Realty Executives Phoenix

Shelly S. Smith

Shelly S. Smith

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The Double Edged Housing Boom Lawrence Yun, NAR Chief Economist

(Published on - 11/17/2020 4:33:11 PM)

Taken from the November - December 2020 REALTOR Magazine (not in its entirety):

 

The housing market is in a clear V-shaped recovery.  Sales for both existing and new homes in August hit their highest mark since 2006.  Buyer activity this winter is unlikely to chill:  Mortgage applications for home purchases are up about 30% compared to a year ago.  Due to the extraordinary demand, home prices have reached an all-time high.

 

Such a frenzy, reminiscent of 2006, raises questions about a bubble and the potential for a painful crash, but there is no comparison.  Adjustable rate mortgages and the lack of documentation required by some loans were the norm back then.  Today, buyers are taking out 30-year fixed rate mortgages and are actually living in the homes; during the crash there were many vacant homes purchased by speculators who never occupied them.  

 

Fourteen years ago, there were 3.8 Million homes listed for sale, and home builders were putting up about 2 Million new units.  Now, inventory is only about 1.5 Million homes and home builders are underproducing relative to historic averages.

 

Escalating home prices could soon cause another kind of damage:  shutting out first-time home buyers.  That is why more supply is very critical.  Only when home prices rise roughly in line with income growth can we say a market is in equilibrium.  Even in the outer-skirts of our local Phoenix metropolitan area sales are brisk and competition is fierce.  There are wait lists for new build product, too.  Something we hadn't seen in a long time! 

 

 

 

 


It's Great to Be A Buyer or Seller...Sizzling Hot Market 2020

(Published on - 10/8/2020 2:34:20 PM)

 

If you have a home with some issues, it is a great time to sell it!  There is so little inventory right now in Maricopa County that there are bidding wars in many price ranges.  Under a list price of $2,000,000 it is a sellers' market!  Who would have thought this would be true after the nightmare foreclosure market in the mid-2000's?

 

If you are a buyer the interest rates could not be much better.  Full disclosure--I just closed a fixed-rate, 30-year refinance on my own home for 2.75% interest.  Folks, I don't know if you could have better interest rate conditions.  You simply have to be on the ready as soon as a home comes on the market and have a winning strategy to get the seller to take your offer.

 

I just closed on a home in August and there were, at least, four offers on this property.  Communication with the agent's team, coupled with the good fortune of my own clients' extended face time with the seller, resulted in the winning bid and we weren't even the highest offer.

 

Don't think it will turn around either.  With record numbers of people moving to Arizona and the new-home market way behind in keeping up with demand, we expect to continue to see low inventory challenges.  Call me today if you want to buy or sell.


Financing Your Purchase....

(Published on - 1/16/2016 4:03:11 PM)

Buyers:  Agents, myself included, cannot emphasize enough the importance of getting pre-approved before you get in the car to shop for a home.  It is a first step even if you know you can qualify and have a good work history.  Our current Residential Resale Purchase Contracts demand that we include Pre-Qualification Forms with our offers.

 

Additionally, I personally require that my buyers submit all documentation and be ready to write that contract!  Strange things happen that are unexpected and unanticipated even with great borrowers.  Avoid surprises and get pre-approved...here are some great resources for loans:

 

Christopher J. Gilbert

Mortgage Banker/Branch Manager

NMLS #180201

V.I.P. Mortgage Inc.

7747 W. Deer Valley Rd., Suite 240

Peoria, Arizona 85382

623.223.1805 Direct

602.540.7575 Mobile

623.218.9089 E-Fax

cgilbert@vipmtginc.com

www.vipmtginc.com

 

Susan Cossey

Loan Officer

NMLS #237875

Summit Funding Inc. (Realty Executives’ Partner)

11211 N. Tatum Blvd., #130

Phoenix, Arizona 85028

602.535.0166 Direct

623.210.4059 Mobile

480.787.5506 E-Fax

Susan.Cossey@SummitFunding.net

www.summitfunding.net/scossey

 

Jeannie Bolger

Senior Loan Officer

NMLS #194387

Fairway Mortgage

602.483.1740 Direct

602.550.8674 Mobile

866.523.4784 E-Fax

jbolger@fairwaymc.com

www.loansbyjeannie.com

 

Brian Schmidt

Mortgage Loan Originator

NMLS #208007

Arizona State Credit Union

602.644.4704 Direct

480.772.7931 Mobile

602.644.4705 E-Fax

Brian.Schmidt@AZSTCU.org

Apply Here: www.azstcu.org/brianschmidt


New Informational Tools for Flight Path Information

(Published on - 11/6/2015 6:03:04 PM)

From the October 2015 Phoenix @ Your Service:

 

Looking for updates on Federal Aviation Administration FAA flight path changes?  The Phoenix Aviation Department has a variety of helpful online tools to keep residents informed.  Visit skyharbor.com/flightpaths for weekly updates, informational videos, outreach meetings, and open houses.  You can also sign up to be notified each time an update is made to the website.  Residents can also submit a noise comment in a variety of ways on the website including through a fast track account on the PublicVue flight tracking portal, or by calling the Noise Office toll-free at (844) 244-7430. 


Do I Need To Register My Rental Property with Maricopa County?

(Published on - 10/17/2015 8:14:22 PM)

http://mcassessor.maricopa.gov/category/frequently-asked-questions/ 

 

The above link will be of assistance if you are a property owner who rents out any property you own.  Make sure you understand the rules and requirements of registering your property with the county so that it is appropriately classified for tax assessment purposes.

 

Pursuant to A.R.S. § 33-1902 any property that is used solely as leased or rented for residential purposes must register certain information related to the property and its ownership with the assessor in the county which the property is located.

 

Registered rentals occupied by a qualified family member as their primary residence per A.R.S § 42-12003 will be classified as a legal class 3, primary residence. Registered rentals occupied by non-qualified family members will be classified as a legal class 4.2, rental/leased residential.

 

Additionally, the property tax amount you pay may likely be higher as a rental.  To that end, it is important to check on your tax record to make sure you're in compliance if you do have a property leased to tenant(s) or, just as important, make sure that you're not paying a tax amount based on a rental property when you actually reside in the home (it's your personal residence).

 

Need to register?  Forms are available on the county's website!  Click here:  http://mcassessor.maricopa.gov/forms/

 

Be safe and register your rental properties!


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