AZBRD

Arizona Mortgage Rates 12-7-2007

Peter Lupus — 2007-12-07T00:39:18-07:00

TODAY’S RATES ARE AS FOLLOWS
30 YR FIXED @ 5.875%
30 YR INT ONLY @ 6.125%
30 YR BOND PROGRAM @ 6.55%
30 YR FHA @ 6.00%

Eight Quick Credit Tips to Combat the Credit Crunch How to get loans approved and houses sold in this market!
1. Tell your client to apply for business credit cards
Most people don't realize that over 90% of business credit cards do not get reported to personal credit reports. If they are not reported, they are not scored, period.
Many people run their businesses from their personal credit cards and as a result their credit score suffers. Your client doesn't need a big company to get approved for a business credit card; it is much easier to get approved than most people think.
Once approved, your client can move their personal credit card debt over to the business credit cards and watch their credit score go through the roof once everything is updated on the credit report.
2. Have your client settle for deletion, or at least zero out all unpaid collection accounts less than 24 months old.
You need to pick your battles as to which accounts you focus on during the credit crunch to assure your client's credit score increases enough for the client to get their loan approved.
When payment is made on a collection account that is less than 24 months old, the score will either stay about the same or increase a few points. Settling in exchange for deletion is ideal, but not always possible. Given the fact that the collection account will keep selling to other collection agencies in the future, it is best to deal with it while it is still young.
Once an account goes beyond 24 months you need to be careful when settling because the account may erroneously have the date of last activity updated to the current date and bring the score down as a result.
3. Make sure your client gets rid of all their past due amounts on non-collection/charge-off accounts and make sure they pay before the due date until after the loan closes to be safe.
Within the delinquent accounts on your client's credit report, there is a column called "Past Due". Credit Scoring software penalizes clients for keeping accounts past due, so past dues destroy a credit score.
If you see an amount in this column, have your client pay the creditor the past due amount reported, unless that amount belongs to an account that is charged-off or in collection. If that is the case, use the advice in number 1 above to determine the best action.
4. Get rid of your late payments.
Have your client contact all creditors that report late payments on their credit and request a good faith adjustment that removes the late payments reported on their account.
Your client should be persistent if they refuse to remove the late payments at first. They should remind the creditors that they have been a good customer and would deeply appreciate their help.
5. Have your client ask for a credit limit increase on their credit cards and either pay-off if possible or at a minimum evenly distribute the balances your client is carrying on their revolving debt.
Credit scoring software likes to see borrowers carry credit card balances as close to zero as possible and also see that they have been trusted with a lot of credit - which is why increasing their limits is good.
If your client can't afford to pay down their credit card balances, tell them to evenly distribute their credit card balances among all of their credit cards rather than carry a large balance on one credit card to maximize their score.
6. Tell your client, "Do not close your credit cards".
Closing a credit card can hurt their credit score, since doing so effects their debt to available credit ratio. For example, if they owe a total credit card debt of $10,000 and their total credit available is $20,000, they are using 50% of their total credit.
If they close a credit card with a $5,000 credit limit, they will reduce their credit available to $15,000 and change their ratio to using 66% of their available credit.
7. Keep their old credit cards active.
15% of a credit score is determined by the age of the credit file. Fair Isaac's credit scoring software assumes people who have had credit for a longer time are at less risk of defaulting on payments. Therefore, even if old credit cards have horrible interest rates, closing those cards will decrease the average length of time a client has had credit.
Tell your clients to use old cards at least once every six months to avoid the account rating changing to "Inactive". Keeping old cards active can be as simple as pumping gas or purchasing groceries every few months, then paying the balance down.
An inactive account is given less weight by Fair Isaac's credit scoring software, so your client won't get the benefit of the positive payment history and low balance that card may have as much as if the account were active.
8. Pay down Negative Amortization mortgage balances below the original amount borrowed to increase the score
Most people don't realize that owing more than the original amount borrowed on a loan is a negative event to the credit score. If possible, have your client pay down the balance on any and all negative amortization loans that the client owes more than the original loan amount. This includes mortgages and student loans. Once your client brings the balances below the original amounts borrowed, a credit score increase of 5 to 10 points is very common.
Don't confuse this advice with labeling a negative amortization loan as being bad. They can be a great financial tool when used appropriately and make otherwise unaffordable payments affordable. They can be great as long as your client is not in the middle of a refinance, but if they are, paying these balances below the original amount owed can maximize their credit score.

Arizona MLS Housing Chart December 2007

Peter Lupus — 2007-12-03T13:30:15-07:00

SEvalley2007

Market Trend of Maricopa County Residential Property

Peter Lupus — 2007-11-27T10:27:24-07:00

Click link below to view file.

Market Trend 10-31-2007

Home values soar across the Valley

Peter Lupus — 2007-11-06T13:38:05-07:00

The Business Journal of Phoenix, October 12, 2004

Home values soar across the Valley

The Valley's resale housing market slowed in September, recording 7,780 sales.

That's down from the 11,275 resales recorded in August, according to the Arizona Real Estate Center.

Third-quarter recorded sales totaled 27,850, which is slightly below the second quarter's 28,760 resales, but well ahead of last year's 20,560 sales.

"Even with this cooling, the 2004 year-to-date total is well on its way to a new record at 75,800 sales in comparison to 55,435 in 2003 and 46,850 in 2002," said Jay Butler, director of the Arizona Real Estate Center.

Butler did not specify what lowered resales last month.

Since January, the median home price has risen from $156,000 to $179,500 in September, which also was a monthly record price. The median price was $177,500 in August and $157,500 in September 2003. For the third quarter, the median home price was $177,500, compared to $170,000 in the second quarter.

Butler said there are mounting concerns about whether the current market can be sustained. He points to an increasing number of rental properties, resulting in extreme competition, with lower rents and even concessions. This could keep potential home buyers in rental properties longer, given the rising prices of homes in the Valley.

Looking across the Valley comparing third quarter 2004 to third quarter 2003 results:
Phoenix resales increased from 5,510 sales to 7,315 sales, while the median sales price increased to $145,000 from $130,900.

The Scottsdale resale home market improved from 2,120 to 2,490 recorded sales. The median price rose from $325,500 to $385,000.

The Mesa resale housing market grew from 2,570 to 3,395 sales, while the median price increased from $147,000 to $159,900.

Glendale improved from 1,850 to 2,055 sales, and the median price rose from $145,000 to $163,000.

The Sun City resale market increased from 390 to 430 sales, with the median price rising from $120,000 to $136,500. However, resale activity in Sun City West declined from 225 to 200 recorded sales, but the median price rose from $140,500 to $166,000.

The resale market in Gilbert moved from 1,460 to 1,790 sales, and the median sales price increased from $176,000 to $210,000.

Chandler's resale market increased from 1,795 to 2,105 recorded sales, while the median price rose from $165,000 to $189,900.

The resale market in Tempe improved from 665 to 685 sales, with the median sales price increasing to $185,000 from $168,000.

Avondale grew from 320 to 640 sales, with the median price rising from $152,000 to $165,000.

El Mirage improved from 125 sales to 385 sales, as the median price rose from $120,500 to $134,000.

Goodyear moved from 250 to 510 sales, while the median price increased from $161,900 to $184,000.

Surprise increased from 500 sales to 980 sales, and the median price rose from $139,925 to $163,520.

The highest median home sales price was in Paradise Valley at $906,000, with a median square footage of 3,555.

The Arizona Real Estate Center is associated with East College at Arizona State University's east campus. The center collects and analyzes data concerning real estate in the greater Phoenix metropolitan area.

For more: www.asu.edu

The Top Ten Reasons It’s a Great Time To Buy Real Estate!

Peter Lupus — 2007-11-05T19:20:00-07:00

No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the ‘feeding frenzy’ that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer’s market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you ‘make them an offer they can’t refuse’.
Patience is tolerated. In the hot seller’s market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to ‘play games’ if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold ‘as is’. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Today’s buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Real Financing is available. The ‘wink, wink’ zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It’s a great time to buy real estate!

by Paul Pastore

Home buyers sit back and wait

Peter Lupus — 2007-11-02T14:55:39-07:00

While buyers sit back and wait because all they here is that home prices will be coming down don't forget that now is a great time to purchase a home as a first time homebuyer. The price is good, you usually don't have to pay for closing costs and their is plenty of inventory to choose from. If you wait their is a chance that their payment would increase if rates go up. We have a lender that will help you obtain the best possible deal.   Today's rates are as follows.
  30 year fix @ 6.0%
 15 year fix @ 5.375%
 30 year FHA @ 6.0%
 30 year Bond @ 6.55%
 30 year jumbo @ 6.625%
 30 year 100% @ 6.625%

Refinancings hit highest level since March

Peter Lupus — 2007-10-31T14:46:46-07:00

Long-term interest rates slide again in latest survey
Wednesday, October 31, 2007
 Inman News
Another drop in interest rates last week pushed refinancing activity to its highest level in nearly eight months, the Mortgage Bankers Association reported today.
The MBA's market composite index, a measure of total mortgage application volume, gained 3.8 percent last week on a seasonally adjusted basis from the week before, thanks to a 9.2 percent spike in the index that tracks refinancings.
Borrowers took advantage of the second straight week of falling interest rates, in which the average contract interest rate on 30-year fixed-rate mortgages dipped to 6.15 percent from 6.21 percent, the average 15-year fixed fell from 5.86 percent to 5.79 percent, and the average rate on one-year adjustable-rate mortgages (ARMs) dropped from 6.1 percent to 5.93 percent.
Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.05 on the 30-year loans, 1.1 on the 15-year, and 0.93 on one-year ARMs -- compared with 1.13, 1.06 and 0.92, respectively, in the previous week. These points include the origination fee and are based on loan-to-value ratios of 80 percent.
Consumers seem to be holding off on buying homes, as the index that tracks purchase-loan activity dropped for the second straight week, MBA reported. The index last week was down 0.7 percent on a seasonally adjusted basis from the previous week, following a 3.1 percent decline at mid-month.
MBA reported that the refinance share of loan applications rose to 49.6 percent last week from 47 percent at mid-month, and the ARM share inched up from 14.2 percent to 14.7 percent.
The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

AZBRD Has A New Vendor

Peter Lupus — 2007-10-24T18:55:23-07:00

Arizona Business Resource Division and Service One Home Warranties have teamed up to bring even more savings to the employee benefit program. Deke McBride has offered his company services to the program saving an additional 20 dollars off an excellent home warrantee service. It doesn’t sound like much but the home warrantee industry runs on a very tight margin as it is regulated by the state of Arizona. We take pride in surrounding ourselves with people willing to go above and beyond the call of duty to make this program a win, win for everyone involved. Congratulations Deke.

Trend report: Phoenix market will be hot in '08

Peter Lupus — 2007-10-23T00:20:15-07:00

Trend report: Phoenix market will be hot in '08
Andrew Johnson The Arizona Republic Oct. 18, 2007 12:00 AM
If there's one thing that economists and real-estate analysts agree upon, it's that the housing market will not rebound from its free fall soon.

But beyond that, it gets pretty murky.

For example, many experts can't seem to agree on the effect the housing downturn will have on commercial real estate. Some believe the market has already weathered the storm; others believe the worst is still to come.

The picture grew even hazier Wednesday with the release of a new report ranking Phoenix as No. 9 on a list of 15 U.S. commercial real-estate markets to watch in 2008.

The list was part of the Urban Land Institute and PricewaterhouseCoopers' annual report, "Emerging Trends in Real Estate 2008," which gauges investment and development prospects in the U.S.

Phoenix's rampant population growth, proximity to California and burgeoning presence as a hub for warehouse space makes it market to watch next year, the report said.

The conclusions were based on interviews with more than 600 real-estate investors, developers and analysts.

Pete Bolton, a senior managing director of CB Richard Ellis' Phoenix office, agrees with the report's conclusion. He believes Phoenix's market fundamentals, including supply and demand, immigration and job creation, will help the commercial real-estate market stay strong through the next year.

"The huge driver . . . behind this is job creation," Bolton said.

The report says that the regions that will fare the best are those that are 24-hour cities with major export and import hubs.

As a result, the top commercial real estate markets, from an investment standpoint, are New York City, Seattle, Boston, San Francisco, and Los Angeles, among others.

Phoenix is not a "global pathway" like the ones listed above.

But it is in the midst of a transformation that includes a light-rail system and several developments in the downtown core that range from the addition of an Arizona State University campus to new office towers.

All of that could give it enough vibrancy to withstand the housing slowdown.

As a result, the ULI study predicts that while Phoenix's commercial real-estate market is likely headed for some kind of correction, it won't be as severe as the one that has hit the residential market.

Phoenix does have some factors working against it though, and it will need to aggressively plan for and manage existing and future growth.

"The region needs revamped infrastructure to keep pace with all the growth, including more roads, and improved sewage treatment and water systems," the report said.

Bolton, of CB Richard Ellis, is among those who believe that the much-talked- about commercial real estate correction has already started.

He says the big question is whether tighter standards as a result of the subprime-lending implosion will slow investing.

Tighter underwriting won't go away in the coming months, said Paul Boyle said, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix.

But Boyle doesn't think that will cause an overall slowing in investments on the industrial side next year.

"I just think the buyers may be more selective," he said.

Not everyone is as optimistic. Elliott Pollack, a Valley economist, said the housing downturn's impact on commercial real estate will really start to show in 2009.

"Things are going to be very strong through 2008 because of that which is already in the pile," he said. "But, beyond that, things are going to get weak. I would expect (2007-2008) is the peak in this cycle for commercial real estate."

Mortgage applications rise 0.7%

Peter Lupus — 2007-10-22T23:59:27-07:00

By Amy Hoak, MarketWatch
Last Update: 7:00 AM ET Oct 17, 2007
PrintPrint EmailE-mail Subscribe to RSSSubscribe to RSS DisableDisable Live Quotes
BOSTON (MarketWatch) -- Mortgage application volume increased a seasonally adjusted 0.7% last week, according to the Mortgage Bankers Association's latest survey.
Applications were also 0.7% higher compared with the same week during 2006.
The volume of applications filed to refinance an existing loan was down 1.1% on a week-to-weak basis, while applications for loans to purchase homes rose a seasonally adjusted 2.1%. An adjustment was made to the figures to account for the Columbus Day holiday.
The four-week moving average for all loans was down 0.6%.
Refinancings accounted for 45.3% of overall mortgage application filings last week, down from 46.2% the previous week, according to the MBA. Adjustable-rate mortgages made up 13.5% of application volumes, off from 13.6%.
The average interest rate for the 30-year fixed-rate mortgage was 6.40% last week, unchanged from the previous week, while the 15-year fixed-rate mortgage averaged 6.09%, up from 6.03%.
The average rate for 1-year ARMs was 6.17%, up from 6.15%.
The MBA's survey covers about half of all U.S. retail residential mortgage originations. End of Story
Amy Hoak is a MarketWatch reporter based in Chicago.

Attention Keller Williams Partners

Peter Lupus — 2007-10-20T11:56:55-07:00

Interested in joining the KW family go to www.kwcareer.net

SanTan Village - Gilbert, Arizona

Peter Lupus — 2007-10-20T01:31:11-07:00

SanTan Village set to Open October 26

Westcor’s newest shopping center, SanTan Village, will officially open in Gilbert on Friday, October 26. The event includes lots of great entertainment for the entire family including a live broadcast of Channel 3’s Good Morning Arizona, the official ribbon cutting, fashion shows, performances and much more. Go Gilbert!

Phoenix Housing Market

Peter Lupus — 2007-10-19T13:21:40-07:00

Greater Phoenix resale home market continues steady trend

MESA, Ariz. — The local resale housing market appears to be fairly stable, with 4,910 recorded sales in June 2007. The activity of June closely followed May 2007 at 5,220 sales and was not far below last year’s 5,460 transactions. The month of June brought the second quarter activity to a close with 14,990 sales, in contrast to 14,185 sales for the first quarter and last year’s second quarter sales of 18,310.

The current level of activity brings much needed sustainability; however, the 2007 year-to-date total of 29,175 homes is well below the 36,290 for 2006 year to date and 58,030 sales for 2005 year to date.

“While the resale market is following a very traditional pattern, there are increasing risks that the market could move lower, driven by geopolitical risks and tighter mortgage underwriting guidelines,” said Jay Q. Butler, director of Realty Studies in ASU’s Morrison School of Management and Agribusiness at the Polytechnic campus. “Both of these factors could make it increasingly difficult for people who desire another home to be able to finance it.”
The new home market continues to be a competitive and attractive alternative to the resale home in many areas of the market as new home builders have been aggressively pursuing buyers through incentives such as specially priced up-grades, free pools and gift cards. Even with these concerns, the general expectation is that the 2007 resale housing market should be a good year, but nowhere near the records.

Much like the ever-increasing sales activity of the last few years, the rapid improvement in prices has disappeared. The median home price in June was $263,145 in comparison to $262,000 for May and last year’s $267,000. For June 2007, 17 percent of all recorded sales were for homes priced from $125,000 to $199,999, 41 percent for $200,000 to $299,999 and 40 percent for homes priced over $300,000. Last year, the distribution was 14 percent of all recorded sales were for homes priced from $125,000 to $199,999, 44 percent for $200,000 to $299,999 and 39 percent for homes priced over $300,000. Since the greater Phoenix area is so large, the median price can range significantly from $692,750 ($711,000 in May) in North Scottsdale to $148,500 ($158,500 in May) in the Sky Harbor area of the city of Phoenix.
Because mortgage interest rates decline slightly from last year’s 6.2 percent to 5.9 percent and home prices remained fairly stable, the monthly payment decreased slightly from last year’s $1,390 to $1,330. Even though mortgage interest rates have been declining over the last year, they have been in an upward trend for the last few months creating mounting concerns about the ability of some homeowners to acquire or maintain their homes. In response to issues raised in the subprime market, underwriting guidelines have been tightening, making it more difficult for potential buyers to qualify for a mortgage.
Townhouse/condominium units have retained some popularity with seasonal visitors, investors and people seeking affordable housing, so this housing sector showed an improvement from last year’s 1,035 sales to 1,125 sales for June 2007 (1,245 sales in May). Even with popularity, the median home price decreased slightly from $184,990 in May to $181,250.

The median square footage for a single-family home recorded sold in June 2007 was 1,725 square feet, which is larger than the 1,640 square feet for a year ago. The larger size further demonstrates the role of the move-up sector in the local housing market. In the townhouse/condominium sector, the median square footage was 1,105 square feet, which is larger than the 1,090 square feet reported a year ago.
1. In contrast to June 2006, recorded sales in the city of Phoenix decreased from 1,725 sales to 1,320 sales, while the median sales price increased to $227,390 from $225,000 for a year ago. Since Phoenix is a geographically large city, the median price can range significantly such as $148,500 in the Sky Harbor area to $343,000 ($313,495 in May) in the Union Hills area. The townhouse/condominium sector increased from 300 to 370 sales, while the median price increased from $150,000 to $166,500.
2. The Scottsdale resale home market declined from 465 to 415 recorded sales, along with the median sales price decreasing from last year’s $640,000 to $612,750. The median resale home price is $692,750 ($711,000 in May) in North Scottsdale and $316,000 ($320,000 in May) in South Scottsdale. The townhouse/condominium sector in Scottsdale stayed at 250 sales, while the median sales price decreased from $264,750 to $249,900.
3. The Mesa resale housing market declined from 585 to 520 sales, while the median price fell from $247,600 to $235,000 ($238,000 in May). The townhouse/condominium sector also fell from 160 to 135 sales, while the median home price decreased from $156,250 to $154,46.
4. Glendale decreased from 430 to 325 sales and the median sales price decreased from $253,000 a year ago to $243,480 ($243,000 in May). The townhouse/condominium sector decreased from 70 to 50 sales, while the median sales price remained at $145,000.

For the city of Peoria, the resale market declined from 250 to 230 sales, while the median price moved from $272,900 to $255,000 ($255,000 in May). The townhouse/condominium sector decreased from 35 to 20 sales and the median price increased from $163,500 to $182,000.

In comparison to a year ago, the Sun City resale market improved from 75 to 115 sales, while the median sales price decreased to $185,000 from $215,000. Resale activity in Sun City West remained at 45 sales, the median sales price decreased from $258,950 to $217,500. The townhouse/condominium market in Sun City remained stable at 45 recorded sales, while the median home price decreased from $143,250 to $127,750. In Sun City West, activity fell from 15 to 10 sales and the median sales price decreased from $178,000 to $175,500.
The resale market in Gilbert decreased from 330 to 315 sales and the median sales price decreased from $330,000 to $297,000 ($300,000 in May). The townhouse/condominium market improved from 10 to 15 sales as the median sales price decreased from $238,750 to $189,900.

For the city of Chandler, the resale market fell from 380 to 370 recorded sales, while the median sales price went from $295,000 to $288,000 ($297,750 in May). The townhouse/condominium market increased from 40 to 45 sales, and the median sales price declined from $176,450 to $175,000.

The resale market in Tempe decreased from 160 to 140 sales, with the median sales price decreasing from $298,500 to $289,000 ($270,780 in May). The townhouse/condominium sector moved up from 70 to 95 sales, with the median sales price decreased from $191,000 to $183,000.

The highest median sales price was in Paradise Valley at $1,932,500 with a median square foot house of 3,965 square feet.
In the West Valley, the following communities represent 10 percent of the resale market.
Avondale fell from 120 to 90 sales with the median price moving from $259,050 to $239,000 ($223,000 in May).
El Mirage decreased from 80 to 60 sales, while the median home price went from $215,000 to $195,500 ($200,000 in May).
Goodyear went from 90 to 80 sales, while the median price increased from $290,000 to $299,000 ($250,000 in May).
Surprise increased from 175 sales to 255 sales, while the median price decreased from $254,900 for a year ago to $230,000 ($245,070 in May).

REalty studies
Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus. Realty Studies collects and analyzes data concerning real estate in the greater Phoenix metropolitan area. Realty Studies is a comprehensive and objective source of real estate information for private, public and governmental agencies. Its director, Dr. Jay Q. Butler, may be reached at (480) 727-1300 or e-mail him at Jay.Butler@asu.edu. To subscribe to RSS feed for Realty Studies news, visit http://www.poly.asu.edu/realty/rss.html.

ASU’s Polytechnic campus, located in southeast Mesa, offers bachelor and graduate degree programs, unparalleled by other Arizona state universities, through the Morrison School of Management and Agribusiness, the School of Applied Arts and Sciences, the School of Educational Innovation and Teacher Preparation, and the College of Technology and Innovation. Visit us online at http://www.east.asu.edu.

This entry was written by quotes and posted on July 12, 2007 at 5:47 pm

Apple 200th Retail Store

Peter Lupus — 2007-10-19T12:00:01-07:00

This is exciting news for the town of Gilbert, Arizona. Apple is going to open it's 200th retail store at the SanTan Village shopping center in Gilbert, Arizona.
The store's opening is set for Oct. 26, 2007 says the word in cyberspace. If all goes as planned that’s the same day Apple intends to release Mac OS X 10.5 (“Leopard”) to the public. Once again this is just more kudos for the town of Gilbert; if this keeps up the town of Gilbert might grow up to be a city. LOL Go GILBERT!

The Current Housing Market Is a Great Time for Buyers

Peter Lupus — 2007-10-18T14:28:27-07:00

With Prices low and sellers wanting to move on, desperate to sell, regardless of how many concessions they might have to make to close their deals. With more than half a million brand new homes languishing on the market unsold across the US and a lot of existing homes that will take an estimated 8-9 months to sell with an average realtor, buyers have plenty to be happy about..
I hear of many people sitting on the sidelines waiting for even lower home prices, but they may lose out to tighter regulations in the mortgage lending market. If you’re thinking of buying a home, it may be easier to get the mortgage you want now than it is in the near future. Government officials at every level are pushing for more stringent regulation of lenders, and the banking and mortgage industries themselves are already taking proactive steps to tighten purse strings because of so many losses suffered due to defaults and foreclosures. Meanwhile the economy is sending mixed signals and the stock markets are jittery, which could signal bumpy roads ahead. If interest rates go higher or if the values of investment portfolios shrink, those who are waiting to buy a home may find themselves paying more for their loans or they may even be completely disqualified.
One more thing to consider is if you are sitting on the sideline about buying is that the real estate market in the USA is normally a seasonal and cyclical affair. The busy season is in the springtime, and that is when homes generally sell for the best prices. As summer wears on, sellers often lower their expectations of a sale, along with their asking prices. That means that those who are shopping for a home have some extra leverage if they buy at the end of the summer season.
When negotiating the sale, here are some places to ask for extra savings from sellers:
The Price:
To be taken seriously and possible get a deal that will stick, don’t lowball the seller but offer a price that is within five percent of the asking price. Get pre-approved for your mortgage and if you are buying with cash, this will defiantly improve your position.
Repairs:
Ask the sellers them to do necessary repairs before you buy. Or have them give you a cash allowance based on contractor bids, and then do the work yourself.
Closing Costs:
It is almost becoming typical practice these days that the seller assists with some of the closing costs. These will help you qualify for better mortgage terms while saving you some serious out-of-pocket money. Keep in mind that don't get to hung out on closing cost assistance unless you really need it. Think about it if you save it of the price of the house and you plan on being there a few years your even.
Appliances:
Moving appliances and furniture is expensive for home sellers, and most of the time they will throw those items in for free, so make sure to ask.
There are also other ways to save money or get extras when you sit down to negotiate. In bearish real estate markets, homeowners became rather creative with off-the-wall miscellaneous perks. During the past year, buyers in the have gotten free trips to Europe, cases of vintage wine, automobiles, boats, and other incentives. If you can think of a commodity to help close the transaction, mention it to the seller and they might go for it. For example, if you are buying your home from a member of the city symphony orchestra or the local basketball team, you might get free season tickets. Need a riding lawn mower and see one in the garage? Maybe your seller is moving to a condo where they don’t need to cut the grass and they will be happy to toss it in to clinch the sale. Buying from a chef? Maybe he or she will give you free meals at your new favorite restaurant in order to put the icing on the cake of the sales contract.
Have your Realtor provide you with updated market info because prices, inventories, and values can change quickly, but that adds another incentive to buy now while the inventory is large and the prices are cheap.
Don’t expect to see writing on the wall when the tide turns. By the time it becomes obvious to everyone that the buyer’s market is over, it will be too late to find those outstanding bargains and you will have missed the boat. If you want a home, don’t deny yourself the pleasure just to save a few possible bucks. I would suggest when you do find that deal make sure it is a home you and your family will be happy in for a few years. The flipping days have ben put on hold.

In Todays Arizona Republic

Peter Lupus — 2007-10-17T07:20:09-07:00

Today in the Arizona Republic's Business section reads in bold headlines "Homeowners slash prices". I would have to say this is a very true statement, although I would assume their is a bit more to the story than they say. Absolutely in today's housing market you need to be towards the bottom of the CMA in your neighborhood or even the lowest priced home. They state that one Chandler man slashed his price by 60,000, but the fail to say the price was most likely way over priced to start with. That is the name of the game, price the property to SELL. We need to get a little more realistic about buyers today, emotions runs high but price still makes the deal. So the long and short of it is, get it cleaned up without breaking your back and price, price, price.

Is the Open House What It Used to Beach

Peter Lupus — 2007-10-15T23:34:24-07:00

While 80 percent of home buyers used the Web to search for properties, only 42 percent visited open houses last year, reports the NATIONAL ASSOCIATION OF REALTORS®. But does that mean open houses are a waste of time? Depends on whom you ask.

Broker John Hodnett, of Lilia Delman Real Estate in Coastal Rhode Island, has only held one open house in his 16-year real estate career. He says serious buyers tend to view properties online and make appointments to tour the specific properties that truly spark their interest.

On the other hand, open houses often are frequented by people who simply want to see what a home looks like with no plans of making a purchase.

However, Hodnett notes that some sellers demand open houses because they want to know their agent is working hard to sell the home.

Real estate practitioners who believe in the benefits of open houses say they allow buyers to view properties without having to make an appointment or work with a real estate agent.

In a modern twist, some agents are scheduling the events at nontraditional times, tantalizing prospects with refreshments, and working with competitors to organize multi-agency tours.

Advocates say this marketing tool also provide a means for agents to develop relationships with prospective buyers, who often go on to work with them to purchase a different home.

Source: RisMedia.com

© Copyright 2007 Information Inc.

Buying Your First Home

Peter Lupus — 2007-10-14T10:15:54-07:00

Everyone wants the American Dream of homeownership. But before you start looking, there are a number of things you need to consider. First, you should determine what your needs are and whether owning your own home will meet those needs. Do you picture yourself mowing the lawn on the weekend or racking your rocks? The best advice is to look at buying a home as not only a lifestyle investment, but secondly as a financial investment. I would suggest when looking at homes that you pick something that will work for you and your family for at least three years.

Buying a home can be a good financial investment look for the winners and try to take some of the emotion out of the purchase and don't over pay, someday you might want to sell.

Making mortgage payments forces you to save, and after time you will own a substantial asset that can be converted into cash to help fund retirement or a child's education. There are also many tax benefits to ownership.

Like many other investments, however, real estate prices can fluctuate considerably. If you aren't ready to settle down in one spot for a few years, you probably should defer buying a home until you are. If you are ready to take the advantage of today’s Arizona real estate market, you'll need to determine how much you can spend and where you want to live. Get with a good lender and of course call azbrd to make sure you have a great Real Estate Company

Arizona State Fair 2007

Peter Lupus — 2007-10-12T20:37:43-07:00

The Arizona State Fair opened today and I must admit, I played hooky and it was worth it. The fair was free today before 12 and I just made it running from the parking lot to make the deadline, why I don't know because after 12 it was only a dollar. I was amazed how many people where there on a Friday afternoon. Lets put it this way, the parking lot was full by 2pm. I enjoyed it so much I might have to revisit the fair one more time. They had rodeos, marching bands, grizzly bears, great food, music and much more. Below are a few of the pictures I took with my cell phone since I forgot my camera.

It was a blast you should bring the family grab a candy apple and enjoy.

7th Ave & McDowell beginning Oct. 12 - 31:

McDowell 10/1 to 10/11
7th Avenue 10/1 to 10/31

On 7th Avenue, construction crews will work between McDowell and Encanto in 3 lanes – the middle lane and 2 northbound lanes. The far right northbound lane will be open.
Additional Traffic Closures and Restrictions: For a complete list of highway and freeway closures or restrictions across Arizona visit ADOT’s Travel Information Site at www.az511.com or call 5-1-1.
Fair Parking Lots
Fair Parking: $12

North Lot - Enter at 19th Ave. & Monte Vista or 19th Ave. & Encanto
South Lot - Enter at 17th Ave. & Monte Vista  (Note: During the Fair, this gate is not open to the general public)
20th Ave. & DPS Lots - Enter at Encanto just West of 19th Ave.

NonFair Parking: $7 in all lots.
2007 Fair Information
Fair Dates October 12 - November 4, 2007 (Closed Mondays)
Fair Admission: Adult - $12 Child (ages 5 - 13) - $6 Senior (ages 55 and up) - $6 Children under 5 - FREE
Fair Parking: $12
Fair Hours: Tues – Fri – Open at 12:00 noon Sat & Sun – Open at 10:00 am Closed Mondays
Closing Times
Commercial Buildings  Sunday - Thursday 10:00 pm  Friday - Saturday 11:30 pm   Midway and Grounds  Sunday - Thursday approximately 11:30 pm  Friday - Saturday approximately 1:00 am   Admission Gates  Sunday - Thursday approximately 10:00 pm  Friday - Saturday approximately 12:00 midnight
Livestock Barns  Close each night at approximately 10:00 pm
Wheelchair & Stroller Rental (availale near the Fair's main gates) Strollers - $9.00 Wagons - $13.00 Wheelchairs - $15.00 Electric carts - $45.00
FREE Park & Ride Shuttle*
Park for Free at 1700 W. Washington (just west of the Capitol Building)
Enter at 19th Avenue & Jefferson, and ride the free shuttle to the Fair.
*Available only during the Arizona State Fair weekdays after 6:00 pm and weekends beginning at 10:00 am.  The shuttle will stop in two locations on the Fairgrounds: McDowell Road just east of 19th Ave. and in the Fair's north parking lot.
The shuttle will run approximately every 15 minutes until one hour after the Fair closes.

Credential Gate
Enter at 17th Ave. (Coliseum Way) & McDowell Rd. The credential parking lot is not open to the general public. Admission to this lot requires a Fair credential.

Feedback from the visitors

Peter Lupus — 2007-10-11T20:19:23-07:00

I would love to hear some feedback from you guys on what are your thoughts on the site? What can I do to make the site more enjoyable for you? Throw us some of your ideas and we will do our best to make them happen.
www.azbrd.com

New York magazine lists Phoenix among top second-home choices,

Peter Lupus — 2007-10-08T09:22:14-07:00

The Phoenix Business Journal, reports that Phoenix is one of 11 cities touted as "Best Places to Live" in the current issue of Resident magazine. "Phoenix residents enjoy low housing prices and fine weather," the New York publication said in its review of top second-home locations. The magazine also lists Santa Fe, N.M.; Boston; Atlanta; Louisville; Palm Beach, Fla.; Denver; San Juan, Puerto Rico; San Jose, Costa Rica; Minneapolis/St. Paul; and San Diego. The magazine notes the ups and downs in Phoenix area's housing market, but says winter visitors continue to drive demand for luxury properties in Paradise Valley and Scottsdale and that bargains abound despite the rise in housing prices.

For more: http://70.47.124.114/node/914#phoenix

http://phoenix.bizjournals.com/phoenix/stories/2007/10/01/daily49.html?jst=b_ln_hl

SWEET TOMATOES Coming to Gilbert

Peter Lupus — 2007-10-08T08:40:12-07:00

Sweet Tomatoes is coming to the corner of Power and Ray roads in Gilbert.

The salad buffet-style restaurant will open in the spring of 2008.

The California-based chain, marking its 30th anniversary, operates about 100 Sweet Tomatoes and Souplantation restaurants in the U.S., including seven in the Valley. Gilbert's Growing Daily!!!

TV star reveals home-flipping secrets

Peter Lupus — 2007-10-07T07:01:16-07:00

By Robert J. Bruss
Distributed by Inman News
July 17, 2007

If you have been fascinated by reports about how to earn profits fixing up and quickly selling houses for large profits "Flipping Confidential" by Kirsten Kemp reveals how she profitably flips houses. As TV host of The Learning Channel's "Property Ladder," Kemp has become an expert at how to recognize houses with profit potential and those to avoid.

She explains how to earn the first profit at the "buy," meaning when the house is purchased. Then she emphasizes techniques for upgrading houses with cosmetic improvements that add more market value than they cost. Lastly, Kemp shows how to quickly resell the house, even in a slow buyer's market, by "staging" the home so buyers won't have to use their imaginations to see how attractive the home can be.

Dozens of before-and-after photos add to the easy understandability of this book. Written in a practical manner, with lots of good and bad examples from the author's personal experiences renovating houses, this guidebook shows how to create a profitable home-flipping business.

Especially useful is the emphasis on budgeting for virtually every expense and projecting net profits after resale costs, even including the capital gains taxes. Although Kemp doesn't specifically state her profit target, her goal seems to be to at least earn double the cost of improvements.

To illustrate, if she spends $25,000 for improvements, her net profit goal would be $50,000. Not bad for a few months' work.

Even if you are not interested in flipping houses but are perhaps looking to remodel your personal residence, the author's chapter about interviewing contractors is especially valuable. She lists the key questions to ask each renovation contractor and the right answers to hope you get.

Although Kemp says investors can get started with little or no cash, she recommends making at least a 20 percent cash down payment and then arranging a home equity credit line to pay for the renovations. She also explains the various mortgage types available, recommending the interest-only alternative because the holding period for most flipper houses is usually less than six months -- so mortgage amortization is not important.

While the book is strictly about flipping houses, it could have been made even more valuable to readers by including alternative flipper strategies, such as renting the fixed-up house to tenants or selling it on a lease with option to purchase, especially in a slow buyer's market.

Chapter topics include "My Story"; "Getting Started"; "Assembling Your Team"; "Building a Budget"; "Creating a Time Line"; "Improving the Property"; "Staging the Flip"; "Flip-Flops"; and "Frequently Asked Questions."

This new book is designed to overcome virtually every objection a potential home flipper might have. It anticipates and resolves issues that prospective home flippers often encounter. The book is especially valuable and believable because Kemp shares her personal experiences, along with before-and-after photos, to add realism to the topics discussed. On my scale of one to 10, this excellent book rates a solid 10.

Copyright 2007 Inman News

Top Ten American Houses

Peter Lupus — 2007-10-06T19:16:16-07:00

CNN Money presented us with their top 10 favorite houses in America, selected from the American Institute of Architects list of the top 150 American Structures. I know these came out a while ago (March, 2007 ), but I sure do like them. so I wanted to put these magnificent home photos up again.

Biltmore Estate (Vanderbilt Residence)- By Richard Morris Hunt

Monticello - Designed by Thomas Jefferson

Fallingwater - Designed by Frank Lloyd Wright

Taliesin- Frank Lloyd Wright’s residence

Hearst Castle- by Julia Morgan

Gamble House by Charles Sumner Greene and Henry Mather Greene

Glesner House- Designed by Henry Hobson Richardson

Dana-Thomas House- By Frank Lloyd Wright

Taliesin West - By and For Frank Lloyd Wright

Douglas House by Richard Meier

Hope you enjoyed these amazing Home Photos.

Arizona's Real Estate Employee Discount Program

Peter Lupus — 2007-10-06T15:34:45-07:00

I am very happy to announce the Arizona Business Resource Division Program has been growing by leaps and bounds. With the help of our preferred vendors: Metro Grand Mortgage, Security Title Agency, Keller Williams, AZ Celebrity Properties, our home warrantee companies and home inspectors, we are having great success with Arizona businesses helping there employees take advantage of this money saving real estate program. I just want to give a BIG thank you to everyone involved in helping make this employee benefit program a successful one.

The home forclosure process

Peter Lupus — 2007-10-05T11:54:00-07:00

Some of the basics on foreclosures

3 types of Foreclosure Sales:

1) SHORT SALES

The homeowner has negotiated with the Lender to put his own house up for sale for less than is owed on the mortgage. The homeowner benefits by limiting the damage to his credit, the Lender benefits by not having to foreclose and sell the home themselves.

Look for these if you:

* Are looking for a traditional sale - a nice home to move into

* Have patience - Lenders are VERY slow to respond on offers, I've heard of cases taking up to three months.

2) AUCTION

The Lender has foreclosed on the property, and will try to unload it through an auction process. It is a standard auction where the auctioneer stands outside the home at the appointed time and takes bids or on the court house steps.

Go to these if you:

* You have ready cash - often $5 - 15K in cash is required on the day of the auction if your bid wins, and make sure to have your loan in place.

* You have the gambling spirt - many times access to the inside of the house is limited, and they are sold "As-Is."

* You have time and patience - You may be faced with evicting a current tenant, paying off liens, etc.

I would suggest some experience or work with someone before attempting an auction.

3) LISTED FORECLOSURE

The Lender has foreclosed, perhaps tried an auction, and now has listed it with a broker to be sold in a traditional manner.

Look for these if you:

* If you are able to put at least 10% down and close in 30 days.

* If you are willing to do/pay for some repair work if necessary. (These are also sold "As-Is.")

You can contact AZ Celebrity Properties for these kind of homes.

What if my mortgage lender goes broke?

Peter Lupus — 2007-10-03T11:06:58-07:00

A few clients of mine have asked me the question "can my mortgage company close and cause trouble with my mortgage payment?

The simple answer is that the terms of your loan are legally fixed, and cannot change, no matter who takes over your loan. The more in depth answer is that if this does happen to you, (hope not) make sure you keep a watchful eye on your account to make sure payments are applied properly, your taxes are paid, etc. It's a paperwork nightmare for them, and could trickle down to you.

One of my clients who's mortgage was sold to another company BEFORE she even made her first payment on her new home last month. And it's been sold again, since then due the mortgage holder's financial troubles. It happens especially with great loans, just stay on top of this, but it can get time consuming!

Today's Current Housing Market

Peter Lupus — 2007-10-02T09:44:14-07:00

Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:

First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.

Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.

Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.