Homes Are More Affordable Now in Phoenix

 

Buying power has just gone up in Maricopa County. Tom Ross is here with the latest news.

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I’m back once again with my preferred lender, Tom Ross of Bay Equity, to give you guys some important new information about mortgage loan limits here in Phoenix. Some big changes have come out this last week and we wanted to explain what was going on to you guys.

Fannie Mae and Freddie Mac have both raised their loan limits for conventional financing to $453,100 in Maricopa County. What this means is that you can essentially buy a $477,000 home with only 5% down. 

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Your buying power has increased as a result.

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It’s a big assist to the buying power of anybody who is looking to buy a home with conventional financing. It opens up the market a bit more as well.

If you have any interest in buying a home or just want to know more about these loan increases, give us a call or send us an email. We would love to hear from you.

Having Mortgage Trouble? Don’t Worry - Help Is Available

 

One Home at a Time Housing Solutions can help anyone facing difficulties making their mortgage payments.

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Today I’m joined by special guest Maurice Brundidge of One Home at a Time Housing Solutions to discuss how they can assist anyone who has missed several mortgage payments and is facing foreclosure.

First, Maurice and his company perform a financial assessment of that individual or family to determine whether they can realistically afford to keep their house. If they can, they’ll put together a financial package that they can submit to their lender to request a loan modification. This package will consist of a hardship letter, their financial documents, and the lender application. 

If your application for a loan modification was turned down and you found the process intimidating or frustrating, they’ll make the experience much easier the second time around. 

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  We know that life happens, but there are options out there for you.

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If you’re on the verge of missing a payment, Maurice’s first piece of advice is to contact your lender and inform them of your situation. Lenders have programs in their imminent default area that will consider a loan modification on your behalf before you become a delinquent. 

If you previously received a modification and you’re on the verge of becoming a delinquent again, you can apply for another modification, but you can’t apply for the same reason as your previous application. 

We know that life happens, but there are options out there for you that can allow you to keep your home. If you’d like to get in touch with Maurice or would like a free consultation from him, just give him a call at (602) 703-4228. 

If you have any more questions for us about this topic or want to know what’s going on in our market, don’t hesitate to reach out to us. We’d be glad to help you.

Are Cash Offers Always the Best Option?

 

Is a cash offer always best? Not always. I’ll go over when a cash offer is and isn’t necessarily your best option when selling your home.

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As a seller, is a cash offer always your best option? You may be surprised, but the answer is no.

Cash offers are great if you need a fast close and don’t care about getting the absolute best price the market will bare. However, if you do want top dollar for your home sale, we will take about 90 days from start to finish.

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We know how to find you the right buyer.

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We know how to find you the right buyer in either situation. Whether you have time or need a quick close, we’ll make sure you get everything you want out of your home sale.

If you are looking to buy or sell a home, or if you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you!

Support The Guerrant Foundation’s Worthwhile Cause

 

The 8th Annual Battle of the Sexes Tennis Festival is coming soon. This year, 100% of proceeds are being matched by The Guerrant Foundation.

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Anne Guerrant has traveled the globe as a professional tennis player. During her travels, what she saw in much of the developing world appalled her. Debilitating poverty. Families living on less than $1 a day. Anne and her husband, Terry, started The Guerrant Foundation to help these people by giving them small loans to start businesses. They make it easy for many people to be part of something bigger than themselves. The Guerrant Foundation's biggest fundraiser of the year is coming up. The 8th Annual Battle of the Sexes Tennis Festival will be held on Saturday, November 4th from 2 p.m. to 4 p.m. at The Phoenician (6000 E Camelback Road). This year, Anne and Terry are matching 100% of all the donations they receive and all of that money is going directly to help these budding entrepreneurs.

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 This year’s event will be held on November 4th from 2 p.m. to 4 p.m.

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The loans they provide aren’t hand-outs, they are hand-ups. The loans go to smart, capable, driven entrepreneurs who need just a little bit of capital to achieve liftoff. Since the foundation started, Anne and Terry have been able to help thousands of people around the globe write a new chapter in their family’s life.

To donate, go to: https://www.youcaring.com/WalkerBattleoftheSexes If you have any questions about the event, check out The Guerrant Foundation’s website here. We’re proud sponsors of this event and we look forward to seeing you there! If you have any other real estate questions in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

A New Arcadia-Lite Listing!

 

A new listing has come up on 4332 N 41st place that might be perfect for you whether you’re downsizing or upsizing.

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Our new listing at 4332 N 41st place in the 85018 zip code is something we’re very excited to be able to tell you about.

This home features three bedrooms, two bathrooms, and a one-car garage. In total, it encompasses 1,600 square feet of room. The home was updated in 2011 and sits on a good-sized lot with an herb garden.

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This home is within walking distance to all your favorite places.

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The best part about it? It’s within walking distance to all your favorite places, including Kachina Park, Ingo’s, Postino, the canal, and Camelback Mountain. It’s located in a very trendy area that’s been really popular with developers for the last 10 years. Whether you’re looking to upsize or downsize, this may be the property for you.

If you’re interested in seeing this property in person or you know someone who might be interested in it, don’t hesitate to reach out to us. We’d be happy to help you.

Tres Razones Para Usarme Como su Agente

 

Being bilingual allows me to help more buyers achieve their real estate dreams, including Spanish-speaking buyers.

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You may not know this, but Yo hablo Espanol. I did my most recent video in Spanish, which you can watch above. If you’re not a native speaker, however, here’s what I talked about.

There are three reasons why you should hire me as your real estate agent:

1. I’ve been selling homes in this market for 14 years.

2. This year, I’ve helped over 100 families buy and sell homes in Phoenix and the surrounding areas.

3. My team sells homes in an average of 41 days, while the market average is 65.

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There’s no language barrier for me.

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I can help you sell your home for top dollar, then turn around and help you buy a great home while protecting you throughout the process. If you have any questions for me or know anyone who speaks Spanish, English, or both that could benefit from my team’s help, let me know. I look forward to hearing from you soon.

How Tom Ross at Bay Equity Can Help You

 

Our preferred lender, Tom Ross, has moved over to Bay Equity! How will this change benefit you?

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I’m here with Tom Ross, our preferred lender, who recently moved over to Bay Equity.

As a result, Tom is able to offer a higher level of service to our clients. Why?

One of the reasons Tom made the move to Bay Equity is to take advantage of new technology in the industry. Bay Equity is based out of Sausalito—you can’t establish a business that close to Silicon Valley without knowing something about technology!

Technology is incredibly important and provides speed and convenience for our customers. After signing up with Bay Equity, Tom has been able to eliminate some redundancies in the loan process. From the origination to DocuSign, all these new bells and whistles mean Tom can operate more efficiently and serve you at a higher level.

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Tom guarantees a quick closing process, even for jumbo loans.

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If you are getting a loan and want to close in three weeks, Tom can make that happen. He’s always been able to do so, but at Bay Equity, it’s just a bit easier. Tom guarantees a quick closing process; he can even close a jumbo loan within three or four weeks—assuming that you let your lender order an appraisal.

“Being able to underwrite everything within our own four walls has been a massive benefit,” says Tom.

Working with a lender like Tom to buy in today’s market will make your offer appear stronger to other buyers, as you’ll be able to close in three or four weeks.

If you have any questions for Tom, you can reach him at 602-791-5861 or tross@bayeq.com. As always, if you have any real estate questions for me, just give me a call or send me an email. I would be happy to help you!

How Will Today's Financial Market Affect You?

 

Let’s take a look at the what we can expect from interest rates in the future.

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Recently I met up with Tom Ross from Bay Equity to discuss interest rates, how the financial market is doing, and what this all means for you.

First of all, the federal funds rate increased .25%. This means we can expect a rise in interest rates. However, the federal funds rate doesn’t necessarily have a direct impact on interest rates—but it does “set the table,” so to speak, for them to change.

At the same meeting where the Fed made that increase, they also decided to no longer buy mortgage-backed securities. Previously, when they were still doing so, it was for the sake of something called quantitative easing.

Quantitative easing is when the Federal Reserve is printing money and buying mortgages to keep interest rates low. They haven’t been buying mortgages for a while, though. Instead, they would funnel money from loan payoffs back in.

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We are here to help you make the best decision.

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For buyers, this could well mean a rise in interest rates. Additionally, there is indication that the rates will be raising over a long-term period.

So for those who are thinking of buying, get an analysis of the current interest rates as compared to the next several years.

In any case, we are here to help you make the best decision.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 

How Can Jason Covault Help You as a Lawyer?

 

As one of my outstanding referral partners, litigation attorney Jason Covault helps practices in personal injury and all kinds of other business matters.

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If you’ve never heard of litigation attorney Jason Covault, he’s one of my excellent referral partners here in Phoenix. 

Jason is a partner at Aiken Schenk Hawkins & Ricciardi P.C. who practices in the areas of personal injury, catastrophic injuries, wrongful deaths, and all kinds of business matters. 

How does he help people? Typically, he first receives a call from a potential client who has some sort of problem—maybe they need to set up a business and aren’t sure how to structure it or have a business dispute with someone else. According to him, some of these matters can be solved very quickly, but others take more time. To do this, he discusses what the steps are and helps his client decide how to get to the desired result in the quickest way possible.

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It’s very important that everybody feels like they’re getting good value.

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It’s a common perception that attorneys are sometimes expensive, but Jason’s services don’t cost you a dime. “I’m never too busy to take a call,” he says. He can usually figure out very quickly if the issue at hand is something he can take care of or if he needs to refer it to one of his partners. 

“It’s very important that everybody feels like they’re getting good value because that’s how I give people peace of mind and provide good value as a lawyer.”

If you need to get in touch with Jason, you can call him at (602) 776-3187 or email jmco@ashrlaw.com. If you have any other questions, feel free to give me a call or shoot me an email. We’re both here to serve you.

What Happens If We See Another Increase in Interest Rates?

 

The Fed has already raised interest rates a couple times this year, but we could see another increase in the future. I’ve laid out a couple things that buyers can expect if this happens.

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Today I’m joined by my preferred lender, Tom Ross with the Ross Team at Bay Equity Home Loans, to answer a question that we’ve heard quite a bit lately: Are interest rates going up?

The Federal Reserve has already raised interest rates a couple of times this year, and it’s true that rates have continued to rise since the election last year. We are expecting the federal funds rate to increase at least one more time, if not twice before the end of the year. The federal funds rate doesn’t impact mortgage rates specifically, but it sets the tone for what interest rates do in general.

If we see an increase of another point to interest rates and it impacts the mortgage rates, what does that look like for buyers? A one-point increase would erode buying power by about 10%. That means that a buyer who would normally qualify for a $500,000 loan with the current interest rate will only be able to qualify for $450,000 and see the same monthly payment.

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The Federal Reserve has already raised interest rates a couple of times this year.

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That could translate to buyers choosing homes with fewer features or smaller square footage in order to keep the monthly payment affordable. However, interest rates are still extraordinarily low and the market remains hot, so buyers won’t have to worry about that scenario just yet.

If you have any other questions about interest rates or are looking to buy or sell a home, please don’t hesitate to reach out. I’d be happy to help!

Are You Ready to Put Your Home Back on the Market?

 

Should you relist your home after it expires or you pull it off the market? Yes, but make sure you work with a proactive agent.

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If your home was on the market for a long period of time and your listing expired or was canceled, you should consider relisting your property with a more proactive agent, like me. 

I speak with sellers every day that say, “Why would I hire you if I just had my home on the market for six months with another agent? I don’t want the same thing to happen again.” 

Of course you shouldn’t hire another agent that will do the same thing your first agent did.

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We won’t do the same things your first agent did.

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So, what will we do differently?

1. I will repackage your home before we put it back on the market. We have a home stager who will go to your home and offer suggestions about paint colors, decluttering, and rearranging furniture.

2. We will price your home right. I will let you know where the price needs to be in order to get the most buyers in the shortest amount of time. 

3. Check out my past performance. I sell properties within 40 days, even when the prior agent had the home on the market for six months.

If you are interested in relisting your home and would like a free consultation, just give me a call or send me an email. I would be happy to help you!

Are Cash Offers Always the Best Option?

 

Is a cash offer always best? Not always. I’ll go over when a cash offer is and isn’t necessarily your best option when selling your home.

Buying a Phoenix Home? Search all Homes for Sale
Selling a Phoenix Home? Check out our FREE Home Value Report

As a seller, is a cash offer always your best option? You may be surprised, but the answer is no.

Cash offers are great if you need a fast close and don’t care about getting the absolute best price the market will bare. However, if you do want top dollar for your home sale, we will take about 90 days from start to finish.

“

We know how to find you the right buyer.

”

We know how to find you the right buyer in either situation. Whether you have time or need a quick close, we’ll make sure you get everything you want out of your home sale.

If you are looking to buy or sell a home, or if you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you!

How to Take Advantage of the Hot Spring Selling Season

 

We’re heading into the hottest home selling season of the year here in Maricopa County. This year will be an especially great one for anyone selling their house.

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Do you know when the highest number of home sales happen here in Maricopa County? The spring season!

More specifically, the spring real estate season is March through June, meaning the homes selling at this time would have gone under contract sometime between February and May.

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We’re heading into the best selling months of the whole year.

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That means right now, we’re heading into our two best selling months, which is always an exciting time for sellers. In fact, last March, we had a record 9,275 home sales.

This graph provides a little more statistical detail that I’d be happy to answer any questions about:

One of the main reasons for all this good news for homeowners is simple supply and demand. We have a lot of demand from homebuyers even though interest rates have gone up. The supply of inventory levels, however, is extremely low. In fact, it’s lower than it’s been at any point in the last two years.

If you’re thinking about selling your house, I’d love to speak with you about what it could sell for in this market and how we can help you. Just give me a call or send me an email today!

The True Story About the Post-Election Phoenix Market

 

We've started to see that many of the experts were wrong in their predictions about the Phoenix real estate market post-election. Here's the scoop on what our market is actually experiencing.

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Much like the election itself, most experts were wrong in their predictions about the real estate market post-election.

We predicted a slower market and less buyer demand due to rising interest rates, but the reality is that we're in a strong, exciting, and dynamic market here in Phoenix. Looking back, 2016 was a better year than 2015 and we're going to have an even better year this year.

A few particular numbers show why our market is so dynamic and strong.

The monthly number of sold homes in January was 7,000, which is a 4% year over year increase. New inventory went up 6% above last year's inventory levels, and total inventory is up to 22,000 homes.

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Home values appreciated by 5.5% in 2016.

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The number of months of supply in Phoenix is at three months, making it a strong seller's market. The average time it takes to sell a house is running at 77 days.

Experts agree that mortgage interest rates will fluctuate between 4% and 5%. Additionally, foreclosure activity in our county has declined for seven straight years since 2009, which is wonderful.

Finally, home prices have appreciated 5.5% in 2016.

If you have any questions about the Phoenix market or you're looking to buy or sell a home, I'm here to serve you. Just give me a call or send me an email. I look forward to hearing from you!

How Our Market Changed in the Wake of the Election

 

We're a few months out from the results of the election, so we can finally start to examine its impact on the real estate market. I'm joined by my preferred lender Tom Ross to help me explain.

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Now that the election has been over for a few months, I wanted to bring in my preferred lender Tom Ross with Nova Home Loans to update you on the state of the market and how it has been affected.

As traumatic as the election itself was, the traumatic reaction in the market was from interest rates. The new administration meant there would be increased spending on defense and infrastructure, which are inflationary concerns. Whenever the market is concerned about inflation, Tom says, interest rates go up. Rates spiked nearly a full 1% before settling down in the mid-4% range.

So what will happen with rates this year?

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It doesn't make sense to wait to buy a home with rates going up.

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Toms says it depends on who you talk to. He says most of the smart money seems to think rates will be in the mid to high 4% range for most of the year. As we both know right now, though, the market is hot and prices are increasing. That's why it doesn't make sense to wait to buy a home. That's especially true when you look historically at how affordable things are right now. Before rates dropped into the 3% range last year, 4% was the lowest rate we had seen in history.

If you have any questions for Tom or you're thinking about refinancing your mortgage, you can reach him at 602.791.5861 or email him at tom.ross@novahomeloans.com.

As always, if you have any questions about the Phoenix real estate market or you're thinking of buying or selling a home, give me a call or send me an email. I look forward to hearing from you!