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Archive of "AZ Housing Market" Category
85207 4BR/3Bath Homes Under $500,000
By: Ann Belfield
85207…What a great time to buy your dream home or investment property in this beautiful, picturesque, location of Mesa, Arizona. Presently, there are 66 homes priced under $500,000 with four or more bedrooms, three or more baths that are active on the market in 85207. The average list price of the homes is $379,433. Since January 1, 2010, 29 homes in this category have closed, with an average sales price of $344,674.
The map below displays the current active listings in 85207 that are 4+ bedrooms, 3+ baths under $500k. Search for your dream home today… Visit my Home Search button to customize your home search.
Housing Market Snapshot for 85207, Mesa, Arizona
By: Ann Belfield
The Housing Market Snapshot for 85207, in Mesa Arizona, reveals that there are 494 active homes on the market. The average sales price of homes that sold from March 1, 2009 to April 27, 2009 declined $187,805 to $244,110 compared to the same period last year. This reflects a decline in the price per square foot of $158 in 2008 to $101 in 2009. The number of home sales increased by 18 to 103 compared to the March ‘08 – April 27, 2008 snapshot. The table below presents an overall snapshot for all single-family detached homes in the 85207 zip code area.
Housing Market Snapshot for Single-Family Detached Homes in 85207
Monday, April 27, 2009
Home Status
# of Listings
Average List or Sold Price
Avg. Approx List or Sales Price/SqFt
Avg Cumulative Days on Market
Active
494
$578,227
$164
178
Pending
117
$281,188
$106
121
Pending w/ contingencies
12
$277,081
$107
199
Pending w/ instructions
31
$229,611
$102
133
Closed
3/01/2008-4/27/2008
85
$431,915
$158
157
Closed
3/01/2009-4/27/2009
103
$244,110
$101
132
Overall
757
$468,270
$143
161
Source: ARMLS.Flexmls.com 27 April 2009. All information deemed reliable but not guaranteed.
With the average pending home sale price increasing over the closed sales price, the month of May should see a slight increase in the overall sales price. Also, with fewer Jumbo loans available and stringent qualification criteria in place, the average price of homes closed is skewed as compared with the previous year when jumbo loans were still available because more homes are selling under $400k than over the amount. Stay tuned for the May snapshot update for the community of Las Sendas and the 85207 zip code.
HUD’s FHA 203(k) Program Allows Home Buyers to Rehab a Home with a Low Down Payment
By: Ann BelfieldThe Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development, provides a Section 203(k) program for the rehabilitation and repair of single family properties. The FHA insures the loans which are offered through approved lenders.
This loan program is unique compared to other loan programs because it allows the borrower to finance both the acquisition of the property and the rehabilitation of the property under one loan. There are two options offered under the Program, one is FHA’s Streamline 203(k) Mortgage and the other is FHA’s 203(k) Mortgage.
Under the Streamline 203(k), buyers can finance a minimum of $5,000 up to a maximum of $35.000 into the loan to improve or upgrade their home before moving in. This allows the buyer to tap into money to pay for repairs and improvements, identified by a home inspector or FHA appraiser. The Streamline(k) document found in the HUD Mortgagee Letter will provide more detailed information on the types of repairs, improvements, costs, and other factors that are specific to the program.
FHA’s 203(k) Mortgage program is HUD’s primary program for the rehabilitation and repair of single family properties. The properties that are eligible can be up to four dwelling units and must have been constructed for at least one year. The advantage of the 203(k) program over other loan programs is that the FHA program allows a low down payment, around 3.5%, and it allows the purchaser to take out one loan to cover the purchase and costs of upgrades.
Below is a summary of the topics that are covered on HUD’s “Rehab a Home with HUD’s 203(k)” web site.
FHA 203(k) Rehabilitation Program
What is the Maximum FHA Loan Amount?
The FHA loan limit, as of February 26, 2009, in Maricopa County, Arizona, is $346,250. The 203(k) program allows for up to 110% loan-to-value.
Eligible Properties
(A) One to four-family dwellings that have been completed for at least one year.
(B) Homes that have been raised with at least the existing foundation in place.
(C) Property conversions, i.e. one family dwelling to two, three, or four-family unit.
(D) Moving of an existing home to another site
(E) The loan may be originated on a “mixed use” residential property with stipulations.
Eligible Improvements
Painting, room additions, decks and other items, such as solar energy
Condominium Unit
For individual units that have been approved by FHA, the Dept. of Veterans Affairs, or are acceptable to FNMA.
Required Improvements
All of the rehabilitation construction and/or additions financed under the Section 203 (k) must comply with the following:
(A) Cost Effective Energy Conservation Standards
(B) Smoke Detectors
Required Appraisals
The appraiser must provide an opinion of the After Improved value of the property and may have to provide an As-Is Value.
Recently Acquired Properties
Homebuyers who purchase the property with cash, can refinance using the 203 (k) with 6 months from purchase.
Architectural Exhibits
The property must comply with HUD’s Minimum Property Standards (24 CFR 200.92d and /or JUD Handbook 4905.1).
All information is deemed reliable, but not guaranteed.
Source: FHA 203 (k) Rehabilitation Mortgage Insurance.
List of HUD Approved Lenders in Arizona: The Home & Communities web page found within the HUD website provides search for HUD approved lenders by state, city and zip code.
FHA’s Energy Efficient Mortgage Program (EEM), which can be linked to a 203(k) loan, allows a borrower to finance into the loan, 100% of the cost of eligible energy efficient improvements, up to 5% of the property’s value, not to exceed $8,000 or $4,000, whichever is greater. For more information on the Program, see FHA’s EEM website. The FHA offers other programs that can be found on their Resource Site. The site will also help you check to see if you qualify for one or more of their programs.
Details of FHA’s 203(k) Program are lengthy and contain many intricate details, but it is a great way for purchasers to revamp a distressed property and/or add energy savings features to a property. Click here and ask for your FREE list of properties available in the Gilbert, Mesa, Phoenix, and Scottsdale area of Arizona.
Las Sendas Housing Market Snapshot: Home Sales Slightly Increase While Median Home Prices Decline
By: Ann Belfield
Home sales increased a mere 6% in the year-over-year comparison for the time period from January 1st to April 16th this year as compared to last year, while the median sales price experienced a 28% decline. With a median sales price of $318,246, Las Sendas is an affordable alternative to similar picturesque places in the valley like North Scottsdale. Las Sendas market activity has seen a 98% increase in active listings from January 1 to April 16, 2009 as compared with the same period last year.
With an increase in active listings on the market, it presents an opportune time for buyers to purchase their dream home property, while taking advantage of low interest rates and possibly other government incentives. The table below presents a summary of the year-over-year statistics for the January through April time period.
Las Sendas Housing Market Single-Family Detached Year Over Year Comparison:
January 1st to April 16th 2008-2009
01/01/2008-04/16/2008
01/01/2009-04/16/2009
% Change
Total Active
94
186
98%
New Listings
58
87
50%
# Sold
32
34
6%
Avg Sales Price
454,434
441,846
-3%
Median Sales Price
445,000
318,246
-28%
% of List Price (Closed Transactions)
94%
95%
1%
Source: ARMLS.Flexmls.com 16 April 2009. All information deemed reliable but not guaranteed.
About Las Sendas.
The majestic community of Las Sendas, nestled amongst the Tonto National Forest is a jewel in the City of Mesa, Arizona. With similar geographical amenities as North Scottsdale, the gated master planned community of Las Sendas is elevated from the Valley’s floor, providing beautiful city lights and sunset views. The community offers housing ranging from townhomes to exclusive multi-million dollar custom homes.
Dream homes can be viewed throughout Las Sendas. Custom homes within Las Sendas are unique architecturally and blend well into the desert. Recently, an18,000 square foot “solar” mansion, under construction in the Peaks of Las Sendas, was featured in the Arizona Republic (azcentral.com). This $4 million mansion is poised to be one of the largest solar powered homes, with a 20.16 kilowatt system, in the Salt River Project’s grid. Other homes around Las Sendas have solar and some pools are solar heated. The community itself presents a sustainable minded landscape, limiting the use of grass and promoting the use of native, low-water use plants.
For more information on properties in and around Las Sendas and Mesa, Arizona, visit Arizona Red Rock Properties.com.
Fed to Crackdown on Loan Modification & Foreclosure Fraud
By: Ann BelfieldOn April 6, 2009, the Federal Government, along with State Partners, issued a press release on cracking down on Foreclosure Rescue Scams and Loan Modification Fraud. Many companies are posing as legitimate organizations, sending out official government like mailers and online ads. These companies often ask for a minimum payment up front to initiate a loan modification. Help is FREE at the government’s sites, you don’t have to PAY.
The U.S Department of Treasury established their Making Home Affordable website as a resource tool to help homeowners refinance or modify their mortgage. This site contains a wealth of information and tools that homeowners can utilize to see if they qualify for a loan modification or a loan refinance, among other valuable resources. The program targets 9 million homeowners who have a loan held by Fannie Mae or Freddie Mac.
The Federal Government issued the following advice regarding loan modifications:
- Only work with HUD-approved nonprofit counselors,
- Do not agree to pay a fee before you are provided with the promised service,
- Beware of people offering “guaranteed” results, and
- Do not sign blank forms or documents that you have not read.
The U.S. Department of Treasury offers a hotline number, 888.995.HOPE (4673), for FREE foreclosure counseling assistance. Also, check out www.FinancialStability.gov for the latest news on President Obama’s Plan, economic data and updates from U.S. Treasury Secretary Timothy Geithner. Another helpful site is: www.hud.gov where you can find extensive guide to avoiding foreclosure.
In Summary, the following links are useful when trying to wind through the myriad of questions and concerns associated with loan modifications, short sales, foreclosures, loan refinancing, and other issues surrounding Obama’s Making Home Affordable Plan and your own housing situation. Here they are in brief:
OPTIONS TO HAVING SHORT SALES: www.financialstability.gov
Are you Eligible? http://www.makinghomeaffordable.gov/
Are you Eligible for a Home Affordable Refinance? http://www.makinghomeaffordable.gov/refinance_eligibility.html
Are you Eligible for a Loan Modifications?
http://www.makinghomeaffordable.gov/modification_eligibility.html
Contact your Mortgage Company: How to find your Mortgage Company’s Information at the Housing and Urban Development’s (HUDs) Hope Now website.
Guide to Avoiding Foreclosure: HUD.gov
According to Attorney General Madigan, authorities are sending a clear message to the scammers and it is not a question of if the government will come after them, but when they will. Do not be swindled by the unscrupulous mortgage rescue scammers, remember help is FREE. Protect yourself and save money by checking out the government links above.
