Greater Phoenix Metropolitan Area Real Estate Blog

From The Old Mortgage Guy’s Almanac: Foolish April Weather

Christoph — Mon, 08 Feb 2010 18:20:28 +0000

From The Old Mortgage Guy’s Almanac – Foolish April Weather:

April’s weather can fool many of us into thinking that winter is hanging on. We probably think the same way about current interest rates staying low forever, so don’t be fooled!

The feds are officially ending the support for the mortgage market on March 31st and have already slowed down the purchase of mortgage backed securities. The massive buying of mortgage backed securities by the feds overall lowered the rates by about 1%, but we already can see that the fed is already slowing their buying and, rates are starting to tick up. We will probably see rates go back to around 6% by the beginning of April.

photo credit: Muffet

So who is going to buy mortgage backed securities after the Federal Reserve completes their intervention? The answer is private investors. However the big question remains how attractive will mortgage backed securities be to the private investors once the government-induced demand disappears? If the Dollar remains fairly strong and the unemployment rate keeps declining we might see an environment where rates might make a move . In other words if the whole economy keeps improving (a strong dollar, adding jobs) private investors might be willing to accept higher risks and money might start flowing to the capital markets to the detriment of the bond market. In sum, positive signs on the stock market are negative for Mortgage bonds.

April 5th the new, higher one time MIP on FHA loans goes into effect and the upfront mortgage insurance premium goes up to 2.25%. The First Time Home Buyer Tax Credit is also set to expire in April (you must be under contract by April 30th 2010). So we have a bunch of uncertainties ahead of us which could influence the Housing Market and Mortgage Climate.

I wished I had a the “Old Mortgage Guy’s Almanac” to predict the mortage and real-estate-market, but I dont. So I just can give you my most educated guess. Regardless on how well the overall economic climate improves, rates will likely go up because the feds will stop their intervention.

So regardless if, as you’re reading this, there are still low interest rates in the air, make no mistake, higher interest rates are on its way!

Back to the “new-old” path with Sunstreet Mortgage, LLC

Christoph — Thu, 04 Feb 2010 23:03:30 +0000

Back to the “new-old” path with Sunstreet Mortgage, LLC”

I’d like to share some very exciting news with you. As you know, I have spent the last five years of my life in the Real Estate Industry.

Over the last couple of months I realized that I needed to make a change. Now, I find myself changing direction and following a new, and by the same token old, career path.

Ten years ago, working as a Loan Officer with Lund Mortgage, I had more hair, but only a little experience in the lending field.

Back then I had a tough going and most likely it had something to do that back at that time it was all about taking applications for refinances, and it was not too important to comprehend the needs of real estate agents and brokers. So I became one.

Over the years as a REALTOR; friends, family and acquaintances have asked for my mortgage-opinion advice regarding financing a home and as a REALTOR I have always loved working to help people achieve their goal of home ownership. I always seemed to find the time to help out when ever possible, but never really could be directly involved in the lending process.

To be honest, it drove me nuts not to have a hand in the lending aspect of the real estate transactions I helped facilitate.

Now, I am bald, have some more experience and certainly a better understanding of what agents (and consumers alike) need in a mortgage-partner.

Considering the mortgage industry and lender licensing in these turbulent times, the amount of lenders has significantly shrunk. This is my opportunity to get back to my old, now new again, path to help consumers achieve the goal of home-ownership.

Times are different from when I began my original quest. More regulations, procedures and paperwork are now in the mix, as well as the mortgage loan officer license. I view this as a new and exciting challenge and opportunity.

As of January 14th 2010 I am a loan officer originator with Sunstreet Mortgage, LLC – and trust me, I did not make that decision lightly. You probably haven’t heard about Sunstreet Mortgage, LLC in the Phoenix Metropolitan Market yet, but that will soon change with the new branch opening. I will tell you more about the branch and the company later…

Now that the cat is officially out of the bag this blog will transform and I will try to post more regularly.

Historic Phoenix, 21st Willo Home Tour & Street Fair

Christoph — Fri, 06 Feb 2009 04:10:39 +0000

21st Willo Home Tour & Street Fair this Sunday, February 8th 2009:

If you follow my blog, you might know by now that I love historic homes. Perhaps it has something to with the fact that I grew up in Europe and once lived in a timbered house in Southern Germany (here is a picture on flickr of the Street where I grew up) that dated back to the 14th Century.

February is Willo Historic Home Tour Month, and I have previously written about the Willo Historic Homes Tour. No, Historic Willo does not date back to the 14th Century; however, it is the largest historic district in Phoenix, Arizona and presents itself as a great area to live for people who don’t dig stuccoed Tuscan Style 2×6 Construction behind block walls or “Fauxdobi” (as I call fake adobe homes).

The Willo Neighborhood dates back to the 1920’s and 1930’s, and is where architectural styles like Tudor Revival, Greek Revival, Spanish Colonial and Pueblo Revival appeared decades ago and now may be an ideal hunting ground for “Historic Home Hunters”. So, if you have been pondering about possibly moving to a historic neighborhood then the Historic Willo Home Tour and Street Fair is a great way to get get your feet wet.

This year people can even purchase tickets at a discounted price if they buy their tickets online (that is if purchased prior to Saturday, February 7th 2008 at 1:00 PM) and then are able to pick them up conveniently at 3rd Avenue and Holly; just don’t forget to print your receipt and bring it with you.

Happy New Year!

Christoph — Wed, 31 Dec 2008 19:41:03 +0000

Happy New Year!

I want to take a moment and wish all of you a prosperous, healthy, and safe New Year! As this year is coming to an end, enjoy the very last day of 2008, and ring in 2009 with a happiness.

photo credit: bryanecho

Harj Gill’s Mortgage Acceleration System Speedequity® for Free!

Christoph — Tue, 23 Dec 2008 05:55:42 +0000

Speedequity® FREE for a Limited Time!

During the summer of last year, when the decline in the housing market started to become obvious, Mortgage Acceleration Systems started to become more prominent and created a big buzz among consumers.

I have written about Accelerated Mortgage Payoff Programs previously, but now in these tough economic times the interest in this topic may even grow bigger.

There have been many different opinions out there whether one should pay off a home mortgage early at all, to pay off the mortgage early using the help of a Mortgage Acceleration Software or to simply make bi-monthly payments.

With this big buzz different products and offers came along and also with them a lot of hope for consumers to get out of debt. After all, it sounds to good to be true that it is possible to pay-off a home loan in half the time without refinancing.

Today is my little boy’s birthday and Christmas is just around the corner, so I thought I would pass along a gift for everybody who wants to find out how Accelerated Mortgage Payoff Programs work.

Click here for your free Speedequity® Mortgage Acceleration System

UPDATE: This Promotion has ended, however the good news is that a 12 months subscription is still available for $49.95!

Nope, you won’t find false hope for gain offered in exchange for profit, instead you will get a free very inexpensive resource to educate yourself on how Mortgage Acceleration works. It is definitely not for everyone and each individual situation since it requires more discretionary income than your monthly liabilities, but your financial situation may change in the future and you possibly could benefit from implementing Mortgage Acceleration in your financial plan later down the road – without having spent a lot of money upfront.

So, from now until December 31st of 2008 I will be giving away Speedequity® for virtually for FREE!

After that, Speedequity® will be available at a very reasonable price (to be announced) but definitely NOT for $3,500.00.

Full Disclosure: I am an affiliate of Harj Gill’s Speedequity® System and won’t be making a dime off the Free Speedequity® subscriptions. There is a possibility that I will make a couple of bucks down the road from paid subscriptions which will pay for hosting and maintenance.

Photography: Sore Stomach Muscles at the Stray Cat Theatre

Christoph — Thu, 11 Dec 2008 20:21:58 +0000

Photography And Sore Stomach Muscles at the Stray Cat Theatre in Tempe, Arizona

Lately I have been taking my photography hobby a little bit more seriously and found myself motivated to learn more about professional lighting.

One of the best way to learn something is by actually doing it, at least that method works best for me and last Sunday I had the opportunity to gain more knowledge by assisting my friend John at a photo shoot at the Stray Cat Theatre in Tempe.

Of course knowledge has its price and I promptly was delegated to schlep the gear, work as the “human remote control” and operate the light meter, but overall that was a fair trade for the opportunity to gain the experience of a real life photo assignment to photograph the children’s cast of “A Very Merry Unauthorized Scientology Pageant”.

Yes, photographer’s assistants have to pay their dues, but this time there was an additional perk: I got to see the show before the photo shoot.

Photos by iaincaradoc

I am usually not the kind of guy who says “hey let’s go to the theatre”, but that may just have changed. After watching a show of the Stray Cat Theatre at the Center For Performing Arts (not to be confused with the Tempe Center for the Arts on Rio Salado near Tempe Town Lake.) which caused sore stomach muscles from laughing so hard to a really, really well performed satire.

Don’t take my word for it, just read the Stray Cat Theatre Reviews.

Ticket prices are really reasonable, especially on Sundays where it is only twelve bucks for everyone. And with the Phoenix Light Rail opening very soon you can even take the rail to get there, and it is only a short walk from the Light Rail Stop at East 5th Street and College to the corner of South Forest Avenue and East 6th Street.

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Phoenix F.Q. Story Historic District: 24th Annual Home Tour

Christoph — Fri, 05 Dec 2008 04:21:05 +0000

24th Annual F.Q. Story Home Tour December 6th and 7th, 2008

In the short existence of this blog I have written a couple of blog posts about Phoenix Historic Districts and this weekend we continue on the Journey through the Phoenix Historic Districts.

This weekend, the 24th Annual F.Q. Story Home Tour and Gift Sale will open on Lynwood Street. It will start Saturday, December 6th 2008 and will start at 6:00 PM and go until 9:00 PM. It opens again on Sunday and will go from 11:00 AM to 5:00 PM.

It all began with Frances Quarles Story, a wool merchant who purchased the area (that is known today as the F.Q. Story Historic District) in the early 1900’s.

Back then, Phoenix was way smaller and had a population of only 29,000 and the F.Q. Story Development was touted as ”The Place, the Thing, and the Time you have been waiting for.”

Today, Phoenix has added a couple of zeros to its population count and what was once a suburb, the F.Q Story Historic District is now in the heart of the city and features some of the most beautiful Historic Homes and architecture.

Between McDowell Rd. and Roosevelt St. and from Seventh Ave. west to Grand Ave you will find 602 homes in various architectural styles and probably not a single one is alike.

Walking through the neighborhood you will see great examples of Spanish Colonial Revivals, English Tudors, Craftsman Bungalows and Transitional Ranches, and that is completely free. If you like to explore the inside of the Homes on Tour then you will need to purchase a $15.00 Ticket at the booth at 9th Ave. and Lynwood St. But if you like to save a buck simply clean out your pantry and bring your non perishable food items.

For more info visit: http://fqstory.org/

Oh by the way if you are looking for a new home, but tile roofs and stucco-boxes is not quite what you have in mind, then there are some beautiful homes available for sale and for rent:

Christkindlmarkt coming to Mesa, Arizona

Christoph — Wed, 03 Dec 2008 23:15:53 +0000

Christkindlmarkt coming to Mesa, Arizona:

The holidays are approaching fast and usually this is the time of year when I reflect on childhood memories of the holiday season. One of my favorite things was going to the Christkindlmarkt and I can’t tell you how much I miss the smell of roasting chestnuts and warming up with a cup of good, hot & strong Glühwein between my fingers.

After being in Arizona for over 10 years, I have become pretty thin-blooded and I am already starting to shiver when it is 65 degrees out, but every once in a while I miss the “Winter Wonder Land” and the holiday atmosphere from home.

photo credit: Rinaldo W

This December 6th I will be able to get a little “taste of home” when the Arizona Center for Germanic Cultures is presenting its first annual Christkindlmarkt in downtown Mesa.

The Christkindlmarkt – a celebration held throughout Central Europe – will bring cherished German and European traditions to Mesa with holiday entertainment, German and Austrian cuisine, vendors and local artisans selling merchandise like children’s toys and Christmas ornaments, and much more for the whole family! Admission will be free.

Perhaps I’ll see you there!?

Where: Mesa on North Macdonald Street near Main Street

When: December 6th, 2008 – 12:00 Noon until 10:00 PM

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Price decline for Greater Phoenix Resale Homes, but Sales Volume up

Christoph — Sat, 15 Nov 2008 04:15:48 +0000

Greater Phoenix resale numbers show decline in prices:

photo credit: kevindooley

Realty Studies associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus reports that Greater Phoenix residential resale numbers show a huge decline in prices.

The decline in prices certainly does not come as a surprise as we painfully witnessed this negative trend over the last couple of months, however ASU’s Jay Butler’s findings may signal a glimpse of hope.

The October 2008 same-month sales volume of non-foreclosed resale homes increased by a whopping 58% compared to resales numbers reported in 2007. Median home prices in the Greater Phoenix Metropolitan Area have come down by 30% compared to October of last year and sparked interest for potential investors and owner-occupants, especially in the lower income ranges.

Lower prices are certainly helpful to improve the absorption of the existing inventory but so far we are nowhere near to a recovery of the real estate market due to; eroding consumer confidence, a weak economy, possible job losses and tighter mortgage underwriting guidelines.

Diverse Solutions dsSearchAgent IDX solution greatly enhanced

Christoph — Fri, 07 Nov 2008 05:38:20 +0000

Diverse Solutions releases great enhancements to their map-based IDX MLS search solution dsSearchAgent:

Last June, after great due diligence I have implemented a map-based mls property search on the Greater Phoenix Metropolitan Area Real Estate Blog because it is simply one of the best. Today, approximately 5 months after the initial release the map based MLS-search has gotten even better.

Here are some of the most significant improvements:

The search panel has been completely overhauled. Now you are able to expand the search criteria boxes by the clicking on them with your mouse.
The text boxes and sliders are no longer separate options. Instead, your can now use either option at your will and use either option at any time. No more switching back and forth, just simply choose your preferred method of input.
The first search box (city / community / tract / neighborhood / zip input box) has been changed. Instead of using commas to separate the different areas, you will need to press “enter” when you’re finished typing or just click on the city in the drop down. Entering multiple areas is much easier now.
Now you can search for pre-foreclosures (short sales, notice of default, etc) and foreclosed (bank owned) properties. Diverse Solutions developed a proprietary algorithm that analyzes each property’s description to determine whether or not a property is a pre-foreclosure or has been foreclosed upon. If you view the details of a property the search returned you will know wether the property is a foreclosure or pre-foreclosure.
Looking for a home in a certain school district? Now you have the option to search for properties by typing in the name of the school and/or school district. Once you entered the the first two letters a drop-down menu will appear with available schools and/or school districts to choose from.
Bargain hunting? Now there is a feature to easily look for properties by price-drop-percentage over a period of days. Just select your parameters.
Have you seen a lot of properties? Now you can take and save notes to make your pre-selection easier.

The guys and gals over at Diverse Solutions say that today is a really good day, and I totally agree!

Now what are you waiting for? Go explore the new features and start searching for properties on the Phoenix Home Search!