Jessica Steele

A Snapshot of the Verrado Rental Market: Buckeye, Arizona

Verrado, Arizona is a community located in the West Valley of Phoenix, Arizona. Situated in the Sonoran Desert, 25 miles west of downtown Phoenix, Verrado boasts beautiful mountain views, the Raven Golf Club, shopping and dining, such as Bashas'and Grazie Pizzeria and Winebar and some unique educational facilities. It is a prime location for individuals working both in downtown Phoenix, or in the surrounding West Valley communities. Here is a snapshot of the current rental market for January, 2012.

Number of current active rentals: 13

• From 1,531 - 5,037 square feet
• From $1, 195 - $3,350/month

Number of current pending rentals: 7

• From 1,742 - 2, 698 square feet
• From $1,200 - $2,000/month

Number of closed rentals since January 1: 1

• 3,080 square feet, $1,600/month

Thinking about listing your home for rent?

Need a home in a beautiful Buckeye community?

Rentals don't stay on the market long in Verrado. Call us for a free market analysis of your property, or for a list of homes available that meet your needs!

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Tick-Tick-Tick: Mortgage Debt Relief Act is About to Expire

We've recently housed the debate. Is it plausible, reputable, even financially feasible to foreclose on your home? We debated both sides of Arizona's current real estate debate in our recent post Phoenix Real Estate: Is it Okay to Foreclose on Your Home?

Did you know, however, that time is ticking?

Regardless of on which side of the debate you currently stand, the Mortgage Forgiveness Debt Relief Act is expiring on December 31, 2012. Those of you who have been on the fence as to whether or not to attempt a short sale, or foreclose on your home, are running out of time if you'd like to do so without major tax consequences in Arizona. Up to this date, borrowers who qualify for the program can discharge the amount of debt forgiven as taxable income.

If the home sells after December 31, 2012, however, you will be held liable for the difference in the form of taxable income.

Let's look at this scenario:

Let's say you owe $300,000 on your mortgage. You beat that tricky little beast currently known in the market as a short sale, and sell your home for $200,000 - $100,000 less than what you owe. Under current legislation, you are not responsible for the difference. After the end of this year, however, at a 35% tax rate, you are on the hook for $35,000 in taxes.

In essence, if you are thinking about selling your current home that is worth significantly less than what is owed, you may need to think fast. A typical short sale or foreclosure transaction can take up to a year to complete. The longer you wait, the more time ticks away that you won't be able to get back. The longer you wait, the greater the potential risk.

Foreclosure is not for everyone. As always, consult a tax adviser before making any decisions about the future state of your home. Knowing your options, however, is half the battle.

To see if you qualify under the current provisions of the Mortgage Forgiveness and Debt Relief Act, visit the official website of the IRS.

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How Safe is Living in Surprise?

According to Surprise Police statistics, Surprise is one of the Valley's safest cities.

Being aware is half of the battle in the fight against crime. It not only makes you a more knowledgeable home-buyer, but it also makes you a safer citizen in general. Knowing where and what type of crime is currently occurring in your community will help you take the steps necessary to keep you and your loved ones safe.

Here is a breakdown of current crime trends in Surprise, AZ:

Vandalism: 34 reports/28% of overall crime reports

Disturbig the peace: 29 reports/24% of overall reports

Burglary: 21 reports/17% of overall reports

Theft: 17 reports/14% of overall reports

Drug/Alcohol violations: 9 reports/7% of overall reports

Fraud: 4 reports/3% of overall reports

*Statistics taken from the Surprise Police Department for the first week of 2012.

More detailed Surprise crime information can be found in the weeks since January 1st.

How to Keep Your Family Safe

Being aware is the number one step to keeping your family and loved ones safe. Simple tasks, such as leaving your porch light on even when you aren't home, and securing your sliding glass doors with extra locks are little things you can do to keep intruders at bay. Also, remember that most robberies occur in broad daylight when no one is home. Vary your morning routine and come and go from your home at different times.

And don't forget, always research crime stats in your neighborhood before buying a new home. Only you can truly know what you are comfortable with.

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Mortgage Rates Hit Record Low in the Second Week of 2012

Buying a new home on your list of Things to do in 2012?

Now certainly could be a great time to buy, according to Freddie Mac. Reporting last week in its weekly market survey, mortgage rates fell for the 6th consecutive week, and dropped below 4% for 30-year fixed-rate mortgages - the most popular mortgage choice amongst today homebuyers.

Although overall unemployment rates remained high in 2011, the economy added 1.6 million jobs throughout a 365-day period - the highest since 2006.

For further information on rates for other mortgage options, read the full excerpt from Realtor.org.

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What to Do in the Valley of the Sun: January 14th-21st, 2012

Looking for something to do as we celebrate a long 3-day weekend in celebration of Dr. Martin Luther King, Jr. this weekend? There are lots of things going on this weekend in the Valley of the Sun. Here are a few weekend favorites, and the major highlight of next week as Barrett-Jackson takes over Scottsdale, AZ!

Saturday, January 14th

Glendale Glitter and Glow Block Party: Join hundreds of Phoenix natives and snow birds in the final day of celebration as Glendale Glitters holiday lights display draws to a close. This annual event kicks off at 4:00 PM on Saturday and lasts until 11PM. 16 blocks of historic city streets are closed off and filled with 20 tethered hot-air balloons that pilots will actually fire up. 11 different bands will play throughout the evening, and a new LEGO display is available this year for the kids. Call 623-930-2299 for more information.

Sunday, January 15th

P.F. Chang's Rock and Roll Marathon: It's back again. Starting at 7:30 am on Sunday morning, thousands of motivated runners will hit the streets of Tempe to support the fight against multiple sclerosis. This year the event is featuring the B52's with all music free and open to the general public. For more information about event line-up, check out the Rock and Roll Marathon Music Guide.

Next Week

Check out Barrett-Jackson as the famous auto show overtakes Scottsdale, Arizona. Tickets are now available for the event that is held annually at Westworld in Scottsdale. From January 15-22, come and check out the hottest rides around. Here are a few fun pics from our experiences there last year!

How did Brie end up driving this car?

Have a great weekend!

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