Archive for April, 2008
I’ll take your seconds.
April 30th, 2008 categories: General
For the third time in a couple of weeks, I have received emails and phone calls from potential clients that have been snubbed by other Realtors. 
The first was a lovely couple for WI looking for a second (winter home) in Maricopa. They found a property online and tried to call and email the listing agent to find out more information about the property- no return call, no return email. I took them out looking for homes last week.
Today I received an email from a young man looking to sell his home in Queen Creek. I called him back and was very surprised how fast I responded to his email. He had previously spoken or emailed two other realtors that have since not returned his calls.
He is very realistic about the market conditions in Queen Creek. We talked for about 20 mins about the state of the market and some of his options.
Market conditions are challenging in Maricopa and Queen Creek, but they will get better. I look at every email or phone call from a potential client as an opportunity to potentially help a home owner or home buyer- regardless of the outcome- I can find time to return a call or email. If I am unable to help them- I will let them know upfront.
As Realtors, we are professionals, and it is my belief- we need to act in a professional manner and to me that means returning calls, emails and trying to find solutions for people looking to buy or sell real estate.
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When will I receive my Economic Stimulus Check?
April 28th, 2008 categories: Economics, General
Here is the schedule from the IRS:
Payment schedulePayments are categorized by the last two digits of taxpayer Social Security numbers.
Direct deposit
Last 2 digits 00-20: May 2.
Last 2 digits 21-75: May 9.
Last 2 digits 76-99: May 16.
Paper checks
Last 2 digits 00-09: May 16.
Last 2 digits 10-18: May 23.
Last 2 digits 19-25: May 30.
Last 2 digits 26-38: June 6.
Last 2 digits 39-51: June 13.
Last 2 digits 52-63: June 20.
Last 2 digits 64-75: June 27.
Last 2 digits 76-87: July 4.
Last 2 digits 88-99: July 11.
Source: Internal Revenue Service
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Do you Twitter?
April 26th, 2008 categories: General
Have you checked out Twitter?
I have been learning this new tool (new to me) and am quite fascinated with this application.
To see the power of twittering, check out this story-”Student ‘Twitters’ his way out of Egyptian jail.
Here is another example of how Twitter is helping Realtors, buyers and sellers connect.
So if you would like- you can follow me on Twitter and happy Tweeting 
| Discussion: 2 Comments »
How to make money in a declining real estate market-Phoenix Real Estate
April 25th, 2008 categories: Real Estate News
| Tax Liens.
With an increasing number or Phoenix foreclosures and short sales have you ever considered buying a tax lien? The source of this information is from http://treasurer.maricopa.gov/research/tutorial/tutorial.htm Tax Lien Sale Guide - Introduction |
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“The Tax Lien Sale provides for the payment of delinquent property taxes by an investor. The tax on the property is auctioned in open competitive bidding based on the least percent of interest to be received by the investor. Property taxes that are delinquent at the end of December are added to any previously uncollected taxes on a parcel for the Tax Lien Sale. The sale takes place in February of each year. Please read the disclaimer before deciding to bid, and see our lien FAQ page and lien history page. |
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Parcels whose taxes are subject to sale will be advertised, in January, in a Maricopa County newspaper of general circulation. They are listed by sequence number. Parcels fall into 1 of 2 groups. Each group is sorted by parcel number. The advertisement appears about three weeks before the auction and is also posted on the internet. Copies of the newspaper are usually available for purchase at Treasurer’s Office. In addition a CD of those parcels can also be purchased. The investor is responsible for all research on the parcels available for auction. County maps for research may be obtained by visiting the Maricopa County Assessor’s Office.”
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Phoenix Real Estate-Desert Rose
April 24th, 2008 categories: New Construction, Phoenix Neighborhoods
I visited the new development-Desert Rose from Beazer Homes today. If you are looking for some great views of Phoenix, 
Desert Rose offers homesites with views of the city to the North and mountains to the South.
The community features 88 home sites, and 6 different floor plans ranging from 2433 sqft to 4066 sqft.
There are 2 model homes you can tour:
The Renoir: 3102 sqft, 3bd, 2.5 ba with optional casita, walk deck and 4 car garage starting from $486,900. The kitchen is fabulous-great for entertaining.
The Picasso is 4066 sqft, 4bd, 3.5 bath and optional 2nd owner’s suite, 4 and 5 car garage starting from $551,900. The dining/living rooms area great for entertaining and again the kitchen was beautiful. (You might guess the kitchen is a key feature for me)
Many of the homesites will have lot premiums, and will feature natural desert landscaping in front.
If you are looking for a new home in Phoenix and want some amazing views-check out Desert Rose located at Baseline Rd and 32nd St.
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Do you really want to sell your home in Maricopa?
April 21st, 2008 categories: Maricopa Real Estate
Today I spent the day showing property to a lovely couple from Wisconsin, looking to buy a second home in Maricopa. For about a month, I have been sending them listings, they have noted their favorites, such that we can narrow down the search and look at about 5-10 properties and possibly make a CASH offer on, while they are in town for one short week.
So many of the homes in Maricopa are short sales, REO’s and vacant, not a problem to show I think- Well what a surprise: at our first stop- per the MLS showing instructions: “Vacant on lockbox” OK- we get to the home, no lockbox, no sign, no looky for us. So this evening I call the listing agent- “Oh yeah- I will have the lockbox in the morning” I let him know that we will be out again tommorrow at 9 am- I ask “Will the lockbox be on by then” - “No, I am just waking up at 9:00 am- maybe by the afternoon”
On to the next home: “Owner/Agent” Showing instructions “Occupied/Buyer/Broker use Lockbox” So I call the “owner/agent” to set an appointment to show. “Oh I did not have a chance to put a key in the lockbox, can you come back tommorrow?”
On to house #3: “Call occupant to schedule a showing” So I call the occupant to schedule a showing. ” Operator: this number has been disconnected” Nice- so I call the listing agent “Oh they may have skipped town- I will try to get another number for you to call and set an appt.
I learned my lesson-if possible, I will call 2 days in advance to show property, hopefully this will help the listing agents prepare their listings to be shown, as they state on the MLS showing instructions- that one would hope are accurate.
Morale of the story: Don’t always believe what you read
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Economic Update-Do a little Dance
April 20th, 2008 categories: Economics
From my friend over at The Mortgage Advantage-Diane Gerdes
“The U. S. stock market jived to a different beat than the rest of the world all week. Friday was a banner day for Wall Street even though Citigroup, Chase, and Merrill Lynch posted gut wrenching losses with amounts that are unprintable. What the stock market heard is “the losses were not as severe as projected” and did a little boogie that made for one of best days for stocks in several years. Even the unexpected jump in the world’s most widely used interest rate; the London interbank offered rate (Libor) could not dampen the market’s happy feet. Those of us that have some sort of adjustable rate mortgage do not feel like dancing. The music that would get our feet tapping would be “Please lower the A.R.M. rates so we can afford our homes when our rates adjust tune” or maybe the more popular “You have to lower the rates so our buyers can afford their homes”. Now that would make us feel like dancing!
FYI: Banks added on fees for investor loans effective immediately which translates into higher interest rates for all investors. Fannie Mae and Freddie Mac are discontinuing all no income verified or “stated income” programs regardless of credit scores and down payment. Several banks have “portfolio products” that will still offer “stated” programs. “
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Short Sales vs REO Properties
April 17th, 2008 categories: Real Estate News
There was an interesting article today “Why Lenders are Leery of Short Sales”
According to research from Clayton Holdings Inc. indicates that lenders lose only 19 percent of the loan amount on average with a short sale, compared to 40 percent on a traditional foreclosure sale. However, short sales require approvals from primary lenders, servicers, investors, and home-equity lenders–a process that can take several months to complete.
So I decided to look at Gilbert Real Estate listings and look at the difference in list price vs sold price of homes that closed as short sales and those that have closed as REO as well as how they compare to homes for sale from “non-distressed” sellers.
This chart depicts that data (NOTE: the data is only as good as the agent that enters it into the MLS )
I looked at homes listed in Gilbert, 1800-1900 sqft, with home sales from Jan 2008 to the present. “Normal” listings are homes for sale in Gilbert from “non” distressed sellers.
From the sold data: Ave Sale Price: Normal = $256,355, Short Sales = $226,184 and REO = $204,941
Normal/REO % difference = 21%
Normal/ShortSale % difference = 10%
The percentage’s may not be the same as national data- but real estate is local and this is a small sample of data.
As a buyer looking for a “great deal” in a REO or short sale- there are some things to keep in mind. Most, if not all, REO properties are sold “AS-IS” no repairs will be made, there will be no disclosures and in some cases the homes are not in great condition. The same can be said about short sales.
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Value of a commodity (your home) is set by Buyers
April 16th, 2008 categories: Real Estate News
Are you trying to sell your home in Phoenix? Here is a great post from Joe Manausa located in Tallahassee Fl. about pricing your home to sell. Although Tallahassee is located across the country, the prinicples of selling a home, regardless of location, are the same.
A couple of points to remember
- What a seller needs is not a material factor in the price for which their home will sell
- If you absolutely do not have to sell your home, postpone putting it on the market (or removing it from the market) -this help will drive inventory down, which eventually will help prices rebound in the Phoenix real estate market and homes will again start to slowly appreciate in value. (Supply and Demand)
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Consequences for ‘Walk-Away’ Borrowers-Real Estate News
April 15th, 2008 categories: Real Estate News
Source: Washington Post Writers Group, Kenneth R. Harney (04/12/2008)
The government and the lending industry are taking aim at “walk-away” home owners who stop making payments and months later send the house keys back to their lender.
Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are “documented extenuating circumstances.” In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment and have a FICO credit score of at least 680 to qualify for a Fannie Mae loan.
Freddie Mac, which counts foreclosures as major credit black mark for seven years, is now aggressively pursuing walk-away borrowers where permitted under state law, a senior official said.
Federal legislation enacted last year allows home owners who negotiate loan modifications with lenders and have portions of their principal debt eliminated to escape income tax liability for the amount forgiven.
Walk-away borrowers, by contrast, have nothing forgiven, and the Internal Revenue Service may demand taxes on the balance they never paid, the IRS says.
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