Scottsdale Real Estate Blog - Real Estate

Will the First-time Buyer Credit be Extended?

I am hearing different things about the current First-time Buyer Credit that is set to expire at the end of November.  I’ve been told that an extension is in the works but we won’t know until it is officially announced that it was accepted and in force.  Will it remain the same – $8,000 and only for first-time buyers?

If you are waiting to purchase to see if there will be an extension and if it will be better, you are taking a gamble.  However, if you don’t already have a contract in the works you might not hit the current deadline to close your sale.

Has the credit helped the sagging Scottsdale real estate market?

I have heard different opinions and I guess it depends on where an agent works and what kind of market they work in.  Some agents…

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Arizona in Top Ten Foreclosure States

As you can see from the list below, Arizona is the 2nd out of the top ten states regarding foreclosures and it affects supply and demand which then affects prices.

For the first half of 2009, here are the state foreclosure stats:

1.  Nevada (1 property in every 16 is in foreclosure)

2.  Arizona (1 in 30)

3.  Florida (1 in 33 which surprises me as I thought Florida was faring worse than Arizona, although they're very close)

4.  California (1 in 34 - again a surprise as I thought California would be first)

5.  Utah (1 in 69)

6.  Georgia (1 in 70)

7.  Michigan (1 in 74 - again, I thought this would be higher based on bad news I've heard, but since this is the entire state, we're not just talking about hard-hit Detroit)

8. …

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Four Quick Curb Appeal Tips

Whether you're trying to sell a home or not, the curb appeal of your house is something you can't hide. Spring is here and it's time to create your plan on exterior home maintenance after winter.

1. Clean It Up

Cleaning up debris and any other clutter (Christmas lights still up?) should be done as soon as you can. Store any out-of-season or holiday decor away. Clean up leftover leaves, branches, and other lawn waste.

2. Start Planting

Now is the time to start planting spring bulbs for summer flowers. You can also start trimming down certain plants that require pruning for best growth.

Now might be the time to consider adding flowers, shrubs, and/or trees or removing some that just aren't working out. Check with your town, subdivision or HOA…

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Is the Media Creating This Declining Market?

I made a post on Active Rain (a popular real estate blogging site with agents from all over the world) about Scottsdale homes for sale - current supply and demand.  I put the following chart on that post showing factual information from April of last year to April of 2009.  I did not make this chart myself - I copied it from a program that I utilize that gets the data from our MLS (multiple listing service).  It is not easy to read here since I had to shrink it down to fit in this blog.  But even without reading the numbers, you can see how many homes are up for sale (red) compared to those with contracts (blue) or that have already sold and closed (green).  As of today, there are 332 Scottsdale homes for sale and this chart was compiled a few days…

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New Appraisal Agreement - HVCC

I had heard of something new coming on May 1st to the mortgage industry.  I was trying to find out what it was, and I found out today.  It is called the Home Valuation Code of Conduct, or HVCC for short.  Do a search for either name and you will see some links explaining it, dating back to 2008.

HVCC is not a law

It is an agreement between Fannie Mae and Freddie Mac and New York's Attorney General Andrew Cuomo.  Some banks have already been following the agreement although it was slated to go into action starting today (May 1, 2009).

Supposedly, it is trying to keep banks from turning to a shortlist of preferred appraisers and to use AMC's (Appraisal Management Company) instead.  AMC's are like middlemen for appraisers and charge each appraiser a…

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There Are Great Deals In This Market

I am seeing such great deals lately that I'm actually considering selling my own home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.

We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.

The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a…

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The $8,000 Tax Credit Made Easy

Update:  Please read my latest post about The First Time Home Buyer Credit being extended as it contains some updates to this post. 

A possible short sale homeowner will be listing her Scottsdale home for sale with me soon.  She is hoping that we will be able to sell it without having to do a short sale but I am not optimistic about it (she needs more than the home is worth based on comparables and the home is located on a busy street, bringing its market value down even further).  She mentioned that the $8,000 tax credit will not really benefit her because her home is out of most first-time buyers' affordability, needs, and wants.

I told her that she might not get a first-time buyer for her home, but this credit will help her because a first-time…

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Buying a Home on a Busy Street

This is an older post that is still relevant today, so don't be put off by the date it was created.

I recently showed buyers a home they wanted to view that was located on a busy street.  I told them that I would show it but I also gave them my feelings about making such a purchase.  The Scottsdale home for sale was originally listed at $579,900 and was now priced at $509,000.  That might sound like a bargain with such a high price drop, especially in the area.

But at $509,000, it still is not sold.  I think it needs to go below $500,000, but even then I don't think this property is a real bargain because of its location.  From articles I've read in the past and my own deductions, the value of a home on a busy street (or near a train track,…

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New Customized MLS Search

After years of using what is called a VOW search, the top website for Scottsdale homes for sale has converted to a new custom IDX MLS search.  What is the difference?

With the previous VOW search prospects had to fill out a registration form before they could see any information on a property.  It was a requirement for having a VOW search available and an individual webmaster could not change that.

With the new custom Scottsdale MLS search you can see exactly how many properties match your search and you'll see photos and a little information about each one.  You won't be asked to register unless you want more information.

As with the VOW, registration is quick and easy and only requires your name and e-mail address.  We never share or sell your…

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Lower Interest Rates a Christmas Gift?

Rates are going down again and the timing makes you wonder if this is a holiday gift for weary buyers and sellers.  Will these lower rates kick start the real estate market for 2009?  How long will these rates last?  Will they go even lower?

I have read some great and interesting articles lately regarding the economy and interest rates.  Some feel that lowering interest rates is not enough to get buyers interested.  They feel home prices are still too high and buyers are only buying the best values.

Well, that's pretty much always true.  In a normal market, the best homes in a buyer's price range are the ones that will be purchased.  The overpriced homes will sit until the sellers start reducing.

But our inventory is still very lopsided compared…

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