community at good prices.
Biltmore Jewel condominiums offers European styled architecture in a gated community located in the Biltmore Phoenix area. The builders of the Biltmore Jewel paid much attention to craftsmanship and design to create a special neighborhood that encompasses the traditional values of family, friends and gracious living at the Biltmore. At the Biltmore Jewel condominiums you’ll enjoy a peaceful village community linked by tree lined streets, lush landscape and a community pool. Be a part of Biltmore Jewel, close to exclusive shopping, restaurants and theater and the Biltmore Fashion Park.
Comments Off