Larry Luenser

Foreclosures and short sales are still driving the market in the Valley of the Sun area. This trend is expected to continue through 2009. If you are looking for the bottom of the market before making a purchase, you will need a crystal ball because no one knows when that will occur (or has happened) until months after it happens. However, it does appear that the Valley of the Sun real estate market is rebounding to some degree.

Sales are up from sales a year ago, according to the latest reports. In Phoenix, 1,290 single-family homes were sold last month compared to 461 in January 2008. Most of these sales (a whopping 77%) were from foreclosed homes. The "days on market" was down, with homes selling in an average of 78 days compared to 103 days a year ago. These figures indicate a change in the market. But, the bumpy ride is not over yet. Much depends on the availability of credit, how the new Stimulus Package affects consumer confidence and how quickly the economy recovers.

Some banks have placed a moratorium on their foreclosures, which has slowed the flood of foreclosed homes. This, however, is temporary. A new wave is expected in the next few months. The foreclosure market will keep prices depressed for some time.

Is buying real estate now a wise decision? The answer for those considering home ownership is a surprising "Yes". Interest rates are at historic lows, hovering near 5% (good credit required). Prices throughout the Valley of the Sun are affordable. In some areas, house payments at these interest rates would be less than renting. Over the long haul, purchasing a home saves hundreds of thousands of dollars in living expenses. At the end of 30 years, you will be able to live rent free.

You may be thinking "but what about the decline in value?" If that is the case, I would like to point out that purchasing a home in today's market is just that...purchasing a home. It is not an "investment adventure". Real estate will recover. Home values will increase over the long term. The road to recovery is being laid out. Don't miss out on your opportunity because of uncertainty. Further down the road, many people will be saying "I wish I had bought when prices were low."

Next week, I will be posting a blog on short sale advantages for sellers and buyers. If you are a buyer or seller thinking about a short sale, the information presented may be helpful to you. Make sure to check back.

Did you know that you have three business days after settlement to cancel your mortgage refinancing without penalties and that you can cancel this process for absolutely any reason? You are entitled to receive all the money you paid to the lender up until that point minus certain costs, such as a credit report or appraisal. This three day period starts the day you receive your Truth in Lending Disclosure when you open your account or when you receive your Notice of Right to Cancel, whichever comes last. Why would you want to cancel your loan after going through the refinancing process? If better rates and terms become available by that time or if your personal circumstances have changed, you can get out of this current refinancing process and either begin a new one or completely discard refinancing altogether without penalty. This can help keep you from making your financial situation more difficult for you. If you want any help with your Phoenix, Peoria or Glendale real estate, please contact me. I'm always here for you.

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There are several reasons for wanting to makeover your living room. Some include having a party, expecting out-of-town family or just wanting a change. Therefore, I have some tips you can use to makeover your living room quickly and easily.

Furniture Change: You can change the look or hide the damage of furniture in so many ways. For upholstered furniture, use slipcovers. If your furniture sags, place a board under the cushions or add new padding. Adding a slip cover and adding new padding will give your furniture a new look and a new feel. Any wood furniture that is broken, fix it. If it can't be fixed, get rid of it. Tables can be covered or painted to hide damage and give it a new look. If your finances can handle it, buy all new furniture.

Paint Change: Renew your bland or boring room colors with a new color scheme. This can be easily done by taking a trip to your local department store, some old clothes and a little time. Choose paint colors that coordinate with your décor. Purchasing new curtains, throw pillows, throw blankets or new rugs will help bring out your new paint colors. Purchasing accessories is also a quick and inexpensive way to change your décor with each season.

Mood Change: Changing your room's mood is another great way to give the room a different appearance and can be done quickly by changing your light bulbs to soft lighting. You can also install dimmers that you can change when you want by the turn of a knob. Paintings can also change the mood of the room. Soft, romantic oil paintings will give the room a feel of relaxation and sophistication while bright colored paintings will give the room an energized feel. Candles work great for changing the rooms feel.

Flooring Change: A great and inexpensive way to change the look of your floor is to add a new area rug. If you have stained or damaged carpet, replace it with new carpet or have it professionally cleaned. And, adding wood floors or changing the stain color on your current wood floors will give your entire room a new look.

Changing some simple things around your living room can make all the difference in giving the room a whole new look.

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Phoenix, Arizona Realtor® Larry Luenser

Maricopa County is celebrating the season this weekend. In Glendale, enjoy a free show in Historic Downtown Glendale. Jingle Bell Rockin' Nights will be held Friday, December 12th, and Saturday, December 13th, from 6-10pm. Friday's festivities include a performance by the Spisak Dance Academy, Sun City Poms and the Arizona Broadway Theatre as well as Foothills Elementary Peoria Arts Institute and Saturday's activities include performances by the Desert Star Dancers, Devney's Dance Academy, Marilyn's Academy of Dance and Arizona Broadway Theatre. Not only is the show free, but parking is as well. Santa Claus is sure to drop by. So, make sure to bring a camera or have an elf snap a picture with Santa for free.

There are several light displays going on throughout the county that will be ongoing until the new year. The Sedona Red Rock Fantasy (through January 3rd) includes 30 original displays and nearly 1 million lights along an easy walking and wheelchair accessible route in Sedona that takes about 45 minutes to see completely. There is a $6 fee for adults, $5 for seniors, $4 for kids 5-12 yrs old and free for kids under 5. The Power Ranch Holiday Lights Display (through January 4th) adorns the three 30-foot tall windmills, Ranch House Clubhouse and Barn Clubhouse. The Holiday White Light Display (from 6-11pm through January 1st) takes place in the Ahwatukee Foothills along Chandler Boulevard, between 24th St and Desert Foothills Parkway. Las Noches de Las Luminarias (from 5:30-9:30pm through December 21st) takes place at the Desert Botanical Garden in Phoenix, where thousands of hand-lit luminaries are on view.

On Saturday, December 13th & 20th (5:30-8pm), take a hayride and luminary hike beginning at the Altadena Middle School (14620 S Desert Foothills Parkway). For just $5 each for anyone over 3 years old, you can enjoy a horse drawn hayride and enjoy the Festival of Lights in the Ahwatukee Foothills.

From now until December 29th, you can bring non-perishable food items to the Downtown Phoenix Visitor Center (125 N Second St, Unit 120) to assist the Greater Phoenix CVB with helping out the St. Mary's Food Bank Alliance. St. Mary's provides food for the needy during these hard economic times. For more info, please visit their website.

Even though many of our service people are fighting overseas right now, their spouses are looking at the housing market stateside and wondering how to take advantage of the buyers' market currently in progress. Active duty personnel (not currently in training) that have served a minimum of 181 days or 90 days during the Gulf War (unless discharged or previously dismissed from active duty service) can qualify to obtain a VA loan. A Certificate of Eligibility is necessary to apply for a VA loan. This can usually be obtained by a lender for you. However, if that is not the case, you will need VA Form 261880 to request this certificate. Make sure to speak to several different lenders, as interest rates can vary. Also, it is important to have all certificates and approvals in place before you go house hunting to make the process as smooth as possible. Contact your base housing officer or the VA office (800-827-1000) for additional information about VA loans. God Bless and thank you for serving our country.