1. Phoenix Metro Real Estate Inventory Update

    September 14, 2011 by lourie

    I haven’t sent out this kind of an update in a couple of months, but I wanted to share these numbers with you because it goes to the fact that the Phoenix Metro Real Estate Market is fast moving out of the bottom…as of today there are only 19,225 Active Residential Listings vs. over 44,000 in April.  If you’ve received my earlier updates you know that we have been pushing steadily towards the “one month supply” of active inventory since then.

     A one month supply means that there are equal amounts of home available vs. those that are under contract/pending…right now there are 19,920 properties that are either pending (12,119) or under contract as a short sale awaiting Sellers’ lender approval (7,801).  Based on these figures, if inventories drop below 15,000, we would effectively turn the tables and become a Seller’s market, again.  That doe not mean that values will sky rocket…because too much of the inventory is still bank owned and short sales, but it does mean that selection is going to be very limited and those listings that are more traditional in nature become very sought after, especially if they are in exceptional condition.

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  2. National Association of REALTORS® On Restructuring FANNIE MAE and FREDDIE MAC

    March 20, 2011 by lourie

    Since the White House called for the phasing out of FANNIE MAE and FREDDIE MAC last month with 3 proposals on how such a task could be accomplished, Congress is responding with their own versions…none of which, at this point, seem to be hitting the mark…nor are any of them likely to fly with bi-partisan agreement…no surprise!  The latest was introduced by Rep. Jeb Hensarling, R-Texas.  Hensarling’s bill calls for eliminating the government’s role in Fannie Mae and Freddie Mac and the mortgage market. It also calls for the maximum size of loans across the country backed by Fannie and Freddie to drop to $417,000; loans, in general, currently range from $417,000 to $729,750.

    Source: “Hensarling Unveils US Bill to Wind Down Fannie, Freddie.” Dow Jones Internation News (March 17, 2001)

    To read more on the National Association of REALTORS® position: 

    NAR’s Position on GSE Reform

     

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  3. Phoenix Metro HUD Home Auction Is A Great Opportunity!

    March 15, 2011 by lourie

    Are you looking to buy a home, have reasonably good credit, but just don’t have the downpayment necessary to make the purchase?  If so, listen up…this HUD Home Auction may be just what you’re looking for.  This is for owner occupied buyers only…no investors to compete against!  The following is information provided by my preferred lender, MetLife Home Loans’ branch manager, Judy Giel…

    At the Arizona Mortgage Lenders Association luncheon last week, the head of HUD for Arizona spoke about the upcoming HUD auction of HUD-owned homes on 03/26/11.  If you have any buyers who are looking for a primary residence, this is a wonderful opportunity.

    There will be 150 homes auctioned off that day, all with $100.00 down payment instead of the customary 3.5% down.  Only owner-occupied are eligible.  All homes are in ready to move in condition with no repairs needed.  HUD will pay 3% towards buyers(s) closing costs/prepaids.  A Realtor MUST accompany the buyer(s) or one will be assigned to them at the auction.   The buyer(s) must come in with a cashiers check payable to HUD and buyers name for $1000.00.  If their bid is accepted, the $100 comes from the $1000 and the balance is held as earnest money.  Each property has a reserve bid and the head of HUD’s REO Division will be there to evaluate the highest offer if it is less than the reserve and make a decision on-the-spot about accepting the lower than reserve offer.  If the bid goes over the reserve, all bidders are pulled aside and told they have exceeded the reserve and anything bid over that amount must be paid as extra cash at closing.  The buyer(s) must have a pre-qualification letter from their lender on lender letterhead to accompany their bid. - Location:  JW Marriot Resort in Desert Ridge (5350 Marriott Drive) 03/26/11 at 1:00
    - Open House on Saturday & Sunday, March 19th and 20th from 11am -3pm
    - Get the details and see all the homes in this sale at HUDHOUSEAUCTION.com

    If you are interested in participating in this auction, please contact me ASAP so that I can put you in touch with a participating lender to get pre-approved! 

    Lourie Fleet 602-705-6642 or Lourie@LourieFleet.com

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  4. Inventory Of Real Estate In The Phoenix Metro Area Is Up!

    January 26, 2011 by lourie

    At the end of 2010 most banks that had removed properties from the market while their files were reviewed for illicit foreclosure practices, flooded the market with several thousands of properties, adding to an already burgeoning inventory.  So while this maybe good news for investors and buyers seeking a home, the consequences have resulted in a huge slowed down in the processing of these files.  Asset managers and banks are sorely understaffed to handle the barage of offers which could ultimately result in a large number of failed transaction closings.  Especially when buyers need to move quickly, or a delay of over 60 days results in a lower appraisal…

    To avoid being caught up in this unfortunate situation, make sure you allow plenty of time for processing the sale and any financing you are seeking.  Have your lender approve you for an interest rate that is slightly higher then current market rates and check to see if you can lock your interest rate for longer than 45 days without paying additional points, otherwise you make risk having to pay a higher interest rate.

    And by all means, be patient…if you are trying to buy a home that you consider to be a “terrific bargain”, then make sure you allow extra time for negotiations.   Study comparable sales so that you can be fairly certain that the price you are paying will stand up to the scrutiny of a fair market appraisal.  And most importantly…be sure you have competent people working on your behalf…your real estate agent, your loan officer, your home inspectors, and in many states, your legal advisor!

    For current market inventory in the Phoenix Metropolitan area: CLICK HERE

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  5. Stockmarket Update: Dow Pushes 12,000 Again, So What’s Next?

    by lourie

    The Feds, at least for now, have decided to leave current interest rates and bond programs where they are…the operative words are “at least for now”. The excitement is over a big increase in new home sales…one of the worst hit sectors of the real estate market. So this could be signaling another sign that our economy is starting to turn around, and recovery of the real estate market is very near.

    According to market analyst, Charley Blaine, “Investors and the Federal Reserve now agree: The economic recovery is strengthening. As a result, stocks are higher…pushing above 12,000 for the first time since June 2008…however the recovery is “insufficient to bring about a significant improvement in labor market conditions.” So, the central bank said it will continue to keep interest rates at record lows, and it plans to finish its $600 billion plan to support the economy.”

    Are you looking for information on current home prices in the Phoenix Metro area? Then CLICK HERE and explore the Ultimate Live MLS Home Search…real time information at your finger tips. An interactive site that allows you access to the same live data, tax records, photos, and documents that your real estate agent has!

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  6. The Ultimate Live MLS Home Search!

    November 15, 2010 by lourie

    The absolutely best kept secret in using a home search engine is now available in the Phoenix, Arizona area.  How would you like immediate access to real time information on real estate?  Realtor.com, Zillow, Trulia…and many other search engines are available, but none of them offer access to real time information.  New listings, price reductions, status changes…as they happen…not days later!  I call it the  Ultimate Live MLS search.  You can search any area in my market area, save special searches, or use mapping features such as “Noisy Neighbor”.  You can access tax records, listing history, and any attached documents. You can see which listings are bank owned, which are short sales…you can set up the search so that you are actually looking at ACTIVE listings…not listings with offers, but still showing active in the “other” search engines…what’s up with that?

    And best of all…you don’t have to pass through the registration process; or give up personal information to access this site…though you will receive information on how to contact me should you so choose, but it’s not a requirement.  It’s my hope that you will share this link with others…it’s a win – win for everyone!  So are you interested…then CLICK HERE

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  7. Federal Tax Credit Extension Not What Was Expected…

    July 2, 2010 by lourie

    While Congress and the President think that the current status of the Federal Home Buyer’s Tax Credit is a great thing…the rest of the country, including real estate agents, brokers, builders and economists says it falls short!  Does it help the estimated 180,000 home buyers who had a contract accepted by April 30th but couldn’t close by June 30th?  Certainly,  it extends their deadline to September 30…that is if the President signs the new legislation…but it does nothing for those buyers who were, for one reason or another, either not ready to purchase or not yet qualified. 

    In my opinion, there is no reason that the entire program should not have been extended…including unemployment benefits!  Our entire economic recovery could be on the verge of tumbling backwords if buyers don’t see the benefits of purchasing without the advantage of the Tax Credit.  It almost seems unfair to the thousands of ready…willing…and able buyers that are currently considering purchasing.  As for this seasoned real estate agent…the fact that home values continue to fall, is a huge indication that we need more than lower interest rates if we hope to see a turn around in this lack luster market!

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  8. Changes to Real Estate Purchase Tax Credits!

    January 14, 2010 by lourie

    Yes it’s true that the Federal Government extended the home purchase tax credit…even if you currently own a home, you may qualify.  But the deadline is approaching fast…you must have a fully accepted, bonafide contract by April 30th, 2010…which means if you are interested in buying a Short Sale you would need to have an accepted contract by no later than February 28th!  To determine if you qualify for this tax credit, contact your tax professional…in the mean time, you can follow this link that I found which answers many questions  http://www.federalhousingtaxcredit.com/faq1.php

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  9. Happy New Year!

    by lourie

    A new year and a ton of new regulations that go into affect for new financing.  Not sure what’s best for you…call me and I will have you talk to an expert with long standing, impeccable credentials!  Don’t waste time or money on fly-by-night lenders…get approved by someone local that will make sure your loan closes on time.

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  10. BETTER DAYS TO COME…

    October 25, 2009 by lourie

    Now that the deadline for first time homebuyers is fast approaching…a noticeable slow down can be seen in the Phoenix real estate market.   Most first time homebuyers who do not have a sale pending would be hard pressed to get a sale closed by November 30, 2009.  But most homebuyers that I talk to are in hopes that the Federal Government will extend the deadline.  And while it is rumored that this may happen, nothing concrete has been announced….so we all wait, hoping that the base for most of our recent market stimulation will indeed be given additional life.

    But homebuyers should make note… our state’s down payment assistance program still has funds!  And for homebuyers who meet program income limits, do not currently own a home, and meet minimum FHA credit standards…this is still a HUGE opportunity.  The State of Arizona’s Your Way Home Program will award you up to 22% of the purchase price on qualified, foreclosed homes to homebuyers that meet and complete the program application requirements.  On a $100,000 purchase price, that’s $22,000 dollars…an amount that, depending on how long you own the home, may be forgiven!!!  So even without the $8,000 Federal Tax Credit some buyers can still be BIG winners.

    For more information on participating organizations and how to get started, email me or give me a call…

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