Phoenix Real Estate Blog

Short Sale in Maricopa Meadows: 2,966 Square Feet, Two Story, 4 Bedrooms, 3 Bathrooms, Large family room upstairs. Built by KB Homes in 2005. Lots of builder upgrades: Tile, Carpet, Hardware, Lights, Paint, and Cherry Wood stair railing leads to X-Large Loft. Upgraded Kitchen appliances, 42″ Cherry Cabinets with molding, Custom Granite Countertops. Master Bedroom with French Doors and extra large Walk-In Closet. Garage Door Opener with outside access keypad. Blinds Throughout. New Ceiling fans, River Rock Front Yard, Desert Landscape in large Backyard. Complete Appliances - Refrigerator, Washer and Dryer. Playgrounds, High School, New Junior High and New Elementary Schools within walking distance.

For Sale: $135,900. MLS: 3028513
Please contact Tim: tim@phoenixmetrorealty.com for Showing Appointment
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2,609 Square Feet, Two Stories home in Phoenix with five bedrooms with a den and three bathrooms. North/South exposure. Features huge pebble tec pool with jetted grotto waterfall, two foot extended garage, diagonal upgraded 18×18 ceramic tile, carpet and pad, stone countertops with integrated sink, upgraded paint, wood blinds.

8203 W Forest Grove Ave Phoenix, Arizona 85043
Subdivision: Tuscano / Cross Streets: Lower Buckeye and 83rd Ave
For Sale: $239,900. MLS: 3023856
Please call John Grogory: 480-329-1669 for Showing Appointment

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100% Home Financing is still available for certain buyers in the current Phoenix real estate market. 

VA — Veterans are qualified for 100% financing, but did you know that the seller could pay all of your closing costs AND pay off your car loan!  That’s right the seller can pay off your installment debt up to 4% of the sale price.  This will work with builders who offer VA financing on their new homes, however, it is not practical for the sellers of existing homes because of appraisal limitations.

FHA — Usually requires a 3% down, but did you know that Ferdy can find you a seller that is willing to pay your closing costs.  If you are looking for a new home, Ferdy can find a builder that not only will pay your closing costs but also your down payment of 3%. Call Ferdy for details.

Remember, get you financing approved before you shop for a home.  I can prequalify you over the phone in minutes.  Call or email me with your financing questions.

Ask for my report, “How to avoid the 10 biggest mistakes borrowers make when shopping for a mortgage.”

 dspongberg@cox.net
480-518-3649

3,235 Square Feet Luxury Home with 4 Bedrooms and 3 Bathrooms located within golf course community. Beautiful granite counters compliment maple cabinetry used thru out the home. Custom paint, upgraded carpet with custom tile. Extra length on format dinning room. Open floor plan included additional family / bonus room, vaulted ceilings, and lots of upgrades. Community lifestyle includes clubhouse, pool, spa, fitness center, tennis, walking trails, tot lot and views.

21307 E Camina Plata Queen Creek, Arizona 85242
Cross Streets: Elliot and Ellsworth Rd (near Gilbert)
Directions: Elliot South to Ellsworth Rd, South to Sierra Park Blvd/1st Exit onto S. Village Loop Rd. 2nd Left on S. 213St. Right on Camina.

For Rent for $1,495/ Month.
Please Call: (602)283-3505 for Showing Appointment

Town Home for Rent in Phoenix, Arizona – Recently remodeled 2 Bedrooms and 2 bathrooms in a nice Phoenix neighborhood, 1,077 square feet, two stories with a spacious floor plan.  All appliances are included with washer and dryer. Covered parking. Great Mountain views from the master bedroom window and backyard Patio. Renting for $700/month.

1546 E. Sahuaro Dr. Phoenix, Arizona 85020

Cross Streets: 7th Street & Cave Creek Rd
Directions: East on Cave Creek Rd to Sahuaro Drive, Right on Sahuaro to 1546.
Please Call: (602)283-3505 for Showing Appointment
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Builders are back buying and developing land again. These builders include Meritage Homes, Hovnanian, KB Home and Lennar.

Meritage is “beginning to shift from defense to offense,” looking to buy land in the second half of the year, wrote Wachovia analyst Carl Reichardt after meeting with Meritage management. And Hovnanian is working on a land development joint venture, company spokesman Jeffrey O’Keefe says. Lennar spent $162 million on new land in the second quarter and will spend at least $200 million more by the end of the fourth quarter, JP Morgan analyst Michael Rehaut wrote in a note to clients. KB Home expects to spend $300 million on land and $400 million on land development this year, Rehaut said.
 
In theory, buying land now is a smart move, said Todd Lowenstein of HighMark Value Momentum Fund, which owns 187,000 shares of Pulte Homes Inc. “You have to be a predator in these down markets to position yourself for the upturn,” he said.

Source: Reuters News

The U.S. Census Bureau has released the 2007 population updates identifying the fastest growing cities. Phoenix added 34, 941 to its population and it’s number two in the largest population increase from July 2006 to July 2007. Phoenix is the fifth largest city in the U.S. as of July 2007. Gilbert, Arizona is the 8th fastest growing city in percentage change in population at 5.8% increase.

Here are the 10 cities with the largest numerical increase in population from July 2006 to July 2007:

1. Houston: 38,932
2. Phoenix: 34,941
3. San Antonio: 32,680
4. Fort Worth: 29,453
5. New Orleans: 28,926
6. New York: 23,960
7. Atlanta: 20,623
8. Austin, Texas: 17,648
9. Charlotte, N.C.: 17,471
10. Raleigh, N.C.: 15,148

Here are the 10 fastest growing cities by percentage change:

1. New Orleans, Louisiana  13.8%
2. Victorville, California  9.5%
3. McKinney, Texas  8.0%
4. North Las Vegas, Nevada  7.4%
5. Cary, North Carolina  7.3%
6. Killeen,  Texas  6.5%
7. Port St. Lucie, Florida  6.3%
8. Gilbert, Arizona  5.8%
9. Clarksville, Tennessee  4.8%
10. Denton, Texas  4.7%

Here are the 10 largest U.S. cities as of July 2007:

1. New York: 8,274,527
2. Los Angeles: 3,843,340
3. Chicago: 2,836,658
4. Houston: 2,208,180
5. Phoenix: 1,552,259
6. Philadelphia: 1,449,634
7. San Antonio: 1,328,984
8. San Diego: 1,266,731
9. Dallas: 1,240,499
10. San Jose: 939,899

See Table below for details:

Source: U.S. Census Bureau

The U.S. Department of Housing and Urban Development’s Energy Efficient Mortgages Program helps homeowners and homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficient features to new or existing homes as part of their FHA insured home purchase or refinancing mortgage.

Source: www.hud.gov/offices/hsg/sfh/eem/energy-r.cfm

Here are some basics tips for buying foreclosures in the current Phoenix area real estate market:

1. Know your market - I’m primarily focused on Tempe and the Chandler real estate market; I review pending and sold activities weekly in these areas. It’s time consuming, so stay focused in the areas where you want to invest. When you find a great deal, there are usually multiple offers, maybe four or five, and you’ll be up against professional investors. So you have to know if it’s a great deal and get it under contract before the other offers come.

2. Factor in fix-up budget - Many of these homes are in bad shape, you may get lucky and find a home that was never occupied and the owner simply walked away from a bad investment. Don’t make a big deal about cosmetic repairs; dry wall repairs and paint are cheap. Note the expensive repairs – windows, plumbing and any structural damage. Make sure you know how much it cost for repairs. Good way to find out is by visiting your local Home Depot or Lowes; get general ideas on how much the total cost including installation, delivery and tax.

3. Listing History (price changes) - Banks have their own selling strategies. Skilled at analyzing prices and market conditions, they will often lower the price incrementally if a home has not sold after a few weeks; typically they’ll start their listing price 10 to 15 percent below non-foreclosed properties.

4. Get pre-qualified - Banks will not deal with prospective buyers who are not pre-qualified, they will not accept an offer without a Loan Status Report (LSR). Many REO listings will not accept a FHA offer due to the current seasoning guidelines.

Based on my experience in the last three months on helping investors buy foreclosed homes, the great deals often have multiple offers and it’s under contract in a few days.

While many people are sulking in the downturn of Phoenix Real Estate, there are also many that are taking advantage of the good deals that can be found.  Yes, many are investors with money in hand to swipe up the misfortune of others, but there are also many first time buyers who are relieved to see affordable properties return to the Phoenix Real Estate market.  While prices have not seemed to have changed much over the past several months, the amount of transactions has been slowly increasing according to many of my mortgage broker contacts.  And quantity of transactions can be a quality indicator of market health to be used along with pricing.  Leverage your trusted Real Estate Agent to track activity in your areas of interest.  Having trending data will position you to be more informed when you are ready for your next Phoenix real estate purchase or sale.

For more info, email Brad@PhoenixMetroRealty.com