Phoenix AZ Urban

February 1, 2010

FHA 90 day rule

Filed under: Home Values,Phoenix Urban Properties,Tax Credits — Tags: , , , , , , , , , , , , , , , , , , — Chris F Campbell @ 10:59 am

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.

January 11, 2010

Home Values Leveling out in Phoenix

Filed under: Home Values,Phoenix Urban Properties,Tax Credits — Tags: , , , , — Chris F Campbell @ 10:03 am

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.

January 7, 2010

2010 is here.

Filed under: Home Values,Phoenix Urban Properties,Tax Credits — Tags: , , , , — Chris F Campbell @ 2:08 pm

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

January 4, 2010

Home Values in 2010

Filed under: Home Values,Phoenix Urban Properties — Tags: , , , , — Chris F Campbell @ 1:15 pm

If you’ve been watching the news there has been a lot about the economy and especially the real estate market in the last year but what’s in store for 2010.  The last half of 2009 we saw home values nationwide level out in most markets.  The First Time Home Buyers tax credit and low interest rates helped that.  However, in Phoenix we got a helping hand when Investors starting coming back into the Metro Phoenix market and started buying up foreclosed homes. 

Home Values in 2010 could see continued leveling out or they could even drop a bit more, even in Phoenix.  If interest rates start to go up and foreclosures continue to dominate the market we could see values go down a bit.  So the question “is now a good time for me to buy?”

That all depends on many things and that’s why now is the right time to not only get a Licensed Realtor but an experienced on that can help you determine if this is the right time for you as well as what is the right property for you.  RooPho Realty has the experience and the knowledge to help you on both counts.  We sold over 40 homes in 2009 and have hit the ground running in 2010. 

There are many great areas and properties out there, you just need the right Realtor to assist you and RooPho Realty has what you need.

December 23, 2009

New Home Sales are Down in November

Filed under: Home Values,Phoenix Urban Properties,Tax Credits — Tags: , , , , — Chris F Campbell @ 8:43 am

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.

December 22, 2009

Homes Sales up in November.

Filed under: Uncategorized — Tags: , , , — Chris F Campbell @ 12:52 pm

Home sales were up on November up 7.4% over October sales according to the National Association of Realtors.  This was due in part by the first time home buyers tax credit that was scheduled to end at the end of November but was extended through June.   Home sales have been up nationwide and even in the Phoenix market.  Phoenix once again has many homes that are priced so low the investors can’t stop themselves from buying and the first time home buyers are getting in on the action in part because of the Federal Tax Credit and also because the near record low interest rates.  There are many great Phoenix condos on the market at very good prices.  It’s not hard right now to find a nice 2 bedroom condo for under $100k.  With FHA financing you can get it for as little as 3% down.  Phoenix Historic homes are also back in play again with good prices.  There are many historic areas near Downtown and walking distance to the Phoenix Light Rail.  With Urban Living coming back into fashion in Phoenix and historic homes have been very desirable for years, it’s great to live in a home with character and be able to walk to a Light Rail stop.

Phoenix Home Prices

Filed under: Home Values,Phoenix Urban Properties,Tax Credits — Tags: , , , , , — Chris F Campbell @ 10:34 am

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.

December 16, 2009

First Time Home Buyers Tax Credit Expanded

Filed under: Tax Credits — Tags: , , , — Chris F Campbell @ 11:15 am

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.

December 4, 2009

Home Sales Increase

Filed under: Home Values — Tags: , , — Chris F Campbell @ 10:34 am

The National Association of Realtors reported the ninth month for increase in the number of signed contracts for homes in the US.  This isn’t the number of homes sold and some deals will fail but it’s a good indicator for the housing market. 

The NAR reported Pending Home Sales rose 3.7% from September to October and the index is 31.8% higher than a year ago.  That’s the biggest year-over-year gain in history.  As for the Phoenix market, home inventories have been going down to a four month supply and the home values have gone up from Spring of 2009 to the Fall of 2009.  Low Interest Rates and the Federal Tax Credit contributed to the good news and now that Congress has extended and expanded the Tax Credit there are high hopes that it will continue to help the market in 2010.

RooPho Realty has a 100% increase in sales in 2009, doubling any year we’ve had before in the number of homes we sold.  That’s huge in this economy and we’re very proud to say that we don’t only help the home owners in trouble or in the high value properties but many of these homes were under $50k and we continue to help people buy and sell in all areas of the market.

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