Two words of advice…. BUY NOW !

For homeowners still underwater from the mortgage and real estate meltdown of the last decade, good news is being reported for the Phoenix Metro area today from Zillow.  The online real estate website is placing Phoenix at the TOP of the list for home value increases for 2012 out of 30 top U.S. metro areas and  projecting a 6.5% average increase in home values in the Phoenix area in 2012.  This is great news for homeowners that are looking to sell that may still be upside down in their current home’s mortgage.  It is also a GREAT time for buyers.  The bottom of the market has come and gone, but guess what… rates are still at historic lows and although for the past 60+ days we have seen homes selling at higher than list prices here in the valley, buyers can still get a great deal.  Remember, home prices dipped down so far over the past 5 years that even with these reported gains, buyers still have a great opportunity.  So why are you waiting?  For more on the Zillow story and for a chart of the 30 metro areas that were looked at, check out…

Zillow Home Value Forecast: Majority of Markets To Hit Bottom by Late 2012

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Homebuilders busy again in metro Phoenix

In yet another sign that the Phoenix metro real estate market is not just improving but growing as well, homebuilders are seeing a rise in new home starts in 2012.  As inventory of existing homes for sale in the valley goes down, new homes being built will help home buyers in the market for a new home.

Homebuilders busy again in metro Phoenix, AZCentral.com

New rules will speed up short sales

New Rules will speed up short sales, CNNMoney- 4/19/2012

** OPEN HOUSE- Saturday, April 14th from Noon till 2PM **

Large home in desireable Marbella Vineyards. Upgrades galore include raised panel cherry cabinets, granite counters, upgraded appliances, designer paint & floor coverings with upgraded tile, wood & sculpted berber carpet.  Also, amazing covered patio, salt water pool & firepit.  Spacious family room with media niche accompanies flexible formal spaces for living, dining & home office.  Full bedroom & bath downstairs provide great guest accommodations.  Generously sized secondary bedrooms & large bonus room have lots of possibilities. Technology center completes upstairs floor plan with every amenity for the perfect home! Only a short distance to Seville Golf & Country Club!  Home is a MUST SEE !   3353 E Blue Ridge Way, Gilbert, AZ 85298

Open Saturday, 4/14 from Noon till 2:00 PM

3353 E Blue Ridge Way

Gilbert, AZ 85298

Call for directions or for a private showing.  480-823-7770

 


E.J. McKinney

REALTOR, Keller Williams Realty- Sonoran Living

Shadow Inventory of Foreclosures by State

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Mortgage Rates Back at Historic Lows

Are you in the market to by your next home?  Have you asked yourself “should I wait to see if rates drop any lower?”  If you find yourself sitting on the sidelines waiting for not only that great deal but record low rates too, then not only is your time now, but your window of opportunity is getting smaller each day.  Home prices continue to creep up in many metro areas like Phoenix where we see multiple offers coming in on listings just hours after listings hit MLS.  CNN Money reports this morning that mortgage rates are now back in record low territory.  If you are looking to purchase your next home, then wait no longer.  Contact me to get started.

Mortgage Rates Hit Record Lows

Principal Forgiveness Gains Appeal

Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some distressed mortgages, new analysis show.

The Federal Housing Finance Agency– which regulates the mortgage giants — may decide in the next few weeks about whether to use principal forgiveness as a foreclosure prevention tactic, said Edward DeMarco, acting director of the FHFA while speaking Tuesday at the Brookings Institution.

To Read More:  Principal Forgiveness Gains Appeal, April 11, 2012

This Month in Real Estate- April 2012

Consumer Attitudes Stabilize, Positivity Spreads

As we enter into the second quarter of 2012, not only is America in the midst of an economic recovery, but consumer attitudes toward the economy and spending are improving as well.  For example, in previous years, as summer gas prices went up, consumers went into a frenzy of sorts cutting back on gas consumption and they reduced spending on extras in order to make up the difference they were paying at the pump.  This year, while consumers are in fact upset at the gas price increases, we are seeing consumers still spending, an indication that the economy for the majority of Americans is improving.  According to a February 2012 Fannie Mae survey, consumer attitudes toward key economic and housing issues have begun to stabilize.  In fact, 35% of American’s feel that the economy is on the right track, up 19 points just since November of last year.  In addition, 76% of American’s do not fear losing their job, up 6%.  As America continues to add more jobs in the private sector and unemployment continues to drop, consumer confidence will continue to rise and spending will increase as well.

For more on the Fannie Mae survey and the results check out Consumer Attitudes Stabilize, Positivity Spreads

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What’s the Reason Why You Want to Buy Your Next Home?

Buyers and sellers look to me every day to help them make their dream of home ownership come true.  Their big “why’s” are always different.  Sometimes they are starting a new family and need more space, Sometimes they are getting ready for retirement and are downsizing, or maybe they just want a new neighborhood.  No matter what the reason, as a REALTOR, I am always so fascinated to learn what people’s big “why” is and what is motivating them to want to move.  What is your big why?  What is the reason you want to buy your next home?