Posted on January 31, 2009 - by admin
All Arizona Real Estate Buyers Should Read This
Kiss Your Landlord Goodbye! I’m writing this at the end of August, 2006. Information changes but this article has some good stuff in it about first time home buyer’s buying from the Phoenix MLS or any Phoenix real estate for that matter. Last year at this time, I don’t think a new home buyer had a chance in heck of buying a house. The investors literally invaded the Valley of the Sun including Phoenix, Ahwatukee, Chandler and Gilbert and bought everything in sight. Even legitimate home buyers had a hard time buying.
Homes one year ago had an average listing life of 14 days. Now it’s more like 14 months. Okay, I was exaggerating a little; it’s more like about 75 days. And this is good news for first time home buyers. Other good news is that the lending industry is creating more affordable loans that should more than make up for the slightly higher interest rates. And I was just quoted 6.51% which in historical terms is great! And there is no pressure to raise the rates soon so think hard about buying a new home.
We in the industry are all watching the market right now. There are lots of homes on the market, and their average listing life is longer, that’s true. It causes lots of buyer hesitation because they think the market will force home pricing down in the Phoenix Real Estate market. Pigs are fed, Hogs are slaughtered is an old stock market term. It means when you think it’s a good time to buy, like right now, buy! By the time you see signs that the stock market or the Phoenix real estate market has bottomed out, it will have already have started back up, and you will have lost an opportunity. The first sign that the buyer’s market is ending is that each month now more homes are being sold than the previous month. The market is leveling out as I type.
Home buyers who make an effort can get a ton of help right now.
Homes for Arizonans: Must be first time home buyers. Call Arizona Housing Department: 602-771-1000
Fannie Mae’s “My Community Mortgage” Offered by most major lenders: Can use non-traditional sources of income like income from boarders.
Home in Five First Time Home Buyer’s Program. Grants for up to 5% of closing costs or down payment. Offered through the Industrial Development Authority of Phoenix and Maricopa County. Call 602-262-6606 or 602-506-7294
Lender breaks on mortgage insurance: A few lenders offer loans to first time home buyers that don’t require mortgage insurance if they take classes for home buying counseling. The following groups offer counseling: Community Housing Resources: 602-631-9780; Neighborhood Housing Services: 602-258-1659; Housing for Mesa: 480-649-1335; Fannie Mae Phoenix Partnership: 1-800-732-6643; Consumer Credit Counseling Service: 1-800-308-2227; Chicanos Por La Casa: 602-257-0700; Community Services of Arizona: 623-435-2255.
