Metro Phoenix Real Estate Market Is Looking Up!
June 2010 results are now available for homes in Phoenix for sale and closed sales. As compared to May 2010, the average sales price of Single Family Detached homes is up 10% to $203,417, median sales price is up 6%, days on market are down 3% to 79 days and homes are selling for 98% of list!
The number of sales and the average sales price of homes in Scottsdale and Mesa homes for sale AZ are up and the number of days on market to sell are down as compared to a year ago June 2009 and as compared to a month ago May 2010! Even more impressive — these STATS apply to both detached and attached property types in both communities!
Also on the honor roll of high performing real estate markets are Phoenix, Tempe, Gilbert and Chandler homes for sale AZ – all reporting the average Single Family home sales price is also up!
In spite of the end to the First Time and Long Time homebuyers Tax Credit, buyer demand remains strong with the number of sales exceeding sales during May 2010 – keeping the available inventory of homes for sale low.
Mortgage rates are under 5% and prices are 50% below where they were at the peak in 2006. Fence sitters are going to miss out on a terrific home buying opportunity if they continue to wait. The Phoenix real estate market bottomed out last spring. High buyer demand and low inventory levels are going to push prices higher than they are now. Don’t miss out!
For all the details about the real estate market in your favorite area, go to Phoenix real estate market conditions.
Sam Elam, Associate Broker, ABR, CRS, GRI, e-PRO, SFR, Prudential Arizona Properties (480) 213-1799
DENIED A HOME LOAN? IT’S EASIER TO GET FHA LOAN APPROVAL!
The economy is still recovering from its troubling decline in recent years, and as it recovers, Phoenix and national housing prices are beginning to slowly rise again. If you’re thinking about becoming a homeowner, now is a perfect time to do it. If, however, you’ve also been affected by the recent downturn, you may be a bit concerned with your initial financial obligations that come with a mortgage. An FHA loan can often be the best choice in these situations, with low interest rates and reduced credit requirements which can allow many potential buyers, who otherwise may not qualify for a loan, to become homeowners.
The FHA program is run by the Federal Housing Administration and is targeted at those who may not have the credit scores or down payment amount necessary to qualify for traditional loan programs. With an FHA loan, you can expect competitive interest rates coupled with relaxed credit standards, which means that even a buyer with some a less than stellar credit history can qualify for a low interest rate. What’s more, the FHA’s low down payment option means that you’ll only need 3.5% of the purchase price instead of the traditional 20% to put down at closing, and the remainder of your closing costs can be rolled into the loan and/or paid by the seller.
The main qualification to participate in the FHA program is that you’re a Phoenix first time home buyer who is buying his or her primary residence (not investment property). The FHA loan program provides loans for both single family and multi-family dwellings and is available across the US, making it a compelling option to other loans for first time buyers. There is a maximum amount that borrowers can receive from an FHA loan, but these limits are very generous and vary from area to area, according to the cost of living in that area.
To find out more, speak with your lender or visit the FHA’s website at www.fha.gov
Contact Sam Elam with 20 years of real estate expertise to help you get into a Phoenix home in Chandler, Gilbert, Mesa, Scottsdale or Queen Creek!
Associate Broker, Prudential Arizona Properties, (480) 213-1799
FORECLOSURES MAY CAUSE RENTS TO RISE FOR PHOENIX HOMES
In Foreclosure Crisis – Demand for Single Family Homes in Phoenix rises, Arizona Republic article May 3, 2010 reports there has been a 40% drop in desirable rental homes in the Phoenix, Arizona metro area. The high demand for these homes is due in part to the significant number of those loosing their Phoenix homes by foreclosure. Phoenix area apartment complexes still are having a tough time attracting tenants, but rental agencies managing Phoenix single family homes have waiting lists. A year ago, investors were buying a few thousand Phoenix homes each month and turning them into rentals. But now, lenders are holding on to more of their foreclosed Phoenix homes while they work on a backlog of delinquent mortgages. If this trend continues, average Phoenix rents will rise.
Contact Sam Elam, Associate Broker with Prudential Arizona Properties for more information or visit http://www.SamElam.com