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Real Estate FYI

Home Prices On The Rise!

by Michelle Trimmell on May 15, 2012

Word on the street is that home prices are surging in metro Phoenix.  According to the W.P. Carey School of business at Arizona State University (ASU), the median price of a house in the area went up to $134,900, with an increase of 8 percent in March alone.  Overall, prices have gone up 20 percent in the past year.  This is expected to continue but not quite as rapidly.

Mike Orr, director of the Center for Real Estate Theory at ASU, doesn’t think home prices will continue to climb as fast as they did in March over the next few months.  However, he notes that housing appreciation in Phoenix for 2012 will likely reach 25 percent by September.  Orr credits the turnaround to major drops in foreclosures and in the number of homes for sale, along with an increase in sales.  The number of homes lenders took back in metro Phoenix is down 60 percent from March 2011.

Housing inventory has dropped steadily during the past year due to the barrage of investors taking advantage of the market.  Actual home sales increased 35 percent since year ago as typical buyers have joined investors in the mix.

Prices have begun to rise at a fast pace, and bargains are no longer plentiful,” Orr said.  “Most homes that are priced well are attracting multiple offers within a couple of days, and many are exceeding the asking price.”

March’s price increase was the sixth in a row for the Phoenix housing market.  Most real-estate analysts say the streak of rising home prices, along with slower foreclosures, is proof that a housing recovery has begun!  More and more national analysts say the metro Phoenix area is leading the U.S.’ housing market recovery.

Bottom line is, plenty of interested buyers and not enough inventory.  Makes sense to me.  We should start seeing prices increase as demand is there but the inventory can’t meet the demand.  So as has been the case over the last few years – we all expect it to change and now are even starting to see the market changing so while a recovery is inevitable, it’s just a matter of when.  Looks like we may see it sooner than later!

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10 Things To Do Within 10 Minutes Of Estrella Mountain Ranch

by Michelle Trimmell on November 28, 2011

As the residents of Estrella Mountain Ranch themselves put it, “We’ve all come from different places and discovered something special here in the Sonoran Desert.  As we make our way up the hill along Estrella Parkway and approach two beautiful lakes and the scenic golf course framed by the Sierra Estrella Mountains, we know we’re home in a place unlike any other.”  The area around Estrella Mountain Ranch also offers a wide variety of events and activities.  Below are just 10 of those that are within 10 minutes of this inviting community:

Estrella Mountain Regional Park

Estrella Mountain Regional Park  comprises almost 20,000 acres, most of which is still pristine desert.  The developed area of the Park contains 8 major mixed use trails (hiking, mountain biking, and horseback riding) of more than 33 miles, a 9.5 mile competitive track, campgrounds, two baseball fields and a large horse staging area.  The Park also boasts the county’s only grassy picnic area, a golf course, and a professional level rodeo arena.  The address is 14805 W. Vineyard Ave., Goodyear.  The park is open 365 days a year.  Telephone: 623-935-2505.

White Tank Mountain Regional Park

At 30,000 acres the White Tank Mountain Regional Park is the largest in the County system.  The Park features extensive campgrounds, eleven major trails and a ten mile competitive track.  The barrier-free Waterfall Trail, though only one mile in length, is the most visited trail in the system, featuring trail-side petroglyphs, varied desert scenery and plants, and a seasonal waterfall.  The Park is located at 13025 N. White Tank Mountain Road in Wadell, which is about 10 miles northwest of Goodyear.  The park is open 365 days a year.  Telephone: 623-935-2505.

Sierra Estrella Wilderness

Bordered entirely on the north and east by the Gila Indian Reservation, Sierra Estrella Wilderness contains knife-edged ridge-lines, steep slopes, and rocky canyons, one of the most rugged mountainous areas of Arizona.  From September to March, you can enjoy any one or more of the following activities:  biking, boating, camping, caving, climbing, hiking/backpacking, water sports, picnicking, wildlife viewing, hunting, fishing, horseback riding, and more!   There are services and facilities that include campgrounds with showers, restrooms, and drinking water, a marina, rental cabins, cultural-historic sites and exhibits.

Golf Courses

There are numerous golf courses surrounding this area including Tuscany Falls at Pebble Creek, Palms Course, Fairways Golf Center and Eagles Nest at Pebble Creek.

Wildlife World Zoo

Located immediately north of Goodyear in Litchfield Park, the Wildlife World Zoo has Arizona’s largest collection of exotic animals with over 2,400 individual animals representing more than 400 exotic and endangered species.  The state’s first Aquarium has now opened at the Zoo – 16501 W. Northern Ave., Litchfield Park.  Their phone number is 623-935-WILD.

West Valley Arts Council

The West Valley Arts Council (WVAC) invites audiences of all art forms to include dance, music, and theatre.  In addition to public performances, WVAC is gaining recognition across the state and nation as a significant force in arts education.  The Council provides arts education and initiatives that directly serve more than 40,000 children annually.  Following are just a few of the programs WVAC provides:
WVAC Arts Advantage:  These 60-minute performances feature a variety of artists in order to expose elementary-age students to many art forms.  More than 1,000 students participate each year.  KidTix:  Free tickets are made available to selected WVAC concerts for students who otherwise might not be able to afford to attend.  Missoula Children’s Theatre:  This one-week residency for students aged 5-18 introduces participants to the world of live theatre.  The program starts with auditions and ends with a full staged performance of a classic fairytale.  Missoula fills a void for students who would otherwise have to travel outside of the community for theatrical experience.  You can check out their website for upcoming public events.

Events

The City of Goodyear sponsors seasonal events throughout the year to include the Family Concert Series where families can come together to enjoy some of the best bands in the southwest!  Families can bring lawn chairs and blankets as well as food and beverages and listen to a wide variety of musical performances for the whole family.   There are also on-site vendors available.  The concerts are FREE!

Skate Park

Come on down to the Goodyear Skate Park – located in the Goodyear Community Park at  3151 N. Litchfield Rd., Goodyear – for exciting demonstrations by skateboarding experts.  Check out the latest equipment at vendor booths & presentations.  Skate Fest takes place in the Spring here and includes raffle prizes, food and merchandise vendors, and music provided by a live DJ.

City Market

City Market takes place at the Goodyear Ballpark, 1933 S. Ballpark Way, Goodyear, on the 1st Saturday of every month from October through May (with the exception of March when Spring training takes place).  The market offers fresh produce, and arts and crafts.  The schedule and details can be found on the Goodyear Special Events website.

Movie Night At The BallPark

Do you miss the drive-in movie theater?  Well you can drive on over to Goodyear Ballpark and watch FREE, family-rated movies with your family and friends!  There’s a movie every month from May through October.  You can find the calendar of movies at the website.   Parking and admission are FREE and concessions are available.  Goodyear Ballpark is located at 1933 S. Ballpark Way, Goodyear, AZ 85338.

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Title Companies & Inspectors Around Phoenix

by Michelle Trimmell on November 1, 2011

Need a title company or inspector?  I searched around for some reputable title companies and inspectors throughout the Phoenix Metro area.  These companies all provide the same basic service so the only thing that distinguishes them from each other is their reputation for quality service.  I based the  list below on favorable referrals.  I added some contact and company information.

Home Inspector: Buyers & Sellers Property Inspections LLC

AZ Cert.# 43362, InterNACHI Member, BBB Member
Website: www.BuyersSellersPi.com
Email: BuyersSellersPi@aol.com
Phone: (602) 703-9607
This company began in 2005.  The owner, Dave Hill, promises that a maximum of 2 inspections are scheduled per day.  Hill states, “Unlike commission driven inspectors, I like to take my time and provide you a quality, detailed inspection.  You will get your money’s worth at Buyers & Sellers Property Inspections!”  He even offers a link on his company website for you to check out the Standards of Professional Practice for Arizona Home Inspectors.  Hill also provides a report and summary that is easy to read and includes color photos.

Buyers & Sellers Inspections includes:

  • FREE 90 day warranty for buyers and sellers
  • FREE security alarm inspection
  • Errors and Omissions Insurance to protect you!
  • Scheduling the termite inspection for you as needed

Home Inspector: Sun West Home Inspections

Phone: (602) 999-8166
Email: azsunwest@cox.net

The owner of Sun West, Jose Martinez, strongly encourages clients to accompany him during inspections and to ask questions during the inspection process.  He guarantees customers will get a comprehensive report that is easy to understand, including digital photos.  Everything identified during the inspection is included in the report.  Jose’s clients say he is never in a rush and provides simple explanations and possible solutions to issues for customers.  They also say he is easy to work with and is very accommodating to client schedules.

Termite Inspector: SunWest Termite and Pest Management

Phone: (480) 964-3288
Address: 2505 N Bellview, Mesa, AZ 85203

This company began in 1988 and is based out of Mesa, AZ.  They provide termite inspections as well as a variety of pest control services.

Title Company: Fidelity National Title Company

Fidelity Title has branches throughout the valley in Tempe, Chandler, Phoenix, and Goodyear.
The office referred to me is located at 60 E Rio Salado Parkway, 11th Floor, Tempe AZ.
Website: www.fntarizona.com
Phone: (480) 214-4500

Title Company: First American Title Company

First American Title started all the way back in 1889 in Orange County California.  The company has branches throughout the valley that are easily found on the web.  The one referred to me was the Tempe office, located at 2125 E Warner Road, #103 Tempe, AZ.  There is also a location on 7805 S Hardy Dr., #109, in Tempe.  I was told they have friendly staff and are very thorough.  They have a lot of offices making it convenient for clients to go to their closings as well as plenty of experience in underwriting title policies for other title companies.
Website: www.firstam.com
Phone: (480) 777-0614

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AZ Agency Encourages Short Sales Rather Than Foreclosure

by Michelle Trimmell on October 24, 2011

In an effort to encourage sellers to short sale their homes rather than let them go to foreclosure, in  September the Arizona Department of Housing (AZDH) began accepting applications for a new program where they will offer $4,500 to sellers and 3% of the purchase price to buyers for help with closing costs on homes in short sale.  The new program is in response to lackluster participation in the existing program aimed at helping struggling homeowners modify the principal balance on their current loan.

The AZDH offers various programs to try and help struggling homeowners keep their homes as well.  Under the unemployment mortgage aid program, unemployed Arizona homeowners can receive temporary payment assistance for up to 24 months while they seek employment.  Additionally, those who qualify can apply for the aforementioned Principal Reduction Program. 

The Principal Reduction Program provides a loan modification utilizing principal reduction of up to $50,000 with a matching contribution from participating lenders to reduce the mortgage payment to 31% of the homeowner’s monthly income.  Participants must meet certain requirements, including eligible hardship, property type, loan balance, income level, and other conditions.

While this could be good news for struggling homeowners, the largest servicers and lenders are not required to accept any terms issued by the AZDH and have only agreed to 6 modifications in the state to date.

Still for those who qualify, these programs could help homeowners save their homes from foreclosure as well as salvage their credit.  Worth looking into at http://www.housingaz.com/.

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Home Buying Is So Much Easier With A Good REALTOR!

October 11, 2011

Ever wonder what the advantages are to having a good REALTOR?  What can they do for besides just find you a house?  The list below will gives a broader view of the numerous advantages to working with a reputable, experienced REALTOR.  A REALTOR will: Go over your home requirements, wants, needs and desired locations Provide [...]

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Home Prices – Increasing Or Decreasing?

October 4, 2011

There was an increase in home prices for the fourth month in a row as of July around most of the nation. According to the S&P/Case-Shiller index, there was an increase in home prices month over month from April – July which is typical during spring and summer seasons. Of course, we are not in [...]

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Rent Or Buy In Arizona?

September 26, 2011

I saw an interesting report today about whether it’s more economical to rent or own homes in Maricopa and Pinal counties.  It had a comparison ratio of median purchase price to median annual rent.  The lower the ratio, the better it would be to own a home.  The higher the ratio, the better it would [...]

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What’s Great About Tempe, Arizona?

September 13, 2011

Tempe, Arizona – a city named after the Vale of Tempe in Greece – is a landlocked college town alive with excitement and vitality and is growing rapidly.  Bordered by Scottsdale, Phoenix, Chandler, and Mesa, Tempe is Arizona’s seventh largest city and the home of Arizona State University (ASU), the third largest university in the U.S.  [...]

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8 Buyer Incentives for Home Sellers

September 7, 2011

Trying to sell a home in today’s market can be much like trying to sell swampland in Florida!  Sellers are having to fix up, price down, and sit and wait for their house to sell.  Sellers can offer incentives to try and sell their home but both buyers and sellers have to ensure that they [...]

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5 Ways To Minimize Risk When Buying A Home

August 30, 2011

It used to be that buying a home was the most solid investment a person could make.  Not so anymore.  Buyers today have more trepidation than ever.  But there are things you can do to minimize the risk of purchasing a home: 1)  Get a mortgage loan with a fixed interest rate Statistics show that [...]

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