Where is Glendale Arizona                                                                                                                              

Glendale Arizona lies northwest of  Phoenix, and is consider one to the jewels of the west valley.  Glendale Arizona was once all farm land which is still prevalent today.  Many out of town families are considering moving to Glendale Arizona due lower cost of housing. Glendale Arizona is the home of the new University Phoenix Stadium, Arizona Cardinals and Arizona Sting of the National Lacrosse. League.

City of Glendale Arizona

Well it is true homes in Glendale Arizona are lower, but homes in Glendale range from many prices while you can still buy a 3 bedroom house under $100,000, but Glendale Arizona has more than that to offer.  When in Westgate Glendale Arizona stop by the new stadium for a concert or game afterwards,  the go to Westgate restaurants in Glendale.    

Glendale Arizona

North Glendale is the jewel of Glendale you can purchase a house there off the golf course or off Arrowhead Lakes which is more than $100,000.  Arrowhead Lakes  area in North Glendale used to be orange groves for blocks many years ago but now lined with trim trees and well manicured lawns.  There is lots restaurants and shopping in Arrowhead, Arrowhead mall is a great place to take kids for shopping and play.

Arrowhead mall has a tot area to play and ride a  train.  Glendale Arizona offers a blend of city and country which I find a very rare experience in most cities here in the U.S.  Most major cities have not much country left in them.

But in Glendale Arizona you may find yourself  living next door to billy goats or while  cruising down Thunderbird road horses grazing.  Downtown Glendale has lots of antique shops and live bands in the evening.  If  families choose to live in  Glendale Arizona there are plenty of places to shop, play and just plain relax.

If you are thinking of relocating to Glendale Arizona and want a relocation package, please contact Darlene Brooks @ darlene.brooks@phoenixpowersearch.com or simply call 888.897.7821 x 108.

I hear this all the time “what should I offer”, I tell my buyers to offer their highest and best offer if they want to buy a house.  Recently I had a client that saw a house and it had all the things in a new home they wanted and need.  I advised my client that the house had an offer and was at the counter stage of the offer.  I explained to my client that if you to buy this house we need to put an offer in tonight before the  owner counter come back.  Well my buyers wanted to go home and think about the offer never called me back that night.  The next day their dream home was in pending status under contract.  My clients lost out on their dream house, I took them out to view other homes but that dream house was always on their minds.  My client now is hoping the dream house  contract will fall out of contract but this house is a regular sale.   Some good advice for all buyers, if you see a house you like put an offer in immediately, dream homes don’t last long on the market.  When buyers go out with their agents have all your necessary documents ready to go such as your earnest money check and proof of funds.  Signing an offer is made so easy now  for buyers, you don’t have print your offer  just sign them online with esign.  Most realtors want to make your transaction as smooth as possible.  So next time you are out with your realtor and see your dream house, put an offer in right away going home to think about your dream house will cause you to lose out.  If a buyer offer their highest and best offer, you most likely with get your dream house.

The typical wait time for purchasing a home after a short sale or foreclosure is 3 years.  However, FHA issued a mortgagee letter in December 2009 allowing financing immediately or in less then 3 years for certain situations… very specific situations.  Although it would be hard to determine who is eligible without looking in to a buyer’s specific situation here are two things I know to be true…

1.  Borrower must have been current on ALL prior mortgage payments for up to 12 months before short sale occurred.

2.  The result of the borrowers short sale must have been due to extenuating circumstances such as transfer of job, death of primary wage earner, long term un-insured illness, ect.  Short selling due to declining market conditions or because you are way to upside down in your loan is not a valid circumstance.

Please watch this video to learn more…

That was my friend and trusted mortgage professional, Gina Chavez and we both really think that this is important information to get out to the public because there is a small population that could benefit from FHA exception rule.  If you are one of the MANY that have to wait out the 3 years, that is okay too.  Three years is probably what you need to get your credit and life prepared for buying again.

If you have been through a short sale and have questions about how it affected your credit or what to do now, the best piece of advice I have for you is to contact a Real Estate Professional that is skilled in this arena.  It is our job to counsel you on the short sale recovery process so that when your three year wait time is up, you will be ready to purchase again.

Gina and I are willing and happy to help you get on the right track to short sale recovery.  Please contact either one of us right away!

Tiffany Pettit, eXp Realty

Cell:  602-614-6493

Email:  tiffany@tiffanypettit.com

www.CometoPeoriaAZ.com

Gina Chavez, Cherry Creek Mortgage

Cell: 602-505-2688

Email: gchavez@ccmclending.com

www.ginachavez.com

Are you shopping for a new home?  My name is Tiffany Pettit and I am the Peoria, Arizona Real Estate expert.  My husband, Eric, and I live and raise our two boys in this beautiful west Phoenix suburb.  We love everything about our little city and think you will too!  Please contact me anytime at 602-614-6493, toll free at 888-897-7821 x.132 or at tiffany@tiffanypettit.com.  Please check out my website, www.CometoPeoriaAZ.com, where you can perform an MLS search just like an agent would do.  I look forward to assisting you in finding your perfect Peoria, Arizona home!

On average, 21.2% of single family homes have received at least one Notice of Trustee Sale (the bank is letting you know that you have an auction date) since the beginning of 2006.  !!!!!

On average, 12.6% of the single family homes in Maricopa County have been foreclosed (ie the bank took them back) with a recorded Trustee Deed since the beginning of 2006.  That’s just over one in eight homes.  !!!!!  NOTE:  there are some 1,300 or so unrecorded Trustee Deeds as of December 22.

So where in the Valley has this foreclosure percentage been highest?  Here are the top 10 zip codes with the highest foreclosure rates:

1-85043 Phoenix

2-85353 Tolleson

3-85037 Phoenix

4-85335 El Mirage

5-85354 Tonopah

6-85326 Buckeye

7-85323 Avondale

8-85033 Phoenix

9-85379 Surprise

10-85031 Phoenix

All of these are in the West Valley; in fact, it isn’t until #24 that you find a property not in the West Valley (it’s in S. Phx).    There’s also evidence that foreclosure prevention attempts are not successful in these areas (or maybe not attempted?).

We see that the two types of areas least affected by foreclosures are those containing higher end homes and the 55+ communities. In many of the luxury home areas there is evidence reflecting a higher success rate in avoiding foreclosure, most frequently through a short sale (or maybe more aggressively or consistently pursued?).

It almost goes without saying that foreclosures have a direct effect on home pricing. Hence the ZIP Codes with the most foreclosures are usually those where home prices have fallen the most, while those with lesser foreclosures have fallen the least. However, the relationship is not exact.

Sun City West 85375 has the greatest preservation of $/SF across the whole valley. But then it also has had the lowest percentage of foreclosures. Again looking for anomalies we see that Chandler 85286 and 85249, Gilbert 85233 and Mesa 85205 have preserved their pricing better than would be expected based on their foreclosure rates.

We can also see that many parts of the Southeast Valley, particularly Tempe, Ahwatukee and South Chandler have preserved their pricing much better than Maricopa County as a whole. This is also true of most of the Northeast Valley.

It is true that foreclosures cause home prices to fall, but it is a vicious cycle since it is also true that falling home prices cause foreclosures – they cause more homes to go underwater and their owners to feel less motivated to maintain their loan payments.

What does this mean to you? It depends from what angle you’re looking.  If you’re looking to short sell, we should look at the trends in your neighborhood and act accordingly.  If you’re looking to buy, ‘a deal’ isn’t necessarily found in a neighborhood with high foreclosures.  A deal is a good price on a home you love in a neighborhood you’re excited about.

Please contact me to discuss your specific situation and needs.

“Casting about in MLS data for signs of a market bottom and subsequent recovery has proved elusive over 2009 and 2010,” the report concludes. “The one-step-forward-two-steps-back phenomenon has become all too familiar in our fragile recovery.”

• The PPI predicts that the median sales price of a home in November will be about $120,000, relatively unchanged from October. The median is expected to drop in December to $117,000, rise in January back to $120,000 and then drop once again in February fairly dramatically to $105,000.  The median is the number in the middle, so there are as many houses priced below the median as above the median.
• Average sales prices are projected to rise slightly in December but to fall in both January and February. The estimate is for the average price to be about $161,200 in November and drop to $145,800 in February.
• New inventory declined in October, but total inventory increased.
• October listings represent nearly seven months of supply making this a buyer’s market. A seller’s market is a four to five month supply.
• Pending foreclosures have been trending downward slightly for the past 12 months.
• Distressed sales, short sales and lender owned sales peaked in September representing 74 percent of total transactions. In October distressed sales represented 65 percent of the total.

For guidance on your specific needs, please contact me at 602-741-1325.  Happy holidays!

The explanation for this reduction in credit score is that the request for the loan modification paperwork is the first indicator that they’re at risk which means a credit score ding.    Consumer Data Industry Association, a trade group in Washington which represents the credit bureaus, says that people would not be asking for help unless they were having sever money troubles.  “The consumer is going into the program because they’re in a financial bind; other lenders would need to be aware of that”. (Norm Magnuson, spokesman; Yahoo Finance 2010).

So, as you’re making decisions about what to do with a mortgage that you’re not happy with, make sure you speak to someone who has experience with not only loan modifications but also short sales to get all questions about credit scores and your options answered.  Go to www.BethAHickey.com for more information on distressed property transactions.

Sales volume was down 6% from August while average pricing is also down 2.5% (price per square foot down 3%).  If you look at sales from Septeber ’09, sales were down 13% and pendings down 22% from last year.  Although this sounds bad, month to month pendings have been increasing about 4% so it seems buyer activity is keeping somewhat dependable and this will positively keep inventory moving if it can be sustained.  The supply on the market increased 2.7% from August, primarily by properties <$200k.  With this price range being attractive for investors, both for flipping and buy&hold, we could see an increase in buying activity by this sector of our market and since inventory is increasing, prices should remain favorable for quite some time.  Foreclosure notices are holding steady, which would which lends to increasing inventory (and hence maintaining favorable buying prices).

For my full Market Trends Report, please go to www.BethAHickey.com for a request.  I will not contact you outside of this report unless requested.

This relates to both Buyer and Seller representation…

Are you representing a buyer who is considering a short sale? Are you concerned once you have an accepted offer by the seller and the offer is submitted to the lender for approval, other offers may come in to which the seller will submit them to the lender? Could they be better offers, increasing your client’s chance of being rejected?

If you are the seller’s agent, do you have an obligation to submit all offers to the seller’s lender(s) even after an offer has been accepted by your seller and submitted to that lender?

In the Arizona Short Sale Addendum, lines 13-15 of the Short Sale Addendum state, “Nothing shall limit a seller from accepting subsequent offers from subsequent buyer(s) and submitting the back-up contract(s) to Seller’s creditor(s) for consideration. All parties understand and agree that Seller’s creditor(s) may elect to allow the Seller to sell the Premises only to the holder of the Contract with terms and conditions most acceptable to creditor(s).

If you are in another state that offers a short sale addendum, does it have similar verbiage?

Would it be in the Buyer’s best interest to omit those lines from the addendum as part of the offer?

Would it be in the Seller’s best interest to accept this modification? Could this be used in marketing the home as terms the seller will accept?

Something to consider….

Please feel free to comment on any Ah-Ha given. I don’t have all the answers, but we can learn things together and collaborate to make things better!

Home Buyers & Sellers: Have you considered buying or selling a home in the Scottsdale/Phoenix area? I have a great passion to help my clients in buying and selling one of their greatest assets. If you are looking for an agent with integrity, dedication & great customer service, please email me Jamie@TickledPinkHomes.com or call/text 480-734-1971. I would love the opportunity to help you in this exciting journey!

SPECIAL BONUS: How would you like to search the entire MLS, JUST LIKE ME?! Go to Scottsdale Arizona Homes For Sale and get started. It’s the same tool that I use and it gives you LIVE & MOST ACCURATE RESULTS. You’ll love it!!

SEARCH THE MLS HERE

Cell/Text: 480-734-1971
Email: Jamie@TickledPinkHomes.com
Jamie on Facebook: www.facebook.com/sistek
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