|
|
What a
great time to buy a house. Interest rates continue to hover near all
time lows and the supply remains high. If you plan to buy a home to
live in or a second home, the opportunities that are available right
now probably will never be seen again.
The number
of lender owned properties makes buying different than it has been
in recent years. With that in mind we have added a link to our web
site for lender owned properties. You can reach it from the link on
this newsletter.
Happy House Hunting!! |
|
When will you accept my offer? |
|
Q: I have put an offer on a single-family residence at $2,000
over the asking price. The property is a short sale and the bank has
already received seven offers on it. The deadline to accept or deny
my offer was 5 p.m. last Wednesday.
Instead of accepting or rejecting my offer, the bank contacted the
agent saying they are waiting until Monday to make a decision. What
are my options and what are they trying to do?
A: Here's what's happening: The bank is trying to make a decision in
a timely manner and your attempt to force the issue isn't working.
(Nice try, but no dice.)
So, you have a choice. You can formally withdraw your offer or you
can let it sit and see what happens.
Each lender has a process by which it has to evaluate each of the
offers that has come in for an REO property to see which one is the
best -- best isn't always the highest offer, by the way. It could
mean they're looking for the strongest buyer or one who is able to
use the bank's financing (which is another way for them to recoup
their investment.)
I'd have your agent stay in touch with the lender to smooth things
along and make sure the lender has all the information he or she
needs to make a decision. It's possible the lender will come back to
you (and everyone else) on Monday to ask for another round of
bidding. Or, the lender might simply come back and say, yes or no.
Unless you formally withdraw your offer, at that time you can decide
whether to agree to purchase the property if you're given the
opportunity.
ddress their needs in your newsletter each month. Include a photo to
make your newsletter even more appealing. |
|
Hot Market: phoenix provides Lesson in Real Estate Trends |
|
 by M.
Anthony Carr
The Phoenix real estate market is beginning to show signs of life
again. Jay Butler, director of Realty Studies in the Morrison School
of Management and Agribusiness at Arizona State University's
Polytechnic campus, says as the prices have dipped to 2005 levels,
April sales responded with the first upward swing in as many years.
"For the first time since July 2005, the local resale housing market
has posted year-over-year improvement," according to an online piece
from Arizona State University's Realty Studies department. Phoenix
home sales jumped year over year by 15 percent. "April had 5,585
recorded sales in contrast to 4,855 sales for a year ago and 4,335
sales in March 2008," according to the report.
As markets go, when real estate prices escalate quickly -- say in
the double digits -- it creates a feeding frenzy as consumers join
the herd in running toward a good deal. This is what happened in
Phoenix in the early 2000's, before it reached a saturation point.
Buyers disappeared and prices depreciated. As in many markets where
job growth has continued, but the desire for housing was stymied by
high prices, consumers rented. Now, with prices backing down,
renters may be making a comeback to the sales market.
Foreclosures have played a large part in the price reductions,
according to Butler. Foreclosures now make up 44 percent of all
houses selling under $200,000. Last year, those homes made up only
16 percent of the market. Butler says, the most evident impact of
lower prices is improved affordability.
Published: May 23, 2008
|
|
Ralph & Tricia Bredahl
West USA Realty
4505 E Chandler Blvd. #200
Phoenix AZ 85048
480-730-9693
|
|
|
|
|
Featured Article |
|
 |
|
May 2, 2008
By Ed Taylor
Tribune
The Arizona Business Conditions Index has moved into growth
territory for the first time since November, indicating that
growth, albeit small, is returning to the Arizona economy.
The index, which is compiled by the W. P. Carey School of
Business at Arizona State University, stood at 52.2 in April,
the first time that it climbed over 50 since November, when it
also recorded 52.2.
Any reading above 50 indicates the economy is growing, and below
50 suggests economic contraction.
The index is based on surveys of supply-chain managers at
Arizona companies.
In the latest cycle, the index hit a low of 46.3 in February and
rose to 49.3 in March.
"Fifty-two point two is not stellar, but at least now we're
going the other way," said Dawn McLaren, research economist at
the business school. "We took two steps toward the good side."
McLaren said the production component of the index was primarily
responsible for the move into positive territory. It stood at
55.6, the highest since November. But she also was pleased with
the new orders component, which registered 54.5.
That indicated that more new orders were flowing in during the
month, and economic activity will have to continue in the future
to fill those orders, she said.
A negative indicator in April was the price index, which stood
at 77.6, down slightly from March but still suggesting strong
upward pressure on prices.
In a perverse way, rising prices could be a positive sign for
the economy because they might encourage companies to stock up
on supplies before they become more expensive in coming months,
McLaren said. If prices start to moderate, companies could pull
back on purchases because they don't see such a pressing need to
beat future price hikes, she said. |
|
West USA Reatly
Gilbert,
AZ 85297
480-730-9693
WWW.RalphandTricia.com |
|
|
