Do you ever wonder what city ranks as the most family friendly in a state? Are you thinking of moving to a new state and would like this info to make a decision on which city? Well, here's a link that could help you! It tells you which cities are ranked "Most family friendly" and gives you data on home prices in those cities. Click the link below to see more info.
http://realestate.aol.com/home-values/family-friendly-neighborhoods
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, April 27, 2009
Friday, April 24, 2009
I received this email from Rudy Benitez of Lion's Gate Mortgage. It is talking about the new appraisal HVCC code that goes into effect May 1st. There is a link included for more information.
~~~~~~~~~~~~~~~~~~~~
Hi Friends,
Happy Thursday and I hope life and work are both going wonderfully. Just want to drop you a quick not regarding the new appraisal HVCC Code. I have received dozens of calls/emails so here is the simple breakdown of what this entails:
-Lenders will now require that we as a broker request the appraisal through the lender directly. We, as the mortgage broker, can no longer have any direct communication with the appraiser who is scheduled to review the property. We must go through the lenders preferred appraisal group. Keep in mind that you as the realtor are still able to have open communication with the appraiser to ensure water/power are on, doors are open for their entry to property, etc.
-Please keep in mind that now more than ever, appraisers are under the microscope. Most appraisers are beginning to really note any minor deficiencies within the home. Therefore, if you have broken windows, water leaks, exposed wires, and so forth these must be fixed prior to their arrival.
-Also, please note that I still have access to ValueCheck so I can pull comp checks on properties for you if need be for free.
The link below is a detailed FAQ regarding the new HVCC Code. There will be a bit of a learning curve for us all, but like all changes we see in real estate, we will all adjust and things will be fine. Thank you all for your continued support. We have received 78 referrals in April thus far so I am sincerely thankful. Have a pleasant and blessed evening and please call on me if I may help.
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf
Rudy Benitez
Senior Mortgage Consultant
Lion's Gate Mortgage
~~~~~~~~~~~~~~~~~~~~~~~~~
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
~~~~~~~~~~~~~~~~~~~~
Hi Friends,
Happy Thursday and I hope life and work are both going wonderfully. Just want to drop you a quick not regarding the new appraisal HVCC Code. I have received dozens of calls/emails so here is the simple breakdown of what this entails:
-Lenders will now require that we as a broker request the appraisal through the lender directly. We, as the mortgage broker, can no longer have any direct communication with the appraiser who is scheduled to review the property. We must go through the lenders preferred appraisal group. Keep in mind that you as the realtor are still able to have open communication with the appraiser to ensure water/power are on, doors are open for their entry to property, etc.
-Please keep in mind that now more than ever, appraisers are under the microscope. Most appraisers are beginning to really note any minor deficiencies within the home. Therefore, if you have broken windows, water leaks, exposed wires, and so forth these must be fixed prior to their arrival.
-Also, please note that I still have access to ValueCheck so I can pull comp checks on properties for you if need be for free.
The link below is a detailed FAQ regarding the new HVCC Code. There will be a bit of a learning curve for us all, but like all changes we see in real estate, we will all adjust and things will be fine. Thank you all for your continued support. We have received 78 referrals in April thus far so I am sincerely thankful. Have a pleasant and blessed evening and please call on me if I may help.
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf
Rudy Benitez
Senior Mortgage Consultant
Lion's Gate Mortgage
~~~~~~~~~~~~~~~~~~~~~~~~~
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Tuesday, April 21, 2009
# 22 on the list of 25 Top Cities/Areas appreciating..... drum roll please....
Phoenix Metro Area, Paradise Valley, Ariz
Blue Chip Neighborhood:Paradise Valley, Ariz. (Camelback Estates)Found Within ZIP Code(s): 85253Five-Year Price Growth: 71.89%Average Price Growth per Year: 14.37%Median House Value: $1,532,500See Area Map + More Information
Very suprising to me.... see story here
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Phoenix Metro Area, Paradise Valley, Ariz
Blue Chip Neighborhood:Paradise Valley, Ariz. (Camelback Estates)Found Within ZIP Code(s): 85253Five-Year Price Growth: 71.89%Average Price Growth per Year: 14.37%Median House Value: $1,532,500See Area Map + More Information
Very suprising to me.... see story here
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Monday, April 20, 2009
This report is from Christopher Self of the Talon group and discusses the current stats on listing inventory. Thanks Chris for the stats!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Our listing inventory is dwindling quickly, as you can see in the chart below. We experienced a 31% decrease of months’ supply in March; does this actually mean we are at the BOTTOM??
Well, I'd like to say YES... BUT... I know something many other people right now havent figured out just yet- many banks have a moratorium on foreclosures right now, seems like it hasnt stopped homes actually being foreclosed on BUT the banks are holding all of their inventory hoping the government will bail them out and remove the bad debt from their books. New listings should begin to hit the market again by end of May and we have been told by asset managers at several LARGE banks that we need to be prepared for the level to grow quickly again.
SOOOO just because we are seeing more multiple offers on bank owned homes, bidding wars, and prices being inflated... don't expect it to last all summer long - if the house is in good condition you do need to expect that there will be more than one offer in to the bank. These homes are normally well priced vs. the work needing done so they are selling FAST - and they have been for the past 18 months, not just recently!
New Listings Active Listings Sold Listings Months Inventory
Mar/2009 14,269 51,873 7,622 6.81
Feb/2009 12,726 53,394 5,434 9.83
Jan/2009 13,813 55,292 4,690 11.79
Dec/2008 11,954 57,379 5,459 10.51
Nov/2008 12,456 57,279 4,318 13.27
Oct/2008 14,678 56,570 5,335 10.60
Sep/2008 14,295 55,329 6,073 9.11
Aug/2008 13,588 55,406 5,556 9.97
Jul/2008 13,527 56,009 5,862 9.55
Jun/2008 13,559 57,344 5,674 10.11
May/2008 13,062 59,176 5,591 10.58
Apr/2008 13,827 60,230 4,809 12.52
Mar/2008 13,520 59,957 4,262 14.07
Feb/2008 13,068 59,497 3,440 17.30
Jan/2008 16,060 56,998 2,876 19.82
Dec/2007 8,976 58,610 3,340 17.55
Nov/2007 11,670 60,616 3,313 18.30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Our listing inventory is dwindling quickly, as you can see in the chart below. We experienced a 31% decrease of months’ supply in March; does this actually mean we are at the BOTTOM??
Well, I'd like to say YES... BUT... I know something many other people right now havent figured out just yet- many banks have a moratorium on foreclosures right now, seems like it hasnt stopped homes actually being foreclosed on BUT the banks are holding all of their inventory hoping the government will bail them out and remove the bad debt from their books. New listings should begin to hit the market again by end of May and we have been told by asset managers at several LARGE banks that we need to be prepared for the level to grow quickly again.
SOOOO just because we are seeing more multiple offers on bank owned homes, bidding wars, and prices being inflated... don't expect it to last all summer long - if the house is in good condition you do need to expect that there will be more than one offer in to the bank. These homes are normally well priced vs. the work needing done so they are selling FAST - and they have been for the past 18 months, not just recently!
New Listings Active Listings Sold Listings Months Inventory
Mar/2009 14,269 51,873 7,622 6.81
Feb/2009 12,726 53,394 5,434 9.83
Jan/2009 13,813 55,292 4,690 11.79
Dec/2008 11,954 57,379 5,459 10.51
Nov/2008 12,456 57,279 4,318 13.27
Oct/2008 14,678 56,570 5,335 10.60
Sep/2008 14,295 55,329 6,073 9.11
Aug/2008 13,588 55,406 5,556 9.97
Jul/2008 13,527 56,009 5,862 9.55
Jun/2008 13,559 57,344 5,674 10.11
May/2008 13,062 59,176 5,591 10.58
Apr/2008 13,827 60,230 4,809 12.52
Mar/2008 13,520 59,957 4,262 14.07
Feb/2008 13,068 59,497 3,440 17.30
Jan/2008 16,060 56,998 2,876 19.82
Dec/2007 8,976 58,610 3,340 17.55
Nov/2007 11,670 60,616 3,313 18.30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
So what is happening in the market these days? Is the economic stimulous packages recently put into play helping? It can be hard to know what is going on. But, a few things are being said about recent events and trends in the market. The story below is a look at the housing trends and market and whether we are "at the bottom" as provided by Monica Pruett Smith, Sr. Mortgage Consultant for American Mortgage Group.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I know you are busy and it is virtually impossible for you to keep track of what is going on in the economy. I monitor the trading of Mortgage Backed Securities; the only thing conventional mortgage rates are based upon. So I know if there is going to be a trend reversal in mortgage rates.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Housing Bottom On The Horizon:
What is a housing bottom? One of the primary reasons that we have experienced a housing slump is because we have had more supply of homes than we have demand. A housing bottom occurs when the supply and demand start to normalize and once we reach the bottom, we will start to see price appreciation again.
Let’s take a look at last week’s events that are starting to shine a light on our housing bottom. Frank Nothaft, Chief Economist for Freddie Mac stated that he felt that U.S. home sales are near a bottom. Both New Housing Starts and Building Permits continued to decline which helps to lower our supply. The University of Michigan’s Consumer Confidence Report was at its best levels since September which is interesting considering our unemployment levels, but that helps the demand side of the equation.
Remember, you make money when you buy your house not when you sell it. With interest rates at or near 50 year lows and with loan programs that only require 3.5% down, market conditions are right to finally make your move before the market turns around…because once it does turn around…you’ve already missed your opportunity.
What happened to rates last week?
The Mortgage Backed Securities (MBS) market had another roller coaster week.
From Monday to Wednesday we gained +43BPS in pricing which helped 30 year fixed mortgage rates fall to some great levels.
But from Wednesday to Friday we lost -40BPS in pricing which increased rates and we ended up right where we stated on Monday.
What to watch out for this week:
The following are the major economic reports that will hit the market this week. They each have the ability to affect mortgage rates. I will watch these reports closely for you and let you know if there are any big surprises.
I know you are busy and it is virtually impossible for you to keep track of what is going on in the economy. I monitor the trading of Mortgage Backed Securities; the only thing conventional mortgage rates are based upon. So I know if there is going to be a trend reversal in mortgage rates.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
Thursday, April 09, 2009
Here are some great graphs that show the percentage of Bank Owned (REO) property sales vs. traditional home sales in the recent months, courtesy of Bob Yarrow.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Of the monthly sales reported in Maricopa County, what percentage can be attributed to REO properties? The two graphs below are based upon ARMLS sales data for March 2009.
Of the single family detached resale home sales reported through ARMLS for the month of March 2009, 68% of the listings were noted as "Lender Owned," the same as last month.
The graph below shows the percentage of REO sales over the past two years. In September 2007, that number was less than 10% of total sales, and you can see the steady climb of REO sales from that point. January saw the biggest jump in the REO sales percentage as it rose from 56% in December to 68% in January. The March percentage remained the same as January and February.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Of the monthly sales reported in Maricopa County, what percentage can be attributed to REO properties? The two graphs below are based upon ARMLS sales data for March 2009.
Of the single family detached resale home sales reported through ARMLS for the month of March 2009, 68% of the listings were noted as "Lender Owned," the same as last month.
The graph below shows the percentage of REO sales over the past two years. In September 2007, that number was less than 10% of total sales, and you can see the steady climb of REO sales from that point. January saw the biggest jump in the REO sales percentage as it rose from 56% in December to 68% in January. The March percentage remained the same as January and February.
Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572
p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!
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