Buying a Home Archives - All About Anthem, Arizona

No Bubble Here! How New Mortgage Standards Are Helping

Real estate is shifting to a more normal market; the days of national home appreciation topping 6% annually are over and inventories are increasing which is causing bidding wars to almost disappear. Some see these as signs that the market will soon come tumbling down as it did in 2008.

As it becomes easier for buyers to obtain mortgages, many are suggesting that this is definite proof that banks are repeating the same mistakes they made a decade ago. Today, we want to assure everyone that we are not heading to another housing “bubble & bust.”

Each month, the Mortgage Bankers’ Association (MBA) releases a measurement which indicates the availability of mortgage credit known as the Mortgage Credit Availability Index (MCAI). According to the MBA:

“The MCAI provides the only standardized quantitative index that is solely focused on mortgage credit. The MCAI is calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.).” *

The higher the measurement, the easier it is to get a mortgage. During the buildup to the last housing bubble, the measurement sat at around 400. In 2005 and 2006, the measurement more than doubled to over 800 and was still at almost 600 in 2007. When the market crashed in 2008, the index fell to just over 100.

Over the last decade, as credit began to ease, the index increased to where it is today at 186.7 – still less than half of what it was prior to the buildup of last decade and less than one-quarter of where it was during the bubble.

Here is a graph depicting this information (remember, the higher the index, the easier it was to get a mortgage):

Bottom Line

Though mortgage standards have loosened somewhat during the last few years, we are nowhere near the standards that helped create the housing crisis ten years ago.

*For more information on the MCAI, including methodology, FAQs, and other helpful resources, please click here.

If you’re interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise.

1727 W Kuralt Drive – Anthem – For Sale

1727 West Kuralt Drive, Anthem, AZ

Get Directions Click Here

OPEN HOUSE
July 15, Saturday 12:00 PM – 4:00 PM

$ Click for current price
5 BEDROOMS | 3 (3 full ) BATHROOMS | 2168 SQUARE FEET

Pool Oasis Backyard Available in Anthem Parkside–Sparkling Large Pool, Built in BBQ and Easy Care Artificial Turf makes for a Relaxing Setting. Easy flow working Kitchen with plenty of Cabinets and Rich Maple Cabinets and lots of Countertops. Warm Rich Wood Flooring thru-out the Main Living areas. Total of 5 Bedrooms and 3 Full Baths. Master located Downstairs with Additional Bedroom and Full Bath, Three Spacious Bedrooms and Full Bath Upstairs. Garage has convenient Service Door to Backyard, Sink and Soft Water Loop. BONUS FEATURE Plantation Shutters Throughout

Schedule a Showing/Request Info

Presented By:

David Patterson

Designated Broker
Quantum of Arizona, REALTORS
623-692-6996
Licensed In: Arizona

December 2016 – Phoenix Real Estate Market Statistics

Listings Under Contract Up 2.6%

Monthly Closed Sales Up 19%

For Buyers:

There’s both good and bad news for first-time home buyers this month. The good news is that there’s been a 22% increase in single family active listings asking between $175,000-$200,000 over the last 10 weeks, going from 1,065 to 1,295. Current inventory is 10% higher than where it was in week 49 of last year, adding some much needed choice to a high demand price range. The added supply is not universal across the valley; increases have been marked specifically in Buckeye, Surprise, Sun City, Peoria and Mesa.

The bad news for home buyers is that supply overall is down 3.7% while the level of competing buyers is remaining seasonally consistent. The Southeast Valley specifically has not seen the typical increase in supply that happens this time of year. This indicates that the area will kick off 2017 with low supply just before the expected increase in buyer activity come February. In this case, the cost of waiting to purchase will be a lack of choice and possibly having to compromise on the condition or location of the property they choose to buy.

For Sellers:

Bad news for buyers usually translates into good news for sellers, especially after positive news reports of Realtor.com ranking Phoenix as the #1 projected real estate market in the country for 2017. However, it’s still not a market to be overpriced regardless of the strong demand for homes. Some price ranges have more competing listings than others, especially in areas such as North Phoenix, Mesa, Gilbert and Peoria where there is competition from new home subdivisions. Permits for single family homes have been on the rise to accommodate the demand. This provides more choice for buyers in those areas, balances out the market and keeps annual appreciation in check. The areas projected to have the highest appreciation rates are those where there is a high level of fix and flip activity along with a more affordable price range under $175,000.

This is the data taken from the entire Metro Phoenix Area. Provided by David Patterson, Designated Broker at Quatnum of Arizona, REALTORS 623-476-5005

Buying New Construction Home is Finally an Option!!

Buying A New Build Home

In the years past it just did not make sense to purchase a new build home due to the additional costs associated. However, with resale home prices on the rise the market is finally getting to a point that buying a new construction is an option. Many of the new construction home builders, Pulte Homes, Toll Brothers Luxury Home Builders and Lennar Homes, have begun to offer incentives to help make the purchase even more affordable.

If you have been holding out wanting to buy a brand new home, make it your way, it may be the time for us to discuss your options. Or fill complete your contact information and one of our Professional Agents will contact you! Remember, the builder does not represent your interests when purchasing, don’t make a move without a trusted Real Estate Professional.

Don’t Let Assumptions about Homes for Sale in Anthem Rob You of the Perfect Home

Let’s Don’t Assumptions about Homes For Sale

Many buyers, when searching for real estate in Anthem, Arizona and the surrounding areas, assume that a house that’s been listed for sale and on the market longer than the average time has something wrong with it.

Though that could be true, but in many cases, the long days on the market have nothing to do with the house itself. Instead, it has everything to do with the price, the marketing, or the presentation. Remember the old adage, Price, Location and Condition.

Let’s start with the price. Often owners of homes that are over-priced are more than willing to consider considerably lower offers, but won’t let their agent change the offered price. So take a look, and if you like it, we can offer a price for the home that is closer to what market value is. You might get a pleasant surprise. When we work with our clients we will prepare a Market Analysis on the property of interest to help you better understand the value of the home, compared to others.

The next factor is marketing. Some agents enter only one fuzzy photo and only the barest descriptions in MLS, which causes the majority of buyers to skip right on by. The house could be suffering from nothing more than a lazy agent. When you main feature sound right, sometimes it is best for us to just get out there and look at the home.

And then there’s presentation. Some beautiful homes are occupied by people who either unreasonably restrict the times the house can be shown, or fail to keep it in showing condition. You just might find a bargain if you’re willing to view the house at the seller’s convenience – or overlook unmade beds and dirty dishes in the sink.

So take a chance on spending a little time to take a look at those Anthem and Scottsdale homes for sale that have been on the market twice as long as normal. You just might find the gem you’ve been searching for.

Call me any time – I’ll be glad to go exploring with you.