Gilbert Homes AZ
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.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.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.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
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
