What are the new HARP Program Guidelines?

What are the new HARP Program Guidelines? 
The new HARP Program has been modified, in hopes it will be able to reach more homeowners in need of assistance. There are several important changes that have been made to the program, which will open up the edibility of nearly 1 million underwater homeowners. Here is a brief explanation of the changes:

• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae
• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009
• There will no longer be a requirement to have 20% equity in the home
• The borrower must be current on their mortgage payment at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
• Fannie Mae and Freddie Mac have done away with the requirement for a new appraisal
• HARP Program has been extended from June 30, 2012 through December 31, 2013

If you or someone you know needs help with the loan on their home, please call me today to discuss the available options. The HARP Program maybe an excellent choice to avoid foreclosure. As a Realtor with a Certified Distressed Property Expert (CDPE) Designation, I am able to help homeowners who are upside down on their mortgage. Call me today to learn more. 602-466-1136

RE/MAX 2012 Housing Message

RE/MAX CEO Margaret Kelly talks about what’s ahead for the 2012 housing market. If you or someone you know is ready to make a move, please give me a call. There has never been a better time to purchase a home in the Phoenix market. 602-402-1136. www.AZRealty.com

Top 5 reasons your home hasn’t sold yet

Top 5 reasons your home hasn’t sold yet

1.)    Pricing Strategy:
Although the market is moving fast in the Phoenix metro area pricing is still very important. Overpricing can lead to appraisal challenges as well as longer days on the market, which will ultimately cause the home to sell for less.

2.)    Not enough photos or bad quality photos:
These days all consumers have a SMART phone or an iPad they can use virtually anywhere to view information on a home for sale. Not having enough photos or photos that are poor quality will cause a potential buyer to click onto the next home.

3.)    Lack of exposure:
If your home is not visible on the web, you are missing the boat. Choosing the right agent who can expose your home to the highest ranked search engines is imperative to selling fast and for top dollar. As a RE/MAX agent, I have access to the best features on Realtor.com and RE/MAX.com, two of the best search engines available for consumers.

4.)    Floorplan or decorating challenges:
Let’s face it, not all of us are Martha Stewart however, when selling a home, it is important to make sure the furniture creates an open, inviting space and the house is clean and smelling good. If you find yourself lacking interior decorating skills, you can always ask your real estate professional for staging advice.

5.)    Choosing the right Real Estate Agent:
Today, more than ever before, it is essential for homeowners to focus on creating a competitive marketing plan. As a RE/MAX agent, I am uniquely qualified to help you successfully market your home in today’s housing economy.

Your Graceful Exit

As we begin a New Year, it is time to take a serious look at your financial goals. Among the most troubling statistics I have read so far, is the fact most homeowners who end up in foreclosure never seek the services of a real estate professionals – most of them never ask for help at all.

As a Certified Distressed Property Expert (CDPE) I am up-to-date on important facts and information regarding the foreclosure alternatives available today. I have the expertise and insight to serve my clients within the complicated and highly distressed sale process. There is a more graceful exit – don’t just walk away. Please call me for a private consultation to discuss how we can help you.

PS be sure you ask me how you can receive up to $4500.00 CASH relocation assistance.

2010 Anthem Arizona market update

As your LOCAL Anthem Resident REALTOR® I keep extensive records of Anthem resale home values. The following statistical information is very informative. (All data is derived from the AZ MLS system and is for resale homes).  

Demand for housing in Anthem is still very strong, fueled by low prices, low interest rates and strong buying interest from out of state.  We are experiencing an extreme shortage of houses for sale and because of this lack of active inventory this is a great time to sell your house if current market conditions work for you. Table 1 illustrates 2010 active listing numbers and the number of homes under contract.

Table 1

Active Listings
	Parkside	Country Club
1/5	176	76
2/10	146	76
3/12	149	82
4/7	150	86
5/6	144	75
Under Contract
	Parkside	Country Club
1/5	162	49
2/10	236	58
3/12	244	62
4/7	226	72
5/6	244	75

 

During the first quarter of 2010 the average sales price of closed sales in the Country Club increased 1% for the first time in 3 years.  During 2008 and 2009 we saw average sale price reductions of 19% and 21%  respectively.  These percentages come from the average sales price of 2006 which peaked at  $541,235. 

Average sales price for the first quarter of 2010 was $314,463.

During the first quarter of 2010 I finally sold the only Country Club houses over $700,000 since October of 2008.  There were two properties I listed that closed escrow at $725,000. They were traditional sales not bank owned or short sales. In 2009 the most money paid for a Country Club property was $630,000.  

In Parkside there was a first quarter decrease in average sales price of 3% and which was the lowest in 3 years.  Parkside 2008 and 2009 average sale prices were off 29% and 20 % respectively from the 2006 peak.

A Parkside house sold for above $500,000 for the first time since April of 2008.    

Table 2 represents Anthem sales volume and type of sale by month for 2010.

Table 2               

Parkside
	REO	Short	Traditional
Jan	21	17	6
Feb	27	19	19
Mar	40	30	27
Apr	18	35	18
Country Club
Jan	3	3	5
Feb	3	7	14
Mar	8	8	15
Apr	6	7	13

 

Per Cromford Report data: Demand in the valley clearly remains strong, except at the luxury end of the market, and overall supply has declined noticeably. All other things being equal, this should lead to higher pricing in the medium term. In the recent past, however, prices moved in the opposite direction. Overall sales pricing (in $/SF) weakened during April, but remains some 6% above levels set 12 months ago when lender-owned properties dominated the market. The current weakness has all three categories declining in price during April. (Real Estate Owned REOs – Bank Owned) declined by 3.2%, short sales & pre-foreclosures by 1.8% and normal sales by 4% compared with March. Despite the sharpest decline for several months, the pricing of pending listings suggest that this declining trend will reverse a little in May.  At the moment we see no strong consistent sales price momentum either downwards or upwards.

New notices of trustee sale were quite light in April compared with the last two years, with 7,061 notices, 22% fewer than April 2009. Trustee sales declined 20% from the very high level they reached in March 2010, but they were up 43% compared with April 2009. You would therefore expect the number of pending foreclosures to decline and the number of REOs to increase. You would be right on the first count, but wrong on the second. Pending foreclosures are declining quite fast now and at 46,834 are 9% below the level at the turn of the year. However the high volume of foreclosed properties is not causing the number of REOs listed on ARMLS to rise. In fact we currently see only 5,083 which is just 42 day’s inventory. It appears that some banks are introducing new processes for the disposal of REOs.

Overall pricing has been fairly stable for the past 9 months across most of the market. Declines in the higher end of the market have been balanced by increases at the bottom end. As predicted for the last several months, overall annual appreciation turned positive in late February and is now reaching a peak. It is likely to fall back over the next several months but remain above zero.

Side Note

I believe these are the best deals available in the real estate market that we may ever see again.  If I were an investment counselor (I am not), I would say that if you have the need and the money, look for your dream home and buy now!

Please call on me for your real estate needs. If you have a close friend or family member that needs my services, please refer them to me. They will be in good hands.

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