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All Arizona Real Estate Buyers Should Read This




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Kiss Your Landlord Goodbye! I'm writing this at the end of August, 2006. Information changes but this article has some good stuff in it about first time house buyer's buying from the Phoenix MLS or any Phoenix real estate for that matter. Last year at this time, I don't think a new house buyer had a chance in heck of buying a house. The investors literally invaded the Valley of the Sun including Phoenix, Ahwatukee, Chandler and Gilbert and bought everything in sight. Even legitimate house buyers had a hard time buying.

Homes one year ago had an average listing life of 14 days. Now it's more like 14 months. Okay, I was exaggerating a little; it's more like about 75 days. And this is good news for first time house buyers. Other good news is that the lending industry is creating more affordable loans that should more than make up for the slightly higher interest rates. And I was just quoted 6.51% which in historical terms is great! And there is no pressure to raise the rates soon so think hard about buying a new house.

We in the industry are all watching the market right now. There are lots of houses on the market, and their average listing life is longer, that's true. It causes lots of buyer hesitation therefore they think the market will force house pricing down in the Phoenix Real Estate market. Pigs are fed, Hogs are slaughtered is an old stock market term. It means when you think it's a good time to buy, like right now, buy! By the time you see signs that the stock market or the Phoenix real estate market has bottomed out, it will have already have started back up, and you will have lost an opportunity. The first sign that the buyer's market is ending is that each month now more houses are being sold than the previous month. The market is leveling out as I type.

Home buyers who make an effort can get a ton of help right now.

Homes for Arizonans: Must be first time house buyers. Call Arizona Housing Department: 602-771-1000

Fannie Mae's "My Community Mortgage" Offered by most major lenders: Can use non-traditional locations of income like income from boarders.

Home in Five First Time Home Buyer's Program. Grants for up to 5% of closing costs or down payment. Offered through the Industrial Development Authority of Phoenix and Maricopa County. Call 602-262-6606 or 602-506-7294

Lender breaks on mortgage insurance: A few lenders offer loans to first time house buyers that don't require mortgage insurance if they take classes for house buying counseling. The following groups offer counseling: Community Housing Relocations: 602-631-9780; Neighborhood Housing Services: 602-258-1659; Housing for Mesa: 480-649-1335; Fannie Mae Phoenix Partnership: 1-800-732-6643; Consumer Credit Counseling Service: 1-800-308-2227; Chicanos Por La Casa: 602-257-0700; Community Services of Arizona: 623-435-2255.

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