Arizona Homes and Land to Purchase or Sell... Jeffrey Masich, HomeSmart®

As an example, see these luxury estates for sale in Paradise Valley: 



Bounded by Camelback Mountain, Mummy Mountain and Piestawa Peak to the east, Paradise Valley is the place to be. If you are looking for a under $1 million home in Paradise Valley. Yes, these stll exist and are often excellent opportunities to put your refurbishing skills to work to produce a wonderful home that can soar in price, once complete.

Jeff Masich, Realtor, GRI, MBA
HomeSmart Realty
Scottsdale
http://ArizonaHomesLand.com 

Are free economic stimulus grants still available for buyers in Maricopa County, the largest county in Arizona? Yes!

The "Home in 5" down payment assistance program is available once again. This program provides a 5% grant (6% grant for veterans and military) that can be used for loan closing costs and down payment. The grant never needs to be repaid and there is no recapture tax of any sort upon the sale of the property. There is a not a requirement to be a first time homebuyer. The homebuyer just needs to buy the property as their primary residence. This program can be used in conjunction with a FHA, VA, or USDA loan (cannot be used on a conventional loan). The income limit is $88,340/year but other than that, borrowers just need to qualify for a FHA/VA/USDA loan (640 minimum fico score). The current rate for this program is a 30 Year Fixed at 3.75%. There are normal loan closing costs plus a mandatory 1% discount, 1% origination, and $460 in program fees. The borrower does not need to get pre-approved for the program by the government.  Selected lenders are approved to process loans under this program.  Borrowers/agents can call/email to prequalify just like they would with any other type of loan program. Here is the link to the program website http://www.mcida.com/cm/content/home_ownership.asp

Are you outside of Maricopa County. Check with the Arizona Department of Housing for stimulus fund programs in other areas of the state: http://www.azhousing.gov 

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart
Real Estate
http://ArizonaHomesLand.com

The transformation of the McCormick's Ranch was based on a master plan developed by Gruen Associates of Los Angeles and Scottsdale Environmental Planners and Consultants. Development began with infrastructure and amenities. The amenities had a dual purpose by providing aesthetics, which included two championship 18-hole golf courses, more than 25 miles of bicycle paths, public tennis courts, 130 acres of man-made lakes, two of which can be used for sailing and several that are stocked with fish.

When Kaiser-Aetna purchased the Ranch, it was the country's largest single piece of property sold for a planned community within city limits. Today McCormick Ranch contains 3,116 total acres. Kaiser-Aetna sold the remaining undeveloped acreage to Transcontinental Properties in 1980. Transcontinental then sold 1,120 acres to Markland Properties. (History excerpt from McCormick Ranch POA)

As an example, see these luxury estates for sale in Paradise Valley: 



Bounded by Camelback Mountain, Mummy Mountain and Piestawa Peak to the east, Paradise Valley is the place to be.

Jeff Masich, Realtor, GRI, MBA
HomeSmart Realty
Scottsdale
http://ArizonaHomesLand.com 

The weather outside may be chillyl, but it certainly doesn’t mean you can’t find ways to have fun! Here are 10 family-oriented ideas to undo the winter blues while you’re waiting for Mother Nature to warm up.

1.Break out the board games. Put away the Smart phones and have some family fun and interaction. A great way to laugh and communicate.

2. Put together a puzzle. Dig out that 1,000-piece puzzle, spread it across the living room coffee table and dig in!

3. Build a fort. Pull out the extra linens, gather the leftover Christmas cardboard boxes and put together a fort that can hold the whole family. 

4. Go for a hike:. The McDowell Mountain Preserve in Scottsdale has over 20 miles of trails for all skill levels.

5. Go to a Museum: Many choices here, Music Instrument Museum, Heard Museum, Phoenix Science Museum, Natural History Museum in Mesa, Arizona Historical Society Museum near the Phoenix Zoo.

6. Head to the Snow. Head north to Flagstaff or Show Low for a burst of exercise and a little competition. Snowballs, sledding and Snowmen. Be sure and set rules (and the consequences for not following them) ahead of time.

7. Get Crafty. Use white printing paper and show your kids how to make snowflakes. Or make homemade silly putty and let the kids be the masters of their own creations!

8. Watch a movie. After you’ve exercised outdoors, head indoors for hot cocoa and a favorite movie. 

9. Bake. It’s easy to keep the kids entertained when you’re making chocolate chip cookies. Not only do they get to mix and roll ingredients, there’s a sweet reward at the end.

10. Look through old photo albums. A little nostalgia is a good thing! Take out old photo albums or old home videos and reminisce about the good ole’ days!

Home prices in Scottsdale and the Phoenix metro area are continuing their year long surge upward. This with mortgage rates remaining, for the time being, in record low below 4% area continues to make home purchasing affordable and bringing buyers to the market.

Many buyers that have sold their homes via short sale are anxiously returning to the home purchasing market after renting for the past three years. Typically, buyers must wait three years after a short sale before re-qualifying for an FHA mortgage.

Investors from around the country and Canada are continuing to purchase homes for cash. The median home in the Phoenix metro is selling for $157K as compared to $113K a few years ago. This upward selling price trend is evident. The number of foreclosed homes on the market is down with more traditional sales appearing on the market. Short sales have replaced foreclosed homes as the predominant distressed home on the market.



In an article dated December 4, 2012, Catherine Reagor of the Arizona Republic reports that... "The region's median price of an existing house reached $157,000 in October, up from $150,000 during the previous few months, according to Arizona State University's W.P. Carey School of Business.

"The summer lull ended, and we had an influx of snowbirds and other buyers," Mike Orr, director of Real Estate Theory for the business school, said in the report.

Metro Phoenix's median home price is up 34 percent from a year earlier. An increase in sales in October pushed home prices higher."

Ms Reagor's article also indicates that the home sales volume is increasing in addition to prices. This was evidenced in her artilcle by Michael Orr of the W.P Carey School of Real Estate from Arizona State University. 

"We're seeing about 5 percent more sales activity this October than last October," Orr said.

The article continues, "The price and sales increases occurred as the supply of homes for sale grew.

Some key numbers and trends associated with the rise in home values in the Valley:

The number of houses for sale has increased 31 percent, to 12,500, during the past few months.

New-home sales have jumped 85 percent from last year.

The average price per square foot of all houses sold in October was 26 percent higher than in October 2011.

More regular homeowners are selling or at least putting their houses on the market.

About 76 percent of all houses for sale in the region are priced below $150,000. Investors continue to purchase affordable houses in the area. Almost half of the homes bought for less than $150,000 were paid for with cash.

Foreclosure starts in October were down 41 percent from the same month in 2011. Foreclosures fell 15 percent.

Orr said Phoenix's housing market is shifting toward more normal resales between homeowners and buyers who intend to live in the house. These deals, called normal resales, are up 100 percent from October 2011.

Until recently, investors purchasing from lenders dominated the region's housing market and sparked bidding wars on the most-affordable homes in the best locations.

Orr said many regular buyers searching for houses priced below $150,000, unfortunately, are still being outbid by investors. But he and other housing-market watchers think the big Wall Street-funded investors purchasing most of metro Phoenix's homes will stop buying early next year as prices climb higher.

Orr said the increase in new-home sales and the drop in foreclosures will help the region's home prices continue to rise, but he said he isn't expecting another 5 percent median-price increase for November.

Home values up sharply from a year earlier. October's median price for a detached, single-family home in the Phoenix area was up 34.4 percent from the same month a year earlier, according to an Arizona State University report."

Source of above information: Arizona Republic, Catherine Reagor

The projections for the coming months continue to be up for the number of homes sold and prices. Buyers with a pre-approved mortgage loan may have to bid on multiple homes in the lower end of the market to win a similar bid from a cash buyer. Multiple offers on homes priced less than $200,000 are very common in many areas of the Phoenix metro area.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com  

Merry Christmas! There is so much to do in Arizona and the Phoenix metro area and Scottsdale this December for Christmas and the holidays..

There are lights, music, shows and even snow!

For a complete list from the Arizona Republic with various sub-categories including a holiday light map: http://tinyurl.com/a9xy4gl

There is something do do every day of the week for the entire family.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com
JeffMasich@ArizonaHomesLand.com

Home prices are expected their steady upward increase say many experts.

Home prices in the Phoenix metro have increased to a median of $150,000 from $113,000 a few years ago. This is well below the high water mark of $228,000 in 2005. However analysts forecast prices to increase steadily during the coming years. This is furhter aided by record low mortgage rates that are still hovering in the below 4% range for a 30 year fixed for buyers with good credit.

Catherine Reagor of the Arizona Republic, reported in her October 28, 2012 article, "Metro Phoenix home prices are expected to continue climbing during the next few years.

Housing analysts agree that demand for homes in the region is strong, and many don't appear to be concerned about prices rising too fast and shutting the door on regular homebuyers or investors.

Several experts are looking for metro Phoenix home prices to climb more than 10 percent annually during the next three years.

 "We think Phoenix home prices will appreciate 12 percent in 2013, 12 percent in 2014 and 10 percent in 2015," said national housing analyst John Burns of Los Angeles.

He said the price increases will be driven by "boomerang" buyers who purchase after waiting three years -- as required under new credit standards -- following a foreclosure or short sale.

"Our major assumption is continued strong economic growth (for Phoenix) and low mortgage rates," said Burns of John Burns Real Estate Consulting.

The Phoenix area's median home price has jumped by 35 percent during the past year, boosting the number of sales by homeowners who are not facing foreclosure or a distressed sale. The price gains in recent months have been smaller than earlier this year.

Matt Widdows, CEO of HomeSmart, Arizona's largest residential-real-estate brokerage, is also bullish on a further rebound in home prices.

"I would say that in the next five to seven years, we will see (home) prices back to levels we saw in 2005," he said. "Many (Phoenix-area) homes dropped to one-third of their value in 2005, and I have no doubt that we will be right back to those levels."

These might sound like aggressive forecasts, but even Arizona economist Elliott Pollack, whose forecasts are often conservative, recently projected Phoenix-area home prices would climb 50 percent by 2015-16.

Metro Phoenix's median home price is currently $150,000, so it would have to increase at least 11 percent annually over the next four years to reach $225,000, a 50 percent increase.

In May 2005, the median existing-home price in metro Phoenix was $228,000.

Other analysts aren't as bullish.

Mike Orr, an analyst with the W.P. Carey School of Business at Arizona State University, tracks home sales daily but never forecasts home prices more than a month out.

"At the moment, pricing pressure is upwards, but there is always the potential for prices to dip," he said. His monthly report on prices is due out this week.

An unknown for the housing market is what the handful of large investors who are buying thousands of homes in metro Phoenix plan to do with them.

If they decide to sell around the same time, the supply of homes could jump, dampening prices.

That's unlikely to happen, at least in the short term, industry experts say.

"We wouldn't sell now," said Justin Chang, a principal with one of the biggest residential investors in the country, Los Angeles-based Colony Capital. "We think (Phoenix) home prices will recover more."

He said the company wants to create a real-estate investment trust next year and put its metro Phoenix rental homes in the trust, then sell shares to individual investors.

Mark Stark, CEO of Prudential Arizona Properties, believes the increase in home prices has slowed and the market has steadied.

"If additional price increases do happen, I feel they will be gradual," Stark said. "We're not looking at any dramatic pricing changes."

Homebuilding in metro Phoenix was a dominant factor in the housing market until the crash. Many buyers once again are opting for new homes so they don't have to compete in bidding wars for inexpensive existing houses.

New-home building has more than doubled this year, and the price of new houses is climbing.

"We originally forecast 10,000 permits for new homes this year, but we are going to go well past 11,000," said Greg Burger, co-publisher of the Phoenix Housing Market Letter.

He said he expects the trend of rising new-home prices to continue for the next few years. The median price for a new Phoenix-area home is $222,000.

"Buyers waiting for the bottom of the market missed out months ago," Orr said."

To see the full article from Catherine Reagor: http://www.azcentral.com/arizonarepublic/news/articles/2012/10/26/20121026experts-see-home-prices-increasing.html

This is good news for home sellers that have been waiting on the sidelines to sell their homes. The news for buyers is good now. Home prices are expected by many to increase as mortgage rates are at record lows.

Jeff Masich
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

The available foreclosure home"for sale" inventory in the Phoenix metro market is continuing to decline. The result? Prices are continuing to increase.

Kristena Hansen of the Phoenix Business Journal reported on July 31, 2012, "While recent improvements in foreclosure activity nationwide seem to be tapering off, the latest CoreLogic housing report released Tuesday shows Phoenix posted the second largest year-over-year decline in foreclosure inventory during the second quarter.

Foreclosure inventory is defined by CoreLogic as the share of homes undergoing some stage of the foreclosure process out of all mortgaged homes. In the Phoenix area, the foreclosure inventory declined 1.1 percentage points from last year, the second-biggest drop among the 25 large metro areas that were examined in the report.

The decline brought the Valley’s foreclosure inventory rate to 2.5 percent for the second quarter, tying with the Los Angeles, Sacramento, Calif., and Washington markets for 12th highest rate, the report said.

While the Orlando, Fla. market posted the largest year-over-year decline in foreclosure inventory, 1.3 percentage points, the area still had the second-largest foreclosure inventory at the end of the second quarter. About 11.7 percent of all mortgaged homes in Orlando were facing foreclosure at the end of the second quarter.

Despite its declining foreclosure inventory, the Phoenix area still had the second-highest number of homes that were foreclosed on during the 12 months ending in June, the report said.

Metro Phoenix had 34,097 total completed foreclosures in the past 12 months, behind only the Atlanta’s 37,165.

Nearly 47,000 foreclosures have occurred in Arizona during the past year, the 6th-highest figure of all states behind California’s 124,262; Florida’s 90,961; Michigan’s 57,980; Texas’ 56,131; and Georgia’s 54,600.

Despite the year-over-year declines in foreclosures and foreclosure inventory, CoreLogic analysts say the improvements may be short lived as the nation saw no improvements from May to June."

Stay tune for more information.

Jeff Masich, Realtor, MBA
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

Fifteen (15) year mortgages also declined per Inman, "Rates on 15-year fixed-rate loans averaged 2.83 percent with an average 0.6 point, down from 2.86 percent last week and 3.66 percent a year ago. That's a new all-time low in records dating to 1991."

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

Going Down, Going Down! Next stop? Good news for buyers or those who wish to refinance.

Mortgage rates dipped to new record low territory again to 3.56% for the week ending July 14. This is the lowest for a 30 year fixed loan since 1971.  Homes are still afordable at these rates.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

Rates on 30-year fixed-rate mortgage (FRM) averaged 3.62 percent with an average 0.8 point for the week ending July 5, down from 3.66 percent last week and 4.60 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey. That's a new all-time low in Freddie Mac records dating to 1971.

For 15-year fixed-rate mortgages, rates averaged 2.89 percent with an average 0.7 point, down from 2.94 percent last week and 3.75 percent a year ago. That's also an all-time low in records dating to 1991."

More info:  http://lowes.inman.com/newsletter/2012/07/10/news/193173,

Homes are still afordable at these rates.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

The temperatures are not the only thing that are rising in the Phoenix metro real estate market. Yes, temperatures are at 100 degrees and rising. Home Sales also are HOT in the $100K price range. Homes under $150K in decent areas are going very quickly with multiple bid situations common. Prices are going up also.

The Arizona Republic reported on June 16, in an article by Lesley Wright: http://www.usatoday.com/USCP/PNI/Business/2012-06-16-PNIbiz-wv-regional06162012Republic1BusinessCPNIBrd_ST_U.htm ,  "For real-estate agents, homebuyers and especially homesellers, the West Valley is burning up, especially for homes less than $150,000. 'West Valley is really, really a hot market,' said Chris Heagerty, director of the Arizona Regional Multiple Listing Service Inc. That heat is strongest in the market for homes of $100,000 to $150,000, forcing new buyers to move to higher ranges."
 
This has given hope and light at the end of the tunnel for traditional home sellers as they finally see the number of distressed properties lessening and prices increasing. The Phoenix metro area is leading the nation in price increases year of year for the past quarter.

Ms Wright, reports that "Distressed properties, those houses owned by people facing foreclosure or short sales, still make up the bulk of sales. But ARMLS statistics show they have decreased in metro Phoenix to about 43 percent in May. That's a drop compared with their high-water mark in September 2010, when distressed properties made up 74 percent of homes sold."

Short sales are becoming the "new" foreclosure.

Ms. Wright further reports, "An equally significant number is the ratio of short sales -- in which a home sells for less than is owed on its mortgage -- to foreclosure. ARMLS statistics show that metro Phoenix had 2,245 short sales in May compared with 1,423 foreclosures. Short sales increased that month by 5.5 percent over April figures, while foreclosures decreased by 1.9 percent."

Mortgage rates remain at the lowest levels since 1971, helping to fuel the resurgence of the Phoenix real estate market.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

Fewer houses for sale: Supply has dwindled as a smaller number of foreclosure homes go up for sale, and the number of homes on the market is at its lowest since the pre-2007 boom. There are about 8,800 houses for sale without a pending contract from a buyer. In 2008, there were more than 50,000. The total number of sales was down, as well, about 12 percent lower than in April 2011.

Declining foreclosures: The number of foreclosures was down 62 percent from a year earlier, to approximately 1,600."

Summer Evening Concerts are back in Phoenix metro area! Great family and friend entertainment. Choose from the following locations:  http://ow.ly/aWivI

Get out the glow in the dark frisbies, the kids, lawn chairs and the cooler. Take of your shoes and dance. Have Fun.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

HomeSmart Realty now leads Arizona with the most agents, continues to grow in Arizona and in the US. Arizona. With over 4,300 agents Arizona is also the largest brokerage in the southwest and is in the top ten in the US. Arizona Business Magazine provides a report: http://aznow.biz/real-estate/valley-real-estate-company-branches-arizona

Jeff Masich
http://ArizonaHomesLand.com

So you want to sell your home? Help your Realtor by having your home not scream out "I AM OUTDATED!".

Yes, everything still works. You may not feel your home is outdated, but the average buyer will feel this way if your home is in one of the following conditions.

Old Door Knobs

Are yours old, brassy? Does the one on the front door look like it has been through one to many winters?

Herman Munster styled- Front Door Lighting Fixtures

Do you expect to hear chains rattling inside the door? Get an inexpensive but modern light fixture.

1970s Style Stove and Oven

Does yours have a clock with dials and switches that yell Ozzie and Harriet? Time to  "Lose It" and replace with something newer.

Microwave plugged in on the counter

Buyers want a built in microwave over the stove.

Shag Carpets and LInoleum

Yikes! Laminate flooring is inexpensive and buyers like it.

Wall/Floor Moldings

Are yours simple and cheap and old? Get some new molding with some character. Inexpensive.

"Creative" Paint in the orange, purple and lime families

Have you noticed new homes? The designers and stagers paint the walls tan/champagne and with white trim on the moldings. There is a reason. Buyers like it.
 
Also as noted in the following by Roslyn Ashford in a recent article for Inman News.

"Dusty fake plants

 There are a number of easy-to-grow houseplants widely available, from the virtually indestructible snake plant to the common philodendron. Some plants thrive well in low sun and others work well with lots of sun and less watering. Consequently, there is really no need for fake plants in real life. They end up being dust collectors.

Messiness

Now we all know that not everyone is Felix Unger (of "The Odd Couple") neat. But if you know your house is on the market (hint: there is a real estate agent's lockbox on the outside of your front or side door), there is no need to leave your home with underwear on the floor, unmade beds and stacks of laundry on the coffee table. Would you be motivated to buy a home that shows like this? Why leave it like that for someone else?

 Popcorn ceilings and wood paneling
 
What else can be said? These items instantly date your home. If only I had a magic wand to make all the bad ceilings and wood paneling go away.

Kitchen cabinets busting at the seams

You know all of those small plastic containers accumulated from the weekly trips to the deli at the grocery store? Yes, it is OK to recycle these, along with plastic bottles, cans and glass bottles. Or you could even take some along when you donate clothes to local shelters or food to local food banks.

Just know that you don't have to keep each and every one that you receive. Because when a prospective buyer opens a cabinet door and they all fall out -- not so cool.

 Houses with too many pet items
 
Sellers: Not everyone loves your pets like you do. Not only should your pets be invisible during showings, but their accessories must go as well. That would be pet toys, food and water bowls, perches, dog beds, dog and/or cat carriers, large containers of food, etc. I'm not saying you have to toss it, but please find a way to store them out of the way for showings."

Others?

I would love to hear your own comments. Feel free to add to this column with your comments to benefit readers.

Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart Realty
Scottsdale, Arizona
http://ArizonaHomesLand.com

Free "Things To Do" in Arizona Dec 30, 2011- Jan 1, 2012. See this week's list http://ow.ly/8dkQa

Follow each week for the current weeks list of Things To Do in Arizona.

See the holiday lights at McCormick Ranch Stillman Railroad Park in Scottsdale through January 1.





Jeffrey Masich

Here is the latest in the Phoenix metro on mortgage defaults, trustee sales and foreclosed properties per an update from Sarah Moran of Equity Title:

Distressed properties are thinning out.

 

"Default Properties: The status of a property currently within the Foreclosure process after the Bank records a Notice of Trustee Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation of Trustee Sale.

• At the end of November 2011, there were 20,009 Active Default Residential Properties. This is down by 1903 units from the previous month when there were 21,903 Active Default Residential Properties. This is the 12th consecutive month that we have seen decreases in the number of Active Notices. FYI: The All-Time high was in December of 2009 when there were 47,606 Active Default Residential Properties.

Foreclosures: When the Bank either sells the property at the Trustee Sale (Auction) or takes the property back via Trustee's Deed.

• Foreclosures hit an All-Time, one-month high in March 2010 with 5,451. Last month, there were 2,436 Foreclosures. This was up by 204 units from October.

REO Properties: Properties that the bank owns due to lack of sale at the Trustee Sale (Auction).

• There are currently 9,870 Residential REO Properties - vs. last month when there were 10,451. This is a drop of 581 REO units in one month! In November 2010, there were 19,986 REO Properties - so we are down by 48% from then. There are approximately 2,310 REO Properties listed in the MLS, with an additional 2,632 REO Properties that are in Pending Status in the MLS. This means that there are approximately 4,928 REO Properties that are Foreclosed on, but have not yet been listed in the MLS."