Azrealestatedeals's Blog

Stop and Say It Out Loud…..

azrealestatedeals — Fri, 17 Sep 2010 16:45:45 +0000

Came across this and you just need to stop talking about how bad it is, when everybody is talking about how bad it is the Real-estate investors are quietly buying homes up and renting them out and then when people start to buy the deals are gone. So just say it out loud and look at the reasons why to buy then make a list on why not to buy see what wins but for now read this and go from there have a great weekend talk to you all soon seee yaaaaa

10 Reasons To Buy a Home – Enough with the doom and gloom about homeownership. When Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. So here are 10 reasons to buy a home:
1. You can get a good deal.
2. Mortgages are cheap.
3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains–if any–when you sell.
4. It’ll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension – zoning permitted – or paint everything bright orange.
5. You’ll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos.
Read the full article for more reasons:

http://online.wsj.com/article/SB10001424052748703376504575492023471133674.html

Watch Wall Street Journal Video:

http://online.wsj.com/video/news-hub-top-reasons-to-buy-a-home-now/3C3C3A7E-3384-4FE9-982D-59146D4EEF17.html

Fannie Mae Homes

azrealestatedeals — Mon, 13 Sep 2010 17:01:53 +0000

Here is something I came across this you all might like, I know this is not that good but the program is a good program, and it is something to think about if the home needs that much work. This is a great program for investors, here it is have a great day Enjoy…
Fannie Mae program designed to cut inventory concerns some
VideoPhoto
Regular Photo Size advertisement
ShareThis
Posted: 11:08 PM
Last Updated: 4 hours and 4 minutes ago

By: Christopher Sign
PHOENIX – Faced with a large inventory of empty homes, Fannie Mae has a program aimed at selling its foreclosed homes.

The program, HomePath , allows potential buyers to put down as little as 3-percent, but some believe the plan could actually lead to more foreclosures down the road.

“If you don’t put 10-percent or even 20-percent and only put 3-percent down and the market goes down 50-percent and you’re in it (house) for $5,000 it’s a little easier to walk away from the investment,” said Valley Realtor Stanley Fosha.

According to the HomePath website , there are 6,975 HomePath homes in Arizona with 1,610 in the city of Phoenix.

The Fannie Mae program also allows potential buyers to use gifts from family members, or a loan from a non-profit or government to be used at the down payment.

“Their (Fannie Mae) target audience is first time homebuyers,” said Fosha while standing in front of a Fannie Mae owned home in Central Phoenix. “We know they’ve got a lot of inventory to work through.”

The program also allows people with lower credit scores to qualify for the homes, which Fosha called concerning.

“We’ve gotten away from the homeowner having to bring anything to the table,” said Fosha. “Traditionally homebuyers have been forced to make tough decisions and save up money, but this program doesn’t require that.”

Fosha does admit the Fannie Mae program has an upside.

“With the program, there’s the ability to get people in the house and get the house off the market which is great for the market, it could stabilize the market, but when it comes to these Fannie Mae homes, you look in any neighborhood and what’s the lowest price, the Fannie Mae owned home.”

According to its website , the HomePath homes are sold “as-is”, however, Fannie Mae offers a HomePath Renovation Mortgage plan that will fund the purchase of the home along with some renovation plans.

To learn more about the program, click here .

The Deals are OUT THERE

azrealestatedeals — Tue, 07 Sep 2010 17:23:48 +0000

Well I was reading the paper this weekend, talking with a Family member who is an investor in Portland, and we were talking about realestate deals and the market, and then we read the front page about the towers in Tempe that sold for 30mil. on a loan that was 165 mil. Yes it is still 30 mil. but people the concrete for the building was about 20 mil. that is a steal… Bottom line there are deals out there anywhere from 50k deals to yes the 30 mil. but this is a great market for investors, here is some information about the sell have a great day talk with you soon Michael….
Ohio developer buys Centerpoint for $30M, plans to finish by summer 2011 – The unfinished Centerpoint high-rise project in downtown Tempe has been sold to Cleveland-based Zaremba Group. The company will finish the two residential towers and retail space by summer 2011. Zaremba paid $30 million. “We will immediately start construction (after closing) and a lot of mobilization will take place between now and then,” said Kent Chantung, Zaremba’s director of development in the Scottsdale office. Chantung said the luxury urban units would be rented out rather than sold as the original developers had envisioned. Read full article:

http://www.bizjournals.com/phoenix/stories/2010/08/30/daily51.html?s=industry&i=resi_real_estate

BUYERS/SELLERS CAN WE JUST GET ALONG…

azrealestatedeals — Thu, 26 Aug 2010 18:03:27 +0000

Here is some information that I came across yesterday, I thought it might help people out gettting there offers done and closed, because at the end that is all that matters, have a great day and talk to you soon…
The best moves for home buyers and sellers
By Beth BravermanAugust 25, 2010: 8:55 AM ET

(Money Magazine) — Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers.

In general, sellers have gotten more realistic in pricing their homes than they were right after the housing bubble burst, but agents say that many still don’t grasp how much they must concede to close a deal. And buyers are still spraying lowball offers around in hopes that sellers will be desperate enough to bite.

00
diggs
diggEmail Print CommentTake such unreasonable expectations, multiply by two, and what do you get? “A standoff,” says Glenn Kelman, CEO of real estate brokerage Redfin.

With the busy summer home-sale season drawing to a close, there’s little time to waste. Whether you’re trying to unload your place or land a new one, follow these dos and don’ts to negotiate the best deal — fast.

If you’re buying
Don’t say: “I’ll pay 85% of your asking price and not a penny more.”

Instead: Look for homes that are fairly priced and make a reasonable offer. “Coming in about 10% below list is a good starting place for negotiations now,” says Denver real estate broker Jeff Fogler. Yes, you have the upper hand in most markets, but the average homebuyer is paying only 2.7% below list price (see the chart). Set your expectations accordingly. You can always ask if the seller is willing to bridge a price gap in other ways — for example, by picking up your closing costs (which can run $7,500 on a $300,000 house).

Don’t say: “I haven’t put my own place on the market yet.”

Instead: List your current home before you start shopping seriously for the next one. Because it takes almost three months to move a house these days, sellers are loath to write home-sales contingencies into purchase contracts. You’ll have far more leverage if you’ve gotten rid of your house before you start negotiating: Sellers know there’s less chance of the deal falling apart. (Prequalifying for a mortgage helps too.) What’s more, you’ll know exactly how much money you can put into your new digs.

Don’t say: “This is my dream house.”

Instead: Stop imagining the great parties you’ll throw there and gird yourself to walk away if the seller won’t make reasonable concessions. Your ability to abandon negotiations is your most powerful bargaining chip. Given that plenty of other homes are on the market now, finding another place to love shouldn’t be too hard. You might let the seller know that. Nicely.

If you’re selling
Don’t say: “You’re offering how much? Forget you!”

Instead: When bidders lob low-balls at you, thank them for their interest — and ask that they come back with earnest offers. “If you become offended, enraged, or unreasonable, you’ve blown any chance at negotiation,” says Warwick, R.I., real estate agent Ron Phipps. These days many buyers are just testing you to see how big a discount they can get. Point the bidder to comparable recent sales that support your list price. (Received several super-low offers? Check the comps to make sure your price isn’t too high.)

Don’t say: “I didn’t know the deck was rotting.”

Instead: Pay a few hundred dollars to get your house inspected before you put it on the market. Then arrange to make any necessary repairs yourself. (In most states the law requires you to disclose to potential buyers any defects of which you’re aware.) “Taking care of any inspection issues upfront helps sellers limit the points that buyers can negotiate on,” says Pat Lashinsky, CEO of the national brokerage ZipRealty.

Don’t say: “It might take us a while to move out.”

Instead: Make sure to tell buyers — especially those who might have children starting school this month — that you’re willing to scram pronto, if possible. That will help you stand out from any short sales in your area, which may have lower list prices but can take months to close. “If the buyers have a strict time limit, they’re going to pay more money to get into a house quickly,” says Ellen Klein, a realtor in Rockaway, N.J. More money plus more speed: That’s what it’s all about.

starting back up

azrealestatedeals — Tue, 24 Aug 2010 22:39:57 +0000

have not done this for a long time and will start doing more going forward, keep looking going to have some good real-estate information coming up…have a great day Michael…

Things that are Helping Real-Estate

azrealestatedeals — Wed, 26 Aug 2009 19:58:22 +0000

Here is something that is helping many buyers and I hope it goes into next year it is scheduled to stop in Nov.30. but here it is have a great day Michael…..
Popular home tax credit expires Nov. 30 – Jay Butler, director of Arizona State University’s Realty Studies Department, believes the credit has been helpful for home builders that have been struggling since the downturn in the market. The Nov. 30 deadline is fast approaching. “There is talk about renewing it because they feel it has been an important element, especially in the new home market,” said Butler. With the deadline three months away, the credit can’t be claimed for houses that aren’t already under construction. Homes cannot be closed on until after construction is completed and the home is ready for occupancy. “Most people are estimating (it takes) roughly 30 days to close,” Butler said. “You can do it in a shorter period of time. Many of the builders have captured lenders so it’s a little easier to do the paperwork and the financing because you’re not only doing it for the good of the buyer, but the good of the company.”

http://www.eastvalleytribune.com/story/143411

Don’t Say It Yet But…

azrealestatedeals — Fri, 21 Aug 2009 15:16:47 +0000

Yes certain areas are getting better in the valley and yes certain areas are still adjusting. this report and what was on the news on Thur. night was kind of funny, they said the Maryvale area is selling in a day with lots of buyers, and I said yes because the homes are 40k and you can rent them for 900 a month. the numbers work. Yes I think it is getting better now but I also think there is a second wave of foreclosures that will happen this Fall, to drive prices down one more time, but here is what I think is Good news and yes it is happing all over the valley not just in Maryvale. have a Great day…enjoy…Michael…
Valley home prices holding steady – Some of the most influential local real-estate analysts are predicting that home values have finally hit the bottom. Wednesday, Arizona State University Professor Karl Guntermann reported that the median price has held steady long enough to cautiously predict a coming period of relative price stability. Less-expensive homes could hold steady or see moderate gains in value, according to Guntermann and other experts. “Clearly, the rate of decline has bottomed out and appears to be moving in the right direction,” said Guntermann. The positive trend first emerged in April and has remained consistent since then. Tracking a sampling of homes that have sold multiple times in recent years, Guntermann compares repeat sales of each home for changes in price. In April, the median repeat home-sale price was 35% lower than it had been a year earlier. In May, the year-over-year difference decreased to 33%, and it has narrowed by an additional 2 percentage points each month since then. The actual median sale price has bobbed up and down slightly since April, but has shown no major changes.

http://www.azcentral.com/arizonarepublic/news/articles/2009/08/20/20090820biz-homeprices0820.html

we might be getting BETTER…

azrealestatedeals — Fri, 14 Aug 2009 17:25:35 +0000

Everybody has something to say about this but somebody says it is getting better and others say no the worst is coming and before they agree it wil be to late and the market will have started to get better. So here is some information that is local with a local builder and I feel it is getting better in certain areas and worst in others, have a great day talk to you soon Michael…
E.V. housing market shows signs of recovery – Mountain Bridge in northeast Mesa is promising 2009 features and designs at 2002 prices. Situated three miles from Usery Mountain Regional Park, the community is selling three to eight new homes each week. Currently, 50 homes are under construction in the master-planned community of 1,200 homes. “Even with the heat out here, nothing is stopping the people from coming in and buying,” said Eric Williams, a sales agent at Mountain Bridge. “We’re seeing first-time homebuyers and a lot of people still relocating to the Valley. A lot of people are still finding Arizona a real value to buy from where they currently live.”

http://www.eastvalleytribune.com/story/142721

Things Are Getting Better

azrealestatedeals — Thu, 30 Jul 2009 18:21:00 +0000

well just trying to push out some positive news about the market, here are some stats. for you all out there have a great day Michael…
If you find this service to be valuable, please use North American Title for your next transaction.

Metrostudy: Home starts, existing sales leap in 2Q, an article from The Phoenix Business Journal, reports that new research by Metrostudy shows major improvements in both new home starts and existing home sales in metro Phoenix. Phoenix-area builders started 1,654 homes in the second quarter – 58% more than in the first quarter. “Builders responded to a slight uptick in demand caused by low interest rates, a tighter supply of homes in the resale market and the first-time homebuyer tax credit,” said Ben Sage, director of Metrostudy’s Arizona division. During the second quarter of 2009, total new-home inventory was 11,126 – a decline of 7,858 from the end of second-quarter 2008.

http://www.bizjournals.com/phoenix/stories/2009/07/27/daily50.html

The Big Man Speaks

azrealestatedeals — Tue, 28 Jul 2009 15:22:09 +0000

Here is something that might help people feel little better about rates. This came out last week but wanted to pass it along because is does help with sales and the market as a whole. have a great day Michael….
CNN Money
“Bernanke sends mortgage rates lower”
Rates continue ‘yo-yoing,’ but comments from Fed chairman add downward
pressure. 30-year dips to 5.55%
By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: July 23, 2009: 11:24 AM ET
Home mortgage rates ticked lower after Federal Reserve Chairman Ben Bernanke said the
central bank will continue to keep interest rates low.
The average 30-year fixed mortgage slipped to 5.55% from 5.58% the week prior, and the
15-year fixed fell to 4.89% from 4.93%, according to the weekly national survey from
Bankrate.com.
Recently rates have been “yo-yoing as corporate earnings announcements and economic
data toy with investor sentiment,” the report noted.
On Wednesday Bernanke gave his semi-annual congressional testimony on the state of the
economy, saying the central bank will “likely keep interest rates low for an extended period of
time,” the Bankrate report noted.
A separate Thursday report showed sales of existing homes disappointed again in June,
rising just 3.6%.
Current mortgage rates remain much lower than last year’s levels, when the average 30-year
fixed was 6.77%, according to Bankrate.com.
At the current rate of 5.55%, the monthly payment on a $200,000 mortgage would be
$1,141.86, or about $158 less than the monthly payment at last year’s rate.
Adjustable-rate mortgages: ARMs “continue to post mixed results,” the report said, with
the average 1-year