Historic District

$500.00 Move-In! Exceptional Value..Exceptional Home!

Yes, only $500.00 to move into a brand New Home! And it’s not a dinger either. This 1605 sqft home is loaded with upgrades. Upgrades like granite counter-tops. Tile floors in the kitchen, baths and utility rooms. The blinds are already installed. And get this…the home comes All Appliances. A beautiful Side by Side Refer, Built-in Range, Dishwasher and Microwave. And get this..a Washer and dryer!! The home comes with blinds too. This 3bed/2bth single level home is ready and waiting for you.  How much? Just $139,990. Remember, you can move in for $500.00 Snowbirds, why rent a space year after year? You can own a brand new home. Buy now while they are priced so low. These prices and incentives will not last. First Time Buyers, close on this home before April 30th and you may qualify for the $8,000 tax credit. Put your tax return to work for you. Contact Michael Manning at 602-738-8236 for more info. My e-mail is michaelbmanning@cox.net or michael.manning@phoenixpowersearch.com  See a video of this home. http://picasaweb.google.com/lh/sredir?uname=judy.eldc&target=ALBUM&id=5431123299653348625&authkey=Gv1sRgCPHRxYTd6PPITQ&feat=email  

So Your Offer has Been Accepted: Action Steps Following Accepted Offer

Order your home inspection immediately. Per the contract there is a specific number of day inspection period which begins on the date the purchase offer is accepted. You and your agent will have pre-determined the inspection period and listed it in the purchase offer. I can give you the name of two different inspections companies that I have dealt with in the past. HouseMaster 480-345-8570 Ecospec Home Inspections 602-332-7132 Home inspection companies will generally do an overview of the home. Making sure things work such as appliances, toilets, hot water heaters, fixtures, HVAC units etc. They are not specialty contractors.If you wish to have specialty inspections performed such as roofing, pool, lead based paint, radon gas etc. you will need to contact a specialty inspection company and/or a specialty contractor to have these types of inspections performed. Again remember to make arrangements for these inspections immediately following your offer being accepted and that they have been completed within your inspection period. I have an additional list of contractors and inspectors that I can provide you with if you wish, feel free to contact me anytime. Contact your lender if the... 

Are you an FHA buyer but still “on the fence” about buying?

There have been many rumors flying around regarding the expected adjustments to the FHA loans provided. Do you want to use FHA financing due to the lower down payment requirements, experiencing some credit issues and or wanting to ask the seller to contribute up to 6% concession? If you are and are counting on utilizing FHA loan products for the purchase of your new home, but aren’t quite ready to get off the fence…You may want to re-think your current position. Per a recent article in the Chicago Tribune – FHA-insured mortgages have become the loan of choice — realistically, the only option available since the private mortgage industry’s problems arose — for consumers who are eager to purchase a home but don’t have a significant down payment or stellar credit history. Currently, borrowers have to make at least a 3.5 percent down payment and have a minimum FICO credit score of 500, but most participating lenders require borrowers to have a score of 620 or higher. Those lending requirements have meant a banner year for the FHA. It has insured almost 30 percent of home purchases — more than 75 percent of which are to first-time homebuyers —... 

**UPDATE**Not only extending the 8k tax credit, but opening it up for others too!!

Per the Associated Press .. November 5th, 2009 First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The newly purchased property must become the buyer’s primary residence. It can not be used for “vacation” homes. Please do not hesitate to contact me with any questions you may have. I am here to help. I can be reached... 

Call to Action! $8,000.00 Tax Credit Going Away!

The $8,000.00  Tax Credit is going to expire in just 60 days, on November 30, 2009. That means you, as a first time homebuyer will not be able to purchase a short sale. It will not close in time to take advantage of this fantastic program. And bank owned properties are getting very close to that time line as well.  Nearly 50% of the homes sold to first time buyers were sold because of this program. That has been a boon to our economy and a big help in reducing foreclosures and short sale inventory. When that inventory is reduced enough, builders will start building and people will start working again. This is not only important to the individual, but to our economy as well. It is very important for everyone, from potential first time buyers to Realtors, Lenders to New Home Builders to e-mail or call their Congressman. Tell them it is of the utmost importance that they work to extend this program. And the time is now! Let’s keep things going in the right direction. Please do it now. To make it simple, I have included Arizona Congress and Representatives web address’s and phone numbers. If you want me to write it for you just contact me with your info. I will be happy... 

The Highest Offer Doesn’t Always “Win”

When the market was at it’s peak, I witnessed agents writing offers on the hoods of their cars for a newly-listed home I showed to my clients. The agents and their cars were lined up like a Nascar race along the street.  It was one of the craziest experiences I have ever seen in my career! It appeared as if a gun had fired, and the Realtors were in a race to the “write an offer as fast as you can” finish line. My clients fell in love with this home and wanted to submit an offer. They were anxious that so many offers were being written right before their eyes on the driveway, but felt it was worth the competition to own this home. As the agents were scrambling for their pens and shuffling papers around, I was on the phone with the listing agent establishing rapport with her. I inquired and listened as she explained what was important to her seller’s in an offer. “A solid offer from a solid buyer” was what she told me. What did they really mean? Hmmm…This is where your Realtor needs to accurately read between the lines. We went ahead and offered full asking price (solid) because of the activity on the home, and I suggested a $10K earnest deposit... 

Homepath Homes..Great Financing..Great Program!

As I have been showing lots of foreclosures in the past several months, I have been seeing homes advertised as Homepath homes. Upon entering I see brochures saying this is a Homepath home. I had no idea what that meant. Upon investigating, I found a great new program. One of the biggest advantages of this program aimed at reducing the number of foreclosures is the low down payment. An investor only has to put down 10%! If the investor owns 4 or more properties, they will have to put 25% down. But that means they can still finance 4 properties, putting only 10% down. What a great way to move forclosures. For the owner occupied buyer, they only have to put 3% down. There is no PMI (private mortgage insurance) and you won’t need an appraisal. As appraisals have been coming in low, that may be a big deal. Sellers can contribute $$ towards closing costs. The amount is determined by how much you put down. The only disadvantage I can see is the interest rates are higher then the average 30 year conventional loans. But you still have the option of buying the interest rate down. Here is a link to to Homepath homes and the program. www.homepath.com It’s a great program any way you... 

$8,000.00 Tax Credit For First-Time Home Buyers

All you first-time home buyers who are waiting for just the right time to buy, should consider that Now is the best time to purchase that first home. The $8,000.00 tax credit program is going away at the end of November. That means if you have been considering buying a short sale which typically takes 90+ days to process, it’s too late. Unless the bank has processed one where the buyer dropped out. If there has been a broker’s price opinion, and a negotiator assigned, you may still have a chance to purchase that short sale. A better choice at this time would be to look at only bank owned homes. Homes that have been foreclosed on will go through the process quicker. You still have a chance to use the $8,000.00 tax credit. If you find a home that is not a short sale or a foreclosure, and the seller wants a quick close, you still have a chance for that as well. Another option would be a New Build Home. Builders typically have spec homes available, where you can pick the flooring and counter-tops. They can close in as little as 30 days. Builders are anxious to unload their inventory, especially at months end. They also offfer incentives such as $$ off the price, special... 

Metropolitan Phoenix Market Activity

Well, not much has changed over the past 2 months but I promised and so I shall deliver!   We currently have 31,675 active listings and 17,058 pending transactions (35% of the total inventory on the market).  75% of all activity continues to be properties under $200,000.  No matter what price range you’re looking in, please give me a call.  Stephanie.Weiss@PhoenixPowerSearch.com (480) 273.7472              

Phoenix Historic Districts–Ashland Place

The second installment to my Historic Neighborhood series encompasses the Ashland Place Historic District.  Like many historic districts here in Phoenix, this is a neighborhood in which homes rarely become available.  Enjoy my video drive through to get a better idea of the various styles in the neighborhood! Please enable Javascript and Flash to view this Viddler video. This video starts out at 3rd St and Hoover and snakes up and down the streets of this warm, feel-good neighborhood. MY TAKE As with most historic districts, the location is PRIME!  Residents of Ashland Place are literally steps away from the light rail and all of what Downtown Phoenix has to offer.  In comparison to the post I did about the FQ Story Historic District, I would have to say both are pretty equal.  I would say they both have equal charm (both neighborhoods built during the same era, same styles of architecture), and GREAT locations, but the determining factor would really be what is more important to you: access to freeways, or access to the light rail.  FQ Story has much easier access to the I-10, while in Ashland Place you would have to do a bit of maneuvering since there is no exit/entrance on... 

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