Phoenix AZ Homes
FHA loan costs to buy Phoenix Homes for Sale Rise
Homes for sale in Chandler, Gilbert and Mesa AZ are popular
FHA Loan Costs Increase – But best loan for many Phoenix Home Buyers
As of 4/18/2011 FHA loan costs are going to be higher because FHA has increased the monthly Mortgage Insurance Premium .25% to 1.15% of the outstanding loan balance divided by 12. The Up Front Mortgage Insurance Premium(UFMIP) had been reduced to 1% 0f the loan amount to help “cash strapped” buyers qualify and remains unchanged. Since many home buyers finance the UFMIP, the initial loan balance can be computed by increasing the principal loan amount 1% after deducting the 3.5% minimum down payment for the examples below.
February 2011 Average Sales Price by City:
Chandler Homes for sale AZ sold for $197,993 and the FHA monthly MIP cost will increase $40.16 to $184.75.
Gilbert Homes for sale AZ sold for $189,113 and the FHA monthly MIP cost will increase $38.02 to $176.64
Mesa Homes for sale AZ sold for$139,072 and the FHA monthly MIP cost will increase $28.24 to $129.90
Phoenix homes for sale sold 125,313 and the FHA monthly MIP cost will increase $25.20 to $117.05.
Tempe homes for sale sold for $164,821 and the FHA monthly MIP cost will increase $33.47 to $153.95.
Scottsdale homes for sale AZ sold for $459,695 and that is well above the maximum FHA loan amount. Therefore a conventional loan would be more appropriate.
As the loan is paid down, the MMIP will continue to decrease until the remaining loan balance is 78% of the original loan balance. At that time you may request the MMIP payments be terminated, providing you have owned the home at least 5 years.
While everyone would prefer not pay more to own a home, FHA MMIP is tax deductible.
Contact Sam Elam (480.213.1799) to help you purchase one of the homes for sale in Chandler, Gilbert, Mesa, East Phoenix, Scottsdale or Queen Creek. Rates remain low, but there is a lot of competition for the best homes. Don’t miss out. I am an Associate Broker with 21 years of buyer representation experience and I look forward to working with you soon.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
January 2011 Stats of Chandler, Gilbert and Mesa AZ homes for sale
January 2011 Sales Summary for Chandler, Gilbert and Mesa homes AZ
Phoenix Real Estate MLS Sales Update for January 2011
In January 2011 there were 6609 sales of all Phoenix residential property types reported in the Arizona MLS with:
48% – Foreclosures
22% – Short Sales
30% – Other sales including Investor Fix and Flips and Traditional sales
70% of January 2011 metro Phoenix sales were distressed sales (foreclosures or short sales) and most of these previous homeowners are ineligible to qualify for a home loan to purchase a home for 2-7 years. Therefore, these homeowners are looking for homes to rent and this explains the red hot Phoenix rental housing market.
Phoenix investors are trying to meet the rental housing demand by buying distressed properties and fixing them up to rent out to displaced former homeowners.
But this is an excellent time for homeowners to take advantage of the low housing prices to upgrade into their dream home that seemed impossibly out of reach just a few years ago. With the strong rental demand, they can rent out their current home and wait for the real estate market to turnaround and then sell.
While the average January 2011 price of Gilbert AZ homes for sale was – 0.3% lower than December 2010, the average price of Mesa homes for sale AZ was up + 0.7%.
The average January 2011 price of Chandler AZ homes for sale was – 3.6% lower, while homes in Phoenix AZ were – 6% lower and Scottsdale homes for sale were –16% lower.
Tempe AZ homes for sale had a very good month with the average January 2011 sales prices up + 10%, as compared to the December 2010.
Scottsdale had the lowest percentage of distressed home sales at 51%, followed by Tempe at 66%, Mesa at 67%, Chandler and Gilbert at 71% and finally Phoenix with 77% of its total January 2011 sales being either a Foreclosure or Short Sale.
The good news is the January 2011 Median Sales Price remained the same as December 2010 at $110,000 – the lowest Phoenix area Median Sales Price in over a decade.
If you are one of the fortunate ones able to buy a home in any of the cities in the Phoenix area, you will be getting an unbelievable housing value!
Average January 2011 Sales Price for Single Family Detached and Patio Homes by city in the metro Phoenix area are:
Avg. Units Avg. % of
Sales Price Sold List Price
Chandler AZ homes for sale $195,841 277 96
Gilbert AZ homes for sale $192,715 334 98
Mesa AZ homes for sale $145,601 506 96
Phoenix homes for sale $120,695 1,367 96
Scottsdale homes for sale $447,145 352 94
Tempe AZ homes for sale $175,328 69 95
Go to Phoenix real estate market statistics for a comprehensive review of what is happening in Phoenix real estate
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Chandler AZ New $5B Intel Fabrication Facility
Chandler AZ Gets a New $5 billion Intel facility to be built and completed by 2013
Chandler High Tech jobs create demand for Chandler AZ homes for sale
Intel Corp. recently began a multi-billion dollar upgrade of their two existing Chandler Arizona 32 nanometer chip facilities to be able to build the next generation 22 nanometer chips.
To help convince Intel Corp to expand in Arizona and build their new $5 billion generation-after-next fabrication facility at their Chandler campus, the State of Arizona granted Intel Corp. foreign-trade-zone status exempting sales tax on 100% of sales occurring outside of Arizona.
Intel will begin construction of the new Chandler plant to fabricate the generation after next 14 nanometer chips in the summer of 2011 with completion scheduled in 2013.
The project will bring thousands of construction and factory jobs when construction begins this summer, officials said. It also will create more of the higher-wage, higher-skill positions needed in a state still reeling from job losses incurred in the recession. More Intel high tech jobs will increase demand for Chandler real estate and homes for sale AZ in the adjoining areas of Gilbert, Mesa and Tempe.
Intel currently employs 9,700 employees mostly in the Chandler AZ and the new plant will add 1,000 new jobs. During the construction phase beginning in the summer 2011, will create 14,000 temporary construction jobs, including spin-off jobs created by construction activity and have a strong positive economic impact on the local economy.
When the facility opens in 2013, about 1,000 engineering, manufacturing and fabrication people will be needed to run an operation that will be the most advanced, high-volume, semiconductor-manufacturing facility in the world.
Intel Corp., the world’s leading chip maker, is expanding its factory network to meet increasing demand for faster and smaller integrated circuits for smart phones, computers and networks. It is constantly looking to invest in technology and facilities that allow it to make smaller, faster, more-powerful products. And this expansion ensures the Chandler Arizona Intel facility will be at the leading edge of advanced semiconductor technology and an important contributor to the overall strength of Chandler and metro Phoenix economy.
Twenty prestigious chip and semiconductor devices manufacturers in Chandler, Arizona area include Freescale, MicroChip, Kokusai Semiconductor, Amcor, Maxim, Southwest Semiconductor, Ward Technologies and more.
Job expansion in Chandler will mean strong demand for apartments, condos and homes for sale in Chandler AZ and vicinity.
Read more: http://bit.ly/gyA7KW
Intel Advanced chip fabrication facility at the Chandler Campus
New Home Loan Waiting Period After A Short Sale or Foreclosure
Life after Your Phoenix home has been foreclosed
When distressed owners of homes in Chandler, Gilbert, Mesa and Queen Creek are unable to make their Phoenix house payment and lose their home through Deed-in-Lieu of Foreclosure, Pre-foreclosure, Short Sale, Foreclosure or Bankruptcy, they are barred from being able to finance the purchase of another home for a period of time. The chart below shows the current waiting periods to be able to get a conventional or FHA loan:
| FINANCE WAITING PERIOD: | CONVENTIONAL LOAN | FHA LOAN | |||||||
| Deed-in-Lieu of Foreclosure, | 2 Years – 20% down payment | 3 Years from completion | |||||||
| Pre-foreclosure or Short Sale | 4 Years – 10% down payment | ** | No waiting Period | ||||||
| Foreclosure Sale | 5 Years from completion | 3 Years from completion | |||||||
| ** | 3 Years from completion | ||||||||
| Bankruptcy – except Chapter 13 | 4 Years from discharge | 2 Years from discharge | |||||||
| ** | 2 Years from discharge | ||||||||
| Bankruptcy – Chapter 13 | 2 Years from discharge – 4 Years from dismissal | 1 Year of on-time payments | |||||||
| ** | 2 Years from discharge – 2 Years from dismissal | ||||||||
| NOTE: | |||||||||
| ** with Extenuating Circumstances | |||||||||
Your extenuating circumstances that resulted in you losing your Phoenix home may shorten the period before you qualify for a new home loan. You just have work your way through your financial issues in the meantime. You have suffered a setback, but you get back on track stronger than before.
In the meantime rebuild your credit by paying bills and rent on time, paying off debt, working with a lender to clean up your credit report, save for a down payment and keep up-to-date on great opportunities to buy homes for sale in Chandler, Gilbert, Mesa and Queen Creek AZ.
These waiting periods have been reviewed and revised several times and you need to be checking back for the latest rulings. As lending institutions get their balance sheets in order, they will be able to make more home loans than they can today.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Phoenix Investors Stabilize Home Prices
Even in this depressed Phoenix real estate market, investors see the value of owning homes in Phoenix area including Chandler Arizona houses and Gilbert homes AZ for sale. As the number of bank-owned REO homes have increased, investors, recognizing the long term value of Phoenix homes, have stepped up to buy REOs in record numbers and help to stabilize Mesa home prices.
Rents are strong and returns from real estate far exceed what an investor is paid on their cash in a bank account. Fixed income investment have disappointed many investors, even though they have performed better than the equity market. Secure your future and invest in real estate today as you invest in the future of our Arizona communities, too.
Long term prospect for homes in Phoenix for sale are very good. Phoenix has been #1 or #2 in job growth for years before falling off the high growth list. But demand to move here and live in our warm climate remains strong and it’s only a matter of time before employment and high growth rates return again. When that happens tenants, who lost their homes through foreclosure, will be able to buy and patient investors will be able to sell their rentals for big profits. It’s a win-win for everybody. Want to know other reasons why Phoenix investment real estate is a smart buy? Contact Sam Elam today to discuss them.
Read more about Phoenix real estate investor successes.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
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