Erica West Realtor

Fountain Hills January 2010 Market Report

2010-02-02T17:51:00.000-08:00

The news is good.
Buyers have awakened from their hibernation. They are looking and buying.50 houses in Fountain Hills received offers in the month of January. But the sad reality is that 66% of January’s market was distressed properties. Of the 35 homes that had an accepted contract 18 were distressed. Another 15 are still waiting for short sale approval from lenders.

Here is a breakdown of what has received an accepted contract in Fountain Hills Arizona in Jaunuary, 2010

$100,000 to $200,000 2 contracts
$200,000 to $300,000 10 contracts 2 foreclosures 4 short sales
$300,000 to $400,000 8 contracts 1 foreclosure 3 short sales
$400,000 to $500,000 4 contracts 2 foreclosures 1 short sale
$500,000 to $600,000 3 contracts 0 1 short sale
$600,000 to $700,000 3 contracts 0 1 short sale
$700,000 to $800,000 1 contract 1 foreclosure 0
$800,000 to $900,000 1 contract 1 foreclosure 0
$900,000 to $1M 1 contract 1 foreclosure 0
$1M to $2M 3 contracts 0 0
$2m + 0

The most popular price range were houses listed between $200,00 and $400,000. That makes sense since it incorporates the price range with the first time buyer incentive of $8000 tax credit. It is also the most popular range for move up buyers who can receive a $6500 tax credit for selling their smaller home and moving to a larger one.

Here is what is currently on the market.

$100,000 to $200,000 7 available 1 foreclosure 3 Short sales
$200,000 to $300,000 50 available 10 foreclosures 16 short sales
$300,000 to $400,000 47 available 1 foreclosure 5 short sales
$400,000 to $500,000 59 available 4 foreclosures 4 short sales
$500,000 to $600,000 27 available 5 foreclosures 2 short sales
$600,000 to $700,000 30 available 2 foreclosures 4 short sales
$700,000 to $800,000 13 available 0 2 short sales
$800,000 to $900,000 19 available 0 0
$900,000 to $1M 12 available 0 2 short sales
$1M to $2M 60 available 8 foreclosures 5 short sales
$2M to $3M 24 available 0 0
$3m + 8 available 0 0

Fountain Hills Real Estate Market November Update

2009-12-09T07:38:00.000-08:00

For thoses of us who live in Fountain Hills and for those buyers who are interested in buying a house in our beautiful town, these numbers are of great importance.
November brought increased activity to our Fountain Hills real estate market. There are currently 360 single family houses available.
Is this the new norm? 22% of the available single family houses are distressed properties.
Over 70% of what buyers are buying today is DISTRESSED POPERTY

Total # on market 360 29 foreclosures + 53 short sales = 82 distressed properties
$100,000-$200,000 ……13 on market……..4 foreclosures……. 6 short sales
$200,000-$300,000 ……24 on market……..8 foreclosures…….16 short sales
$300,000-$400,000 ………50 on market……..0 foreclosures………9 short sales
$400,000-$500,000 ………47 on market……..4 foreclosures………3 short sales
$500,000-$600,000 …… 33 on market……… 2 foreclosures………4 short sales
$600,000-$700,000 …… 25 on market……..2 foreclosures…… 1 short sale
$700,000-$800,000 ………16 on market……..1 foreclosure……….2 short sales
$800,000-$900,000 ………22 on market……… 0 foreclosures……….2 short sales
$900,000-$1M………………. 14 on market……… 1 foreclosure………….1 short sale
$1M-$2M……………………… 62 on market……….7 foreclosures…………9 short sales
$2M-$3M……………………… 25 on market……….0 foreclosures…………0 short sales
$3M +……………………………. 7 on market “ “

Total of 48 single family houses went under contract in November

$100,000-$200,000 ……4 under contract …….2 foreclosures ……..2 short sales
$200,000-$300,000 ……16 under contract …… 3 foreclosures……..9 short sales
$300,000-$400,000………10 under contract…...1 foreclosure ………7 short sales
$400,000-$500,000………2 under contact…………………………… both short sales
$500,000-$600,000………6 under contract…………………………………… 3 short sales
$600,000-$700,000………4 under contract………………………………… 2 short sales
$700,000-$800,000………no activity
$800,000-$900,000………2 under contract…… both foreclosures
$900,000-$1M……………… 1 under contract…………………………………. 1 short sale
$1M-$2M…………………….. 3 under contract………..2 foreclosures…… 1 short sale

Freddie Mac reported mortgage rates down for the fifth straight week, now at record lows! The 30-year fixed-rate mortgage averaged 4.71%, with an average 0.7 point, for prime borrowers with 20% down payments. That's a new low for the survey which has been tracking rates since 1971.
For more information about Fountain Hills and what is available visit www.ericawesthomes.com.

Fountain Hills Arizona October Real Estate Report

2009-11-04T09:06:00.000-08:00

Keeping track of your local real estate market can help you gain a perspective about the value of your home.
And if you’re thinking about putting your Fountain Hills home on the market, these figures can be a valuable tool in helping you determine a realistic price.

October 2009 Inventory
There are 347 single family houses on the market in Fountain Hills.

Price is what the seller expects.
$$$$$$$
100,000-200,000 6 for sale 1 foreclosure 4 short sales
200,000-300,000 43 for sale 7 foreclosures 10 short sales
300,000-400,000 50 for sale 4 foreclosures 12 short sales
400,000-500,000 39 for sale 2 foreclosures 3 short sales
500,000-600,000 35 for sale 2 foreclosures 6 short sales
600,000-700,000 26 for sale 1 foreclosure 2 short sales
700,000-800,000 19 for sale 2 foreclosure 2 short sales
800,000-900,000 20 for sale 0 1 short sale
900,000-1Million 17 for sale 1 foreclosure 1 short sale
1M-2Million 69 for sale 7 foreclosures 9 short sales
2M-3Million 24 for sale 0 0
3M+ 7 for sale 0 0

Value is what the buyer expects.
Here’s what buyers believed was a good value for their price.

A total of 26 single family homes pended. 11 were foreclosures and 2 were short sales. That translates to 50% of purchased homes are

100,000-200,000 1 pended
200,000-300,000 7 pended 4 foreclosures 1 short sale
300,000-400,000 3 pended 2 foreclosures 0 short sale
400,000-500,000 5 pended 2 foreclosures 1 short sale
500,000-600,000 4 pended 0 0
600,000-700,000 2 pended 1 foreclosure 0
700,000-800,000 2 pended 1 foreclosure 0
800,000-900,000 0
900,000-1M 1 pended
1M-2Million 1 pended 1 foreclosure

When price and value are equal the seller sells, the buyer buys and the home gets a new owner.

What Was September Like in Fountain Hills?

2009-10-05T12:34:00.000-07:00

My crystal ball is too cloudy to see the future, but the fog has lifted off the past. I see it clearly. So here it is, for you to see, too.

With over 8,000 single family homes in Fountain Hills less than 4% of our houses are homes for sale.

There are currently 328 houses for sale in Fountain Hills

.• $100,000-$200,000 7 listed…..1 foreclosure…..5 short sales

• $200,000-$300,000 33 listed….5 foreclosures…9 short sales

• $300,000-$400,000 43 listed….5 foreclosures…5 short sales

• $400,000-$500,000 38 listed….2 foreclosures…3 short sales

• $500,000-$600,000 41 listed….2 foreclosures…4 short sales

• $600,000-$700,000 21 listed….2 foreclosures…5 short sales

• $700,000-$800,000 21 listed….2 foreclosures…1 short sale

• $800,000-$900,000 17 listed….1 foreclosure…0 short sales

• $900,000-$1million 17 listed….1 foreclosure….2 short sales

• $1million-$2million 69 listed….5 foreclosures…6 short sales

• $2million-$3million 22 listed….0 foreclosures…1 short sales

• $3million + 3 listed

To really understand our market we need to examine what price ranges sold and what percentage of the market is selling in each price range.

Here’s the breakdown of what buyers are buying

• $100,000-$200,000 2 sold…..1 foreclosure…..0 short sales

• $200,000-$300,000 7 sold…..2 foreclosures….1 short sale

• $300,000-$400,000 6 sold…..1 foreclosure……1 short sale

• $400,000-$500,000 7 sold……1 foreclosure…..2 short sales

• $500,000-$600,000 4 sold……2 foreclosure…..0 short sales

• $600,000-$700,000 3 sold….. 1 foreclosure…..2 short sales•

$700,000-$1 Million… No sales

• $1M-$2M One (1) Short sale

• $2M-$3M One (1) Short Sale

20% of the houses for sale are distressed; while 50% of the houses selling are distressed.

It is significant to note that the heaviest concentration of sales is in the price range most impacted by the stimulus bill.What will happen when the $8000 first-time buyer tax credit expires November 30th?

From my cloudy crystal ball, I really can’t tell, but I’ll keep you posted.

In the meantime, enjoy our beautiful fall weather.

Look in Your Pantry to Save Money on Home Ownership

2009-09-22T21:16:00.000-07:00

In today’s economic and environmental climate, homeowners are looking for ways to reduce the cost of maintaining their home. Home repairs can be a costly affair.
Keeping your house in good condition is certainly less expensive than repairing it.

What will you find in your pantry that can help you maintain your house, keep it sparkling, and save you money?

It’s vinegar, ordinary inexpensive white vinegar. And since vinegar is a product of fermentation it contains no chemicals and is “GREEN”.
Here is a partial list of what this product of fermentation can do.

· Clean corroded shower heads & faucets. Soak corroded parts in vinegar for several hours or overnight.

· Open clogged drains. Boil vinegar and pour small amount down drain. Wait 10 minutes. Run hot water. Repeat if necessary.

· Wash dishes. Add a capful to dishwater. Cuts grease.

· Wash windows and mirrors. Mix one tablespoon of vinegar in a quart of water.

· Remove dried paint from glass. Heat vinegar and apply to paint to soften.

· Polish chrome and stainless steel by moistening a soft cloth with vinegar and polishing.

· Remove room odors .Placing bowls of vinegar in a room can remove the more noxious odors of smoke, vomit, paint and more.

· Kill weeds and unwanted grass between stepping stones by pouring vinegar on them.

· Repel ants. Wipe or spray any area with a solution of ½ vinegar, 1/2 water to keep ants away.

· Clean caked, stiff paint brushes. For mildly caked brush, soak in vinegar. For worse case heat vinegar, heat brush for 10 minutes.

As a real estate agent here in our small town of Fountain Hills, Arizona, I’ve seen sellers who have neglected their homes end up paying thousands of dollars in costly repairs when they decide to sell. Your home’s value will be affected by its condition.
For more information on the amazing uses of vinegar you might like to purchase a little book called, “Herbal Vinegar” by Maggie Oster available at www.Amazon.com.

Fountain Hills Arizona Real Estate Report for August 2009

2009-09-02T23:08:00.000-07:00

How lucky we are to live in Fountain Hills. As tough as the real estate market has been we have suffered less than many other parts of the Valley. Probably because of our incredible views, small town atmosphere and variety of homes.

What's on the market now? What’s available? What’s hot? What price ranges are selling?
Look at the report below for the answers.

There is a total of 320 single family houses for sale.

From $100,000-$200,000 there are 4 houses. 2 are short sales.
From $200,000-$300,000 there are 33 houses. 5 are foreclosures. 7 are short sales.
From $300,000-$400,000 there are 41 houses. 2 are foreclosures. 8 are short sales.
From $400,000-$500,000 there are 38 houses. 4 are foreclosures. 4 short sales.
From $500,000-$600,000 there are 35 houses. 0 financially challenged.
From $600,000-$700,000 there are 24 houses. 1 is a foreclosure . 7 are short sales.
From $700,000-$800,000 there are 22 houses. 3 are foreclosures.
From $800,000-$900,000 there are 14 houses. 0 are financially challenged.
From $900,000- $1M there are 71 houses. 5 are foreclosures, 5 are short sales.
From $1M-$2M there are 23 houses. 1 foreclosure and 1 short sale.

Any market activity has an impact on the value of your home.

Pending sales in August.

4 homes between $100,000-$200,000. 2 were forclosures; 2 were short sales.
7 homes between $200,000-$300,000. 4 were foreclosures
8 homes between $300,000-$400,000. 1 short sale
9 homes between $400,000-$500,000. 2 foreclosures. 1 short sale
2 homes between $500,000-$600,000. 1 foreclosure 1 short sale
2 homes between $600,000-$700,000 1 foreclosure
0 homes between $700,000-$1,000,000
4 homes between $1M - $2M. 1 foreclosure

If you don’t live in our beautiful community and would like to know more about it visit my website at www.ericawesthomes.com. There you will find indepth information about the town and it's lifestyle.

Fountain Hills Property Taxes: What You Should Know

2009-09-01T21:10:00.000-07:00

Lots of people quietly pay their property taxes without questioning. But by paying attention to your tax assessment you can possibly save money.

Property values are established as of Jan. 1 of each year for the following year.
Therefore, on January 1, 2009 the values were established for the 2009/2010 property taxes.
Property taxes are due two times per year.
The first installment is due Oct. 1st and the second is March 1.

Understanding Your Tax Bill

Limited Value* Full Cash Value* Assessed Value. What do they mean?

Property taxes in Maricopa County for owner occupied houses are based on Assessed Value.
The Full Market Value is used to establish the Assessed Value. To see an example of the tax bill go to www.treasurer.maricopa.gov/taxguide/taxbill.htm .
Assessed Value is determined by multiplying the tax rate by the Full Cash Value. Full Cash Value represents market value. If you believe the Full Cash Value is higher than the market value you have the right to appeal.
Full Cash Value represents market value. If you believe the Full Cash Value is higher than the market value you have the right to appeal.

You can find the Assessed Value of your home in Fountain Hills at the Maricopa County Website www.maricopa.gov and click on parcel number research.

In Maricopa County the assessed rate is 10% of Full Cash Value. So if your house is valued at $450,000, your property tax will be based on the assessed value of $45,000. Average tax rate is 1.3% .Therefore you would multiply $45,000 by 1.3% to get a tax bill of $5850
Values are set in the year prior to the year taxes are due. The first installment is due Oct. 1st and the second is March 1.
To appeal your tax assessment you will need to file a petition with the county assessor. Go to www.maricopa.gov/assessor . Click on forms to find property value appeals. The filing deadline for an appeal is printed on the Notice of Value Card. Your appeal must be filed within 60 days after the card is mailed to you.
Should the appeal be denied, you can file a petition with the State Board of Equalization. Go to www.sboe.state.az.us. for information on filing.

How to Save Your Home From the GREEN TICS

2009-08-20T11:31:00.000-07:00

Green Tics are everywhere in your home eating away at your money.
They consume energy and expel waste.
They waste your money and our natural resources.
Getting rid of the little buggers means becoming more aware of just how much damage they are doing and then taking action to starve them out.

How? By fighting green with green!
Going green

save you money
save the environment and
create a healthier home and lifestyle.

The first step is to have with an energy audit of your home. How are you going to know what to fix if you don’t know what’s broken?

The audit will help you find where are you losing and wasting energy Once you know what’s broken you can fix it by creating an energy-saving plan.
You can conduct your own audit, have a professional energy audit or contact on SRP or APS for help.
To conduct your own audit here are some tips in what to look for.

Check your home’s insulation is one of the fastest and most cost-effective ways to reduce waste and make the most of your energy dollars. Check the insulation levels in your crawl space, ceiling, exterior walls and basements. Here in Fountain Hills the only basements we have are on our hillside lots. Because those homes are built into the earth the basements tend to be more energy efficient.
You can learn how to check the levels by visiting www.energysavers.gov .
Are you leaking ? Areas that leak air into and out of your home costs you lots of money. Check for holes or cracks around your windows , ceilings, walls, doors, light and plumbing fixtures, switches, and electrical outlets. Any one of these can leak air into and out of your home.
Although we have about two weeks of winter here in the Phoenix Valley many of our residents want a home with a fireplace. Perhaps it’s a sense of romance. If you have a fireplace be sure check for open fireplace dampers.
Make sure your appliances, heating and cooling systems are properly maintained. Here in the desert it’s important to have your air conditioning systems cleaned annually.
Study your family’s lighting needs and use patterns paying special attention to high-use areas such as living room, kitchen, and outside lighting. Look for ways to use lighting controls., like occupancy sensors, dimmers, and timers, to reduce lighting energy use, and replace incandescent light bulbs and fixtures with compact or fluorescent lamps.
The world of green does not have to be complicated
. Living green can be simple! For a user friendly site designed especially for you visit www.greenandsave.com.

What's Up in Fountain Hills, Arizona?

2009-08-05T09:22:00.000-07:00

The temperature is certainly up. And the housing market in Fountain Hills is up as compared to last year.
For those readers who either live in Fountain Hills or who are interested in our local market I've added the numbers.
There is less inventory and there are more buyers.
There are only 329 single family homes on the market. 18%of these are the financially challenged foreclosures (22) and short sales (38).
Our market has definitely improved. In 2007 when there were 570 single family houses listed there was a 35 month supply of inventory.
Based on the number of houses available today and the number selling, we now have an 11 month supply.
Confidence is up. There were 27 contracts for single family houses in July.
20 of these houses had an asking price below $500,000. That is the range in which there are currently the most incentives to buy.
There were 8 foreclosures and 10 short sales in that group.

Between $500,000 and $700,000 there were 6 contracts. 50% were financially challenged.
There was a gap in the market between $700,000 and $1,000,000. Nothing sold in that range in July. Only 1 sold that was over $1,000,000 and it was a short sale.

Optimism is up. Just last September when writing this column I quoted ,”When God closes one door He opens another. But it’s hell in the hallway.” We’re slowly edging our way out of the hallway.
Now we just need to keep our patience up.

Here are the numbers:
13 houses for sale between $100,000 and $200,000. 2 foreclosures; 11 short sales.

34 houses on the market between $200,000 and $300,000. 7 foreclosures and 9. shortsales.
31 houses for sale between $300,000 and $400,000. No foreclosures, 1 short sale.

40 single family homes on the market between $400,000 and $500,000. 1 foreclosure, 5 short sales.

43 homes for sale between $500,000 and $600,000.2 foreclosures and 3 short sales.

25 single family homes for sale in the $600,000 to $700,000 range, 4 short sales.

22 houses for sale between $700,000 and $800,000. 3 are foreclosures and 1 is a short sale.
16 homes on the market between $800,000 and $900,000.No foreclosure or short sales.

15 homes are between $900,000 and $1,000,000. 2 are short sales.

66 houses on the market are between $1,000,000 and $2,000,000.6 of these are forclosures and 3 are short sales.

Over $2,000,000 there are 32 houses available for sale and 1 is a short sale.

The Curious Case of the Reverse Mortgage

2009-07-29T15:31:00.000-07:00

Like Benjamin Button’s life, a reverse mortgage goes in reverse.
The lender sends you a monthly payment.
And instead of the amount you owe decreasing it increases because you are actually borrowing your own equity.

As a residential real estate agent in Fountain Hills, where ¼ of the population is are senior citizens, I’ve received a number of questions recently about reverse mortgages. Not knowing much about them I did some research.

If you are 62 years old or older a reverse mortgage can be a sensible solution to your financial situation.
But it is not for everyone.
Be sure to look at the pros and cons of taking out this kind of mortgage.
In order to take a reverse mortgage your home must be paid off or have a mortgage balance of no more that 65% of the home’s value.
If there is a mortgage it can be paid off completely with the reverse mortgage proceeds.
The federal government recently passed legislation that temporarily increases the national loan limit for the Home Equity Conversion Mortgage to $625,000.The limit remains in effect until Dec. 31, 2009
There are 3 kinds of reverse mortgage and the loan costs differ.
What they do have in common is the money is paid back with interest, only when the owner dies, sells, or moves out.
There is no loan qualification process, no credit or income requirements; but the borrower must be able to keep up the property taxes and insurance. The owner will never owe more than the homes value because the loans are FHA insured.

• The older you are, the more cash you can get
• The more your home is worth, the more cash you can get.

As your debt increases, the amount of cash you or your heirs would have left after selling and paying off the loan decreases.
The biggest risk is outliving your equity.
Before deciding on a reverse mortgage examine if you really need it.

Can you afford a reverse mortgage? They are very expensive.

Can you afford to start using your home equity now? The more equity you use now the less you’ll have later, when you may need it more.

Do you have less costly options?
Would it be more advisable for you to sell your home? It’s a smart idea to consult with a knowledgeable, experienced real estate agent first to learn the market value of your home.
Consult with your tax adviser and then finally with a lender who can tell you the financial aspects.

What You Should Know About The Seller's Disclosure

2009-07-21T22:05:00.000-07:00

At last their house closed. They moved into their beautiful home in Fountain Hills, Arizona.
On the first hot day the new homeowners jumped into the pool. It was then that they saw the crack under the ledge.
They’d had a thorough home inspection but this crack could only be seen from inside the pool. An investigation turned up an estimate that the previous owners had been given to repair the crack. So they knew about the crack but chose to keep quiet. They lost the resulting lawsuit.

Every seller is given a disclosure form to fill out when listing their house.
Disclosing what you know about your house may not sound like a big deal, but it is.
The majority of lawsuits that result from the sale of real estate are about lack of disclosure. What do you know about your house that the buyer should know?

Why is it relevant to disclose that you’ve seen a scorpion in the house? After all Fountain Hills is a desert town. If the buyer has an extreme fear or sensitivity to stings it could be very relevant to them.
Will disclosing this stop them from buying your house? Probably not if they know the house can be professionally sealed to protect them from the unwanted pests.
Sometimes it seems hard to know what to disclose.
Not even an inspection will pick up on everything. The inspector may miss it, but if you know the bedroom fan only works on 2 speeds, repair it or disclose it.
You may have repaired the leak in the roof,but you still need to disclose that there was a leak in the roof. it.
If you have to ask “Do I need to disclose that?” the answer is always, “yes”.

0% Down for a House in Fountain Hills? No Kidding!

2009-07-06T15:38:00.000-07:00

Are you Eligible for a Thank You Home Loan?

Have you or been in the military? National Guard, Army, Navy, Marines, Air Force or Reserves?

Then you may very possibly qualify to buy a house with NO MONEY DOWN!
Find a house you love for $417,000 or less and you can make it your home.

For the men and women who have served our country in the military, a VA loan is the government’s way of saying thank you!
• Your payments are substantially lower than a conventional loan
• It’s also easier to qualify.
• Your entire interest payment is tax deductible.
• There is no mortgage insurance
• There are no cash reserves required
• There are no qualifying ratios
• Rates can be lower than conventional loans.

Even if you’ve been turned down by other lending institutions you may still qualify for a VA loan. Unlike many conventional lenders the VA does not base its approvals solely on credit.
You can even get a VA loan if you are self-employed.

If you have been looking for or thinking about buying a house and no one has suggested a VA loan to you, it could be because many banks and credit companies don’t offer the loan. A lot of real estate agents don’t think about it as an alternative to helping you buy a house.

Speaking about house hunting have you considered Fountain Hills, Arizona as a place to make your home or have a second home?
Right now you’ll have 78 single family homes from which to choose.

It’s just amazing what you can buy in this small desert town. Just imagine, most of these are custom homes on individual ¼ or larger lots! They range from 2- 4 bedrooms, some with pools, garages, and a variety of views.
For more information on VA loans and the answer to almost any question you can think to ask on the subject go to the VA Mortgage Center. I believe you’ll find it very helpful.

What’s Hot in Fountain Hills part 2

2009-07-01T16:41:00.001-07:00

What are buyers buying in our beautiful desert town? These are the houses that sold in the first 1/2 of 2009.

Price Range	#
$100,000-$200,000	22
$200,000-$300,000	55
$300,000-$400,000	38
$400,000-$500,000	36
$500,000-$600,000	21
$600,000-$700,000	10
$700,000-$800,000	8
$800,000-$900,000	11
$900,000-$1M	4
$1M-$2M	19
$2M+	3

These are the Pending Sales for June 2009

Price Range	Number	Short Sales	Foreclosures
$100,000-$200,000	3	0	3
$200,000-$300,000	5	1	1
$300,000-$400,000	7	1	2
$400,000- $500,000	3	1	1
$500,000- $600,000	5	0	0
$600,000-$700,000	0	0	0
$700,000-$800,000	4	0	0
$800,000-$900,000	0	0	0
$900,000-$1M	0	0	0
$1M-$2M	1	0	0
$2M+	0	0	0

Here’s the breakdown by price range on Homes For Sale

Price Range	Number	Short Sales	Foreclosures
$100,000-$200,000	7	7	0
$200,000-$300,000	34	14	3
$300,000-$400,000	39	5	1
$400,000-$500,000	46	7	1
$500,000-$600,000	33	2	0
$600,000-$700,000	27	2	2
$700,000-$800,000	27	1	1
$800,000-$900,000	14	0	0
$900,000-$1M	18	1	1
$1M-$2M	75	6	0
$2M+	37	1	0

What's Hot in Fountain Hills Real Estate?

2009-06-30T21:09:00.000-07:00

How many houses are on the market? How many have sold? What do the first six months of 2009 look like?

I really wanted to and these questions by putting all of this information in column format so that you readers, could take it all in at a quick glance.
But no matter how hard I tried I couldn’t figure out the mechanics of getting Blogspot to accept a column format.
It would probably not be an issue to postpone publishing this blog until someone wiser than I comes to my technophobic aid.
However, having invited readers of my article in the Fountain Hills Times to view a detailed update of our Fountain Hills real estate market, I feel compelled to let you know that the information is forthcoming.
So please bear with me. I’ll publish the easy to read columns as soon as I get help from someone my granddaughter’s age!

Please come back again. It will just be a day or two.

Can't Get A Mortgage Loan in This Market?

2009-06-23T15:06:00.000-07:00

You have excellent credit, the 20% down payment you need to buy a house and you can’t get a mortgage!

How frustrating is this! Not to mention unfair!

Buyers and sellers feel like they are losing the 21st century Monopoly game.
Real estate is hard to sell and hard to buy.
Lenders are over cautious and are holding back lending money.

And if you self employed or file a 1099, you’ll have a very difficult time getting a loan today.
Lenders are not comfortable lending on jumbo loans. They are requiring an encyclopedia of information from borrowers, much of which the self-employed have difficulty providing.

But hold on! There is a solution!

Look for a house where the seller will carry!
Sellers who have no mortgage can provide financing!

You will pay NO loan costs and you won’t have to fill out those reams of paperwork.

Houses where the owner will carry are not easy to find so I must tell you about the soaring, elegant home located in the North Heights neighborhood in Fountain Hills.
Buy this house and you’ll save thousands of dollars! And you won't have to qualify.
You can live an affluent lifestyle in this 4 bedroom 3 ½ bath executive home.

The room arrangement is perfect for growing family. The children have their own space in the kid friendly family room adjacent to the children’s bedroom suites. You’ll have your private space in the master suite with a fireplace and spa size bath.
The stately living room, adjoining wet bar and formal dining room flow well for easy adult entertaining.
Sunday breakfast can be a family affair in the crowd size breakfast room open to the granite island kitchen.
Outdoor living can be year round. The yard is like a park. For summer there is a pool and for winter large covered patio.
There's plenty of room for your toys in the oversized 3 car garage.

Energy efficient roller shields lock out the heat and save you money!

All this for just $725,000. The terms are the same as banks offer: 20% down, at 6.5%interest.

You can have the home you deserve!

The Truth about Short Sales and Foreclosures!

2009-06-14T21:13:00.000-07:00

Think a short sale or foreclosure is a bargain?
Think Again! Here’s the reality.

You are in a bidding war! Imagine that!
I guess the market has bottomed if buyers are willing to be the highest bidder.
Low prices are a teaser,just like the 3 1/2% loans were.

Once you make your offer you wait weeks, sometimes months to get a response.
No one cares about you.
Not knowing, not having an answer for weeks on end can be stressful.

If you end up as the highest bidder, the lender will finally let your realtor know this “bargain” is yours.

You have no real idea what you are buying. What is known about the house ? How was it maintained?

You won’t get any information. You have no history of the house.
Is there something hidden about its condition that could cost you a lot of money to correct? Anything wrong with or in the house will be your problem.
Even an inspection can not reveal everything. You could be buying a money pit.

Of course you want an inspection .You’ll have to pay for it up front. If the transaction doesn’t close you’re out the money. The closing process can take months. By the way, if the water has been drained from the pool and you want the pool equipment checked, you’ll have to pay to fill the pool.

An accepted offer needs to be signed by both buyer and seller to be considered an enforceable contract. The lenders don’t return the signed documents sometimes for weeks.
Since you don’t have the lender’s signature yet, they can and sometimes do change their mind and refuse your offer after accepting it.
There is nothing you can do but sulk away. All your time, money and effort are lost.
How is a short sale or foreclosure a bargain?

There are today, 343 single family homes on the market in Fountain Hills. 12 are lender owned, (foreclosures). 42 are short sales. That leaves 289 houses, many of which are the real “bargains”. They are well maintained, have an available history, have fair realistic market prices and motivated realistic sellers.

Don’t let cheap become expensive by concentrating on troubled properties!

How to Sell Your Home Faster and For More Money

2009-06-03T16:19:00.000-07:00

Every journey starts with a first step. The journey to your next home starts by putting your feet into the buyers shoes and ends with you turning the key to open the door to your new nest.
Getting your house sold quickly and for more money will take some work and preparation. But it will be worth it. You will save time on the market and put more money in your pocket.
All you have to do is follow This Golden Rule :
Think Like A Home Buyer

Most buyers want the same thing. No matter how many houses are on the market, buyers look for the best priced property that is in the best condition.

You have to COMPEL a buyer prospect to become your buyer!
Everyone comes into your house as a prospective buyer. You can turn them into your buyer by walking in their shoes.

Look at your home from their perspective. If they like your location and the layout of your rooms work for them the next thing a buyer looks at is:
Condition, condition, condition.

The 3 most important words to sell your home.

1.Repair:
If something needs repair, fix it no matter how small. If prospects see small things neglected they wonder if the big things were taken care of. Because of our Sonoran Desert climate ,buyers are particularly concerned about the condition of your roof and air-conditioning.

2.Clean:
Every nook and crannie of the house has to sparkle and shine. It’s similar to trading in a car. The more it sparkles, the more money you get for it.
Make the windows sparkle inside and out. People need to be able see our beautiful Fountain Hills views .
Clean all light fixtures and ceiling fans. Have the carpets shampooed. Polish all wood cabinets.

3.Neutralize:
Color is really “in” today. But colors are very personal and usually chosen to match your furniture. Your house has to appeal to the largest market segment. The average buyer can’t see past the burgundy and rust walls. Repaint using a soft neutral color. It will be worth the investment.

4.Manage Space:
The bigger the better. You can’t make the rooms bigger. But you can make them appear bigger. Arrange furniture to give the rooms a more spacious feeling. If necessary, remove furniture pieces. Pack up collectibles. Remove all clutter. Make closets appear larger. Remove clothing you’re not currently wearing. Pay particular attention to the kitchen. Clear counters of everything you do not use on a daily basis.
Use light to create space. Turn on all the lights when you know the house is being shown.
Open window coverings.

5.Create An Atmosphere:
Appealing to the prospective buyer’s sense of smell is one of the best ways to create an atmosphere. Add pleasant smells, like cinanamon, fresh flowers or some quick bake chocolate chip cookies.
Smokers rarely notice the odor of tobacco that fills their homes and pet owners can be oblivious to the doggy odor. If your house has those unpleasant smells have drapes, furniture and carpet cleaned to neutralize those odors. Cover-ups don’t usually work.

6.Set the Stage:
From HGTV to the local news anytime you hear advise about selling your home you’re advised to stage. Everything you have done so far has been setting the stage to sell. But there are small details that can make a house more attractive and appealing. A vase of flowers, an open book on a coffee table, the kitchen table or counter set for dinner. These little details involve using color, light and a few accessories.

Take these steps and you are well on your way to moving into your next home.

Going Green in Fountain Hills

2009-04-24T16:14:00.001-07:00

Back in the 1981 this father of five young children was concerned about saving energy. So he built the first passive solar house in Fountain Hills. Little did he know that 27 years later “going green” would be everyone’s concern.

His children grew up in this home, enjoying splashful summers sliding down the slide and diving into the party-size pool. They loved bringing friends over to toast marshmallows in the outdoor fireplace.

With a heated salt water pool and spa, backyard fun continued throughout the winter. Friends and family spent many a cool evening gathered together in the king-sized solar- screened Arizona room.

Over the years dad had the windows replaced, put in new easy care Pergo flooring, and new appliances, replaced the shingle roof, water softener, water heater and one of the two air conditioners.

The children are all grown now and have children of their own. So it’s time for mom and dad to leave their lovingly maintained nest, too.

And here is where you can make a step towards better living. This 4 bedroom, 2 and ½ bath house is packed with potential.

Set on a premium corner lot in an upscale neighborhood with mountain views this house is ready to be modernized or enlarged. Remodel, build up or build out.

Grow your own vegetables, pick giant grapefruits, smell the fabulous roses. If gardening is your hobby you will love the grape arbor and lush mature landscaping. Park your boat or RV in the 100 foot RV parking area with its own driveway. Only 12 miles from Saguaro Lake and on the way to cool Payson and the cool woods of the Mogillion Rim, Fountain Hills is an ideal place to keep a boat or RV.

Bring your talent & creativity. Bring your family. There’s room for growth here. Invest today and you will profit tomorrow. Owner is asking for an offer. On the market for just $375,000.

Bottoms’ Up in Fountain Hills

2009-04-14T14:28:00.001-07:00

The number of homes for sale in our town has dropped to 446 single family houses on the market. That’s a significant reduction from 570 last year. Only 29 are foreclosures. That too is a good sign. As supply and demand equalize we will be back to a stable market. Then prices can begin to go back up. Here’s how today’s market looks:

$90,000-$100,000…..1
$100,000-$200,000….12
$200,000-$300,000….40
$300,000-$400,000….37
$400,000-$500,000….50
$500,000-$600,000….58
$600,000-$700,000…….32
$700,000-$800,000…..33
$800,000-$900,000….20
$900,000-$1M……. 19
$1M-$2M……………. 94
$2M-$3M…--------42
$3m+…..9

We currently have a well balanced inventory with one third of our homes below $500,000, one-third between $500,000 and $1 million and approximately one third of the houses over one million dollars.

There are currently 65 houses in contract. Half of those (35) are between $200,000 and $500,000. The most difficult homes to sell are upwards of $1million.These houses fall in the jumbo loan category with buyers needing a lot of upfront cash (20%-30% down) and verified proof of income.

For most of the Fountain Hills market, things are looking up!

How to Buy or Sell for the Best Price

2009-04-07T15:26:00.000-07:00

When it comes to selling or buying a house, the more knowledge you have, the more you are in control of what a house sells for. Knowledge gives you power.

Sellers who understand the value of their house will sell for more.

By being aware of what is happening in your market you can learn what buyers are willing to pay the most for.

Learn what builds value. Get an equity check-up once every couple of years so that you know the approximate value of your home. Even if you are not planning to sell for many years, it’s important to keep track of how much your equity is building. Particularly in this real estate climate where everyone is so fearful.

When you learn how your equity is growing you will have a greater sense of security and be able to plan more effectively for the future.

When you are ready to sell hire a local real estate expert .You will sell your home for the best price. It will result in more money in your pocket.

Buyers who know what they can spend and who understand our local Fountain Hills real estate market are more likely to make a better buy.

Give yourself an advantage by having a letter from your lender ready, certifying what you can qualify for. It will also put you in a better position to negotiate for the best price. Sellers want to know that you will be able to obtain the loan and close on time.

Spend time exploring and researching the market. Learn what houses bring a higher rate of appreciation. Work with a local expert who keeps close track of the market and can spot trends.

Real estate markets are local. The values in Fountain Hills are not influenced by what is happening in Queen Creek. Our median price declined only 7% in 2008 while it declined 12% in Sun City.

Fountain Hills is unique. We offer a small town lifestyle.

We have homes with views, homes on mountainsides, homes nestled in canyons, small homes and estates. Most are custom homes. Home prices in are surprisingly affordable. With good information about the market you can buy your house at the best price and get more than you would have expected.

Knowledge is power.

First time buyers: What you need to know.

2009-03-31T18:53:00.000-07:00

Who are first-time buyers? You are a targeted market of people who have either never owned a home or you have not owned one in the past 3 years.

The government is aiming at you to begin to untangle the housing knot. Like the genie in the lamp the Congress and President Obama will grant your wishes by giving you a once in a lifetime opportunity.

You can now afford a house and the government is paying you to buy it.

You will be able save money, feel a sense of security and comfort, build equity for the future and make a home.

If you’ve ever dreamed of owning your own home and didn’t think it was possible just look at what you can have.

· More for your money. This wish is granted. Never again will you see prices this low! You can actually buy a custom home for less than $400,000 in Fountain Hills.

· A payment you can afford. This wish is granted. Interest rates are below 5%. It’s the lowest in 69 years.

· A savings account. This wish is granted when you own a home. Equity builds up over time. A house is an investment. Even if the value goes down for awhile, it always goes back up. It’s a function of time, condition and improvements.

· More money in your pocket to help with your expenses. This wish is granted .You will pay less income tax. You will be able to take a credit of $8000 off your reported income and receive a mortgage interest tax deduction, too.

· Your very own home

And if this home is in Fountain Hills Az, you will be living in a community that has already been named “Best Place to Raise a Family” by Phoenix Magazine & was just named “Best Affordable Suburb”, by Business Week Magazine.

When you buy a home in our town you are making an in investment in your future. Fountain Hills real estate has a proven track record of high appreciation. I’m selling houses in Fountain Hills today for $350,000 that I sold in 1987 for $95,000. So no matter how you look at it, there’s profit to be made.

Buyers! Investors!

Everything you’ve been waiting for is yours when you buy a house NOW! These programs are being offered for a limited time. If you wait too long they will begin to disappear one by one.

Bulletin: Fountain Hills Market Update

2009-03-25T19:35:00.000-07:00

If you’re looking for good news, read on. Our housing market is showing some signs of improvement! Is it just a bleep on the screen or is it the beginning of the bottom?

Let’s first look at an overview and then we’ll examine the details.

Market Overview

The number of single family houses for sale is down from 496 three weeks ago to 490. A decrease in inventory is a good sign.

The number of sales has also increased indicating there is more market activity.

From February 25, 2009 to March 22, 2009 there have been 40 houses reported as pended, meaning they received accepted contracts. This is the second consecutive month where more than one house per day has received an accepted offer. Again, a good sign.

Looking for a single family house? Obviously you still have lots of choices.

Detailed Overview

Price Range	# Available	# of Foreclosures
$100,000 to $200,000	20	12
$200,000 to $300,000	52	9
$300,000 to $400,000	42	4
$400,000 to $500,000	55	3
$500,000 to $600,000	57	1
$600,000 to $700,000	33	4
$700,000 to $800,000	28	1
$800,000 to $900,000	20	3
$900,000 to $1m	10	1
$1M to $1.5M	68	1
$1.5M to $2M	49	1
$2M to $3M	46	1
$3M plus	10

What houses have buyers been buying?

Detailed Overview of what buyers have bought in the last 3 ½ weeks.

Price Range	# Pended	# of Foreclosures
$100,000 to $200,000	2	2
$200,000 to $300,000	9	1
$300,000 to $400,000	11	2
$400,000 to $500,000	8	4
$500,000 to $600,000	4	1
$600,000 to $700,000	1
$700,000 to $800,000	1
$800,000 to $900,000	1
$900,000 to $1M	1
$1M to $2M	1
$2M to $3M	1

I track the market daily.

Whether this trend will continue remains to be seen.

Feel free to comment or ask questions or visit this site again for more updates on our Fountain Hills real estate market.

Market Gridlock

2009-03-17T20:03:00.000-07:00

Wow! All of these wonderful houses available at bargain prices! The interest rate hovers just above 5%! What a perfect time to sell your house and buy a bigger house or a smaller nest. But how do you do that with market gridlock?

When money grew on trees and all you had to do was sneeze to get a loan, you could list your house and before the ink was dry on the paper, a realtor brought an offer. With most loans today requiring 20% down (some up to 30%) and strict qualification guidelines, buying a house before you sell yours is challenging.

If you don’t have the down payment in cash, how can you make a qualified offer for that house you would love to buy?

There is a way to sell a house and buy another in this credit tight market.i It’s a contingency offer that not only offers to buy the house, but buys the time to buy the house. It’s satisfies the seller’s need to feel financially secure and gives the buyer realistic time to get her house sold.

If time is critical for the seller and there is urgency to sell, this offer will not meet the seller’s needs. But if the seller is in a position to gamble with time and be compensated for it, this can be a win/ win.

The gridlock will open when we appreciate that this is not the market it was and to survive it, we need to adapt to it.

Here in Fountain Hills our market seems to be loosening a bit. There is less inventory & more houses selling.

Fountain Hills and the Stimulus Bill

2009-03-14T19:47:00.000-07:00

There’s lots of rhetoric about the stimulus bill but what does it mean for you and I?

• If you are a buyer looking for a home up to $900,000 you will not have to pay for a high cost jumbo loan. Loan limits for conventional loans will be $729,750. This is meant stimulate the market for higher end houses like the $800,000 to $900,000 range, where only 11 houses sold in Fountain Hills in 2008. Sellers in that price range may begin to see more activity.

• If you have never owned a house or if you not owned one in the last 3 years you will receive an $8000 tax credit which will go towards lowering your federal income tax. You will not need to repay it.

• Stimulating investors back into the market has been addressed by allowing them to mortgage as many as ten properties, up from four. With 30% down there are strict guidelines regarding qualification.

If you have been waiting in the State of Indecision now is the time to make your move. These measures are temporary. They have been enacted to stimulate people to take action. If you remain in the State of Indecision you may well end up in the State of Regret!

Here Comes the Judge

2009-03-07T16:38:00.000-08:00

With credit tight and lenders fearful of lending, we have returned to the days when an underwriter acts as judge and determines your credit worthiness . Mortgage money is available. But it is only available to qualified buyers.

Here’s what you have to do to qualify.

· prove you can make your payments.

· have cash up front. For an FHA loan you need 3 1/2% down. The maximum loan is $271,050.

· have a good FICO score (credit score).

Scores range from 300 to 850. Whether or not you are considered credit worthy depends on your score. Above 720 you are considered a good risk. The amount of interest you pay and programs available to you are determined by your score.

For a conventional loan if your credit score is above 740 you can find a loan for 10 % down if the ratio of your mortgage payment to your other fixed expenses is not considered too high. Otherwise, expect to put 20-30% down.

· Provide verification of your job history and income for the last two years.

· Show proof of liquid reserves.

For qualified buyers today’s market is filled with opportunity. Imagine a 3 bedroom home that has travertine floors, granite and stone counters, completely upgraded including windows and doors and is available for just $279,900! It qualifies for an FHA 31/2% down loan.

You be the judge! See what is available! For more on qualifying go to “How to Buy a House in Today’s Market “at www.Welcome2FountainHills.com . or call me at 837-7000.