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...]
Jumbo Borrowers Get The Red-Carpet Treatment
February 19, 2015 by 1 Comment
A growing economy in 2014 meant that affluent home buyers had the confidence to take on debt for both primary residences and second homes. It’s awards season in the U.S., when the entertainment industry celebrates its top movies, music and TV shows. If the mortgage industry gave out prizes, jumbo borrowers would be big winners. Some highlights from 2014: • For a five-week stretch between August and September, jumbo rates were lower than those for comparable conforming mortgages. • Many banks and credit … [Read more...]
Experts: 2015 should be better than 2014 for housing
January 14, 2015 by 1 Comment
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...]
Phoenix housing market has worst February in 4 years; prices could stay flat in 2014
April 3, 2014 by Leave a Comment
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...]
Pending Sales at Strongest Pace Since 2006
June 28, 2013 by Leave a Comment
Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2. Contract activity is at its strongest pace since December 2006, when it reached 112.8. Also, pending sales … [Read more...]
Metro Phoenix luxury home sales on the rise
April 22, 2013 by Leave a Comment
The number of metro Phoenix luxury houses for sale is on the rise, something real estate analysts say is a good sign for the market because fewer of the houses are foreclosures or short-sale listings. At the beginning of April, there were 2,267 houses listed at $500,000 or more on the market, a 3 percent increase from March, according to the latest report from a local real estate firm and Arizona State University housing analyst Mike Orr. Of the upscale houses for sale, 90 were short sales. That compares … [Read more...]
Selling your home? The cards are in your favor
April 22, 2013 by Leave a Comment
Selling your home? In most parts of the country, you have finally regained the upper hand. So says Beth Braverman, CNN Money on April 8, 2013: 4:33 PM ET. To get your best price, though, you need to finesse your timing, list competitively and match your marketing strategy to local conditions. Lower your sights to make more money. Rising prices breed rising hopes: In a recent poll, brokers complained that 75% of homeowners think their agent's recommended listing price is too low. Pricing your property above … [Read more...]
Homes Selling Faster As Buyers Outweigh Supply
March 19, 2013 by Leave a Comment
According to Realtor.com, homes sold faster this February than any other February since 2007. This should be very familiar to Phoenicians who have sold or bought a home in the last year within the valley. Homes in Phoenix, Arcadia, Scottsdale and most cities within Maricopa County have seen days on market numbers plunge and within certain price ranges, seen multiple offers the day a property is listed. Investors have definitely exacerbated the situation as they have come into the market with cash offers making … [Read more...]
