Are New Homes having a come back.?

The article, Signs point to end of 7-year new-home slump in metro Phoenix, from www.azcentral.com, reports that Metro Phoenix’s new-home market is definitely rebounding from its seven-year slump. And builders started 2016 strong. New-home permits in January were up 57 percent from the same month in 2015, according to RL Brown Housing Reports. Lower prices could be drawing more buyers. The median price of new home fell to about $294,800 in January from $298,100 in December. Housing analysts RL Brown and Greg Burger say Valley builders are offering more lower-priced homes to better compete with the resale market. The median price of an existing home is about $225,000 now. In Pinal County, metro Phoenix’s farthest southeastern suburb, new-home prices start as low as $140,000. And that’s probably why new-home construction there shot up 114 percent last month. The increase in new-home building and sales is expected to continue for the new few years. Brown and Burger are forecasting about 18,000 new homes will be built Valley-wide this year. That will be about a 13 percent increase from last year’s home total.  Here is the link to the entire article: http://www.azcentral.com/story/money/real-estate/catherine-reagor/2016/02/26/signs-point-end-new-home-slump-metro-phoenix/80943050/

If you have thought about buying a new home there are a few things to know before you go waltzing into a model home to talk with a builder rep.

1st that is just that! They are a "builder representative" Though lots of them are great people, most deal ethically, they still get paid by the builder and you are just a customer. If you do not know the difference between client vs. customer that is certainly something you should look into. The fiduciary duties you lose as a just a customer may not seem like much until you need someone to give you ALL your options. 

2nd is the lack of fiduciary duties. Yes they are suppose to act in good faith. But from personal experience with a client buying a new build, she will even say things would have been a lot different if they had walked in the model home the day before when she was driving the neighborhoods. 

3rd is why wouldn't you? If the builder pays the commission why would you not exercise that right? You think you'll get a better "deal" and thats just to the contrary. They builder gets a better deal by not paying commissions and not having buyers know ALL their options. The builder reps just tell you and sell you. Sounds like a painful loss when dealing in the real estate world. 

Need a real estate agent? Check out what other people say about their experience working with Audrey is: http://www.audreytolley.com/reviews.html

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Best Arizona Real Estate Agent - Audrey Tolley - Realtor®

Best Arizona Real Estate Agent - Audrey Tolley - Realtor®

Relocating from California

The article, Study: Arizona a top destination for businesses relocating from California, from the Phoenix Business Journal, reports that Arizona is the third-best market for California disinvestment, according to a seven-year Spectrum Location Solutions study of companies leaving the state. Texas, Nevada and Arizona are in the top three slots, following by Colorado, Washington, Oregon and North Carolina. Report author Joseph Vranich, a site selection consultant, confirmed that more than $68 billion in capital has been diverted to other states as a result of the more than 1,500 disinvestment actions – the act of a company pulling up stakes and relocating. “Companies moving to other states save 25 percent to 35 percent of operating costs compared to California costs,” Vranich said. “As California’s business climate worsens, chances are that more companies will seek places that are friendlier to business interests,” Vranich said.

Here is the link to the entire article: http://www.bizjournals.com/phoenix/blog/business/2015/11/study-arizona-a-top-destination-for-businesses.html?ana=e_phx_rdup&s=newsletter&ed=2015-11-06&u=ErMl%2Bh%2FDycShI%2FXqymYZ6w058c7160&t=1446823446

Phoenix makes the Charts

The article, Rising Rents Hit 47-Month High, June Occupancy Matches Record, fromwww.realestateeconomywatch.com, reports that the rental market set new records in June as the national annual effective rent growth rate reached  5.1%, a 47-month high for the national apartment market and continued a streak of 5.0%-plus rent growth that is the longest in at least six years, according to Axiometrics. Though effective rent growth was also 5.1% in April and February, the June rate was the highest when extended to two decimal points (5.11%), and is the highest rate since the 5.3% of July 2011. Effective rent growth has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009. “Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market,” said Stephanie McCleskey, Axiometrics vice president of research. “The demand for apartments is still strong, despite the record number of new units being delivered this year.”

		Annual Effective Rent Growth		Occupancy Rate			Revenue Growth
Rank	MSA	14-Jun	15-Jun		14-Jun	15-Jun	14-Jun	15-Jun
1	Oakland, CA	9.6%	14.4%		96.8%	96.5%	9.9%	14.1%
2	Portland, OR	6.0%	13.6%		96.2%	97.1%	6.0%	14.6%
3	Denver, CO	8.6%	10.9%		96.1%	95.9%	9.0%	10.7%
4	San Jose, CA	9.1%	10.4%		97.0%	97.0%	9.3%	10.4%
5	Sacramento, CA	8.3%	9.8%		96.2%	95.9%	10.3%	9.4%
6	San Francisco, CA	6.7%	9.1%		96.5%	96.3%	7.4%	9.0%
7	Riverside, CA	4.3%	7.6%		95.2%	95.7%	4.9%	8.1%
8	Seattle, WA	7.0%	7.5%		96.6%	96.2%	7.3%	7.2%
9	Atlanta, GA	7.3%	7.3%		94.2%	94.8%	7.9%	7.9%
10	Phoenix, AZ	4.5%	7.1%		93.5%	94.5%	5.0%	8.0%
11	Nashville, TN	5.6%	6.8%		96.0%	96.0%	5.8%	6.7%
12	Las Vegas, NV	3.2%	6.7%		93.4%	94.5%	4.4%	7.8%
13	Dallas, TX	4.0%	6.4%		95.0%	95.6%	4.0%	7.0%
14	Orlando, FL	4.5%	6.3%		95.1%	95.7%	4.9%	6.9%
15	Fort Worth, TX	4.5%	6.2%		95.1%	95.9%	4.8%	7.0%
16	Fort Lauderdale, FL	5.0%	6.2%		95.7%	95.8%	5.6%	6.3%
17	Los Angeles, CA	4.3%	6.2%		95.8%	95.9%	5.1%	6.3%
	National	3.7%	5.1%		95.1%	95.4%	4.0%	5.4%

Here is the link to the entire article: http://www.realestateeconomywatch.com/2015/07/rising-rents-hit-47-month-high-june-occupancy-matches-record/

More Buyers Take Advantage of FHA Loans

DAILY REAL ESTATE NEWS |

Sales to buyers using Federal Housing Administration loans rose to a two-year high in the second quarter, according to RealtyTrac's June and Midyear 2015 U.S. Home Sales Report.

Buyers using FHA loans — which are typically low down payment loans that are used by first time home buyers -- made up 23 percent of all single family home and condo sales with financing in the second quarter of 2015. That's up from 19 percent in the second quarter of 2014 and the highest share since the first quarter of 2013.

"As the investor-driven housing recovery faded in the first half of 2015, first-time home buyers, boomerang buyers and other traditional owner-occupant buyers started to step into the gap and pick up the slack," says Daren Blomquist, vice president at RealtyTrac. "This is good news for sellers in many markets, providing them with strong demand from a larger pool of buyers, and U.S. sellers so far in 2015 are realizing the biggest gains in home price appreciation since 2007."

The following markets, with a population of 1 million or more, had the highest share of buyers using FHA loans in the first six months of 2015:

·         Riverside-San Bernardino-Ontario in inland Southern California: 35%

·         Las Vegas: 32%

·         Oklahoma City: 31%

·         Salt Lake City: 30%

·         Phoenix: 29%

On the other hand, these major markets had the lowest share of buyers using FHA loans in the first six months of 2015:

·         San Jose, Calif.: 7%

·         Hartford, Conn.: 10%

·         San Francisco: 12%

·         Boston: 12%

·         Milwaukee: 13%

Source: RealtyTrac / http://realtormag.realtor.org/daily-news/2015/07/23/more-buyers-take-advantage-fha-loans

The article, Sped Up: Trends that are transforming the current recovery cycle as demographics' clock ticks faster, from www.builderonline.com, reports that demographics is no longer operating on analog time, which means that changes to the math and make-up of households will impact the already somewhat tricky relationship between your front-loaded investments in developing and building new homes, and the favorable closing of the investment loop when you settle with brand new owners. Here's the way the Census bureau's data meisters reveal that 2 important data points look:

Here is the link to the entire article: http://www.builderonline.com/design/consumer-trends/sped-up_o?utm_source=newsletter&utm_content=Opinion&utm_medium=email&utm_campaign=BP_071515%20(1)&he=98ffa202ee74a09a314d51cb32a1aeaaa93195b1

Fine Living in Glendale - 5154 W RIVIERA DR, Glendale, AZ 85304

Fine Living in Glendale - 5154 W RIVIERA DR, Glendale, AZ 85304

Buy vs. Rent and FHA programs helping people get into a home with little out of pocket

Are you looking to move from your rental into a place of you own? Then the new “Home Plus” Mortgage Loan which features a non-repayable down payment assistance grant may help get you in a home you're looking for.

"The Arizona Housing Finance Authority (AzHFA), acting on behalf of the Arizona Department of Housing, announced the launch of the new Home Plus program. The loan program will be open Statewide to renters (excepting those in Pima County) looking to become homeowners.

“With the escalating increase in rents, many creditworthy renters are finding it more and more difficult to save for a down payment,” said AzHFA Homeownership Programs Administrator Dirk Swift. “With the HOME Plus program this obstacle has been removed. Home Plus gives qualified renters a pathway to homeownership with a non-repayable down payment assistance grant.”
The AzHFA Home Plus Mortgage Loan Origination Program provides a 30-year fixed-rate mortgage with a down payment assistance (DPA) grant to qualifying homebuyers purchasing a primary residence, which they intend to occupy, throughout most of Arizona. 

The DPA is provided as a non-repayable grant that can be used for the down payment and closing costs, equal to four percent of the initial principal balance of the mortgage loan. 

Qualified U.S. military personnel and veterans may receive an additional one percent of DPA for a total of five percent of the mortgage amount. 

The DPA is only available in conjunction with a Home Plus loan and is funded by AzHFA at the mortgage loan closing. 

Home Plus users do not need to be first-time buyers.

The Home Plus loan program is available to homebuyers with an annual household income less than $88,000, purchasing homes under $353,000.

 First-time and boomerang homebuyers should find the program especially helpful. Homebuyers must work through an AzHFA-approved and participating lenders to obtain a Fannie Mae HFA Preferred, 30-year fixed mortgage."

If you are look to start building your net worth and want more information on this program contact us at www.AudreyTolley.com

Source * Arizona REALTOR® Voice

http://blog.aaronline.com/2015/04/new-grant-for-renters-looking-to-purchase/  

Also seen on ABC News 15 https://shar.es/1rYoY4

"A lot of Arizonans can afford a mortgage, but sometimes that hefty down payment keeps would-be buyers out of the game. "

Audrey Tolley

Real Estate Professional Realty ONE Group
17550 N Perimeter Dr. Suite 160
Scottsdale, AZ 85255

602.980.4231

www.AudreyTolley.com

myhome@AudreyTolley.com