Monday, April 26, 2010

Phoenix-area home sellers overshoot mark for home-sale prices

Home sellers in the Phoenix area are having a tougher time adjusting to the housing market's new reality than their counterparts are in other cities, according to new data from online home-listing firm Trulia.com.

Sellers in Las Vegas, San Diego, Miami and other cities hit hard by the real-estate crash have gotten much better at choosing a marketable sales price during the past year, but one-third of Phoenix sellers continue to overshoot the mark.

That's no better than they did a year ago, when the same percentage of Valley homes listed on Trulia.com's site sold for less than the listed price, company spokesman Ken Shuman said.

"Seller expectations in Phoenix are still out of line with the current market," said Shuman, who observed dramatic improvements in list-price accuracy in most of the 15 cities Trulia studied.

Ten metro areas fared better than Phoenix in terms of year-over-year improvement, with Las Vegas leading the way.

The number of Las Vegas listings that sold only after a price cut decreased by 54 percent from April 2009 to the current month.

In San Diego, which was Trulia.com's second-most-improved city, discounted listings decreased by 52 percent during that time.

Philadelphia, Atlanta and Chicago showed no year-over-year improvement in the accuracy of initial home-listing prices, but none of those cities had as high a percentage of overpriced listings as did Phoenix, the data show.

Initially overpriced listings remained at 22 percent in Philadelphia, 25 percent in Chicago and 21 percent in Atlanta, according to Trulia.com.

No other city matched the current 32 percent inaccuracy of Phoenix listings.

Only two cities, Denver and Seattle, had increases in list-price discounting from April 2009 to this month, with increases of 5 percent and 15 percent, respectively.

As painful as it can be, Shuman said homeowners who accept the painful truth and price their homes realistically help themselves and the housing market overall.

"Sellers should be pricing not just properly, but aggressively," he said.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Friday, April 23, 2010

Eco-Friendly Cities: Where to Buy : HGTV FrontDoor Real Estate

Living green isn't just about your house, it's also about your community. Being in a community that makes it easy to be green will make your transition to eco-friendly life that much simpler.

Here are some things to consider when searching for a green neighborhood or city:

Are there alternative power sources?

Sure, you can buy your own solar panels, but it's simpler to tap into a city's existing renewable energy sources, like wind, solar and hydroelectric power.

Eugene, Ore., is a great example of a power-forward city. Much of the Pacific Northwest already uses clean hydroelectric power. Eugene takes it one step further: The city draws another 9 percent of its energy from wind farms.

What about public transportation?

The average suburban driver makes 13 car trips a day and all that fuel guzzling can cancel out home energy savings. What's a homeowner to do? Live somewhere that has ample public transportation.

New York City has the largest public transport system in the world, and 54 percent of Big Apple residents use subways, buses and trains rather than their own wheels. In Washington, D.C., 34 percent of residents use public transit. Boston comes in third with about a third of its residents using the city's transportation services.

I Pedestrian-Friendly Cities >>

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Sunday, April 18, 2010

Have you received your 8k Tax credit Refund YET!



Yesterday I was out with a few friends and ran into a couple that I sold a home to right before Christmas. They sent in there tax credit paperwork and was told 6-12 weeks , they received another letter stating they needed the HUD, the HUD was attached to the paperwork. Sending in the HUD once more they were told another 8-12weeks. Still waiting...and waiting... ???? Whats this about??? I started to do some checking on line and WOW lots of people waiting on that 8K... Are you waiting??? let me know...

Is it ??? TIME to be in the Real estate Market in Phoenix



Now is the time to be in the Real estate market in Phoenix, if you wait it will cost you. If you are looking for short term investment (fix and flip) or long term investment (rental w/ positive cash flow) I can help you meet your needs and exceed your expectations. What are you waiting for?

I will share with you how to start on a small budget. What are you waiting for?

Here in the Valley of Sun, Phoenix it is NOW cheaper to own then rent.

Contact Linda Wieczorek 602-391-8246 AZHomes4u@gmail.com to CHAT about or go look at Positive Cash Flow homes, duplex, triplex and 4plex inventory in Greater Phoenix Area. Take a look at all lender owned property and Foreclosures.


Search Homes here

WHY INVEST IN the Valley of the Sun Greater Phoenix

* Residental Real Estate in many areas of AZ is selling for as little is 50% and less of 2006 pricing.
* The savvy investor known and understands to buy when values are low and sell when values are high.

Friday, April 16, 2010

Quiz: What Type of House Hunter Are You? : HGTV FrontDoor Real Estate

What Type of House Hunter Are You?

Are you a gearhead that scrutinizes the inner-workings of a home and analyzes utility bills? Or are you more interested in the spa bathroom and stylish accent walls? Are you looking for a down-and-dirty deal, or willing to pay top dollar to acquire a hot address?

Find out what type of homebuyer you are with this quiz, and learn how to work your strengths and balance your weaknesses!

Plus, click on the House Hunter IQ Boosters to get valuable tips and advice when searching for a home.

This is a pretty good little quiz, as a Realtor I see all types of House Hunters. I took the quiz 3 x's just to see what it says. If you are looking for a Home take the quiz and see what kind of house hunter YOU are, then send me an email AZHomes4u@gmail.com Lets Go House Hunting

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Tuesday, April 13, 2010

Homebuyer Tax Incentive Deadline Near, Mortgage Rates Going Higher

It's NEAR!!!! A few things to keep in mind if you plan to buy a house soon (or know someone who does). First, the deadline for the First Time Home buyer Tax Incentive of $8,000 and the Repeat Home buyer Tax Incentive of $6,500 is near. You’ve got to have your home purchase under contract by the end of April 2010, and have it closed by the end of June. The clock is ticking and not much time to get a offer accepted. The closing part is not likely to be a problem if you’re buying a resale home, but if you want a new home, it may have to be a completed or close-to-complete home.

Also, as expected, mortgage interest rates are starting to go up. Rates are about 0.500% higher in some cases than they were at the beginning of the year. The Fed has ended a program that helped to keep rates low and they’re starting to react. The jury is still out on the question of private investment stepping in to take the Fed’s place, but I would not count on it anytime soon.

Nothing focuses the mind like running out of time. I’d say it’s time to FOCUS, and let’s get those houses under contract! With all the Short sales out there this is no easy task, lets hope the Banks realize this and start accepting offers. The foreclosures have multiple offers on them Call me if you need a little HELP!! Linda 602-391-8246 or email AZHomes4u@gmail.com

Monday, April 12, 2010

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

 

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

  • Extends deadlines for purchasing and closing on a home.
  • Authorizes the credit for long-time homeowners buying a replacement principal residence.
  • Raises the income limitations for homeowners claiming the credit.  

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.  

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

Several new restrictions apply to homes purchased after Nov. 6, 2009.

  • Purchasers must attach a properly executed settlement statement to their return.
  • No credit is available if the purchase price of the home exceeds $800,000.
  • The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
  • A dependent is not eligible for the credit.
  • The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.

Additionally, there are new benefits for members of the military and certain other federal employees:

  • Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
  • In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Question and Answer

Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?  

A. Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit. 

Related Items:

 

Page Last Reviewed or Updated: December 14, 2009

This is Great news for Military and Certain Other Federal Employees. The Tax Credit is extended 1 yr.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Sunday, April 11, 2010

10 things first-time homebuyers want, but don't need - Holy Kaw!

So, you're in the car rolling along and you see it, your dream house. While you may not be able to afford everything on your wish list, you will want a few amenities you've been yearning for. But do you really need them?

While you're making a wish list of features to share with your real estate agent, check it twice, literally, to make sure that the options you have in mind make monetary and practical sense, too.

  • A Big Yard: The problem with a big yard is that it needs maintenance -- lots of maintenance. The lawns you see in the gardening magazines that look like lush, outdoor carpets are hard work and expensive to keep up.
  • A Fireplace: A fireplace can be a dangerous indulgence if you don't get it professionally cleaned regularly. Oh, and it's a big air polluter, too.
  • Stainless Steel Appliances: As popular as these refinements are today, in a very few years, they'll be replaced by other latest, must-have styles. Worse, last year's "in" thing looks dated and drab once it goes out of fashion.

Full list at HowStuffWorks.com.

Total aggregation of HowStuffWorks.com.

Photo credit: Fotolia

While you're making a wish list of features to share with your real estate agent, check it twice, literally, to make sure that the options you have in mind make monetary and practical sense. The biggest one I see is the BIG Yard... Think twice

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Friday, April 9, 2010

Best Deal in Downtown Phoenix High Rise Living ONE LEXINGTON

Formerly called Century Plaza available to purchase and at prices that are very competitive for such attractive units, exterior architecture, amenities and of course location. Amazing Views...

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Thursday, April 8, 2010

Time to Invest in Real-Estate Stocks

By JAMES B. STEWART

It's springtime for real estate.

Last summer I wrote that it was time to buy residential real estate if you were in the market and looking for a bargain. I never expect to call a market bottom, and certainly not for long-cycle assets like houses, but I seem to have come pretty close. The latest S&P/Case-Shiller survey results, released last week, suggest housing prices bottomed out around April 2009, when its 20-city composite index was down 32.6% from its peak reached in June/July 2006. Since then it has gained 3% through January 2010, with some markets much stronger, especially San Francisco and Minneapolis. (Charlotte, N.C., Las Vegas, Seattle and Tampa, Fla., continued to hit new lows, but at a much slower rate of decline.)

[COMMONSENSE]

Now it may be commercial real estate's turn. Reis Inc., a commercial-real-estate research firm, reported last week that average rents in the office sector dropped just 0.8% in the first quarter of 2010 compared to the last quarter of 2009. Rents were stable or rose in 23 of the 79 markets Reis tracks. This may not be a bottom, but it's a considerable improvement from just three months ago, when rents in 70 of the markets fell. Given the reporting lag, the bottom may well have already been reached.

If so, this moment has important implications for investors, the banking and real estate sectors, and the economy as a whole. Last year I warned that commercial real estate was a "dark cloud" hanging over the banking industry, echoing comments that were coming from the Federal Reserve. Like many aspects of the financial crisis, the clouds seem to be dissipating.

That's not all that surprising, given the recent positive economic news. Unemployment seems to be stabilizing and even improving, and workers need office space. Consumers have been spending, returning to malls in droves. Rock-bottom interest rates have allowed strapped developers and real estate owners to refinance on favorable terms. There's no doubt that many grossly overpaid at the height of the boom, and there have been some highly-publicized defaults, like Tishman Speyer Properties' decision to walk away from the Peter Cooper Village and Stuyvesant Town apartment complexes in Manhattan. But despite big write-downs, most commercial real estate borrowers have had the cash flow to keep loan payments current or refinance to buy more time.

It's true that many commercial real estate assets have already rallied strongly since bottoming in March of last year. Vanguard REIT Index Fund is trading above $51, a high for the year, and double what it was at its low for the year, to cite just one widely held example. Those who were willing to embrace considerable risk when the economy seemed to be collapsing have been amply rewarded, as they should be. Now that those risks have subsided, so have the potential returns. But I still believe long-term investors will be rewarded. The Vanguard ETF generates a 3.8% dividend yield.

It's rarely practical for individuals to invest directly in commercial real estate, but there are plenty of other ways to gain exposure thanks to mutual funds, exchange traded funds, REITs and even individual stocks that are liquid and offer diversification. It's probably never been easier to participate in the real estate sector. I suggest a mix: an exchange traded fund, a managed mutual fund, one or more REITs, and possibly some stocks of banks with significant commercial real estate exposure.

There are a multitude of ETFs and mutual funds. Among publicly traded REITs, some of the biggest, best known, and most highly regarded are Simon Property Group, Vornado Realty Trust, and Boston Properties. Among bank stocks, the biggest banks, like J.P. Morgan Chase and Bank of America, have substantial commercial real estate loans, but they amount to a relatively low percentage of their total. At the other extreme are Western Alliance Bancorp and Zions Bancorp, which, as of September, had some of the highest exposure to commercial real estate in some of the most troubled markets in the country.

These two remain high-risk propositions in my view, and I don't own them. Western Alliance has doubled from its lows, but is down by a third from the $9 it hit last May. Zions has nearly quadrupled from its low of last March, but at $24, is still far from the $88 it hit in 2007. Neither is for the faint of heart, but both may offer higher potential returns. Many regional banks occupy a middle ground between the big money-center banks and the high exposure of these two.

Whatever mix you deem prudent, I believe it's time to reevaluate your exposure to the real-estate sector. In my view, real estate belongs in every diversified investment portfolio. It's not highly correlated to equities or fixed income, and it offers income opportunities as well as a potential hedge against inflation. I've been keeping some cash on hand designated for real estate, and I've concluded it's time to put some of it to work.

—James B. Stewart, a columnist for SmartMoney magazine and SmartMoney.com, writes weekly about his personal investing strategy. Unlike Dow Jones reporters, he may have positions in the stocks he writes about. For his past columns, see: www.smartmoney.com/commonsense.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Thin Mint Showdown: Lazy Thin Mint Pie - Phoenix Restaurants and Dining - Chow Bella

That's what I am talking about... Wish I would of had this recipe before I devoured the box

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Mortgage rates reach 8-month high - Washington Business Journal:

Long-term mortgage rates continue to edge up, with a 30-year fixed rate mortgage now at its highest level in eight months.

Freddie Mac reports a 30-year mortgage averaged 5.21 percent in the week ending April 8, up from 5.08 percent last week. A year ago, 30-year mortgages averaged 4.87 percent.

A one-year adjustable-rate mortgage averaged 4.14 percent this week, up from 4.05 percent last week.

"Once again, mortgage rates followed bond yields higher amid a positive March employment report," says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.

Rising rates, coupled with the expiration of the homebuyer tax credit at the end of April, may weigh on the spring housing market. But a report earlier this week from the National Association of Realtors said pending sales of existing homes jumped 8.2 percent in February, as buyers act to take advantage of the credit before it ends.

The tax credit, up to $8,000, will expire April 30, though a buyer need only to have signed a contract by then, with closing scheduled before the end of June.

Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Overtaxed homeowners start to fight back - Real estate

By Kristina Dell
msnbc.com
updated 7:32 a.m. ET April 7, 2010

Now that the housing bubble has burst, up to 60 percent of the nation's taxable property may be overassessed, meaning owners are paying thousands of dollars more in taxes than they need to, experts say.

That is leading to a flood of appeals in many markets from homeowners eager to cut their taxes and speed the process of aligning tax valuations with reality.

While home prices have fallen by 30 percent on average since their 2007 peak, according to the Case-Shiller Home Price Index, many counties only reassess every three to five years and have little incentive to move faster considering how important property taxes are to funding local government operations.

So homeowners are increasingly appealing the valuations, although the number is still a tiny fraction of the total — 2 to 4 percent, according to the National Taxpayers Union.

“People forget they need to appeal,” said Barbara Payne, executive director of the Fulton County Taxpayers Foundation in Georgia. “Everyone should have appealed more than once in the last five years or you’re paying too much.”

Those who appeal are getting mixed results. Only 20 to 40 percent of those who challenge their assessment walk away with a victory, the NTU said.

“Appeals have become more difficult in the last two years now that municipalities are fighting tooth and nail for everything,” said Anthony Sarro, president of eTaxReductions.com, a company that represents people on property tax appeals.

A success story
Stuart Sendell, a retired mortgage banker living in Morristown, N.J., was ultimately successful but said the process took 14 months to complete.

After reading a report that found the average assessed value of real estate in his town had increased by 5 percent, Sendell paid a visit to his local assessor’s office to examine the calculations.

“Everyone knew housing values were dropping like a brick,” he said, remembering that he thought the report "couldn't be right."

Image: Stuart Sendell's home
John Makely / msnbc.com
Stuart Sendell's home was estimated by the township to be worth $1.6 million, but his appraiser concluded his home was worth only $970,000. After appealing his property assessment, he accepted a 25 percent reduction after a lawyer for the township asked to strike a deal.
Sendell was onto something. He found that the local government included in its calculation a sample of lower-priced homes that dropped in price less severely than his house, which the office estimated was worth $1.6 million. He decided to appeal after hiring an appraiser who concluded his home was only worth $970,000.

Two months before his court date the lawyer for the township asked to strike a deal. Since New Jersey law gives assessors a 15 percent margin of error for assessments, Sendell accepted a 25 percent reduction, which showed up in his taxes. He was awarded a $5,400 tax refund — a savings he now banks each year.

Sendell's experience isn't unique. “There has been a ramp-up in requests that began well over a year ago,” said Peter Sepp, vice president for policy and communications at the NTU. “People are getting sticker shock over assessments that have yet to be adjusted to the realities of the depressed real estate market.”

Filing an appeal
Attorney Arthur Semetis, a resident of Westchester County, N.Y., used a law firm to file his tax grievance two years ago. “They know what the courts are looking for,” he said, referring to the law firm, “and work with the judges all the time.”

His lawyer was initially unsuccessful in negotiating with the tax authority but knew to stick with the process. The firm ended up winning him a tax reduction of 12 percent on the second go around in the judicial hearing.

An industry has cropped up around the process, with companies filing appeals on behalf of residents in exchange for a cut of the winnings. Most firms work on a contingency basis, taking about 50 percent of the savings for the first year.


Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Wednesday, April 7, 2010

SLAM ONLINE | » Cappie Puts NY Basketball Back on the Map

Mysterious fruits reverse aging, improve health

Rising Mortgage Rates Not Fed's Fault - CNBC

US News
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Rising Mortgage Rates Not Fed's Fault
cnbc.com | April 07, 2010 | 11:17 AM EDT

The 30-year fixed hit 5.31 percent last week, the highest level since the first week of last August, according to the Mortgage Bankers Association.

In response, mortgage applications fell 11 percent, driven entirely by a nearly 17 percent drop in refis.

Purchase applications were basically flat, up just 0.2 percent (all seasonally adjusted).

We called it right?? Rates rise when the Fed stops buying Fannie and Freddie MBS March 31st.

Wrong.

"Believe it or not, it had little or nothing to do with the end of the Fed MBS program," says Bankrate.com's Greg McBride. "Upbeat economic news — a return of job growth, continued improvement in both the manufacturing and service sectors — pushed bond yields higher, taking mortgage rates along for the ride."

Remember, mortgage rates respond to bond returns, and as the economy improves and the stock market improves, bonds have to pay higher returns to hold onto investors.

This is not to say that the end of the Fed's MBS program won't impact mortgage rates eventually. We have to watch the spread between mortgage rates and yields on Treasuries.

So all this good economic news is perhaps bad news for housing?

Not so fast.

Remember what I said at the top about purchase apps versus refis.

Of course a rise in rates immediately impacts refis because fewer borrowers would see an advantage.

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Thursday, April 1, 2010

Bank of America Retard Division for Short Sales

Phoenix Fringe Festival Schedule

 

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The 2010 Schedule can be downloaded here:

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Tickets are available for PHX:fringe 2010!  Purchase them early in order to insure your seat.  Buy a whole night worth and make it a great weekend!

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We are pleased to annoucnce this night of wonderful program for children at the Children's Museum of Phx!

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We are proud to present the urbanStew Interactive Art Exhibition schedule!

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For a retrospective look at the 2009 Festival, please click here to peruse last year's Official PHX:fringe Program.

 

 

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Official PHX:fringe 2010 Venues

Soul Invictus
1022 NW Grand Avenue
Phoenix, AZ 85007

Space 55
636 E Pierce Street
Phoenix, AZ 85004

Modified Arts
407 E Roosevelt Avenue
Phoenix AZ 85004

The Chocolate Factory
1105 NW Grand Avenue
Phoenix, AZ 85007
Phoenix Theatre "Little Theatre"
100 E. McDowell
Phoenix, AZ 85007

Warehouse 1005

1005 N 1st St
Phoenix, AZ 85004
   

For Artists: The following spreadsheet features information about the venues.  The videos of spaces provided by Urban Stew (Sorry no Space 55, space was under construction).  The information included is only an estimate of space and is subject to change.  Further details will be provided as we get close to festival dates.

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Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes

Staging Tips : Styled, Staged & Sold