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Wells Fargo NeighborhoodLIFT Down Payment Assistance Program

Posted on Sep 12, 2012 in Buyers, Sellers

Are you looking to buy a home in the City of Phoenix? If you are, but have concerns about the down payment, look into the NeighborhoodLIFTSM program and how it may help you.

Lending a hand — for a limited time
If you’re eligible, you may receive up to $15,000 for down payment assistance. The funds must be used to purchase a primary, owner-occupied residence in the City of Phoenix.

The program is sponsored by Wells Fargo in collaboration with local nonprofit organizations. Income limit requirements are below:

Call the Keith Jackson Realty Team at 480-788-7608 or email keithjacksonaz@gmail.com to help you identify a home which meets your criteria and see if you qualify.

Below are two flyers with more details on the Wells Fargo NeighborhoodLIFT program:

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Refinance Boom Helps Homeowners

Posted on Sep 11, 2012 in Buyers, Investors, Sellers

Good news for the Arizona real estate market when refinancing activity is up. This means more and more home owners are saving money each month on their mortgage payment. One amazing statistic is:

“Refinance closings have went up every month since January.  July refinances were 11,518 or 128% higher than the 5,052 refinances in January.”

Click Here to read a great report on the Arizona real estate mortgage refinance market courtesy of Fletcher Wilcox of Grand Canyon Title.

 

 

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Red Hot Arizona Real Estate Prices – July 2012 Residential Sales Stats

Posted on Aug 22, 2012 in Buyers, Investors, Sellers

Thank you Fletcher Wilcox of Grand Canyon Title for the great sales update below. Still a great time to buyer, sell and invest in Arizona Real Estate.

Click Her For Full Report

Greater Phoenix Single Family Property Report

While listing inventory under $200,000 is very low it has edged up.  In the last three weeks, July 18 to August 9, Greater Phoenix single family listings under $200,000 increased 5.7% and 10.3% since June 26.  A trendor just the time of year? 

 

Dates

June 26

July 18

August 9

Increase in single family listings under $200,000 June 26 to August 9

Single family active

listings under $200,000

in Greater Phoenix

2,430

2,534

2,680

+ 250 listings

+10%

Estimated months of supply of listings under $200,000

.62 or less than a one of a month supply

.64 or less than a one month supply

.82 or

less than a one month supply

 

The properties analyzed in this report unless otherwise stated are single family detached properties in Greater Phoenix.  Greater Phoenix is defined as the cities in Maricopa County.  The information in this report is from NetValueCentral.com and ARMLS.  ARMLS stands for Arizona Regional Multiple Listing Service, Inc.  Eighty-five percent of all residential sales in July 2012 were single family properties. 

July 2012 sales were down sixteen percent from June 2012 sales.  This decrease in July sales is part seasonal.  For ten of the last twelve years July sales were lower than June sales.   

July 2012 sales were down sixteen percent from July 2011 sales.  While less sales this July than last July,  there is an important difference.  The median sales price per square foot was up for the eleventh consecutive month increasing 1.6% from June 2012, while July 2011 sales prices decreased 4.0% from June 2011.  See pages four and five.    

In July 2012 the median sales price per square foot was $86.77 compared to $66.59 in July 2011 for an increase of thirty percent.  See page six. 

What else is up or down in July?

  • Short sale median price per square foot was up 6.9% or $4.61 over June and had a higher  percentage increase than lender owned sales and traditional sales, but still trails both of them. See page six.  The short sale median price per square foot had been flat. 
  • The median sales price was $165,000 compared to $162,000 in June 2012.  See page seven. 
  • The mean sales price per square foot paid by third parties (investors) at trustee’s auctions was $81.08 in week twenty-eight of this year, the highest so far, but was down in week thirty-two at $77.09 or five percent.  See page seven. 
  • July 2012 foreclosure starts down twelve percent to 2,836 compared to 3,222 in June 2012.  July 2012 foreclosure starts down nineteen percent from July 2011 and down sixty-three percent from July 2009.  See page eight.
  • Total distressed title transfers were 3,719, up seven percent in July over June.  Distressed title transfers are the combined total of single family properties foreclosed on and single family short sales.  The direction of this number affects the single family rental market.  See page nine.
  • Short sales were thirty percent of sales up one percent over June 2012. See page eleven.

Pages twelve and thirteen show how single family properties were purchased.

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Benefits of Buying Real Estate Using Lease Purchase

Posted on Apr 18, 2012 in Buyers, Investors, Sellers

Why Use Lease Purchase/Lease Option to Buy or Sell Your Next Home? 

AZ Rentals, Renting My Home

Lease purchase options are a great way to increase ROI for real estate investors. However, many don’t understand all of the risk and rewards associated with purchase or selling a home using a lease purchase option. Let’s approach the selling side first. There are three types of sellers:

  • Sellers who are upside down – little you can do here
  • Sellers who have Breakeven equity
  • Sellers who have equity – Best option – Did you know that 30% of homes are owned free and clear in the USA? This trend is growing now that the real estate market is down.

There are many ways to negotiated a lease purchase option on a home, parcel of land or investment property. Visit “Lease-to-Buy May Be Good Option“ for a great article on Realtor.com discussing benefits for both Landlord/Seller and Tenant/Buyer sides.

The Keith Jackson Realty Team offers personal one-on-one training to help clients build their real estate portfolio. Call 480-788-7608 or email keithjacksonaz@gmail.com to schedule your complimentary one hour training session with one of our real estate professionals.

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HARP 2.0 Refinance Program for Arizona

Posted on Apr 18, 2012 in Buyers, Sellers

I recently had a number of clients ask me about if they can qualify to refinance under the new HARP 2.0 guidelines. I have already had one client refi and it saved him over $200/month. The break even for him was 20 months so they went ahead and did it.

Below is a great post from Kelly Zitlow of Cherry Creek Mortgage discussing the HARP 2.0 Refinance Program which is designed to help underwater home owners.

“On October 24, 2011 the Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible Arizona borrowers who can benefit from refinancing their home mortgage in Arizona. The program revisions were developed with input from mortgage lenders, mortgage insurers, and other mortgage industry participants. It is currently slated to become effective Dec. 1, 2011 but may take a little longer for banks and investors to beable to process the loans.

Key Points for Arizona homeowners in the HARP program:

  • HARP is raising the loan to value (LTV) ceiling for Fannie Mae & Freddie Mac backed mortgages. Actual loan to value ratios will be able to exceed 105% with more details to come from banks and investors in the weeks to come.
  • The elimination for the need of appraisals where there is a reliable automated valuation model.
  • Extension of the end date for HARP until Dec. 31, 2013 for loans orginally sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • HARP is unique in that it is the only mortgage refinance program that enables Arizona borrowers who owe more than their home is worth an opportunity to take advantage of historically low interest rates or get into a more stable loan product.

HARP Eligibility for Arizona Homeowners:

  • The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The program is available to Arizona homeowners for loans with loan to values above 80%.
  • Arizona borrowers must be current on their mortgage payments with no late payment in the past 6 months and no more than 1 late payment in the past 12 months.

1st STEP – CHECK YOUR CURRENT LOAN’S ELIGIBILITY!

2nd STEP – IF YOU MEET THE ABOVE ELIGIBILITY AND YOUR LOAN IS OWNED BY EITHER FANNIE MAE OR FREDDIE MAC.

  • My team and I, will walk through everything with you and what the next steps to taking advantage of HARP will be for you.

This is currently a fluid situation with more information concerning the HARP Refinance Program to come. I will continue to update you as we learn more.”

Thank you Kelly for the great information. With mortgages at record low interest rates it is definitely worth looking into because it could save thousands of dollars over the life of the loan.

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