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Are We Entering A New Housing Bubble?

Home prices are rising too fast in much of the country. In Dallas and Denver, prices have surpassed their prior peak and have risen over the past two years by 18% and 20%, respectively. Similar gains were recorded in many Western cities, including Seattle and San Francisco, regaining most of the price declines during the bust years to reach very close to their prior peak. Nationwide , home prices have risen by 10% over the past two years, according to the Case-Shiller repeat price index, and by 13% in the median … [Read more...]

They’re back: Boomerangers Returning To Housing Market

Many former homeowners could start buying again this year and give metro Phoenix's housing market a much-needed boost. They are called boomerang buyers because they were thrown out of the mortgage market after foreclosures or short sales during the crash but now can qualify for a home loan again. Most lenders require a seven-year sitting out period for borrowers who default on home loans. That waiting period is over this year for the first wave of people to lose houses during the crash. A new report from … [Read more...]

Why This Room Is Now A Must-Have Home Feature

With mobile technology, it’s easy to work in any room of a house. And yet, according to designers and home builders, the home office is becoming one of a home’s must-have features. Dedicated office space might not always be a full room. In fact, it might be a nook with desk space on the landing of a staircase or a corner of a bedroom or family room. But as people do more work away from the office and kids do more work outside of the library, the home office is growing in importance. “That office or desk space … [Read more...]

Experts: 2015 should be better than 2014 for housing

Metro Phoenix's housing market ended 2014 on a low note with both home sales and prices down. Homeowners, potential buyers shopping for a house and investors are all curious — even anxious — about what could happen this year. The big issues to watch in the Valley are job and population growth, whether the federal plan to lower mortgage premiums spurs more first-time buyers and what big investors with thousands of rental houses do. Nationally, whether interest rates climb, the success of new low-down payment … [Read more...]

Average Time to Build a House: 6 Months

The time it takes to build a house in the U.S. varies by year and region. Experts ponder what factors have the biggest impact on construction. Want to get your house built as quickly as possible? Buy land in the South and nail down a construction crew? According to data collected by the U.S. Census Bureau, in 1973 it took, on average, six months to build a single-family home. In 1980, that number was up to 6.9 months, and in 2009 it was up to 7.9. In 2013, the latest data available, it was back down to six … [Read more...]

When Renting Out Your Home Can Help You Buy a New One

One of the biggest obstacles homebuyers will face is being able to show enough income to offset their debts — in addition to a proposed housing payment. If you don’t show enough income to offset your debts according to the bank’s requirements, you may have trouble getting the loan. With that in mind, there is a little-known lending guideline that allows you to show more income, which can help you seal the deal. In order to take advantage of this guideline, however, you have to turn either your new home or your … [Read more...]

Wall Street: Home price appreciation still expected to hit 7%

Despite a weak first quarter, home prices are still expected to rise by 7% in 2014, according to Wall Street analysts. “We continue to expect home price appreciation to moderate from the torrid pace of mid-2012-13, supported by improving employment and growth prospects,” said analysts from Morgan Stanley (MS). “We leave our 2014 projections for new home sales (450-500 thousand units) and home prices (up 5-7% for the year) unchanged.” Analysts from Barclays (BCS) agree. “Our base case projection for 2014 US … [Read more...]

Phoenix housing market has worst February in 4 years; prices could stay flat in 2014

It was the weakest February in four years for the metro Phoenix housing market, and it’s possible prices may stay flat in 2014. After a steep plunge and then a dramatic turnaround within that four-year span, this pause in the market could be both disappointing and relieving, depending on your perspective.  The number of homes sold in February (5,398) fell by more than one quarter versus a year ago, while total cash spent in those transactions ($1.4 billion) was down 16 percent, according to Arizona State … [Read more...]

This is the year to sell your home

The prospect of higher rates is fueling a seller’s market Prices surged more than 10% in many markets last year, bidding wars are once again common, and homes are routinely going for well over the asking price in some cities. These trends make it seem like a return to the go-go days of the housing boom. Single-family homes were selling at an average price of $244,300 in November, up 7.2% from a year prior and the highest price since August 2008, according to the latest data from the National Association of … [Read more...]

Condo Boom? Market Shows Signs of a Revival

This headline rings especially true for the immediate area surrounding our offices here in old town Scottsdale.  There are currently 4 projects underway within a mile radius.  And with an estimated 3,000 or so units available in the next few years, there should be a good mix of baby boomers and first time buyers flooding the area.  This mass influx of residents to the old town area should have a significant impact on the area's infrastructure and commerce options - and we are already seeing the beginning of it … [Read more...]

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