The mortgage giant Freddie Mac has posted another losing quarter. However it's a more narrow loss considering the companies staggering loss of $19.8 billion for all of 2010. When will this end? Freddie Mac has asked for an additional $500 million in federal aid which is up from the $100 million it asked for in the previous quarter. It's estimated that between Freddie Mac and it's sibling company Fannie Mae, the housing bailout will costs tax payers as much as $259 billion. The company suggests that the housing market is still fragile due to high unemployment, delinquencies and foreclosures and that 2011 will be a year of further decline in home values. For more on the article see the link below.
http://hosted.ap.org/dynamic/stories/U/US_EARNS_FREDDIE_MAC?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-02-24-16-27-33
That's it. That's all we get to make a first impression, and you can only make one first impression. So when it comes to marketing a property to potential customers it makes a lot of sense to focus on the curb appeal. When a buyer is driving up to the home, are they excited or are they apprehensive or somewhere in between? You want to do everything you can within budget to make any buyers excited about seeing your home.
After those first seconds upon walking up to the front door and into the entry of the home, the potential buyer could spend the rest of the time confirming what they already think about a property. This can be a good or bad thing depending on the impression that's been set already. Here are some helpful hints to get started on making your entry way appealing to any passerby.
1. Take a look from across the street and see how well you can see your home. Are the bushes in the way? Are tree branches hanging down too low? Vegetation is great for your curb appeal but don't let it take away from the home itself. Do the trimming in advance so that the plants have time to recover and don't look like they've just been cut.
2. Look at the driveway or walkway to the home. Are there oil stains, cracks, or debris? Clean it up. A good portion of the front yard will be the hard surfaces of the driveway and walkway so you want them looking good.
3. Add flowers. Simply put, we feel better when we see them and they can make us happy. This of course is what you want when someone is coming into your home. Get some flower pots and put them by the garage or another area that may need a pop of color.
Finally, make sure everything is tidy and put away. Pick up the hose, put the garbage can away and make sure your entryway is clean and swept. When something looks dirty it's value goes down. Put your best foot forward and that's all you can do, leave the rest to someone else. If you'd like more help in marketing your property feel free to contact the Z team today.
The Conference Board Leading Economic Index (LEI) for the U.S. went up .7 % in June, this follows a 1.3% gain in May, and a 1% up tick in April. Three months of positive growth has not happened since 2004. This is a big deal and not much news coverage on this news.
The Federal Reserve Chairman Ben Bernake testified before Congress this past week and said “A modest recovery is not far off, though it will take a long time to get unemployment levels back down to pre-recession levels.”
Similarly Ken Goldstein, an economist at the Conference Board stated: “The recession has been losing steam since the spring, although very large job losses continue. Nevertheless, confidence is slowly rebuilding. Financial markets are less volatile. Even the housing market is stabilizing. If these trends continue, expect a slow recovery this autumn.”
Meanwhile in the housing sector, new home starts rose over 14% in June marking the fourth straight month of increases. Starts rose more in the East than in the West however. Sales of existing homes were up in many areas for the month as well – rising by 3.6% nationwide in June, according to the National Association of Realtors. New mortgage applications to buy houses continued to increase last week, according to the mortgage Bankers Association, even though rates rose slightly higer. According to the Mortgage Bankers Association the 30 year fixed rate is averaging 5.3% while a 15 year loan is 4.8%.
These indicators are forward looking and show signs of a market that is improving. It’s important for our housing industry to stabilize which will cause pricing to stabilize. While this may not be the news homebuyers are looking for, it will help the overall economy to pull from a recession that started at the end of 2007. In the meantime, the Phoenix real estate market is on sale for those buyers willing to take action.
After nearly 10 years in new home sales for me and 5 years for my
brother, if we had a nickel for everytime we heard this
one....Sometimes people come through a model home and do not really
know what it is they want. Sure they know bedroom and bathroom count
but otherwise, "they'll know it when they see it". Often times builders
will only model two or three of their six floor plans so you may never
actually see that plan unless you can describe what you are looking
for. Because purchasing a home is such an emotional experience there is
truth to the statement, so in part this what happens. But to increase
your chances of quickly seeing that home, it's important to think about
a few things that will help you and your Realtor uncover what's really
important to you. Think first about why you want to move and what you
hope to gain. If you're looking to move, there is a reason for it, and
this reason will help you decide what it is that you want or don't want
in your next home. For more assistance please contact Steve or Dave, we can help! Happy home hunting!
From June 1st through June 30th 2009 there were 464 (up from 455 in May) Residential home
sales in Gilbert, Arizona. The Average sales price was $221,082, this is up from $208,677 in May. The
average ADOM or Active Days on Market was 84 days, 4 days quicker than May.
Along with the closed sales in Gilbert in May there were 439 pending sales (down from 483 in May) and 644 new listings (up from 532 in May) along with 100 expired listings (65 in May).
The average list price in Gilbert, Arizona was $291,767 down from $295,678 in May.
On July 1st the state of Arizona Housing Department received 38 million in funding to provide assistance to qualified buyers of forclosed properties throughout Maricopa county. IMPORTANT: 38 million will go quickly, in about 3 months or so this money will be depleted so now is a great time to see if you qualify for this program. Call Dave or myself for details and we can direct you to a participating lender to get prequalied for a mortgage and the ADOH program. By the way, the program requires 3% down of which 2% can come from an approved source. So only 1% is required from the borrows funds. For now, here are the basics on the program and how it works.
Qualifications:
The household must have a gross income (total income before taxes, health care costs, social security, etc.) of no greater than 120 percent of the average median income for the county they want to purchase a forclosed house in. We can send you the table upon request but an example would be a household size of 4 must have an income at or below $79,100 annually. A household of 2 must have an anually combined income of $63,250 or less.
You must attend and complete an 8 hour homebuyer education class provided by one of the ADOH participating homebuyer counseling agencies. The property must be your primary residence, and your debt to income ratios must be at or below 31/43.
Eligible Properties:
Only foreclosed properties that are one-unit detached single family homes, or condos and townhomes and the property must be vacant at the time of listing.
ADOH Loan Terms:
22 percent of purchase price and all loans are forgivable after a period of time based on the amount of the loan.
5 years for assistance of $15,000 or less, 10 years for assistance of $15,000-$40,000 and 15 years for assistance of more than $40,000.