The Arizona Republic of June 28, 2007, reports that Gilbert, in the Phoenix East Valley, is now the 5th fastest growing city in the U.S. with a population of 191,500 at the end of 2006.
A bit of coincidence but Phoenix is now the 5th largest city in the U.S. at over 1.5 million population. Maricopa County, which includes metropolitan Phoenix, has a population of 3,768,123 as of July, 2006. It now ranks fourth among the nation's counties and is greater than the population of 23 of the 50 states. The center of population of Arizona is located in Maricopa County, and just by happenstance, in the town of Gilbert.
We are blessed with a warm climate, excellent city and state management, and a great economic climate to boot. The bets are that the Phoenix Metro area will rebound well ahead of the rest of the nation in the Real Estate sector. Sales of single family detached homes so far in 2007 is 26,518 with an available inventory of 54,250 as of this writing - a 1 year supply of homes with more and more Sellers finally realizing the boom is over and reducing prices accordingly. With mortgage rates returning to the 6% region again, ( http://www.bankrate.com/brm/news/mtga/June2807_mortgage_analysisa1.asp ) it is an exceptional time to buy in the Phoenix area.
And yes, I do believe what I just wrote.
Thursday, June 28, 2007
Friday, June 22, 2007
Blu-ray vs HD-DVD and RESPA
I have HD TV and an old DVD player. I guess I'm missing something?
Some background from Sept. 2005:
http://www.engadget.com/2005/09/19/blu-ray-vs-hd-dvd-state-of-the-s-union-s-division/
Wasn't even aware there was a contest going on and now it may be settled. When I go to Blockbuster, I rent a DVD. Now I have to decide between Blu Ray and HD-DVD? And buy a new player? I'm still upset that VHS beat out BETA decades ago!
http://www.pittsburghlive.com/x/pittsburghtrib/news/s_513097.html
Now, back to the subject or Real Estate - RESPA is a term you are or will become familiar with if or when you purchase a home. It is a bit murky just what RESPA is, but it does offer benefits the Buyer should be aware of and something about which Realtors should become bit more educated.
The following is one of the better treatise on the subject I have seen. I honestly do not recall the original source and commend the writer, but most important I strongly urge you read it. It is in .PDF format. If you do not have the Adobe® Acrobat Reader® installed, you may download it free of charge from the Adobe's website at: http://www.adobe.com/
Now for the treatise. http://www.denismarque1.com/re/respa.pdf
This was written from the perspective of the Realtors responsiblities in March, 2005. You may have read more recent articles about loan fraud that has thus far put some 80 lenders nationwide out of business. Colusion between real estate agents, lenders and appriasers locally has prompted the Arizona Legislature and Governer to pass laws that will very likely place some in jail with very large financial penalties. Needless to say, they apparently haven't read RESPA very recently.
Some background from Sept. 2005:
http://www.engadget.com/2005/09/19/blu-ray-vs-hd-dvd-state-of-the-s-union-s-division/
Wasn't even aware there was a contest going on and now it may be settled. When I go to Blockbuster, I rent a DVD. Now I have to decide between Blu Ray and HD-DVD? And buy a new player? I'm still upset that VHS beat out BETA decades ago!
http://www.pittsburghlive.com/x/pittsburghtrib/news/s_513097.html
Now, back to the subject or Real Estate - RESPA is a term you are or will become familiar with if or when you purchase a home. It is a bit murky just what RESPA is, but it does offer benefits the Buyer should be aware of and something about which Realtors should become bit more educated.
The following is one of the better treatise on the subject I have seen. I honestly do not recall the original source and commend the writer, but most important I strongly urge you read it. It is in .PDF format. If you do not have the Adobe® Acrobat Reader® installed, you may download it free of charge from the Adobe's website at: http://www.adobe.com/
Now for the treatise. http://www.denismarque1.com/re/respa.pdf
This was written from the perspective of the Realtors responsiblities in March, 2005. You may have read more recent articles about loan fraud that has thus far put some 80 lenders nationwide out of business. Colusion between real estate agents, lenders and appriasers locally has prompted the Arizona Legislature and Governer to pass laws that will very likely place some in jail with very large financial penalties. Needless to say, they apparently haven't read RESPA very recently.
Wednesday, June 20, 2007
OUR MARKET AREA
Is Gilbert the fatest growing city? 1,000 new reisidents per month?
http://realtytimes.com/rtcpages/20070620_mrktconditions.htm
Some might be tempted to move to Canada!
http://realtytimes.com/rtcpages/20070620_trebmidjune.htm
Phoenix is at the top of the PMI risk list?
http://realtytimes.com/rtapages/20070620_riskindex.htm
Mortgages heading up?
http://realtytimes.com/rtcpages/20070518_rates.htm
You won't just get the good news here. Yes, Phoenix is a Buyer's market but there are risks and pitfalls. Make sure your Realtor gives you a candid picture of the market and the homes you are looking at compared to the overall market.
http://realtytimes.com/rtcpages/20070620_mrktconditions.htm
Some might be tempted to move to Canada!
http://realtytimes.com/rtcpages/20070620_trebmidjune.htm
Phoenix is at the top of the PMI risk list?
http://realtytimes.com/rtapages/20070620_riskindex.htm
Mortgages heading up?
http://realtytimes.com/rtcpages/20070518_rates.htm
You won't just get the good news here. Yes, Phoenix is a Buyer's market but there are risks and pitfalls. Make sure your Realtor gives you a candid picture of the market and the homes you are looking at compared to the overall market.
Saturday, June 16, 2007
OUR BLOG BEGINS
We begin this process of blogging as neophytes even though we hold an e-PRO designation, a National Association of Realtors (NAR) certification of Internet prowess.
We will attempt to keep you informed of items crucial to your thoughts regarding Buying or Selling Real Estate. We will draw from the thoughts of those with expertise in the statistics and trends of the Real Estate market and from my fellow agents and their current assessment of the environment.
We will link you, where possible, to pages on the internet containing significant items of interest. A couple or so examples:
In the last 2-3 weeks locally, we have seen rates increase by nearly 0.5% to 6.75% on "Conforming Loans" - those that permit the lender to sell the loan to National Clearing Houses.
We will attempt to keep you informed of items crucial to your thoughts regarding Buying or Selling Real Estate. We will draw from the thoughts of those with expertise in the statistics and trends of the Real Estate market and from my fellow agents and their current assessment of the environment.
We will link you, where possible, to pages on the internet containing significant items of interest. A couple or so examples:
Are there renters in your neighborhood?
PMI or MIP may now be tax deductible!
Are mortgage rates going up?
In the last 2-3 weeks locally, we have seen rates increase by nearly 0.5% to 6.75% on "Conforming Loans" - those that permit the lender to sell the loan to National Clearing Houses.
Coupled with the 44,000+ Single Family Homes now available on MLS in the Grater Phoenix area, this would seem to be a very good time to consider buying!
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