Phoenix Real Estate Agent Gives Tps On Weighing In The Factors With Comparable Sales

Posted on November 2, 2010 by admin

Terms for investments are everywhere in real estate.  You may hear lenders, agents and brokers talking the real estate jargon.  If you are finding a way to be a part of the real estate world for any type of investment, you will want to become familiar with the different terms that are used in real estate.  The first one to define is comparable sales. 

Often times, comparable sales will be termed as comps.  These will be the basis of your real estate investment and are important to know.  If you are looking at a property, always ask what the comps are on the property.  Your real estate agent, or you, will then look up a variety of factors to compare your property with the others around it.  You can find these through various companies, the multiple listing service, (MLS), and even courthouses and newspapers. 

Some of the comps that are included are the history of the property, the sales from the past, the sales of the other homes, the demographics of the area, and the different trends that have affected the sales.  Anything that will affect the investment that you plan to make on the home is what you will need to look up when considering comps. 

Why is it important to look up the comps.  By doing this, you will know whether you are making the right investment or not.  Technically, the value of the home should go up.  At the same time, the value will need to be the same as the other homes.  If you don’t have a balance between the historical investments and the neighborhood investments, you could end up paying too much. 

When looking at cash flow, you should always begin with the comparable sales.  This will give you a good idea about what is happening with the real estate that you are interested in and whether it is worth your time and investment.  Finding the comps is the beginning to moving over the threshold and into your new home.

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Phoenix Homeowners: A Short Sale May Save You From Foreclosure

Posted on November 2, 2010 by admin

As a homeowner in Phoenix, are you finding it impossible to pay your mortgage?  If you are behind several months in your payments, you may fear foreclosure is looming in your future.  A short sale is one option that will help you avoid this process, and protect your credit to a certain extent.  This article will explain a bit about how the process works, and why it is necessary that a skilled Arizona realtor assist you should you decide to go this routs.

 

Some people will advise you against a short sale, saying that it is a long, drawn out process that is really more trouble than it’s worth.  Why does it take so long?  Usually, finding a qualified buyer and getting the necessary paperwork together is what slows things down.  This is why it is recommended that you use a real estate agent that is experienced and knowledgeable in the process.  They can quickly find a buyer for your home and get the ball rolling.

 

You absolutely want to avoid foreclosure if there is any way.  Besides the stigma many people associate with foreclosure, it destroys your credit.  Buying another home of your own is something you won’t be able to do for at least 5 to 7 years, and your credit will be in shambles.  In Phoenix, if you decide upon a short sale you can generally purchase another home within just a couple of years, and your credit is not as badly damaged because your lender marks your property as “paid” on the books.

 

If you decide to try the short sale route, you will need to submit a few things to your lender, including a letter of hardship explaining why you are unable to pay your mortgage.  Reasons for a hardship include loss of employment, divorce, a death in the family, etc.  You might also need to gather other documents like bank statements, tax returns and paycheck stubs.  When you choose a Phoenix realtor who is a skilled negotiator, he/she will help you gather all you need to submit to the lender

 

 

Most lenders would rather take a loss on your home than carry an unoccupied property on their books.  Your real estate agent can find the right buyer for your home, then submit their offer to your lender for approval.  The buyer should be willing to pay a fair amount for your home, as most lenders will not accept a ridiculously low offer. 

 

Not everyone will qualify for a short sale, but it is definitely worth a try if you find yourself upside down in your mortgage!  Many homeowners are struggling right now, and at a certain point you realize there is no way out other than walking away from you home.  Before you do that, contact a highly respected Phoenix realtor who is an expert in the short sale process, and can help you determine what is best for your individual situation.

Maureen Karpinski

Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

 

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Phoenix Real Estate ? The Pros and Cons of Short Sales

Posted on November 1, 2010 by admin

When it comes to real estate in the Phoenix Arizona area, many who are facing foreclosure decide to learn more about short sales, and how they work.  No one wants to lose their home, but when financial worries are steadily increasing due to the economy, sometimes we feel we have no choice.  This article will give you a clearer picture of the process, so that you may make an informed decision.

 

When it comes to short sales, you should speak with your real estate agent certified in distress property situations, who will help you with any questions or concerns you may have.  You know that foreclosing on a home will ruin your credit, and cause you embarrassment.  Add to that the fact that you most likely will not be able to purchase another home for several years, and it simply is not an attractive option.

 

Here are some of the pros and cons of short sales:

 

Pros

 

You can purchase another home in only two years, instead of waiting five years.  This is probably the biggest motivating factor for most people when choosing a short sale. 

Your credit won’t be as badly damaged. 

You may avoid the embarrassment and stress of the process for you and your family. A short sale as opposed to a foreclosure can also  help your neighbors. One less foreclosure in the neighborhood will help the community.

 

Cons

Sometimes there may be a lengthy wait for the bank to respond to the offer.

There may be many potential buyers taking a tour through your home to see if it is something they are interested in, so keeping your house straightened and cleaned constantly may be a chore.

 

Although it most likely won’t be a problem, there is no guarantee that the lender will accept the buyer’s offer.

 

The paperwork can be frustrating.  The bank will ask you for personal records, other bank accounts, assets and liabilities, etc.  This is done in order to prove your hardship, and additionally they may want a hardship letter in writing from you.

 

If you don’t mind a little extra work, this may be a way for you to avoid foreclosure and all of the nasty things that come with it.  Money worries are a huge concern recently, and many are facing the possibility of losing their homes.  Before you make a final decision, speak with a reputable certified distress property Phoenix realtor about how short sales may be the best option for you.

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Phoenix Homeowners ? Don’t Let Foreclosure Ruin Your Life! A Short Sale May Solve Your Problems

Posted on November 1, 2010 by admin

 

 

 

Are you like many other homeowners, and find that you are under water in your mortgage?  If you are just a month or two behind but know that things are going to get worse, contact a Phoenix short sale realtor at once – and do not wait!  Time is of the essence, and foreclosure is something you absolutely want to avoid.  If you want to save your credit from total destruction and have the opportunity to purchase another home without waiting for 5 to 7 years, you need this information.

 

If you have been looking in to other options, likely you have heard the term ‘short sale.’  Perhaps you have heard from others or read that it is a complicated and lengthy process, which has discouraged you from pursuing it further.  Truthfully, the short sale process can be drawn out and aggravating, which is why you need an experienced Arizona real estate agent to handle the negotiations for you.  It will help make quick work of the process, so that your home may be sold quickly.

 Here are a few details Phoenix homeowners and those in surrounding areas should be aware of:

 

A lender will often agree to a short sale, as long as the buyer is willing to pay a fair price for your home.  They deal in money, and don’t particularly want a vacant property sitting on their books.
You will have to provide your lender with a letter explaining your hardship (divorce, job loss, death in the family, etc.), along with other documents such as pay check stubs, your bank statement and other financial data.
Foreclosure will prevent you from buying another home for 5 to 7 years, while the short sale process generally means that you can purchase a home for your family within 18 to 24 months

 

Why do you need a Phoenix realtor who specializes in short sales?  A Certified Short Sale Relator  can explain every detail of the process to you, and negotiate with your lender on lowering the price of your home in order to find a qualified buyer.  They can also handle the paperwork for you, which takes an enormous amount of stress off of you.  In general, a professional real estate agent will help make the entire process streamlined and quicker, which means you can move forward with your life.

 

Are you upside down in your mortgage and don’t know which way to turn?  Speak with a Certified Short Sale  Arizona realtor with expertise in short sales.  There are other options, and foreclosure is something you do not want to face unless there is absolutely no way to avoid it!

 

 

 

 

Maureen Karpinski

Find your Phoenix Arizona Property at http://www.cactuscountryproperty.com/city/phoenix.htm

Posted by Cactus Country Arizona Homes & Properties http://www.cactuscountryproperty.com

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Is Phoenix Real Estate Headed for Boom or Bust

Posted on November 1, 2010 by admin

Phoenix has become one of the hottest real estate markets in the country for the last couple of years. This constant demand for real estate has resulted in almost unprecedented appreciation rates. But as interest rates begin to nudge up, many economists are suggesting the appreciation rates will level off, or even begin to fall.

You don’t have to rely on the advice of experts entirely when evaluating real estate appreciation. Instead, you can look at some of the drives that affect appreciation and see if the market values will increase or fall.

Some of the factors that contribute to appreciation in real estate are:

Growing Population. Increased population rates create additional demand for real estate, that demand creates significant appreciation. In Phoenix, economic conditions are strong – there are a number of companies moving to the Phoenix area. In fact, Phoenix is known as a very strong job market with many corporations establishing new production facilities. Parts of Phoenix are becoming known as the new silicon valley, or silicon desert.

Income rates. While Phoenix isn’t necessarily one of the highest paying job markets in relation to other markets, the steady economic growth has created a competitive job market and salaries. Higher wages provide buyers with more buying power for real estate, which keeps prices appreciating.

Vacation homes. Phoenix has always been a popular vacation destination and retirement center. But vacation homes aren’t only for retirees. In fact, 40 percent of all homes sold in the United States last year were vacation or investment properties. Again, this simply accelerates the demand for real estate which keeps home prices appreciating.

Immigration. Arizona is known for its ever increasing population of immigrants. What most people don’t realize is that this immigrant population also seeks out real estate. In fact, 40 percent of immigrants own their own home. With a constantly increasing immigrant base, it only follows that there will be a consistent and steady demand for real estate.

Echo Boomers. Lots of people know that the baby boomer generation has significant buying power in the United States. What most people don’t realize is that the baby boomers are contributing to demand through their children. This generation of consumers are coming of age and seeking real estate. This generation is called the “Echo Boomer” generation – the expectation is that they will echo the demands of the previous baby boomers.

Real estate appreciation simply doesn’t rely completely on economic trends or nation-wide inflation. There are a number of factors that contribute to the success of the real estate market and the appreciation of real estate. Look at the trends of the current population – it’s a farm more accurate predictor of future real estate trends.

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Searching for a Home in Phoenix, AZ? Consider Short Sales, and Save Big

Posted on November 1, 2010 by admin

Searching for a home in Phoenix?  You may want to consider contacting a reputable certified Arizona real estate agent to help explain the short sale process to you.  While price may not be that big of a problem for you, the opportunity to save a bundle of money usually sounds appealing to anyone!  An increasing number of homeowners are having trouble paying their monthly mortgages, which means substantial savings for those looking to purchase a home.

 

Those who are unable to meet their mortgages would usually rather sell their home through the short sale process than to go the foreclosure route.  Why?  With a short sale, although it does affect the sellers credit, it does not completely destroy it like foreclosure does.  Most people are eligible to purchase another home within two years, which is a much better situation than having to wait seven or more.  These homeowners can also avoid the embarrassment and social stigma that often comes with foreclosure.

 

For you, a Phoenix short sale simply means that you can save more money than you ever imagined when you are looking to purchase a home.  Many people avoid this process due to the fact that it can get confusing and lengthy, but that is ok.  This simply means that there are more houses available for you to choose from!  If only they knew that having an experienced and knowledgeable Arizona realtor could help make the process so much quicker and easier, perhaps they would think twice.

 

The simple fact is that the lender would rather get some money against what is owed on the home, and will negotiate the price.  Phoenix short sales involve working with the seller, the sellers lender, and the sellers agent, which can get involved.  This is why having a realtor to represent your interests is important.  It will also save you a huge amount of time and headaches, as the realtor can handle everything for you.

 

While it is true that the economy has had negative effects on nearly everyone in some way, there are a few good points.  When it comes to buying a home, there has never been a better time.  If you want to save a good deal of money, you should buy now while the time is right.  When the market stabilizes, these low prices will be gone forever.  Phoenix short sales are a chance for you, as a buyer, to get an incredible bargain!  Contact a well qualified, certified in distressed properties Arizona realtor today, and be in your dream home in no time. 

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Why Phoenix Real Estate Is A Best Choice

Posted on October 31, 2010 by admin

For those people who are displacing to Phoenix, Arizona or current occupants who might be searching for a new home, the good choice is to utilize an esteemed Phoenix Real Estate agency to make you to find one of the Phoenix Homes for sale. Seeking to locate Phoenix Homes for sale without utilizing a Phoenix Real Estate Agency can be a lengthy and frustrating process since all of the Phoenix homes that are accessible on the market at any given time. One of the great reasons to concentrate with a Phoenix Real Estate Agency is to make it easy for purchasers to find Phoenix AZ Real Estate and for venders to connect with purchasers who are searching for real estate in Phoenix, Arizona.

 

Though it is conceivable to find few properties that are directly available from the sellers, most Phoenix Real Estate is numbered with an Agency in order to make the procedure flow smoother and to give up purchasers to have access to a broader network of Phoenix Homes for sale. Functioning with a Phoenix, Arizona Real Estate agent can make a seller with presenting his Home to the largest buyer’s community. Though newspaper advert might work for some things that a person sells, it is much more applicable to sell your home by a realtor.

For the seller using the servings of a Phoenix, Arizona Real Estate Agency means he doesn’t have to do any advert, be trustworthy for showing the home, or carrying off the price of the home. In fact, lot of Real Estate Agencies chooses the seller to go away the home when they are dealing in order to foreclose the seller from offering any harmful feedback to the buyer. Leaving each and everything up to a Phoenix Real Estate Agency takes the province of delivering the property from the seller to the Real Estate Agent who is more knowledgeable in how to assure the sale of Phoenix Homes.

 

 

There is an ever-changing universe of Social Media options: MySpace, Facebook, YouTube, Twitter, LinkedIn, Orkut, Flickr, Gather, Hi5, and Meetup – simply to name a few!  And that doesn’t even let in your own Social Network for your admirers.  Each and every element that you follow will need an investment of resources and time to be of profit to your campaign or cause.  So, before you enter down this path, determine how you will utilize each element and discover the places where you are most expected to commune with supporters.

Most Social Media communities will have keyword Searching capabilities.  Search on the organizations or candidates name to see what people are sounding out.  But, don’t stop there.  Search on keywords that is relevant to essential issues to learn more.

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A Phoenix Short Sale is a Real Option For Homeowners Who Find Themselves Under Water

Posted on October 31, 2010 by admin

 

If you live in the Phoenix Arizona area and have fallen on hard times, you may find yourself in a situation where you must sell your home.  A short sale is a solution for many who meet the qualifications.  You will need a reputable certified short sale realtor with experience in short sales to help you negotiate the process.  They will also do their best to quickly find a buyer for your home, so that you can get out from under the financial stress.

 

While the process can get lengthy and often does, it will go much more smoothly if you choose an experienced certified in short sales  real estate agent that thoroughly understands the process.  It is their job to find a buyer for your home, and a reliable agent will handle all of the details they possibly can for you.  With the declining economy and tremendous job loss currently being experienced, many homeowners now find that they simply cannot pay their mortgage any longer.  If you live in Phoenix and this describes you, learn more about the short sale process.

 

How does the process work?  Here is a basic explanation:

 

In order to choose a short sale, you must qualify.  Qualifying may include proving that the market value of your home has dropped.  In addition, some lenders will consider this option if your mortgage is in or near default.  You should also be ready to prove that you have fallen on hard times, and this does not mean spending your money foolishly.  An example of a hardship would be:  Loss of employment, death, divorce, unexpected medical bills, bankruptcy You, as the seller, sign a listing agreement with a realtor who is experienced in the short sale process.  The agent should then attempt to find a buyer who will make an offer for less than the balance of the mortgage. As the seller, you will be responsible for accepting the offer of the buyer. It is then up to your lender to decide if they are willing to accept the buyers offer. The lender either accepts or declines the offer.  If accepted, the lender will release the lien and you, as the seller, will give the buyer the deed.

 

If you do consider a short sale for your Phoenix home, be aware that your credit will be affected, but it will not be completely ruined as it would with foreclosure.  With a short sale, you can generally purchase another home within 18 months to two years, whereas a foreclosure makes it nearly impossible to buy another home for about 5 to 7 years.  Foreclosure is also embarrassing to many people, so taking this route helps you avoid the stigma.

 

Does a short sale sound like a good solution for your problems?  Contact a reputable and experienced Phoenix realtor, who can explain the process in detail and help you make an informed decision.

Maureen Karpinski

Find your <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=http://www.cactuscountryproperty.com/city/phoenix.htm>Phoenix Arizona Property</a> at Cactus Country <a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=http://www.cactuscountryproperty.com>Arizona Homes & Properties</a>

 

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Phoenix Real Estate Market Showing Strong Signs of Recovery

Posted on October 31, 2010 by admin

The Phoenix Real Estate Market is showing strong improvement in buyer demand as the number of homes under contract for sale is reaching levels not seen since the market high in 2005.

The Phoenix Real Estate Market by the Numbers

To understand the Phoenix real estate market, one must look at three critical areas: available inventory, pending sales or homes currently under contract for purchase, and closed sales.

As a result of heightened buyer demand, the inventory of existing homes across the Phoenix real estate market has dropped to 47,600 properties. This represents a two-year low. Though the numbers are generally high as estimations for a normal market range from 25,000 to 35,000 properties actively on the market at any point in time, the improvement is a significant development. However, foreclosure moratoriums by Fannie Mae and Freddie Mac may be artificially masking inventory in the marketplace.

”Pending” sales activity, also referred to here as buyer demand, currently shows the strongest improvement. Buyer demand, as measured by the number of actively trading homes currently under contract for purchase, has reached nearly 13,000 or 22.7% of total properties on the market Valleywide. Surprisingly, the Phoenix housing market has not experienced a statistic this high since August 2005 during the market peak.

In regards to existing home sales, the Phoenix real estate market already shows improvement with 15,909 closed transactions year-to-date. At this rate, we should expect approximately 65,000 closed sales for 2009, a 9% improvement. However, the rapid rise in pending sales activity means that the closed sales pipeline could show substantial, cumulative improvement month over month and propel sales to 70,000 transactions for 2009, a 20% improvement.

Buyers Taking Advantage of a “Cocktail” of Purchase Incentives

Buyers have been spurred on by three major factors in the marketplace. First, prices have declined to such an extent that the prices are attracting attention. Second, interest rates are at historical lows and many home buyers are attracting rates at even sub-5% levels. Third, the Federal Government’s implementation of a $8,000 “first-time homebuyer” tax credit is providing an additional tangible incentive for prospective buyers to purchase a home.

Continued market improvement along with raised public awareness of the improvement would draw out additional home buyers who otherwise have been sitting on the sidelines.

International Investment

Though the past year has seen significant investment activity on the part of Canadians interested in a second home or investment property in the Phoenix area, the recent relative strength of the U.S. dollar has negated much of the benefit Canadians previously enjoyed six months ago. Like other buyers and investors, Canadians now share many of the same concerns in buying a home as those of their American counterparts. Anecdotally, some Canadians are looking to U.S. based mortgage institutions for financing based in U.S. dollars.

As exchange rates and pricing evolve in the marketplace, we may experience additional specific international investment in the Phoenix area.

Further Trouble Brewing from Foreclosures?

The number of foreclosures do represent a trouble spot for the Phoenix real estate market. Indeed, the 90-day rolling average for the number of Trustee’s Sale notices issued daily continues to grow with over 300 notices given per day. As well, the number of actual Trustee’s Sale or foreclosure auction proceedings per day continues to grow and represents approximately 125 foreclosures daily. Together, these two figures point to an increased number of foreclosed homes entering the marketplace in the near term, potentially driving down pricing for existing homes.

In addition, any further erosion in prices puts the area at greater risk for self-feeding cycle of foreclosures in the core areas of the Phoenix area. As seen in outerlying parts of the Valley, where prices have declined as much as 60% off of 2006 highs, most homeowners who are forced to sell will likely do so through short sale or foreclosure. This is simply due to the decline in prices completely wiping out any equity the homeowners previously enjoyed.

Near Term Outlook

The Phoenix real estate market should begin to see a downward tapering of buyer demand as measured by the number of properties currently under contract for sale within the next 1-3 months. This pattern would be consistent with prior years as the school season comes to a close and many residents take vacations during the hotter months of the year. Nonetheless, the buyer curve should maintain a level that is a clear improvement over 2008 and prior years.

Foreclosures will continue to hit the real estate market here and create challenges. There does not appear any sign of abatement in this inventory for the foreseeable future.

Overall, it is possible that the buyer curve will remain resilient if potential home buyers sense a fundamental shift in the direction of the market. The increase in buyer demand does indicate a belief in opportunities to purchase. Further strengthening could eventually mean that buyer demand is ready to take on any deluge of foreclosed homes in the marketplace.

Positive Signs But Challenges Remain

The rapid increase in buyer demand is reaching levels not seen in several years as home buyers take advantage of low prices and buyer incentives in the marketplace. Indeed, continued resilience of the buyer demand curve could work to break the downturn that the Phoenix real estate market has experienced for over three years.

Challenges remain in the Phoenix real estate market. It is no secret that Fannie Mae and Freddie Mac have held a moratorium on foreclosures and may continue to do so for some time. Though the arguments for may be to allow time for reworks and to let existing inventory work itself out, a sudden deluge of foreclosure inventory could have a serious dampening effect on the Phoenix real estate market’s recovery.

Overall, there is cautious optimism that the Phoenix real estate market has been experiencing sustained improvement and is finally showing signs of working through the challenges highlighted here.

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Selling Real Estate in Phoenix – Reasons You Should Consider a Short Sale

Posted on October 31, 2010 by admin

When you are looking to sell a home in the Phoenix Arizona area, you may want to consider contacting a reputable realtor to learn about the benefits of a short sale.  Current economic conditions have led to fewer people purchasing homes, which makes it more difficult when you want (or need) to sell.  If you find yourself in financial straits and paying your mortgage is a problem, this may be a viable solution for you.

 

No one wants to go the foreclosure route.  Not only can it be embarrassing, it destroys your credit and ability to make any substantial purchases in the near future.  When a short sale offer is structured and negotiated properly, there is often no need for the seller to wait for the buyer to obtain financing or make repairs while every minute that goes by is bringing you closer to bankruptcy.  Some people don’t even consider a short sale because they have heard that the process takes forever.  In some cases it can, but a qualified and highly experienced certified Phoenix real estate agent can help you avoid much of the red tape so that the transaction is handled as smoothly and swiftly as possible.

 

Another benefit of short sales is that you, as the seller, do not have to spend money you do not have trying to “fix up” and repair.  These things are typically handled by the seller, but in this instance a home is frequently sold as is, which means the buyer will be responsible for making any changes they desire to the home.

 

A short sale does affect your credit rating, but usually isn’t nearly as devastating as bankruptcy.  By going this route, you will most likely be able to purchase another home in just two short years, whereas with bankruptcy your credit is completely obliterated, and it is normally about five years before you can purchase again.  You may also be able to forego mortgage payments while negotiations continue, helping you to avoid further financial distress.

 

Finances and money are tough issues for many people today, and paying your mortgage can often become a burden that is too much to bear.  If you live in Phoenix and surrounding areas and are looking to get out from underneath your mortgage, contact a certified distressed propertyrealtor to help you determine if going the short sale route may be the answer to your prayers.

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