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After years of hearing “Doom and Gloom” news regarding the housing market, we’re all happily watching as it begins to recover. Given some of the recent shifts in the market, I wanted to share with you some important things you should know.
One thing is certain: 2014 will be an interesting year for the real estate industry. The housing recovery will continue and Phoenix will see home-price appreciation continue in 2014. A new set of mortgage rules will emerge. Here are some of our housing market predictions, projections and expectations for 2014.
So here we are, December, again. As I get older it certainly seems to get here faster every year. I feel like I was just chatting with folks about what may happen in real estate in 2013. It turned out we had some interesting things happen here in our market. The year started off strong with lots of appreciation and a great demand from buyers. The buying frenzy continued through June until it sort of fell off a cliff in the summer. When we usually see the October pick up, the government shut down for three weeks and that changed the typical cycle for that time of year. We had a nice increase in buyer interest towards the end of the year and from what we can see now the spring season will be typical for our area.
How can you save $5,000 when you close on your new home and continue the savings for the life of the loan? It is very easy. FHA loans have become more and more expensive, so lenders have come up with conventional options to FHA financing. FHA continues to increase the cost of mortgage insurance premiums, which adds hundreds of dollars to the monthly mortgage payment pricing some buyers out of the market for a new home. Lenders are now offering 3 percent down conventional loans, which do not require 1.75 percent of the loan amount up front.
In the past month, there were only 162 new homes up for sale in Ahwatukee. Compared to 180 homes that came on the market in July of 2012, that is a 10 percent reduction in the number for homes priced up to $599,999.
The number of homes sold in Ahwatukee this past month of June was slightly less than the previous month. We also saw about 18 percent less than the number of homes sold in June last year (2012).
Ahwatukee is seeing an increase in real estate activity compared to the same time last year.
Since the beginning of 2013 there have been some announced changes for buyers looking to obtain an FHA loan. FHA is an insurer of mortgage loans and is popular because of the low down payment option. I had the opportunity to ask Dawna Lepler of The Lending Company a few questions many of my real estate clients have asked over the past few months.
Used to be, a foreclosure was something people seldom spoke about. Today, times have changed. Right now is the ideal time to buy a new home with record lows in mortgage rates and an increase in available, affordable homes. But if you’ve got a foreclosure or short sale on the books, you might be asking — how long before we can buy again?
Selling any home can be challenging, depending on the market. But if you have an old home and want to appeal to buyers in their 20s and early 30s, you may need to take some extra steps.
When I start talking about real estate in 2012 all I can say sometimes is, “WOW!” Do you realize that in 2012 the “Phoenix median home prices jumped 36 percent from $116,000 to $158,000 in one year, November to November” (housingwire.com)?
Phoenix and Maricopa County homebuyers can now get a 5 percent down payment assistance grant and a low, competitive mortgage rate through the Home in Five Advantage mortgage origination program issued by the IDAs of the city of Phoenix and Maricopa County.
Homeowners are well aware of the many home-related tax breaks they can claim each filing season.
For those planning to get a mortgage this year, 2012 will bring good and bad news. Mortgage rates will likely stay low, mortgage experts say. Still, borrowers may have to pay more for mortgages this year.
Mortgage interest rates, near all-time lows, are likely to remain attractive throughout 2012. That means opportunities for new homebuyers and for homeowners who want to refinance.
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