Phoenix Area Real Estate News Blog

Luxury Homes Still Selling In TheParadise Valley and Scottsdale Area.

2007-07-05T14:17:00.000-06:00

Contributed By Angie Young,
Scottsdale Area Realtor.

According to the Arizona Republic, these luxury multimillion dollar homes were sold from the end of June, 2007 to July 2, 2007 during a period of about one week in the Paradise Valley and North Scottsdale areas by various luxury home Realtors.

$5,500,000 was the cash selling price for a 7,240 square foot home in Paradise Valley east of the Paradise Valley Country Club.

$3,350,000 was the price paid for a 5,892 square foot home just built last year in Scottsdale north of the Grayhawk Golf Club. The home was purchased by PGA Tour golfer Aaron Baddeley and his wife Richelle.

$4,554,308 was the cash purchase of a 3,492 square foot luxury home west of the McCormick Ranch Golf Club in Paradise Valley.

$4,200,000 was the purchase price of this 2,316 square foot home south of the Camelback Country Club in Paradise Valley. Wow, that's a healthy square footage price. This home was purchased by the Curtis and Celeste Dickman Family Trust.

$3,995,394 was the purchase price of this luxury real estate paid by Edvard Jovanovski, a defenseman for the Phoenix Coyotes NHL hocky team and his wife Kirsten Kresse-Jovanovski. It is a new luxury home at the Silverleaf Club at DC Ranch.

Looney Toon World of Real Estate.

2007-05-21T21:34:00.000-06:00

Read this blog post by The Harper Real Estate Team of Danville, California. It's way too funny. They describe "4 Problematic Real Estate Agents" called "Daffy, Yosemite, Pepe' and Sylvester" who they call wild, whacky and looney when they want your real estate business.

Daffy can only remember the first sentence in a paragraph and wanders off in confusion. The Harper Team suggests distracting Daffy and then shuffling all of his papers.

Yosemite is the real estate agent that blasts into everything with guns blazing. He buries you with BS. The Harper Team suggests never answering Yosemite's questions directly while pretending you have all the time in the world to buy or sell.

Pepe' is the sweet talking agent with more sophistication and charm than you can stand. They suggest to continue asking Pepe' about Pepe' and to keep asking him to repeat himself until he gets so frustrated his fake accent disappears.

Sylvester is always on the hunt for that next sweet deal. The Harper Team suggests delighting yourself by dangling the "morsel of a closed deal" so close that Sylvester begins to drool on himself unconsciously.

Technorati Tags: Real Estate Humor, Danville California Real Estate, Real Estate Agents

East Valley Home Value & Sales Comparison April, 2006 Versus April, 2007.

2007-05-20T18:26:00.000-06:00

Source: Realty Studies at ASU's Polytechnic Campus.

Depending upon whether you are a buyer or seller, there is a slight bit of both good and bad news in the East Valley real estate market. Some median home prices and home sales increased and decreased comparing April.2006 to April 2007.

Median Prices of Single Family Homes

Community	April '06	April '07	% Change
Ahwatukee	$381,500	$325,000	-14.8%
Chandler	$295,000	$297,950	+1.0%
Gilbert	$339,000	$295,195	-13%
Mesa	$245,900	$234,510	-4.6%
Tempe	$275,000	$285,000	+3.6%

Ahwatukee Real Estate.
Median home prices dropped by about 14.8% vs 2006. The number of home sales increased from 120 in April '06 to 125 in April '07.

Chandler Real Estate.
Median home prices increased slightly vs 2006 by 1%. The number of home sales dropped from 375 in April '06 from 405 in April '07.

Gilbert Real Estate.
Median home prices dropped by about 13% vs 2006. The number of home sales dropped from 310 in April '06 to 285 in April '07.

Mesa Real Estate.
Median home prices dropped by about 4.6% vs 2006. The number of home sales declined from 660 in April '06 to 530 in April '07.

Tempe Real Estate.
Median home prices increased by about 3.6% vs 2006. The number of home sales declined form 16o in April '06 to 120 in April '07.

Technorati Tags: Ahwatukee Real Estate, Mesa Real Estate, Gilbert Real Estate, Tempe Real Estate, Chandler Real Estate

Do You Care How Long Anyone's Tail Is?

2007-05-19T17:40:00.000-06:00

We hope not. Whether one has a long tail or a short tail should really be of no concern. If you're puzzled by the above headline, you are likely a consumer that is considering buying or selling real estate. Hopefully that is the case because that would make you our ideal target audience. And if you are reading this article, that means you found us.

If you mention long or short tail to an SEO or a seasoned real estate blogger, they will know exactly what short tail and long tail means. Without getting complex, essentially it means how many words one uses to perform a search query on a search engine. Generally, the fewer the words....."the shorter the tail" and you guessed it....the more words in the search phrase...."the longer the tail". So, this discussion really has nothing to do with one's cat, dog or monkey, or how a large or small one's butt may be.

It's all about how web search works.

When searching the web, you are looking for specific information or solutions to needs and desires. When you perform a web search using your favorite search engine, you would expect to be provided with search results in a tiered ranking order that best satisfies your search query. But that does not always happen for many reasons that are way too complicated to discuss here. However, somewhere in the first couple of results pages you should find what you are looking for.

Here's some simplified examples of typical real estate related search phrases:

1. Short Tail Search.
"Real Estate". This search probably is not going to provide you with much value because it is much too general. If you are buying real estate, then you are likely relocating to a specific geographic location. A state such as Arizona. A county such as Maricopa. A city such as Phoenix or Scottsdale. Therefore your search query should be a bit more precise to a local real estate market.

2. Longer Tail Search.
"Phoenix Real Estate". Or "Scottsdale Real Estate", "Ahwatukee Real Estate" or another city within the Greater Phoenix area will result in better sources of information. If you are not sure exactly where you want to relocate in Arizona you might search for "Arizona Real Estate".

3. Even Longer Tails.
"Condos in Phoenix Arizona" or even "Condos in Phoenix, Scottsdale Area". Maybe your interests are "Private Gated Communities in Phoenix", "Golf Course Property in Scottsdale Arizona" or "Luxury Homes in Phoenix Arizona".

So you can see that the more words, the longer the tail. The important thing to remember is that each of the search phrases referenced above will deliver a completely different set of search results and the more precise (longer tail), the more likely you will find the information or solutions you are looking for.

The order of the words will also deliver a different tiered ranking order of results. For example: "Phoenix Real Estate" versus "Real Estate in Phoenix". Or "Phoenix Homes" versus "Homes in Phoenix". Also adding the word "Arizona" or abbreviations such as "AZ", "Phx" or "Ariz" will effect a ranking order of results. For example, "Real Estate Phoenix AZ" versus "Phx AZ Real Estate".

Just keep in mind that no matter how you found our website, it's participating Phoenix Realtors will make your home buying journey a pleasurable experience. And if you aren't sure where you want to live in Arizona, visit Arizona Leisure to find great information about Arizona including real estate professionals in most Arizona locations.

The diversity of landscape, climate and lifestyle in Arizona is incredible. This Arizona real estate website provides a summary overview of all major Arizona cities and towns. You just might discover the most ideal place in Arizona to call your home.

Technorati Tags: Phoenix Real Estate, Phoenix Homes, Arizona Real Estate, Phoenix Area Real Estate

Count On Our Preferred Phoenix Realtors To Make Relocation Easy and Convenient.

2007-05-14T15:22:00.000-06:00

Do you live outside the area and plan on moving to the Phoenix area? Beginning right now, our Preferred Phoenix real estate agents will make your relocation smooth and easy. And they will stay right with you every step of the way. One you've selected the area that entices you, choose the Realtor that is intimately familiar with that geographic part of the Valley of the Sun.

Even though you presently live out of the Metro Phoenix real estate market, they will assist you in every aspect including answering questions, guiding you to the most desirable school districts, and suggesting a manageable commute to a place of employment. Count on them to know where the best real estate values can be found and to the make the home search and buying process a very pleasurable experience.

Just tell them your needs, interest, budget and lifestyle desires and they will suggest homes that fit your criteria. They can send information via fax and mail as well as transmitting photos digitally via email and the web. Each Realtor is professionally expert can thoroughly explain the home buying processes and are proficient negotiators. They'll even give you information to help you make prudent, well-informed home buying decisions. If you need a mortgage lender in the Phoenix area, they can guide you to ethical lenders that can suggest the right mortgage loan packages that fit your unique situation.

And when time is convenient for you to travel to Phoenix to choose your dream home, each agent will personally show you your selected homes of interest. The home buying journey is an `exciting time and they welcome the opportunity to begin that journey with you.

Review the cities and towns within the Valley of the Sun, search the Phoenix MLS online and choose the real estate agent what specializes in the your area of interest. Get ready for an enjoyable experience.

Technorati Tags: Phoenix Real Estate, Phoenix Relocation, Moving To Phoenix

Greater Phoenix Area: Single Family Home Median Prices. Quarterly: 1995 Through 2007.

2007-05-10T18:13:00.000-06:00

Contributed by: Angie Young
Phoenix, Scottsdale Realtor

The following data is compiled by the Arizona State University's Real Estate Center which analyzes and evaluates the Arizona real estate market on behalf of private, public and governmental organizations. ASU's Realty Studies offer a wealth of informative statistical insight into the Greater Phoenix area real estate market.

The following compares the median single-family home prices throughout Greater Phoenix(*) from 1995 through the first quarter of 2007. It is interesting to note that the median resale home price increased from $87,300 in the first quarter of 1995 to $262,570 in the first quarter in 2007 (over 300%).

Greater Phoenix Area Single Family Homes:

Median Sales Price	Resale Homes	New Homes
First Quarter 1995	$87,300	$128,800
Second Quarter 1995	89,150	129,125
Third Quarter 1995	93,900	125,325
Fourth Quarter 1995	93,000	127,130

First Quarter 1996	94,000	127,400
Second Quarter 1996	96,000	130,200
Third Quarter 1996	99,500	129,875
Fourth Quarter 1996	97,500	135,400

First Quarter 1997	101,000	135,830
Second Quarter 1997	105,735	137,960
Third Quarter 1997	106,500	134,650
Fourth Quarter 1997	107,000	136,480

First Quarter 1998	110,000	137,210
Second Quarter 1998	114,000	140,000
Third Quarter 1998	113,900	138,600
Fourth Quarter 1998	115,000	140,090

First Quarter 1999	115,000	142,060
Second Quarter 1999	122,000	147,930
Third Quarter 1999	122,000	148,155
Fourth Quarter 1999	121,715	147,745

First Quarter 2000	124,400	148,075
Second Quarter 2000	130,000	150,335
Third Quarter 2000	130,000	151,525
Fourth Quarter 2000	129,000	152,925

First Quarter 2001	132,500	158,030
Second Quarter 2001	136,000	157,615
Third Quarter 2001	138,000	156,500
Fourth Quarter 2001	137,000	154,495

First Quarter 2002	139,700	158,015
Second Quarter 2002	144,000	155,250
Third Quarter 2002	146,000	159,535
Fourth Quarter 2002	147,000	164,540

First Quarter 2003	148,750	163,545
Second Quarter 2003	155,000	176,805
Third Quarter 2003	159,500	173,895
Fourth Quarter 2003	155,800	177,820

First Quarter 2004	159,705	180,510
Second Quarter 2004	170,000	190,745
Third Quarter 2004	177,500	198,050
Fourth Quarter 2004	185,000	207,190

First Quarter 2004	159,705	180,510
Second Quarter 2004	170,000	190,745
Third Quarter 2004	177,500	198,050
Fourth Quarter 2004	185,000	207,190

First Quarter 2005	203,000	218,195
Second Quarter 2005	235,500	240,610
Third Quarter 2005	259,700	258,885
Fourth Quarter 2005	260,000	281,870

First Quarter 2006	260,115	296,665
Second Quarter 2006	265,000	313,775
Third Quarter 2006	260,000	310,000
Fourth Quarter 2006	257,000	305,000

First Quarter 2007	262,570	296,425

(*) The Greater Phoenix real estate market includes: Ahwatukee, Anthem, Avondale, Buckeye, Carefree, Cave Creek, Chandler, El Mirage, Fountain Hills, Gilbert, Glendale, Goodyear, Higley, Laveen, Litchfield Park, Mesa, Paradise Valley, Peoria, Phoenix, Queen Creek, Scottsdale, Sun City, Sun City West, Sun Lakes, Surprise, Tempe, Tolleson and Wickenburg.

Technorati Tags: Phoenix Area Real Estate, Phoenix Area Median Home Prices, Greater Phoenix Real Estate, Arizona Real Estate, Phoenix Single Family Homes

Return to Best Phoenix Real Estate Home Page. View Phoenix MLS Homes for Sale.

Good Advice For First Time Home Buyers.

2007-05-06T15:48:00.000-06:00

Contributed by: Angie Young, Phoenix/Scottsdale Realtor.

Buying a home is generally the largest investment a person will ever make and choosing the right home to purchase should be based on sound, well-informed decisions. As you scour the Greater Phoenix MLS for the ideal home, it is crucial that as a first-time Phoenix home buyer that you choose a home that fits your lifestyle, needs and convenience within your range of affordability.

A home is an investment in Phoenix real estate that hopefully will not only give you years of enjoyment, but will return a healthy return on your investment when you decide to sell. Following are five ways to ensure you are making a prudent home buying decision.

1. Stay Within Your Budget Range.
Decide what you can comfortably afford. Be conservative and give yourself flexibility. Do not look at homes that you cannot reasonably afford. Don't tempt yourself with homes outside your budget where higher payments will eventually become a financial burden.

When determining affordability, consider the cost of property taxes, insurance, utility expenses and home maintenance in addition to monthly mortgage payments. Sustaining an enjoyable lifestyle requires stress-free financial flexibility.

2. Do Not Buy On Impulse.
Take your time. Look at a wide variety of Phoenix area homes. List the positives and negatives. Separately list absolute needs versus desires. Be prudent. Evaluate more than just the real estate itself. Metro Phoenix is a big place with many areas from which to choose including Phoenix itself, Mesa, Scottsdale, Carefree, Chandler, Fountain Hills and many other suburban cities. Research community amenities, shopping convenience, dining, school systems and entertainment venues. Consider commute convenience to places of employment. Consider the savings in mileage expenses and wasted time driving to and from work.

3. Plan Ahead.
How long do you plan on living in your new Phoenix home? That length of time effects many decisions such as how much to spend on upgrades and fixed rate mortgages versus adjustable rate mortgages. Consider future career changes, new additions to the family that would mean buying a larger home. Leave yourself flexibility in case of job loss, a sudden disability or sizable emergency situations that require using savings. Real estate values can increase or decrease at any given point in the future, so you do not want to get caught in a Bursting Real Estate Bubble with limited options.

4. Thoroughly Understand The Buying Process.
Do your research on the home buying process. Know how to gain a negotiating advantage. Know how the offer process works. Know the strategies of "offer and counter offers".

5. Get Pre-Approved For A Loan.
There are many advantages and benefits of getting pre-approved for a mortgage loan. First, you'll know how much home you can afford so you don't waste time looking at homes outside your budget range. Second, it gives you negotiating advantage with a seller because it helps ensure a successful and quicker escrow closing. This gives a seller greater confidence of your offer to buy. Choose an ethical mortgage lender or broker.

6. Choose A Knowledgeable Realtor.
Select a Realtor that is intimately knowledgeable of the geographic area of interest. They will generally know where the best real estate values can be found. An experienced Realtor can explain the processes, can give you advice to help you make well-informed buying decisions and can give you the advantage of applying negotiation skills with a seller. Hiring you own Realtor that exclusively represents your interests is cost-free since the seller generally pays the real estate commission.

Remember, buying a Phoenix home will likely be one of the most important financial transactions of your life. Do your research carefully and diligently. Consider all your options, do not buy on impulse, get pre-approved for a mortgage loan, stay within your budget range and choose a Phoenix real estate agent that will help turn a stressful process into a pleasant home buying experience.

More Helpful Information:
Advice For The First Time Buyer
Common Questions For The First Time Home Buyer

Technorati Tags: Phoenix Real Estate, Phoenix Homes, Phoenix MLS, First Time Home Buyers, Real Estate Advice, Phoenix Arizona Real Estate

Two Friends Make Hole In Ones On The Same Hole On Consecutive Swings.

2007-05-05T12:13:00.000-06:00

This is incredible! On April 7 two friends, Mark Imhoff and Joe Butz playing in a Men's Club golf event at the Club West Golf Club in the Ahwatukee Foothills, Arizona recorded consecutive aces on consecutive shots at the par 3 17th hole. Golf Digest places the odds of two golfers in the same foursome making a hole in one on the same hole at 17 million to 1. The odds of two golfers making a hole-in-one on the same hole on consecutive swings has to be a gazillion to one.

Here's another amazing twist. The event included a skin's game. Imhoff makes an ace and loses the skin to his partner Butz who got a handicap stroke giving him a "net zero" on the hole. They split the "closest to the pin" prize and split the traditional hole-in-one bar tab. Butz shot a round of 100 and Imhoff recorded a three under gross score of 69. Wow, this guy should be on the PGA Tour.

The 17th hole at Club West is one of the most unusual golf holes in the Phoenix area. It is a par 3 with an 80 foot elevated tee that has two optional greens. One plays at 208 yards while the other plays at 157 yards from the middle tees.

Ahwatukee Foothills is a suburban village in South Phoenix and includes some of the most sought after real estate in the Phoenix AZ area. Homes along the Club West fairways feature awesome views of the golf course and the surrounding desert foothills.

If you're interested in relocating to the Village of Ahwatukee of Phoenix, Arizona, checkout the Ahwatukee MLS and when you're ready, contact our Preferred Ahwatukee real estate agent.

Technorati Tags: Ahwatukee Real Estate, Hole In One, Phoenix Real Estate, Ahwatukee Foothills, Club West Golf Club

Chandler Opens Freestyle Bike Park.

2007-05-04T11:01:00.000-06:00

One-footers, tabletops, whips, and 180s. Giant rollers and quarter pipes. BMX freestyle bike fans....get ready to go higher and bigger. The City of Chandler has created a 23,000 square foot freestyle bike park totally dedicated to the sport.

The Chandler Bike Park opens May 5, 2007 inside Espee Park in Chandler AZ at 450 East Knox Road in Chandler. The summer park hours are 6:30 AM to 10:15 PM daily and it's free. This is just another example of what makes Chandler, Arizona a family-friendly environment.

Read more about Chandler, Arizona located Southeast of Phoenix in the East Valley. The new Chandler Bike Park is also convenient to Mesa, Gilbert and Tempe residents. If you're considering relocating to Chandler, our Preferred Chandler real estate agent would love to show you where the best real estate values are located. View the Chandler MLS.

Technorati Tags: Chandler Arizona, Chandler Real Estate, BMX Bike Park

Moving To Phoenix From Another State Can Be Emotionally Traumatic For A Teen.

2007-05-01T07:59:00.000-06:00

Tens of thousands of new residents move to the Phoenix and Scottsdale area every month. Phoenix AZ is a great place to raise a family. That's why it's been among the nation's leaders in home appreciation for many decades. The Phoenix real estate market is a very desirable market.

Moving can be a stressing and challenging process, but relocation is particularly difficult for teenagers. Just imagine the trauma, emotions and resistance that can set-in when parents finally tell their teenager(s) the family is moving to Phoenix. They've grown up with their best friends and now they have to leave them behind. They've developed puppy-love romances and they have to leave those behind. They are entrenched in the peer social scene. Now they will have to learn how to fit-in all over again.

Read this article, "Relocation Is Really Tough On Teens" that will give parents some helpful tips on how to deal with teens that are resistant to moving. Being empathetic, getting them involved and listening to their suggestions is always a good start.

Find a Preferred Realtor that will not only find the perfect home for you and your family, but can suggest some of the best "teen friendly" neighborhoods.

Technorati Tags: Phoenix Real Estate, Phoenix Relocation, Moving With Teenagers

Return to our Phoenix AZ Real Estate home page or view the Phoenix MLS.

A Consumer's Guide To Arizona Real Estate.

2007-04-30T12:23:00.000-06:00

Whether you are a buyer or seller, you should read "Real Estate and You: A Consumer's Guide." It is published by the Arizona Department of Real Estate (ADRE) whose role is protecting the rights of both sellers and buyers as it relates to Arizona real estate. The purpose of the above referenced guide is providing a basic explanation of the real estate transaction processes and setting forth guidelines that govern those processes. The intention is to make you a more informed Buyer or Seller to assist in making prudent decisions.

It is important to note however that the Arizona Department of Real Estate cannot offer legal advice and therefore nothing within the above mentioned guide should be construed as legal advice. Purchasers and Sellers of Arizona real estate should seek the expert advice of real estate lawyers and accountants before and during the course of real estate transactions. Arizona real estate law and guidelines are subject to change. Visit the ADRE website for any changes or up-to-date information.

Following is an overview of information you'll find in the Real Estate Consumer's Guide:

Chapter 1
An introduction to the contents of the guide.

Chapter 2
Gives a brief overview of the Arizona Department of Real Estate. Even though the Department cannot offer legal advice, it has dedicated professionals available to answer general questions about real estate transactions in Arizona.

Chapter 3
Discusses the role of the real estate professional in Arizona. Licensed real estate salespersons and brokers in Arizona have considerably more authority and responsibility than in many other states. It is important for you to know what they can and cannot do. Most real estate transactions in Arizona are conducted with the assistance of licensed real estate professionals.

Chapter 4
Describes the process of preparing a home for sale, determining the level of professional help needed to sell the home, and selecting an Arizona real estate agent.

Chapter 5
Covers a discussion of the types of real estate listings and preparation for listing the property.

Chapter 6
Covers some of the steps involved in buying a home, up to the point where an offer is made.

Chapter 7
Gives an overview of the negotiations, offers and possible counter offers that often take place in bringing a buyer and seller to the point where they can agree on a final price and on final terms.

Chapter 8
Discusses some of the common financing methods used in purchasing a home in Arizona.

Chapter 9
Reviews the steps that need to be taken by both buyer and seller during the time between acceptance of an offer and the closing of the transaction (the “escrow period”).

Chapter 10
Explains the real estate closing process.

Chapter 11
Deals with the post-closing period.

The guidelines apply to all real estate transactions within the State of Arizona. This website provides information about real estate in all Metro Phoenix cities, towns and communities. Click here for information about real estate in other Arizona cities and towns outside the Greater Phoenix real estate market.

Technorati Tags: Arizona Real Estate, Arizona Real Estate Guidelines, Phoenix Real Estate

Return to our Real Estate in Phoenix Home Page.

Attention Phoenix Home Sellers: Kitchens and Bathrooms Rule.

2007-04-29T20:11:00.000-06:00

If you're selling your Phoenix area home, any real estate listing agent will tell you that "first impression" is crucial to a quick sale and anything you can to do increase curb appeal will enhance resale value. Everyone knows the basics. Spruce up the landscape, paint interior walls neutral, get rid of the clutter, fix the squeaky doors, etc, etc. However, major home renovations can be quite expensive.

But if you have limited funds and limited time, focus on the kitchen and bathrooms. They rule! Generally, home buyers are awed by great kitchens and bathrooms that have been updated and modernized. If your home for sale is an older Phoenix home, an old-fashion kitchen and bathroom are going to be big negatives to a buyer.

That being said, a complete remodel can be costly unless you have the talent and time to do most of the remodeling yourself. Sellers should focus on the items in these rooms that will have the greatest positive impact on saleability that can be accomplished within budget.

Perhaps the cabinet structures are sound but the exteriors are outdated. In that case, consider just refacing them with more modern cabinet doors and drawer facials. Maybe just a re-sanding and re-staining will do the trick. Consider replacing old counter tops to add more life to the rooms. If that busts the budget, there are firms that specialize in resurfacing, repairing chipped counters, showers and bathtubs, and fixing cracked tile grout.

New floor tile could make a profound difference. Also consider new, more up-to-date faucets, towel racks and cabinet hardware. Those items are fairly inexpensive and easy to install. By all means, look closely for signs of mold which can be a "real deal killer". At an absolute minimum, have all leaky faucets repaired.

The point here is pretty obvious....if there is more to fix and update that you can afford, making your kitchen and bathroom more inviting is significantly important if you expect a quicker sale of your Phoenix home at the best possible sales price.

Kitchens and bathrooms rule.

Also read "Entice Buyers With Curb Appeal" and "Staging Your Home For Sale".

Return to our Phoenix Real Estate home page.

Technorati Tags: Phoenix Home, Preparing A Home For Sale

Phoenix Sellers and Buyers Could Take Advantage Of Owner Financing.

2007-04-28T06:45:00.000-06:00

About 20% of all homes sold involve some degree or form of owner financing. There are many factors that must be considered from both the sellers and owners side and each should consult with lawyers and accountant professionals for tax and legal advice. But here are some benefits and advantages of considering some form or level of owner financing.

Real Estate Buyer's Perspective.

Although a buyer may have "financial clout" and be able to service a loan, for various reasons some home buyers may not qualify for a mortgage loan. Among those reasons may include a recent change in employment or a divorce. Perhaps a buyer has recently started a business or has other real estate mortgages. Mortgage lenders don't like to see recent changes. Often, non-USA citizens have difficulty qualifying for a home loan.

When a mortgage lender is not involved, escrow closing can occur much quicker and a greater degree of financial and personal privacy is maintained.

The Real Estate Seller's Perspective.

When a seller is willing to offer or consider some degree of owner financing, there could be several benefits. First, it enlarges the pool of potential buyers which in itself enhances a quicker sale and an improved ability to not only get a full asking price but possibly more than the asking price.

Other benefits include obtaining a higher interest rate than a seller could otherwise get through other forms of investment such as CDs or treasury bills and a longterm, consistent monthly cashflow.

A seller must be confident. There should be a sizable down payment to protect against default as well as other protective mechanisms. Therefore, a seller should definitely see some legal advice to prepare protective documents. There could also be tax implications that could be either favorable or unfavorable. So a conversation with an accountant is very prudent.

If you are considering purchasing real estate in the Phoenix, Arizona area including Scottsdale, get quick access to the Phoenix MLS for homes in Phoenix, Scottsdale, Chandler, Mesa, Paradise Valley, Carefree, Fountain Hills, Tempe, Glendale and all other Metro Phoenix communities.

Return to our Phoenix Real Estate home page.

Technorati Tags: Phoenix Real Estate, Phoenix Homes, Owner Financing

Check Your Credit Reports Before Applying For A Home Mortgage Loan.

2007-04-27T14:37:00.000-06:00

How well you've handled credit in the past not only will determine whether a lender will approve your mortgage loan, but will have a bearing on whether an approved loan will carry a high or low interest. The better your credit history, the better the interest rate.

Whether you are considering buying a home in the Phoenix or Scottsdale area or anywhere in the country, now is the time to check your credit reports. The good news is that information is readily available to you. Your credit history is maintained by three popular credit reporting agencies: TransUnion, Experian and Equifax. You can visit each agency's website and order your credit report online and see it almost instantly. Or you can order your report via phone.

TransUnion:http://www.transunion.com/

Experian:http://www.experian.com/

Equifax:http://www.equifax.com/

Credit reports include a comprehensive history of late payments, how much credit has been extended to you and any problems with your credit. One good thing is that negative comments in your credit file can only exist in your file for seven years with the exception of a bankruptcy filing which remains in the file for ten years.

Lenders tend to pay greater attention on more recent credit history. Credit reporting agencies maintain a credit score. Obviously, the better the score, the more likely your mortgage home loan will be approved and the lower interest rate you are likely to pay. In many cases, depending upon the lender, a poor credit report can still result in a home loan approval, but since the risk factors of a loan default are much greater with a borrower with less than perfect credit, a higher rate of interest will usually apply which will increase the monthly mortgage payment.

Order credit reports from all three credit reporting agencies and compare them carefully. If you notice any errors, get those resolved quickly so any mistakes can be removed from the reports before making a loan application to buy Phoenix or Scottsdale area real estate.

Also read this article...."Questions To Ask Your Lender".

Return to our real estate in Phoenix home page.

Technorati Tags: Credit Report, Home Mortgage Loan Phoenix

Home Loan Learning Center. Taking The Mystery Out Of Home Mortgages.

2007-04-23T10:32:00.000-06:00

All of our Preferred Phoenix Realtors, participating Mortgage Lender and other home owner service providers are committed to helping home buyers make informed decisions. With that objective in-mind, bookmark The Home Loan Learning Center website now!

The Home Loan Learning Center provides a wealth of information for you as a home buyer with a strong focus on choosing a mortgage lender that makes your feel comfortable and selecting the right home loan package that is best suited for your unique situation.

You'll also find sound advice that covers the home buying process, how to manage your credit, maintaining financial credibility, the importance of adjusting to life's changes, affordability comparisons of owning versus renting a home, the importance of getting your finances in order before looking for a new home and how to recognize abusive and predatory lenders.

The best thing about the Home Loan Learning Center (HLLC) is that it provides advice that is totally unbiased and impartial to any particular lender or loan broker. The website is run and managed by the Mortgage Bankers Association which lays out everything you must consider in an easy-to-understand presentation.

The home buying process becomes much easier with less frustration and stress when you are armed with the power of knowledge. Visiting the Home Loan Learning Website will definitely enlighten you to criteria that will make you a more informed and confident home buyer. It is a must read particularly by the first-time home buyer.

Welcome to the best information source about real estate in Phoenix.

Technorati Tags: home loan

CityNorth's Phase 1 Construction Begins Soon. Will Include Luxury Condos and Town homes.

2007-04-20T16:01:00.000-06:00

Construction is ready to begin on CityNorth and is projected to be complete at the end of 2008. The site is located in the Desert Ridge area east of 56th Street between Loop 101 and Deer Valley Drive.

Phase 1 is expected to include about 293,000 square feet of retail merchant space and restaurants, 306,000 square feet of office space and 409,000 square feet of luxury condominiums and town homes.

CityNorth, the urban core of Phoenix’s Northeast Valley, is one of the largest and most compelling real estate development projects in the country. It’s an exceptional, mixed-use development of over 5.5 million square feet of multi-use real estate.

CityNorth is surrounded by some of the strongest housing growth in the country and the highest incomes in Phoenix AZ. It offers unparalleled access and is entitled with the highest density and widest range of real estate uses outside of downtown Phoenix, Arizona. For more information, visit www.citynorthaz.com.

It's About Dag-Gum Time! We Need Patriotism In Our Schools.

2007-04-20T15:24:00.000-06:00

Effective before July 1, 2007, Arizona law requires that the American Flag and copies of the US Constitution and Bill of Rights be displayed in all public school classrooms seventh grade and above. The law passed last year applies to all public schools including elementary schools, high schools, junior colleges and universities. The law does not apply to private schools.

In this day and age of "political correctness", it is refreshing that Arizona is promoting and instilling patriotism within its youth. Other states should take notice and enact similar legislation. It is a bit puzzling why the law does not apply to classrooms of sixth grade and below since those are the best ages to begin embedding a sense of patriotism.

Some Phoenix area public schools are soliciting donations to cover the cost of purchasing flags and copies of the Constitution and Bill of Rights as well as installation costs. If you are interested in donating, contact your particular Phoenix area school or school district.

Big Real Estate Deals: Week of April 18, 2007.

2007-04-18T15:36:00.000-06:00

Record Office Building Square Foot Sales Price.
Gainey Office I, a three-story building at 8601 North Scottsdale Road sold for $52 Million in a deal that is believed to be the highest price per square foot selling price at $359. Class A office space in Scottsdale averages about $30 per square foot in the first quarter of 2007 up about 10% from the same period last year. CB Richard Ellis represented the sellers. Evidently, commercial real estate in Scottsdale continues to be a strong market.

Big Luxury Home Sales in Scottsdale & Paradise Valley.
The largest luxury home deals in the Valley this week as reported by the Arizona Republic.

1. $4,065,000: Bought by the Spirit Productions Trust. A 7,531 square foot home at Ancala in North Scottsdale.

2. $3,800,000: Bought by Gilbert Silverman. A 5,002 square foot home in Paradise Valley near the Paradise Valley Country Club.

3. $3,100,000: Bought by Gene J. Kuzma and Catherine A. Colby. A 3,812 square foot luxury home in Scottsdale.

4. $2,900,000: Bought by Daniel E. Schmidt IV and Gail Schmidt. A 4,589 square foot luxury home at Desert Mountain in North Scottsdale.

5. $2,900,000: Bought by Elray and Shirley Bentdahl. An 8,290 square foot luxury home in the Desert Highlands area of Scottsdale.

If you're interested in finding your dream home in the Scottsdale area, contact the The Young Team of Angie Young and Barb Alvarez, your luxury home specialists in Scottsdale, North Scottsdale and Fountain Hills, Arizona.

HomeSmart Real Estate
Angie Young

Technorati Tags: Phoenix Real Estate

As a Buyer, Seize The Advantages You Have In This Buyer's Market.

2007-04-17T15:24:00.000-06:00

The Phoenix real estate market is a buyer's market. There is a glut of houses for sale, the DOM (days on the market) are rising and median prices are substantially lower versus this time last year. Those facts point in the buyer's favor.

Phoenix home buyers have a distinct advantage over sellers right now. If you are considering purchasing a Phoenix area home, do yourself a favor and read this article titled "Buyer in Charge: 4 Strategies":

The article expands upon four tips to place yourself into a powerful position as a Phoenix area home buyer. Read the entire article and then implement a sound strategy to get the best deal possible. Click here to view the Phoenix MLS. Choose a Phoenix Realtor that is thorough familiar with the Greater Phoenix community of your interest.

1. Free yourself to act quickly.
2. Know how strong you are.
3. Pick allies carefully.
4. Wield your power.

Ahwatukee Foothills Home Resales Up 41%, But Median Prices Are Down.

2007-04-12T12:20:00.000-06:00

Good and bad news for sellers of homes in Ahwatukee. Resales increased 41% in March from February, 2007 (120 from 85), but prices slid compared to the same period last year by 7%. Obviously, sellers are lowering asking prices to entice home buyers. Combined of the recent increased sales and lower prices below below last year, this could signal a good time to buy.

Resale Increases In The Southeast Valley (Feb-Mar/07).
According to the Arizona Republic using information provided by the ARMLS, sales increased from February to March, 2007 in all Southeast Valley cities in Greater Phoenix except in Tempe AZ.

Ahwatukee: Up 41%.
Chandler: Up 36%.
Mesa: Up 35%.
Gilbert: Up 26%.
Tempe: Down 7%.

Median Price Decreases (Mar/06 vs Mar/07).
Compared to a year earlier in March of 2006, median prices in the Southeast Valley fell versus March of 2007. The drop was heaviest in Ahwatukee and Gilbert with decreases of 7 and 8% respectively according to Arizona State University Realty Studies. According to the Arizona Regional Multiple Listing Services, there were 16,700 homes in the Southeast Valley listed for sale at the end of February/07 with an average of 98 days to sell.

If you're looking to relocate to the Southeast Valley of Metropolitan Phoenix. Contact a professional Realtor that is expertly familiar with the respective real estate markets in Ahwatukee, Chandler, Gilbert, Mesa and Tempe.

Phoenix Home Buyers Hold The Upper Hand.

2007-04-10T07:52:00.000-06:00

This is a strange real estate market. A record number of homes are listed for sale in the Phoenix and Scottsdale area. Mortgage interest rates are really low. Thousands of new residents relocate here every month. Yet home sales in Metro Phoenix are really lagging behind.

The Arizona Republic gave a great summary of why the Phoenix real estate market is in the tank with an April 9, 2007 article, "It's A Buyer's Market". It reports that the Arizona Regional Multilple Listing Service (ARMLS) shows a record number of homes and condos listed for sale exceeding 50,000 units as of March, 2007. Analysts say that a healthy market should carry about half of that number.

This glut of housing inventory poses real problems for sellers who are having to slash asking prices. The article quotes several real estate professionals about why they think this saturation of housing inventory exists. Some suggest that investors are trying to unload homes is vast numbers because of declining values. Other suggest that sellers are asking unrealistic prices that buyers are unwilling to pay.

Who knows when this poor real estate market will bottom-out? But right now it is a buyer's market that is apt to get even better for buyers before the market turns in favor of sellers.

Arizona Expected To Out Pace The Expected US Growth Rate.

2007-04-09T16:00:00.000-06:00

In a story dated January 23, 2007, the Phoenix Business Journal reported that Arizona will topple the expected US growth rate of 3 percent in 2007 according to Edward Prescott an Arizona State University economist. Mr. Prescott further stated that Arizona will continue to out pace national trends but cautioned that it will not last forever.

The story also stated that Katie Pushor, the CEO and president of the Greater Phoenix Chamber of Commerce said that Arizona is the second highest state destination for domestic migration behind Florida. She further stated that "people want to move to this state" and "there is an overwhelming perception of opportunity here".

According to Pushor, unemployment is the lowest in 25 years at under 4% and that affordability is really an issue for the workforce. Read the article.

Valley of the Sun Population Explodes By 787,306 People In Six Years.

2007-04-05T14:54:00.000-06:00

According to a news update in The Arizona Republic, the Phoenix Metropolitan are grew by 787, 306 people from April 2000 to July 2006, a gain of 24%. It brings the total population to over four million. It was the fourth largest gain by a metropolitan area trailing Altanta, Dallas and Houston.

Of particular significance is that the top 50 metro areas with the largest percentage increases were all located in the West or South. If you're considering relocating to the Phoenix area, choose a Valley of the Sun community to read an overview description of each city or town in the Greater Phoenix area.

In Phoenix, Snow And Cold Is By Choice.

2007-04-01T22:32:00.000-06:00

During the winter, the news weather reports are saturated with all the coldfront stories of the northeast and midwest. Everyday you see the pictures of people shoveling snow, cars fishtailing on the icy streets and the blizzards that force schools to close. Those cold, slushy and bone-chilling days with gray dreary skies are not much fun.

During winter in Phoenix, residents are golfing, boating and hiking beneath clear blue skies in warm sunshine. In the Phoenix and Scottsdale area you can enjoy snow by choice. Within relatively short driving distance you can ski the Snowbowl in Flagstaff, see the fresh fallen snow on the pines in Prescott or even enjoy the views of snow-covered canyon walls of Sedona or the Grand Canyon. And when you've had enough fun in the snow, you can go back to Phoenix or Scottsdale and barbecue in the backyard.

The Phoenix real estate market is a buyer's market right now, It's a good time to find the home bargains. Click here to find a Preferred Real Estate Agent that will show you where the best real estate values can be found in the Valley of the Sun community of your choice.

Land Around Tempe Lake Is Skyrocketing.

2007-03-30T15:02:00.000-07:00

Get this. Tempe Town Lake is the third most popular private tourist attraction in Arizona according to the Arizona Office of Tourism. Only Chase Field in downtown Phoenix and the London Bridge in Lake Havasu enjoy more visitors.

Checkout this Arizona Republic article of March 30, 2007 which states that privately-owned land within the 743 acres that surrounds the Lake went up in value from $15.4 million to $93.6 million in the past nine years.

This is obviously great news for those that were willing to buy the land before much of the new development in and around the Tempe Town Lake took place before the dramatic land appreciation began to skyrocket including the condo complexes that are being built on the shores of the Lake.

Homeowners in the area are no doubt enjoying the ripple effect. Click here for more information about Tempe, Arizona.