April 2010 Real Estate News
What’s the Buzz? If all the noise you're hearing about housing has you totally confused, join the crowd. One day you'll read that owning a home has never been more affordable. The next day you'll see news that housing starts have plunged to nearly their lowest level in half a century, as headlines announced in March. After four years of falling prices and surging foreclosures, it's hard to know what to think. Even Robert Shiller and Karl Case can't agree. The two economists, who together created the widely followed S&P/Case-Shiller Home Price indices, are right now offering sharply contrasting views of housing's future. According to the latest Spending and Saving Tracker from American Express, more than two in five (41%) of Americans said that it’s a buyer’s market for real estate. If you happen to be in the process of buying or selling a home in the Phoenix area right now, you may wonder about that. Things are warming up here in Phoenix -- the temperatures are in the 90's! But the temperature is not the only thing heating up -- so is the real estate market! Four of our last five listings went under contract within 9 days (two of them had offers in only 4 days) of hitting the market. On the "Buy" side, three of our current clients are finding listings disappear -- they are sold before we can get an offer in, or we are competing with multiple competitive offers. Obviously, the entire market is not like this -- but as we communicate with other agents, we're seeing this more and more. One thing is for sure: Pending home sales increased in February. Don't have the numbers for Arizona yet, but in the West Region the index rose 7.0 percent! $15,000 Down Payment Assistance for 1st Time Home Buyers! We mentioned this last month, and felt it was important enough to mention again. Qualified first-time home buyers can receive 3:1 matching funds – up to $15,000 – towards the purchase of a new home. Of course, like all such programs, the government has placed a variety of restrictions on potential buyers, but (in our opinion) these restrictions are probably more easily met that was the case with prior programs. If you, or anyone you know, are interested, just contact us and we’ll be happy to provide more detail. Please keep us in mind with all your Real Estate needs (don’t forget to refer your friends to us). We are always looking for new buyers and sellers, so if you know of anyone planning to buy or sell a home, please point them our way!
In this edition:
Low Costs and Spring Fever Expected to Spur Home Buyers RISMEDIA,—(MCT)—The spring real estate market is approaching, and this year there is no federal tax credit to get wary buyers off the fence. A recent survey of 3,500 U.S. homeowners and renters conducted for the National Association of REALTORS® by Harris Interactive found that 60% of those who would like to own a house worry about job security and creditworthiness. That said, some real estate agents say they think the market may be rebounding because prospective buyers fear interest rates are permanently back on the upward trajectory and they need to get in the game. Click here for complete article.
Americans Confident in Recovery of Real Estate Market RISMEDIA, March 14, 2011—The majority of America’s potential homebuyers and sellers—68 percent—believe that the real estate market and property values will recover in the next year or two, according to a survey released recently by Prudential Real Estate and Relocation Services, Inc., a Prudential Financial, Inc. [NYSE:PRU] company. This exceeds the 47 percent of Americans who expected house prices would rise in a similar survey conducted in April 2010, underscoring a more bullish outlook for the real estate market today. Click here for complete article.
Real estate: It's time to buy again Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing. Click here for complete article.
Investors Dominate Distress Sales RISMEDIA, March 24, 2011—Investor activity dominated a sluggish distress sale market in February as homebuyers are increasingly frustrated by difficulties getting financing, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Click here for complete article.
First-Time Home Buyers Prepare for Best Buyer’s Market in Recent History RISMEDIA, March 18, 2011—While affordable housing prices, ample inventories, and historically low interest rates signal ‘buyer’s market’ for investors or move-up buyers in many U.S. markets, inexperienced first-time buyers may not know if the time is right to make a move into real estate. Click here for complete article.
Explaining Credit Scores Have you ever wondered what makes up your credit score? The three major credit reporting agencies, Experian, TransUnion, and Equifax, use a number of factors to calculate your score.Credit scores range from 300 to 850 and are a buyer's key to attaining loans. Click here for complete article.
Mortgage Rates U.S. averages as of April 1, 2011: 30 yr. fixed: 4.86% 15 yr. fixed: 4.07% 30 yr. jumbo: 5.49%
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