Archive for the 'phoenix real estate' Category
New FHA Loan Limits for Phoenix Real Estate
November 12th, 2008 categories: Mortgage and Lending, phoenix real estate
FHA Maximum Loan Limits
As of January 1, 2009 the maximum FHA loan limit for single family residences in Arizona are as follows…
Maricopa County $271,050
Coconino County $333,500
All Other Counties $271,050
Current limits for Maricopa county is $346,250. So if you are looking at FHA financing a home higher than $271K- now is the time to buy!!
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Phoenix Real Estate- Is it 2005 again?
October 24th, 2008 categories: Phoenix Foreclosures, Real Estate News, phoenix real estate
Working with buyers for the last 2 weeks, I am reminded of the frenzy of 2005. Offering over list price with multiple offers- believe or not.
The senerio, however is a little bit different. There are plenty of buyers in the Phoenix Real Estate Market, evident by the number of multiple offers on Phoenix foreclosures as well as short sales. The driving factor- a great price on a home that is in near perfect condition.
Prices have plummeted- pick up any newspaper or read any article online and all you read is gloom and doom regarding real estate. Credit tightening, larger down payments required etc.
With the price declines- there are new opportunities for first time home buyers, investors and vacation home buyers in the Phoenix area.
FHA and VA are great loan programs that require very little money down and they are lending and people are buying homes!!
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It’s a Secert- Phoenix Real Estate
October 19th, 2008 categories: For Buyers, Real Estate News, Selling a Home, phoenix real estate
Definition: fiduciary- person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
So after 10 plus calls to listing agents in the City of Maricopa and Laveen with clients wanting to see homes listed on the ARMLS system listed for sale- with alarm codes, lock box codes not disclosed in the “Realtor Remarks” with the”message” Call Lister for codes. So I did, and so it goes, no return calls and no showing for their client. So again the definition:
fiduciary: person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
Listing Agent FAIL- but a big shout out to those that did call back- I may be sending you an offer.
Rant over.
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Phoenix Real Estate- Phoenix Market Statistics Sept 2008
October 6th, 2008 categories: Market Statistics, Phoenix Foreclosures, Real Estate News, phoenix real estate
Here is the latest in the Phoenix Real Estate Market. These numbers are for all housing types in Phoenix (homes, condos etc).
Currently there are 13,869 Phoenix homes for sale, up from Aug 2008.
The current absorption rate of Phoenix homes for sale is about 9.5 months-down slightly from Aug 2008.
For the month of August there were:
- New Listings: 3775
- Pending Sales: 1451
- Sold Homes: 1456
Listing Status Phoenix Real Estate Sept 2008
The average sales price of Phoenix homes continued in a negative direction, which was not unexpected with the number of Phoenix foreclosures. The average sales price fell 5.8% from Aug 2008.
Phoenix Real Estate-Foreclosures Sept 2008
The number of Phoenix homes for sale continue to see an increasing number of foreclosures. Currently there are 2849 bank owned/REO homes for sale in Phoenix, an increase of 6% from Aug 2008.
For more information on the Phoenix Market Conditions visit ASU Realty Studies
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777-Jackpot!!??
September 29th, 2008 categories: Economics, For Buyers, phoenix real estate
Well if I was in Vegas, sitting at a slot machine- I would love to see triple 7’s.
But today, the stock market fell 777 points on the news that the “Bail Out Bill” failed to be approved by the House of Representatives- I was not so happy to see those triple 7’s
So what does this mean for Phoenix home buyers?
As I don’t and never will have a crystal ball- you need to go back and ask yourself the following questions:
- Can you afford to buy a house?
- How safe is your job?
- How long do you plan to live in the house?
- Do you have a “rainy day” fund, in the event you lose your job.
- Can you emotionally deal with the fact that if you purchase a home today, the value may decrease in coming months?
- Is is better for YOU to rent or buy? Would the tax benefits of home ownership benefit you?
As it is said-real estate is local- so do your homework, ask questions and do your homework.
FHA and VA financing is still available for qualified buyers, so yes there are home loans available.
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