Jessica Steele

The weekend of January 17 & 18 is the weekend to be in Phoenix. No matter what your interests, there is a little of something for everyone going on, whether you be a fitness freak, a sports enthusiast, or just someone who wants to spend some time in the great outdoors (who can beat a near 80 degrees in January?). Below are a few of the highlights you won't want to miss, whether you're a visitor to the Valley of the Sun, or a native.

1. Barrett-Jackson Collector Car Event If classy cars are your deal, then take advantage of this killer event, featuring the finest rides of some of the nation's classiest, most notorious celebrities. I ventured there today and I must admit that although I know nothing about cars, there were a few that were drool-worthy.

2. P.F. Chang's Rock 'n' Roll Arizona Marathon I have to admit, I will not be the first spectator at this event. In fact, being that I have only been to a gym twice in my life (and surprisingly that was in the past week) I will probably not be anywhere near it. I do have several colleagues and friends, however, who participate in this annual event and rave about it. So if you have ran more than a few miles in the past couple of years (at once, not cummulative mileage, people), go check it out, or at least physically go to the Asian Bistro itself and enjoy the Kung Pao chicken or the stellar lettace wraps (although I eat mine without the actual lettuce). In the area you can also catch the Health and Fitness Expo which is probably where I need to be! Not into the health hype literally steaming off of the rest of the do-gooders with their overly-zealous New Year's resolutions? Why not rock out to Smash Mouth, the head liner of the event? (I hear rocking out burns calories too.)

3. Cardinals vs. Eagles NFC Championship Game And who scored tickets? That's right! Selling out in almost six minutes flat so that even those 80th in line were left wondering what had just happened, the crazed Realtor and teacher somehow scored the last minute jewels! The entire city of Phoenix is a bluster of activity as we anticipate Sunday's game, so much so that I had to go to five sporting goods stories to even find a jersey or a hat (fortunately the Albertson's store on the 303 and Bell came through for my exasperated self). Kick off is at 1:00p.m. Let's hope the Cardinals can make franchise history and fight their way to the Super Bowl!

It isn't all doom and gloom in the realm of Phoenix real estate. In fact, the numbers show that 2008 was not as dismal as 2007 in resale world, despite popular belief. 2008 brought the successful close of 81,700 resale transactions to the Greater Phoenix Area, with approximately 43% of that activity resulting from foreclosure activity (a large majority of which occurred in Mesa and Surprise, on opposite arms of the Valley). 2007 only saw the completion of 54,570 recorded sales, with foreclosures accounting for just 16% of the market.

What about home prices? In December of 2008, the median price for a traditional resale home was approximately $146,000 ($200,500 for all of 2008) with foreclosed properties coming out slightly higher at $148,340 (and approximately $169,000 for the entire year). In December of 2007, the median price for a traditional resale home was $240,000 ($260,000 for the year as a whole), with foreclosures at $205,260 ($218,080 for the year).

In 2009, however, will buyers have the opportunity to take advantage of such "affordable" home prices? Many local experts predict that the Phoenix housing market will continue to be vexed well into 2010, with consumer confidence at an all-time low, and a weak economy contributing to consumers' fear of job loss and financial hardship. It is only an "affordable" time to buy if consumers have job security and the ability to maintain home ownership. Many consumers are taunted by low prices and are anxious to snatch up a great deal, only to put themselves in over their heads, and unprepared to face the rocky road of home ownership ahead.

With all of that being said, for many fortunate consumers, low home prices does mean that the start of 2009 is an opportune time to buy. Record-low mortgage rates and new incentive programs assist buyers who could previously not dream of home ownership. Regardless of which end of the spectrum you believe yourself to be on, it is important to do your research, seek advice from a loan officer about all of the loan programs and options available, and speak to a Realtor about the market in your particular area. No one ever lost anything from gaining an education, and with all of the quirks in this whacky market, doing our research could save your piece of mind.

Ah . . . wouldn't it be nice it were just that easy? This question came up to me during a listing appointment a few days ago, and it seems to be a common thought for homeowners currently facing the threat of foreclosure. In our human minds, it seems logical. If we can escape foreclosure by doing a short sale, then we can escape leaving our homes if a family member buys our residence. We can rent our home from them, and everyone is happy. What a no-brainer, right? Unfortunately, that is not the way a typical short sale transaction works.

Most brokers will inform you that a short sale must be an "arms-length" transaction, meaning that a family member may not purchase your home, in hopes that you can buy it back in a few years when the market turns around. Creative thinking, but not an offer that most banks will accept.

If you are thinking of attempting this move in a short sale transaction, it is always wise to consult a loan officer who can advise you of your particular situation, often after consulting with an underwriter. Each short sale is unique, and answers to many of our questions cannot be generalized, and must be answered on a case-by-case basis. It all just adds to the joy of the short sale process.

Mortgage rates slipped back down into the 4s last week, with a 30-year fixed rate mortgage going for 4.750%*, and a 15-year fixed making the charts at 4.625%* (FHA/VA remained at an even 5.000%*). Now is obviously the time to buy, right? But as a consumer, I'm sure you've been hearing that for months (I know, because as Realtors, we've been using that verbatim for at least that long). You've been hearing it for so long that you are beginning to think that we are all full of crap, and you are now prepared to fully wait it out, because "rates will drop lower" and "home prices will decrease by at least another 20%", "right?" Well, if we knew the answer to those (and many other) financial questions, we probably wouldn't be in the financial crisis we are currently experiencing. To help you understand just why rates are so low, and why now might truly be a good time to buy,let's break it down:

Rates are at a historic low for a very good reason. The Federal Reserve continues to purchase agency debt, resulting in the recent strength in mortgage prices. Rates are only low right now because the Fed is a major player in buying mortgage-backed securities. And unfortunately for consumers, the Fed isn't going to remain a strong buyer forever. When the demand for the Fed to play such a prominent role in this process decreases, the risk of rising rates is very real. Not to say that the rates are going to skyrocket and blow through the roof, but honestly, who knows? Being informed about this process and how it works will make you a more knowledgable consumer, and a more educated buyer, when the time comes for you to make that big purchase.

*Rate includes a 1% loan origination fee.

We all hate them. At least, I haven't met an agent yet who enjoys listing a short-sale. Not that I want to be a Debbie Downer. I truly am a positive Realtor, despite all of the media hype and doom and gloom. Further, I have listed short sales where the clients have [sadly] succumbed to their situation, and seen the short sale process as a blessing, rather than a curse. I thought that might be the experience we were to have today, when I approached a very vibrant Hispanic home (littered with Virgin Mary lawn ornaments and door hangers, as if the Lord's will must be for the short sale to occur). The whistling parrot inside, proclaiming us the good-looking visitors that we were, only furthered this positive vibe. That is, however, until the client began to drop a tear with every stroke of her pen across the listing agreement.

There are no words to say to someone who is losing their home. Especially to the hard-working individuals who never would have dreamed of losing their jobs in the midst of raising seven children. There simply are no words.

As I tried to console the lovely, broken lady, I felt my own eyes tear up. If I could have maintained my Spanish and cried at the same time, I may have cried right there along with her, truly sobbing over whether or not to leave the dryer behind.

At the end of the appointment, feeling truly miserable, and not thinking too highly of myself or my career, I was surprised by the warm embrace of the woman, and the look in her eyes that seemed to say, "Thank you, and it will be okay." That poor lady was consoling me, despite the sorrow and emotions flooding her soul.

At the end of the day, our job isn't about making the sale, the number of listings we've obtained, or the leads that have come our way. It is about being real, and embracing one another through life's journey, from one human heartbeat to another.