FHA Extends Anti-Flipping Waiver Through 2012
Phoenix bank foreclosures for sale
FHA’s action to extend the anti-flipping waiver through all of 2012 is very good news! This waiver has made it possible for investors to buy, repair, remodel and resell Phoenix bank foreclosures and HUD homes. As a result we will continue to liquidate our inventory of bank foreclosures and provide quality Phoenix homes for sale that have been repaired, beautifully remodeled and remain affordable.
Before the anti-flipping waiver was put in place back in 2010, the cost to buy, fix up and hold onto the home for 90+ days until it qualified for the buyer’s new loan was prohibitive. The restriction increased the cost of habbing homes at a time when there were thousands of beat up Phoenix bank foreclosures and HUD homes on the market that had to be resold. It also limited the number of investors who were able to raise the money for the repairs and the additional ownership costs for more than 90 days. Banks wouldn’t finance investors and contractors with the expertise to do these fix and flips and those considered credit worthy were forced to get high cost, short term, “hard money” loans.
While FHA offers the 203K loan that allows a buyer to add the cost of repair into the loan, the average buyer does not have the time and expertise to manage a major renovation that has to be done after they own it. Nor does the buyer want to buy a home that is uninhabitable until the work is completed - even though they could finance into the loan their temporary living costs while renovation is being done. This added to the loan amount and made the purchase more expensive and more difficult to qualify for the home loan. The anti-flipping waiver removes the roadblocks to getting foreclosed Phoenix and HUD homes repaired and remodeled so they can be purchased by grateful buyers.
After reviewing an up-to-date list of foreclosed Phoenix homes, HUD homes and short sale homes for sale in Chandler, Gilbert, Mesa, Scottsdale and Tempe, contact me to schedule a viewing.
Please share your experiences and comments. Thank you.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
Arizona Shadow Inventory Low in Maricopa County
Arizona Shadow Inventory in Maricopa County is very low compared to the rest of the U.S.
Much has been written about the housing “shadow inventory” and there are a lot of theories about what it is and where it can be found. I concur with those who think the lenders are able to identify Shadow Inventory because they are aware of those who are not paying their house payment or are late or struggling to make their house payment on time and are more likely to go into default on their home loan, if they are not there already. The map below will show you where the shadow inventory can be found. And I am happy to report Maricopa County in Arizona has very little. Eager home buyers have been buying distressed homes for sale in Chandler, Gilbert, Mesa and Phoenix AZ causing our shadow inventory to shrink dramatically.
Low Shadow Inventory in Maricopa County means it is a great time to buy Phoenix AZ homes
While I haven’t understood why lenders continue to discount the listings they are putting on the market when we have so much buyer demand, I have to acknowledge they are successful at getting troubled properties off the books and sold to new home buyers who can afford to own a home. (If you can’t identify Maricopa County in Arizona, just look for the very light color in the Arizona Map. Pinal County has a more significant issue with 36 – 48 months supply.)
Phoenix MLS Listings chart below shows the # of ACTIVE listings as of December 1, 2011, # of November 2011 CLOSED transactions, Months of Inventory per City (with 6 months of inventory being a balanced market) and the percentage of the total # of November 2011 closed “distressed” transactions that were either Lender Owned or Short Sale Closed listings.
| Single Family Detached Homes | Listings 12/1/11 | Closed during November 2011 | Months of Inventory | Distressed as a % of Closed |
|
Arizona MLS-wide |
15194 | 6085 | 2.5 | 62 |
| 2727 | 1557 | 1.75 |
67 |
|
| 647 | 324 | 2.0 |
60 |
|
| 653 | 385 | 1.7 |
59 |
|
| 1031 | 564 | 1.8 |
63 |
|
| 1780 | 325 | 5.5 |
39 |
|
| 197 | 100 | 2 |
49 |
There has never been a better time to be in the market for buying homes for sale in Chandler, Gilbert, Mesa, Ahwatukee, Phoenix, Tempe and Scottsdale AZ! Mortgage loan rates are unbelievably low and prices are back to where they were at the beginning of the last decade.
First time home buyers can own for less than they are paying in rent and move up buyers can get into beautiful homes in great neighborhoods in Chandler, Gilbert, Mesa, Phoenix, Tempe and Scottsdale AZ that would not have been even remotely possible just 5 years ago.
Contact me today to schedule an appointment to discuss all the opportunities available to the wise home buyer looking for a very nice place to live at a very affordable price in today’s real estate market with depressed prices.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Homes in Popular Phoenix Arizona Retirement Communities
Visit Arizona Retirement Communities to find homes and condos in the most popular Phoenix Arizona active adult neighborhoods.
For your convenience, you can access all ACTIVE listings in your favorite Sun Lakes, Chandler, Gilbert, Mesa, San Tan Valley and Maricopa AZ retirement communities of: Dreamland Villas, Leisure World, Province, Sun Bird, Sun Lakes, Springfield, Solera/Springfield Lakes, Sunland Springs, Sunland Towers/Sunland Village, Sunland Village East and Trilogy at Power Ranch,
You have a wide variety of housing options in all price ranges to choose from: villas, attached condos, duplexes, high-rise condos and detached homes on and off the golf course in gated and non-gated communities. You will discover active adult communities all have in common the wide variety of amenities, activities and social interaction to build friendships within the community.
Arizona retirement community associations must ensure at least 80% of the households have at least one occupant 55 years of age or older and no one under 19 is living within the community. But Arizona active adult communities may specify in their bylaws the minimum age permitted for head of household for up to 20% of the homes in the retirement community to be less than 55 and within the range of 40 to 54 years old. Arizona retirement community associations are required to maintain records to ensure they are in compliance with Federal regulations for occupancy. The association will review current head of household compliance, validate ages of the buyer(s) and have final approval of buyers who have met their minimum age for head of household in order for the buyer to be able to purchase a home to reside in the retirement community. While age restrictions of head of household are rigidly enforced, children of all ages are welcome to visit parents and grandparents.
Contact Sam if you are under 55 and would like to live in an active adult community. I will tell you which retirement communities in Chandler, Gilbert, Mesa, San Tan Valley and Maricopa are your best choices.
Call Sam at 480.213.1799 or email him with questions you may have about the active adult lifestyle. He’s lived in three active adult communities and is more than willing to tell you of his experiences.
Thanks for visiting. I look forward to hearing from you soon!
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Arizona Letter Grades for Schools
- AZ Schools Graded
Arizona Department of Education has converted to an easy to understand school grading system of A through F to score the academic achievement levels of all Arizona schools for the 2010 – 2011 school year:
A – Excellent School Academic Achievement
B – Above Average School Academic Achievement
C – Average School Academic Achievement
D – Below Average School Academic Achievement
F - Below Average School Academic Achievement for 3 consecutive years. “F” schools are placed under the school improvement process by the Arizona Department of Education so that they can receive extra support and resources.
Students within the city limits of Chandler, Gilbert, Mesa and Scottsdale will attend schools in one of three or four school districts serving their municipality. Tempe students will attend one of two elementary school districts (Kyrene or Tempe) and then go on to attend a school in the Tempe High School district.
For your convenience a quick list containing the letter grades for Maricopa and Pinal County schools includes the multitude of Phoenix school districts.
An earlier post containing Arizona School Achievement Levels for the 2008-2009 and 2009 – 2010 school years has been updated to include 2010 – 2011 school year data to show the effect of more stringent testing standards mandated by “No Child Left Behind” federal legislation. (Previous Achievement Levels of Excellent and Highly Performing are now A and B letter grades, respectively).
Buyers of Chandler real estate for sale, Gilbert homes AZ, Houses for sale in Mesa AZ, Scottsdale condos and Phoenix homes for sale located in highly performing schools districts will be rewarded by their homes having a higher resale value when they decide to sell.
Visit the Arizona Department of Education website to see the raw data drawn upon for this post.
Contact Sam Elam or call 480.213.1799 when you want an associate broker with 21 years of buyer representation experience who offers you the client services you will need to locate and successfully purchase your dream home.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Buyers Like Chandler and Gilbert homes above $200K
Metro Phoenix Real Estate Sales Soar in May, 2011
Demand for Phoenix AZ Homes is Up
Comparing Maricopa County May 2011 sales to May 2010, Single Family Detached Sales are up 10% while the average Sales Price is down 10% to $178,204 and the average Days on Market is up 10% to 84 days.
There is a great deal of buyer demand for real estate bargains available in today’s market. While distressed sales (Phoenix foreclosures and short sales) were 65.5% of sales, Traditional Sales including investor Fix and Flips were 34.5% of Sales. Sales in Maricopa County totaled 7,283 units and there were an additional 977 sales in Pinal County – so there are plenty of single family homes selling.
May Average Sales Price by City
| CITY | Single Family/Patio Home | Condo/Town Homes |
| Chandler homes for sale AZ | $204,606 – UP vs April | $82,026 – UP vs April |
| Gilbert homes for sale AZ | $185,406 – UP vs April | $90,607 – UP vs April |
| Mesa homes for sale AZ | $142,837 – DOWN vs April | $61,703 – UP vs April |
| Phoenix homes for sale | $128,022 – DOWN vs April | $71,896 – DOWN vs April |
| Scottsdale homes for sale AZ | $480,782 – DOWN vs April | $183,581 – UP vs April |
| Tempe homes for sale AZ | $169,759 – DOWN vs April | $107,344 – UP vs April |
Summary of Listings by Type
Foreclosures & Short Sales = 65.5% of Sales
| Type of Listing | Active listings Percentage | Closed listings Percentage |
|
REO/Foreclosures |
18.8% |
44.5% |
| Short Sales |
21.4% |
21.0% |
|
Traditional/Non-Distressed |
59.8% |
34.5% |
Former Phoenix homeowners who were foreclosed or were a short sale are unable in most cases to buy a home for several years and likely candidates to rent a single family home until they get their finances in order. As a result the high demand for clean and well maintained rental homes is causing rents to rise. This is a good time to be or become a landlord.
Under $200,000 Phoenix distressed sales dominate market
Under $100,000 – 86% of Single Family Detached home sales were distressed sales
Under $200,000 – 74% of Single Family Detached home sales were distressed sales
Above $200,000 – 39% of Single Family Detached home sales were distressed sales
Non-Distressed Sales by City – May, 2011
| CITY | Non Distressed < $200,000 | Non Distressed > $200,000 |
| Chandler real estate for sale |
26% |
55.5% |
| Gilbert real estate for sale |
24% |
52.4% |
|
Mesa real estate for sale |
29% |
59.4% |
| Phoenix real estate for sale |
22% |
58% |
| Scottsdale real estate for sale |
24.5% |
62.6% |
| Tempe real estate for sale |
31% |
76% |
Homes for sale in Chandler, Gilbert, Mesa, Phoenix, Scottsdale and Tempe AZ valued over $200,000 have a much better chance of selling without having to go to foreclosure or become a short sale. Buyers will pay fair market value for a home. Price your homes to market value, fix, repair and stage your home to maximize buyer appeal and you’ll discover there are buyers who will pay what your home is worth today.
Have questions? Email Phoenix real estate Broker Sam Elam today to for a no obligation assessment of your ability to get a great real estate buy or the current market value of your home.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
Recent Posts
- FHA Extends Anti-Flipping Waiver Through 2012
- Arizona Shadow Inventory Low in Maricopa County
- Homes in Popular Phoenix Arizona Retirement Communities
- Arizona Letter Grades for Schools
- Buyers Like Chandler and Gilbert homes above $200K
- What Canadians need to know about buying Arizona Real Estate
- FHA loan costs to buy Phoenix Homes for Sale Rise
- Supply of Chandler homes for sale quickly decreasing
- January 2011 Stats of Chandler, Gilbert and Mesa AZ homes for sale
- Chandler AZ New $5B Intel Fabrication Facility
