Wednesday, September 28, 2011

The thought of foreclosure have you up at nights?

Thought You'd be Interested

Families all across America are struggling to come to terms with a tough economy and are facing difficulties paying the mortgage for their primary residence. In a healthy economy, downsizing or changing homes in to something more affordable would have been an option. In today's climate this is simply not the case. Most homeowners are sitting under a mass of negative equity that completely crushes their choices when faced with financial issues due to job loss, income changes or other mitigating circumstances. This is an incredibly difficult as well as emotional issue when people are faced with losing or letting go of their home, but short sales are a viable option and can sometimes be approved BEFORE the homeowner gets behind on their mortgage payments. If you or someone you know wants to discuss a short sale as an option, I would be happy to meet and discuss options with regards to your home.

Saturday, September 24, 2011

Homepath - Fannie Mae's REO Offering

"HOMEPATH" is Fannie Mae's REO offering and some of you may have noticed it being advertised on real estate signs in your neighborhood. REO is a bank owned property which failed to be sold at a foreclosure sale. So what does this plan have to offer you? Well here are the basics:
  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate,  or interest–only).
  • Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender requested appraisal.
  • No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
  • Expanded seller contributions for closing costs allowed.
  • Available for primary residences, second homes and investment properties.
The great thing is that there is much more flexibility for the buyer, and the low down payments make these properties more reachable for buyers and investors alike. I spent the past week taking a look at all the homepath properties in the 85383 zip code up here in ther Northwest Valley. While the financing options are attractive, there are some down sides to consider before making an offer on an REO. These properties are usually sold "as is" meaning a property inspection is essential but cosmetic deficiencies will be yours to own as the new proud home owner. I have noticed that these houses tend to be initally overpriced by 10-25% when I have pulled comps in the area, but be patient because I have watched as they tend to decrease rapidly approximately every 30 days. The low down payments may make a property in reach for you, but don't necessarily jump and buy a house that is priced above market value at the get go.

This can be a great packaged plan but buyer beware, use a Realtor to guide you through the process and ensure you come up trumps!!

Chris Spalding

Saturday, September 17, 2011

Another day, another nail in my tire!

For those of you that have lived in Arizona for less than 3 years there is a good chance you will not have a clue whats going on in the picture below!

This is called housing construction and it used to be somewhat popular here in the valley of the sun! Now one of things that has struck me in recent months has been the sudden reappearance of this phenomena. What then you may ask does this have to do with the title of the blog entry??? well during the boom years in mid to late 2000s I remember my local tire shops also used to be booming, there were so many nails being shot into so much lumber in sprawling new subdivisions that it seem like several times a year I would find myself getting new tires having picked up yet another stray nail from the asphalt of a upcoming neighborhood. So this weekend as I drove through another northwest valley neighborhood, I felt a somewhat nostalgic flashback as the air from my passenger side rear wheel began to hiss and the car gently came to a halt next to a half framed home. Well, maybe I thought there is some normality coming back to the market place after all!

For all your real estate needs or for a good tire shop recommendation, call me any time
Chris Spalding (602-312-7237)

Sunday, September 11, 2011

Bashing on the competition? (Well maybe a little...)

I've hosted two open houses this week in vacant properties that are listed by other Realtors. Now I dont want to use this as an opportunity to totally "bash" on the competition, but I do have a couple of observations that I would like to share. As a Realtor you have a responsibility to your client to try and sell their house in a timely fashion and at the best possible price. This will not happen so much if every smoke alarm in the house is beeping, nor will it happen if the front room looks like a scene from an Indiana Jones movie (dead spiders, cockroaches etc). When I am selling your vacant property I can assure you of certain things. The house will be clean, it will be vacuumed, it will not have dead scorpions in armchairs. Smoke detectors will have batteries AND I also offer  a free staging service, this means that although the house wont be fully furnished, it will have candles, plants, ornamental styling that will help to show your home and present it as something more than just a dusty empty house. Real Estate is like anything else in life, if you want to sell it, make sure its priced well and that its presentable!

Saturday, September 10, 2011

OPEN HOUSE at 9766 W BLACK HILL RD Peoria, AZ 85383

I'm hosting an open house on Sunday the 11th from 10am to 2pm. See Listing Details Here:
Realty ONE Group Arizona

I've always loved this neighborhood in Pleasant Valley, they are big homes with even bigger backyards just across Lake Pleasant Parkway from where we live in West Wing. One of our favorite family traditions at Christmas is to grab Hot Chocolates from Starbucks and drive around the homes in Pleasant Valley looking at the Christmas lights. They are the best in the area! If it's warm enough we get out and walk a ways as well. I wish the pictures showed the grass a bit greener because this yard with it's built-in BBQ and kids play set is making ME want to buy it for myself.

Homes here are in the Deer Valley Unified School District. Elementary aged kids in Pleasant Valley are zoned to attend West Wing Elementary. I just attended the PTSA meeting for West Wing Elementary where the boys are enrolled on Monday and they are anticipating their "Excelling" school label for the 3rd year in a row to be released in the next month. This is just a great area to raise kids here in the Northwest Valley, there is a fantastic sense of community, great public, private and charter schools nearby and let's nor forget the incredible mountain views surrounding our homes!

Sunday, September 4, 2011

15 Years in Arizona

October 6th 2011 will be 15 years to the day that an old British Airways DC10 touched down at Sky Harbor Airport, starting my personal adventure in the city I have grown to know and love, Phoenix AZ.

The landscape has changed dramatically in the time that I have spent here. I remember in 1996, I had never seen so much construction going on! It seemed like every month that passed a new subdivision would spring up out of nowhere. I remember how odd all the wood framework seemed having come from the UK where everything is typically built from red brick. As time moved on and I bought my first personal real estate, followed shortly by investment property, I noticed the changes starting to occur around me, the boom, the slowdown and even, believe it or not a few years of average steady growth in between!! I pulled some stats tonight on new home permits for the same period of my stay and thought I would share. The numbers really tell an interesting story.

Single-family new house construction building permits:

  • 1996: 6798 buildings, average cost: $117,400
  • 1997: 5752 buildings, average cost: $129,200
  • 1998: 5585 buildings, average cost: $134,100
  • 1999: 5302 buildings, average cost: $139,000
  • 2000: 4732 buildings, average cost: $143,100
  • 2001: 5501 buildings, average cost: $154,300
  • 2002: 7116 buildings, average cost: $161,300
  • 2003: 9086 buildings, average cost: $170,200
  • 2004: 12749 buildings, average cost: $181,600
  • 2005: 12391 buildings, average cost: $193,100
  • 2006: 9032 buildings, average cost: $195,100
  • 2007: 6560 buildings, average cost: $179,200
  • 2008: 2176 buildings, average cost: $218,200
  • 2009: 1336 buildings, average cost: $225,000
  • 2010: 1111 buildings, average cost: $221,100
I suspect that the next few years will see a slow but steady increase back to more reasonable levels. We'll see! One thing for sure is this is still a fantastic place to live and raise our families!

Chris Spalding (602-312-7237)

Friday, September 2, 2011

I'll Take Two...Supersized

A direct pull from ARMLS this morning shows there are currently 19,280 active listings which is down even further than the 27,400 described in the article below. The short term outlook is for a shrinking inventory which in turn will drive up prices. This market has many moving parts but one thing is for sure, this is an unprecedented opportunity to purchase real estate at historically low prices and interest rates. So if you are a potential first time buyer looking to get a foot in the market, a new or seasoned investor, or someone with recovering credit because of a prior foreclosure or short sale during the crash, now is the time to make the move!

This article does an excellent job of describing the ever shifting dynamics of the current real estate market in metropolitan Phoenix:

Feel free to contact me today with any questions.

Chris Spalding (602-312-7237)

Thursday, September 1, 2011

Thought You'd be Interested

Thought You'd be Interested

Nothing like the feel of a glossy business card in your hand!