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Read the best Real Estate Newsletter: February 2010

02-21-10
Stephen Ledford
Stephen Ledford's February 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

 

February 2010 Real Estate Update:
  • REO/bank own and short sales are accounting for 65% of all sold properties.  This is down from the high of around 76%. 
  • There were 5,745 homes sold in January.
  • 2009 had around 92,000 resale homes sold. This is equal to around same number of 2004.
  • The luxury market has picked up some.  There is still about 2.5 years worth of inventory.
  • Because of FHA and increased in affordability, most homes which are selling are below $200K
  • Here is a good presentation by Elliot Pollack on the history of Phoenix.  
  • Friendly reminder: Below are the major points for the extension and expansion of the credit.
  • Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. Military deadline: The deadline is extended by a year for members of the military who have served outside the <?xml:namespace prefix = st1 />U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010. Click here for more details. 
  • ALERT:  FHA 90 Day Flipping Rule WAIVED:   Good News! For the next twelve months, FHA has relaxed their anti-flipping regulations.  During this period, FHA will not enforce their regulation prohibiting the use of FHA financing for the purchase of homes where the current owner has only recently taken title.  This should allow buyers using FHA financing to be more competitive with buyers using other forms of financing when considering the purchase of properties listed for sale by investors.  Note:  If the sales price is 20% above the price the current owner paid for the home within the past 90 days, FHA may implement other methods to verify the value of the home, including the request for a 2nd appraisal.

Other good real estate articles:

 

    
 

   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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Read the Best Real Estate Newsletter: November 2009

11-15-09
Stephen Ledford
Stephen Ledford's November 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

November 2009 Real Estate Update:
  • REO/bank own and short sales are accounting for 65% of all solds. REO/bank own inventory is down from the high.
  • There were 8,122 homes sold in October. This number is similar to the amount sold in October, 2004. The number is driven by more affordable prices and the home tax credit.
  • Here is a great summary on the Phoenix real estate market from W.P. Carey school of business.
  • Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market.
  • The biggest news in real estate market was the extension and expansion of the credit. Below are some of the major points.
  • Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500:
  • First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers.
  • First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000. Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. Military deadline: The deadline is extended by a year for members of the military who have served outside the <?xml:namespace prefix = st1 />U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.
  • Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
  • How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
  • Please contact me if you have any questions or need help finding your dream home.
  • Other good articles on the subject:
  • Congress expands home-buyer tax credit, extends jobless benefits
  • The Lowdown on Home-Buyer Tax Credits
  • More home buyers, not just first-timers, can get tax credit
  • Since I am not a CPA or lawyer, please check with your tax advisor and lawyer as needed.

Other good real estate articles:

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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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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