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Stephen Ledford

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September Real Estate Newsletter

09-22-09
Stephen Ledford
Stephen Ledford's September Real Estate Newsletter
Your Dream Home Finder
"Your Real Estate Consultant who Cares"

Outstanding Customer Service
West USA Ahwatukee Office
Email: DreamHomeFinder@StephenLedford.com
Webpage: http://www.StephenLedford.com/
Cell: 602-743-4817

September 2009 Real Estate Update:

Wow!!! The market has been crazy.

  • Foreclosures, bank owned, and REO are still driving the market.
  • Number of solds is still high but off from the peak. ~8,000 closed in Aug compared to ~9,000 in July.
  • Historically, Sept - Feb are slower months.
  • Homes well priced are getting multiple offers eg 10 or 15 after being on the market for 3 days or so.
  • The rank order for offers: Cash is king - no appraisals needed and ability to do quick closes, Conventional is next since appraisal are not as strict as FHA and FHA is last since apprasials are most strict and they cant write contracts on investors fix and flipped homes until the 91st day.
  • According to Case-Schiller report, home prices have stabilized and have come up slightly
  • The tax credit is ending Nov 30, 2009. Count down is on with just ~ 70 days away. There is discussion of extending it but nothing has been approved.
  • 1.4 M people have used the homes tax credit and it is forecasted a total of 1.8 M will use it.
  • For those trying to modify your loans, some people are starting to get the banks to get interest reductions, extend loans to 40 years and reduce principal. It is not hugely common but it is still happening.

Other good real estate articles:

Anti-Flipping Regulations for FHA / USDA/ VA / Conventional

  • FHA / USDA - both require that the Seller have title to the home for 90 days before a contract can even be written, unless the Seller is a bank or bonified financial institution.
  • VA - no anti-flipping regulation
  • Conventional / Jumbo - no Fannie or Freddie restriction, but many lenders 'overlay' their own requirements, so check with your mortgage lender if the home has changed hands in the past 90 days.

After a bankrupcy, short Sale or foreclosure Read the FHA guidelines on how long you have to wait to purchase a home.

  • Start planning.
  • Let me know if you have any questions.

Relocation Services - Do you know someone new or moving to Phoenix, AZ? - Send them the best Phoenix Welcome Package

"If you can dream it, you can do it" by Walt Disney
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1st time buyers have only 103 DAYS LEFT.

08-20-09
Stephen Ledford

Howdy,

1st time buyers have only 103 DAYS LEFT.
The federal government's FIRST TIME HOMEBUYER TAX CREDIT is set to expire on November 30, 2009. To receive this tax credit, a qualifying buyer must have closed escrow by this date.
This tax credit 'ticking clock' will drive numerous buyers into the market over the next 3 months, so expect even higher competition for REO's than usual. I suggest that you anticipate 'above list price' offers will compete for the bank owned homes on the market during this time. This is very common. I have seen REO homes getting 15 offers after being on the market 3 days
Further, I strongly advise against considering short sale properties at this time. Given the typical turn around time on this type of purchase, it's highly likely that the transaction will not close before December 1st, 2009. This will preclude your first time buyer from receiving up to $8000 in tax credits.
Please give me a call should you need further information on this topic or finding your dream home.
Stephen Ledford
602-743-4817
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Stephen Ledford's July Real Estate Newsletter

07-26-09
Stephen Ledford
Stephen Ledford's July Real Estate Newsletter
"Your Real Estate Consultant who Cares"
Unsurpassed Seller & Buyer Representation
West USA Ahwatukee Office
Email:StephenLedford@SmileyTrust.com
Webpage: http://www.smileytrust.com/
Cell: 602-743-4817

July 2009 Real Estate Update:
  • The real estate market is picking up. For buyers, there is a lot of good news.
    • The bottom line people are buying homes. We are hitting 2004 levels for number of solds per month. In June, there were 9,309 homes sold.
    • Most activity is still around short sales and REO/bank owned homes.
    • The middle and luxury market are still suffering as it more difficult to find buyers that qualify for the 10% to 30% down.
    • For home below $345K, most people feel we are towards the bottom on pricing. Homes are getting multiple offers. This activity of multiple offers will occur more often as first time home buyers want to purchase before Nov 30 to get the 8,000 Tax credit.
    • Please let me know if you have any questions on the market or would like some help find a dream home.

Other good real estate articles:

Help for foreclosed renters Great article if you are renting a home and find out the home is being foreclosed
  • Contact me!!!
  • Looking for a home to rent
  • Want to rent out your home

Relocation Services

Call me for your real estate needs.


Do you know someone new or moving to Phoenix, AZ? - Send them the best Phoenix Welcome Package

"If you can dream it, you can do it" by Walt Disney
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Stephen Ledford's February Real Estate Newsletter

02-24-09
Stephen Ledford
"Your Real Estate Consultant who Cares"
Unsurpassed Seller & Buyer Representation
West USA Ahwatukee Office
Email:StephenLedford@SmileyTrust.com
Webpage: http://www.smileytrust.com/
Cell: 602-743-4817

 

February 2009 Real Estate Update:
  • The good news is real estate market is picking up.  
    • Investors are coming back to the market.  Plus, people from other states are looking at buying second homes here.
    • Several groups are buying up homes below $50K.  It is causing bidding wars and multiple offers.
    • The number of active homes is almost below 50,000.  Compared with ~ 56,000 last January 2008. 
    • Current pending homes are over 9,000.  This number is a strong indication of the number of homes that will be sold in following months.
    • The number of active bank owned homes has dropped by a 1,000 to a current level of 11,791
    • Despite the economy and job losses, people are buying homes 
    • Obama's housing plan was passed with an $8,000 tax credit.  
    • Given March - August is the typical home buying  season, this summer looks to be very active.  It is comparable to 2003 or 2006 based on volume. If you are thinking of buying start planning now.
    • Overall, homes priced below $150K have started to stabilize. 
  • The bad news is that REOs still are driving the market. 
    • It is still very tough for home owners to sell their homes.
    • Until REOs are sold off and the inventory is reduce, prices will stay flat or continue to drop.  
  • Below are some more facts and details:  
  • For January 2009, there were 4,744 homes sold.  This number is down from the 5,604 sold in December 2007.  However, it is over 1,800 more homes that were sold for January 2007.  
  • REO or foreclosures now account for about 66% of homes sold. Plus, Short sales account for 10% of those sold. combined REO, Bank owned, or foreclosures and short sales account for 76% of homes being sold.   
  • For the Phoenix area, houses for rents = average rents have dropped some  $1,197 for 1,754 square foot home.  This is flat from December.  
  • The high end or luxury home market continues to struggle.  Only about 1% of the high end homes are selling per month. This represents about 70 months worth of inventory.   
  •  Overall, homes below $150 K are moving.  With low interest rates, people are starting to get into the market and purchase a first home or investment property.  
  • Below is a summary of the average prices and inventory per area.
  • I hope this give you a better idea on the market and prices across the valley.
  • Please feel free to contact me if you have any questions or need my assistance with you real estate needs.
 

Property-tax notices reflect the housing crash, but not your bills

By Catherine Reagor

Property-tax notices mailed out to Maricopa County homeowners today will deliver one more reminder of the severe housing slump.

Most people will see a drop in their home's assessed value because of the collapse of the local housing market. According to the Maricopa County Assessor's Office, home values fell an average of 23 percent during the 12 months that ended in November. Not everyone will see the same drop in upcoming tax bills.

A big part of that drop is due to a record number of foreclosures, which for the first time are being used to assess property

(More Information)

Area Real Estate Sale Data

Other good real estate articles:

 
A great program to help people having a tough time making it.
 

8k tax credit: First-Time Home Buyer Tax Credit: 6 Things to Know 

While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit 
  

Relocation Services
  

 

 

  
 

 

Call me for your real estate needs.


 
 

  

Do you know someone new or moving to Phoenix, AZ? - Send them the best Phoenix Welcome Package  

"If you can dream it, you can do it" by Walt Disney

  
 
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10% or Up to 15,000 tax credit first time home buyer

02-06-09
Stephen Ledford

Hello,

The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry. The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.

A tax credit is generally much more valuable than a deduction. The tax credit reduces the actual amount of tax that must be paid. A deduction, on the other hand, only reduces the taxable income. Therefore, the tax deduction is subject to the variation in the progressive tax rate. A tax credit does not depend on the tax rate and so it is of equal value to a taxpayer regardless of his income level.

To understand this concept imagine an event that has a value of $1000 as either a tax deduction or a tax credit. If the event creates a valid deduction, it reduces the taxable income by $1000. Since the tax rate varies depending upon gross income, the amount of tax saved would depend on whatever tax rate was applicable. If the taxpayer was going to be taxed at 25%, the $1000 reduction in income would result in a savings of $1000 x .25 = $250. This figure would vary according to the tax payer's tax rate. The tax credit results in a savings of $1000 in the same case.

If this passes then many folks will come off the fence and start buying. Key message is to stay tune and hope for this to be come law.

Sources: .businesstaxrecovery.com and Yahoo News. I am also not a CPA.

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