Living in The East Valley » Buying a Home

Should You Buy a Home in 2012?

admin — Fri, 11 May 2012 16:44:01 +0000

Below is a link to an article by CCN-Money about purchasing a home in 2012. It basically discusses the national real estate market but it also has a few words about Phoenix. Economists are expecting home prices to start rising by a small amount nationally this year. In Phoenix this has already started happening in a bigger way. Interest rates are still at historically low levels. This makes it a good time to buy a home if buying is right for you. Generally if you are only planning on living in an area for one to two years, it probably makes more sense to rent. However, if you plan to live in that area longer, have a stable job, and healthy finances, now may be a very good time to buy.

The ARMLS (Arizona Regional Multiple Listing Service) STAT Report for May had this to say about sales prices locally – “Both April’s sales price metrics continued on the upward pricing trend line begun in November of last year. Median and average sales prices reacted to the upward pricing pressure exerted by lower inventories. In April, the median sales price climbed 6.2% to $138,000. The average sales price also rose by 4.8% to land at $189,000. With six months of upward sales price momentum, the Valley appears poised for pricing recovery, albeit moderate and slow.”

As Phoenix was one of this first markets in the country to start feeling the effects of the decline, it makes sense that it will be one of the first areas to start experiencing a recovery.

CCN/Money – Buying a home won’t get much cheaper

If you would like us to email you the ARMLS full ten page STAT report for May, just email your request to amy@realtysecrets.net.

Home Prices Going Up In Phoenix Area

admin — Mon, 02 Apr 2012 18:51:29 +0000

As we have been reporting, the inventory of homes in a lot of the Phoenix metro area is about half what it was last year. The inventory of foreclosure homes for sale is about a quarter of what it was a year ago. This has caused competition among buyers and home prices are starting to increase. Below is a link to an article in the Arizona Republic about the current real estate market. If you have been waiting to buy a home until the market hit bottom, now is the time to buy because prices have started moving upward. Interest rates are still at historically low levels.

Phoenix-area home prices headed upward

Housing Market Moving Forward

admin — Fri, 20 Jan 2012 17:04:27 +0000

Mike Orr was quoted in the Arizona Republic as saying that he believes the housing market in the Phoenix area hit bottom in September of 2011. Mike Orr is the Director of the Center for Real Estate Theory and Practice for Arizona Statue University.

We are seeing multiple offer situations for many properties priced below $150,000. The inventory of homes for sale is roughly half of what it was a year ago. We think this will start putting upward pressure on home prices. It will take time but a slow recovery would be much healthier than a fast one. Interest rates are also at historical lows which combined with the current low prices will make homes affordable for many people.

Here are some links to recent articles about the housing market.

Mortgage Rates Reach New Record Lows

Optimism Builds in Housing Market

Foreclosures Post Big Drop

Some Good Signs for the Real Estate Market

admin — Thu, 29 Dec 2011 16:36:03 +0000

The article below is about the National Housing Market. The good news is that this also holds true for the Great Phoenix area real estate market. The inventory of existing homes for sale is about half of what it was a year ago.

Some Good Signs for the Real Estate Market.

Retiree Havens Offering Good Buys

admin — Thu, 08 Dec 2011 17:18:52 +0000

Many people are recognizing that now is a good time to buy a retirement home. Even thought the inventory of homes for sale in the Greater Phoenix area is about half of what it was a year ago, many condos and town homes are still available for less than $100,000. With the decrease in inventory and the many properties that are receiving multiple offers, many experts are saying that they think this is the bottom of the market. Interest rates are still at historical lows – so this is a great time to buy.

Here is a link to an article with more information about buying a retirement home.

Retiree Havens Offering Good Buys.

Freddie Mac Launches Winter REO Sale

admin — Fri, 18 Nov 2011 22:48:17 +0000

Freddie Mac is offering an incentive for a limited time for owner occupant buyers of it’s foreclosure homes. They will pay up to 3% of the final sales price towards buyer’s closing costs . They will also provide a two year home warranty. Contract must meet all requirements including being accepted by January 31, 2012 and closing by March 15, 2012.

For more information:

Freddie Mac Launches Winter REO Sale.

Realty Times – 30-Year Fixed-Rate Mortgage Averages 3.99 Percent

admin — Tue, 15 Nov 2011 23:14:11 +0000

Home affordability is at an all time high. With interest rates at historical lows, now is a great time to buy or to refinance.

Realty Times – 30-Year Fixed-Rate Mortgage Averages 3.99 Percent.

Realty Times – The Joys of Homeownership

admin — Thu, 13 Oct 2011 21:26:08 +0000

Realty Times – The Joys of Homeownership.

Realty Times – Choosing a Condo

admin — Thu, 13 Oct 2011 21:23:02 +0000

Realty Times – Choosing a Condo.

Housing Affordability at Highest in 20 Years

admin — Thu, 25 Aug 2011 16:13:09 +0000

Housing Affordability at Highest in 20 Years.