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September Significant Sales

http://invision.sotheby.mindmatrix.net/LiveContent/Emails/98694/SIR_September11-web.pdf

Talk around town...........

Mortgage Rates fall below 4%: If there is ever a good time to buy…this is it. If you believe the real estate market will drop another 5, 7, or even 10%, that is all well and good, but, if interest rates rise to a very respectable 5%, then all that “savings” will be wiped out in higher payments and cost of the loan over time. Now is the time to buy.

North Scottsdale Average Sold Price up 12.25%: According to ARMLS, the average closed sales price for homes/condos in 85255/85266 was up 12.25% in the month of October 2011 when compared to October 2010. When comparing the more recent trend of October 2011 average price to September 2011, October gains were up an impressive 14.2%. The October 2011 average sold price was $670,673 for our area.

The Previous Stat doesn’t tell the Whole Story: Check out this trend for the North Scottsdale Average Sold Price:

October 2009: $588,114
October 2010: $588,507
October 2011: $670,673

Draw your own conclusions about where the “bottom” of the market was.



The High End is Active: In October 2011, sales of homes over $1M were up 21.7% from October 2010. Along with the increase in activity, the average sold price for homes over $1M increased 10.52% from a year ago.

Foreclosure Activity is Down: Arizona’s Mortgage Delinquency Rate is down 32% from October 2010. In addition, delinquency rate fell 25% from the second quarter and 40% from the third quarter of last year. In fact, according to RealtyTrac, out of the top 20 metro areas nationally, the only areas where foreclosure stats decreased from the previous quarter were Boise and Phoenix.

Distressed Inventory: Currently, only 27.7% of listings in Maricopa Country are either Short Sales or REO Properties. Way down from the days when 40-50% of the market was distressed. That number falls to 11.7% in North Scottsdale.

Inventory is still low: Maricopa County currently has a 3.57 month’s supply of inventory

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Why I Live in Arizona

This is to all my clients on the East Coast (and Midwest) - why I live in Arizona. 

This is classic......

http://www.youtube.com/watch?v=vKmLIbNaq84

March 9, 2010

New rules favor flipping to move foreclosures - Flipping used to be a dirty word in residential real estate, but not anymore.  A recent HUD policy change is encouraging flipping to foster more sales of foreclosure homes that were badly damaged by the previous owners or others.  Area realtors are praising the move, saying it should help the still-struggling existing home market.  The department amended its regulations to prohibit flipping on properties to be financed with FHA-insured mortgages.  According to the policy, a mortgage would not be eligible for FHA insurance if the purchase contract was executed within 90 days of the prior acquisition by the seller.  The 90-day prohibition has been waived for one year starting Feb. 1.
http://www.eastvalleytribune.com/story/151342

   

Nab a real estate deal - while you still can - How much do buyers stand to lose by waiting?  Besides the loss of the tax credit, the biggest game-changer facing buyers is a potential jump in mortgage rates.  If the Fed moves ahead with its plan to stop buying mortgage-backed securities at the end of March, the rate on a 30-year fixed mortgage is expected to increase nearly a percentage point from today's 5.18% to 6.1% by the end of 2010, according to the Mortgage Bankers Association.  On a $300,000 fixed-rate mortgage, that's an extra $174 per month.
http://money.cnn.com/2010/03/02/real_estate/real_estate_deals.moneymag/index.htm

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March 6, 2010

Canadians flock to Arizona for second homes - "We've always looked at Western Canadians as our feeder market," says Cambridge Properties broker Keith Mishkin.  "They made up about 1% of our marketplace before, but that number has now doubled."  At Corriente Residences in Scottsdale, Ariz., "Canadians make up about 10% of the buyers," Mishkin said.  Canucks comprise the largest group of buyers there, after Arizonans, according to sales data, followed by buyers from Colorado, Illinois and California.  More than 7,000 residential properties in Maricopa County list Canadian addresses as their primary residences.
http://www.walletpop.com/blog/2010/03/02/canadians-flock-to-arizona-for-second-homes/

 

HARP Receives a One-Year Extension - The Home Affordable Refinance Program (HARP), which was supposed to expire June 10, will be extended for another year.  Since HARP began last April, it has refinanced 190,180 mortgages.  The program is aimed at borrowers with little or no equity in their homes.
http://www.realtor.org/rmodaily.nsf/pages/News2010030201

Sellers Offer Overnight Trial Stays

Luxury second-home communities are increasingly offering “try-before-you-buy” weekends to potential customers, including the opportunity to play a round of golf, use the dining facilities and other amenities – plus take a mandatory tour.

St. John Fisher College professor Kyle F. Reinson, a real estate specialist and consultant for residential developers, says these tours work in part because they require a certain level of commitment on the part of both the buyer and the seller. The buyer, he says, often gets a good price because the seller doesn’t want to let him get away.

At Encaterra in Queen Creek, Ariz., four-day, weekend tours that cost the potential buyer $299 for an all-inclusive package, results in 25 percent sales, the club reports.

Source: USA Today, Larry Olmsted (09/04/2009)