March 2011 Real Estate News
The past few weeks have brought a mixed bag of housing and economic news. On the housing front, national data releases in the new and existing home markets moved in opposite directions to begin the year, demonstrating the inconsistent nature of many “national” datasets that are based upon sampled information. On the economic front, data showed that consumer confidence and labor market conditions continue to improve incrementally, but economic growth was slower than previously expected during the fourth quarter. Consumer confidence increased to a reading of 60.6 in January compared to a revised figure of 53.3 last month. This is the highest the consumer confidence index has been since May 2010. A continued downward trend in first-time jobless claims further suggests that labor market conditions are improving. Housing Market New and existing home sales moved opposite directions to begin the year – new home sales moving lower, and existing home sales moving higher. Even so, new home inventories dropped again, as they have now for the past 8 months. Existing home sales increased over the last month – the third consecutive monthly increase. Significantly, this is the first month that existing home sales have recorded a year-over-year gain since June 2010. Unfortunately, stronger sales activity did not positively impact existing home prices last month. However, inventories have continued to drop now in each of the past 5 months – meaning that prices should begin to stabilize, and homes are selling more quickly. eEdge Is Here! Beginning this month Keller Williams Realty is launching a leading-edge solution (eEdge) that combines all functions of a real estate transaction into one cohesive system. KW has taken the very best elements available today, improved them, and merged them into a single product – demonstrating once again why Keller Williams is the fastest growing real estate firm in the world! While it may not sound like a big deal, it really is. In an industry contingent upon time constraints, fast communication and lead generation, rapidly adopting new technology is important for any successful and progressive brokerage. $15,000 Down Payment Assistance for 1st Time Home Buyers! That’s right – just when you thought all buyer incentives had passed, here is one that may be the best yet! 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.
As always, 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!
Top 5 Reasons To Buy Real Estate in Phoenix Now While purchasing a new home might seem like an intimidating proposition, now is the time to buy houses in Phoenix, Arizona! Ranked as the 5th largest city in the US, Phoenix has a stable real estate market with many opportunities for buying your own home for less than you think. By buying a home, not only can you improve your credit, but you will be getting a great deal if you take advantage of the many homes for sale in Phoenix now. If you’re in the market to buy a new home in Arizona, you should know that there are many houses for sale in Phoenix that can help you find financial stability. Here are the top five reasons to buy a home in Phoenix today! Click here for complete article.
Housing Affordability Rises to Highest Level in Two Decades RISMEDIA, February 19, 2011—Nationwide housing affordability during the fourth quarter of 2010 rose to its highest level in the 20 years since it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data. The HOI indicated that 73.9% of all new and existing homes sold in the fourth quarter of 2010 were affordable to families earning the national median income of $64,400. The record-setting index for the fourth quarter surpassed the previous high of 72.5% set during the first quarter of 2009 and marked the eighth consecutive quarter that the index has been above 70%. Until 2009, the HOI rarely topped 65% and never reached 70%. Click here for complete article.
Low Costs and Spring Fever Expected to Spur Home Buyers RISMEDIA, January 29, 2011—(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.
Commercial real estate drought appears over Whatever the drought commercial real estate brokers faced in 2008 and 2009, it couldn’t be all that bad by now. According to figures released by LoopNet Inc., there were about $2.3 billion in commercial deals in Phoenix in 2010. According to Loopnet, “For the 12 months ended December 2010, commercial property sales in Phoenix increased 106 percent from the prior 12-month period.” In just the fourth quarter of 2010 there were $1.2 billion in sales. Prices paid for office space increased 4 percent in 2010 as compared with 2009; prices for retail increased 3 percent; prices for industrial dropped 26 percent and prices for multi-family dropped 19 percent. Click here for complete article.
Is Phoenix, Arizona, the #1 Short Sale Real Estate Market? The Phoenix, Arizona real estate market has been one of the hardest hit, nationwide. Families have been forced out of their homes and into foreclosure in the Phoenix, Arizona area seemingly more so than in other areas of the country. As a result, after struggling to make mortgage payments for months, many remaining homeowners are looking at their financial options and asking some very important questions. As complex as property regulations, mortgage loan terms, and government assistance programs are, seeking professional advice at this time is crucial. Click here for complete article.
Positive signs starting to show in East Valley's new housing market There appear to be positive signs in the new housing market in the East Valley. Builders are buying land or announcing developments. More people are trekking out to see builders' models. Stalled projects are on the upswing. At Gilbert's Morrison Ranch, construction vehicles are moving again, with Blandford Homes and Richmond America entering the mix as other builders finish their phases. Click here for complete article.
Closing Costs Explained Qualifying and being approved for a mortgage are only part of the financial responsibility of buying a home. There's also a host of closing costs that, as a buyer, you should expect. Affordability is a topic on the minds of today's buyers, so researching each of the following costs, large and small, is important. Click here for complete article.
Cutting Edge – Keller Williams Realty’s eEdge Combines All Agent Functions into One Cohesive System RISMEDIA, March 2, 2011—In an industry contingent upon time constraints, fast communication and lead generation, rapidly adopting new technology is important for any successful and progressive brokerage. When it comes to providing revolutionary, cutting-edge tools to its agents, Keller Williams Realty is definitely no stranger. Starting this month and rolling out throughout the course of 2011, Keller Williams is delivering its latest technology with hopes of transforming the way its agents conduct business: the all-encompassing eEdge. Click here for complete article.
Mortgage Rates U.S. averages as of March 1, 2011: 30 yr. jumbo: 5.40%
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