Phoenix Real Estate Home

30 year fixed mortgage rates near record low this week

Michele Guss — Fri, 09 Oct 2009 16:57:48 +0000

30 year fixed mortgage rates have been below 5% for 4 straight weeks now! This week we reached an average of 4.87% for a 30 year fixed mortgage. This is the second lowest recorded 30 yr fixed mortage rate since Freddie Mac began keeping track in 1971. The lowest recorded rate for a 30 yr fixed rate was 4.82% in May of this year. A year ago 30 year fixed rate mortgages were averaging 5.94%. 15 year fixed loans are even lower averaging 4.87%.

Feel free to call me if you are considering purchasing a home and need a referral to a lender.

Today’s Washington Business Journal: Pelosi says homebuyer credit may be extended

Michele Guss — Thu, 08 Oct 2009 21:15:41 +0000

See below for the full article from today’s Business Journal:

Thursday, October 8, 2009, 2:47pm EDT

Pelosi says homebuyer credit may be extended

Washington Business Journal - by Jeff Clabaugh Staff Reporter

The first time homebuyer tax credit may be extended, and even expanded, according to House Speaker Nancy Pelosi.

The $8,000 credit is set to expire Dec. 1.

“Yes, there is under consideration whether we extend the first time homeowners credit,” Pelosi said at a news conference Thursday. “And the question is, would that be just first time homeowners or would you open it up to other purchasers of homes.”

The tax credit has been among incentives fueling a rise in housing sales this year. The National Association of Realtors, which last month called on Congress to extend the credit, says it has brought 1.2 million new buyers into the market.

The NAR estimates 350,000 of those buyers would not have purchased a home without the credit.

Several lawmakers, including U.S. Sen. Benjamin L. Cardin, D-Md., have called for a six month extension of the credit.

An estimated 40 percent of all homebuyers in 2009 are eligible for the credit.

Fountain Hills Public Art Tours-1st Saturday of the month 11/7/09-4/3/10

Michele Guss — Wed, 07 Oct 2009 17:21:09 +0000

Here’s a great way to take a good walk while seeing and learning about outstanding works of art. Beginning November 7, and on every first Saturday of the month through April 3, guided tours will be offered of the Town’s nearly 70 sculptures located at the Civic Center, along Avenue of the Fountains, and at Fountain Park. This collection of public art is valued at over $1,000,000 and includes works by internationally renowned artists.

Every first Saturday, volunteer docents will lead two tours and provide information about each work of art, the artist, and the inspiration behind the creation. The first tour, beginning at 9 a.m., will visit artwork along the Avenue of the Fountains and in Fountain Park. Each tour costs $5 and begins at the entrance to the Town of Fountain Hills Community Center. The second tour will begin at 10 a.m. and take place in the Sculpture Garden area. Registration is required for the tours.

Art lovers on the guided walk of this unique collection under the sun are advised to wear a hat, comfortable walking shoes, and bring water.

When: First Saturdays, November 7, 2009 - April 3, 2010

Time: 9 a.m. - 10 a.m.: Fountain Park Tour
10 a.m. - 12 p.m.: Sculpture Garden Tour

Where: Town of Fountain Hills Community Center Entrance,

13001 N. La Montana Drive, Fountain Hills, AZ 85268

Registration: On-line at http://www.fh.az.gov/recreation, or in person at the Community Center and Town Hall. You may also register on-site the day of the art walk if space is available. Please arrive approximately 15 minutes prior to the beginning of each art-walk tour for same day on-site registration.

Cost: $5 for each tour

New Policies for Southwest Airlines; pets, children & 3rd bag

Michele Guss — Sun, 31 May 2009 18:29:01 +0000

For those of you planning to travel this summer, Southwest Airlines has 3 major upcoming policy changes. The summary is as follows:

1) Pets: Previously they did not allow pets in the cabin or cargo. Now they will allow passengers to bring a small dog or cat into the cabin with them during flights for a fee of $75 each way. (US Air charges $100 each way) The pet must be contained in a carrier that fits under the seat, and that carrier will count as the passenger’s carry-on bag for those flights.

2) Children: There will be a $25 each-way service charge to watch over children ages 5 to 11 who are unaccompanied by adults. This service previously was offered for free.

3) 3rd Bag or bags over 50lbs: They will increase its existing service charge for a third bag or overweight (51 to 70 pounds) bag from $25 to $50. Passengers will continue to be able to check two bags under 51 pounds without a charge. The baggage policy will take effect on June 17, 2009.

The pet and unaccompanied-minor charges will apply to tickets purchased on or after June 1 for people flying on or after June 17.

2009-2010 Culture Pass

Michele Guss — Mon, 13 Apr 2009 22:34:28 +0000

I received an e-mail from the Phoenix Museum of Art with a link for the 2009-2010 Culture Pass. I had no idea what it was so I followed the link and found out some great info about the program.

This is how it works: From April 1, 2009-April 1, 2010 you can visit participating public libraries and check out the pass. A receipt will be issued with a due-date that admits 4 for FREE to several different area arts and cultural institutions. Only one pass can be checked out per person, per loan period. The pass is good for 7 days then it expires. You do not need to return it to the library. There are a limited number of passes at each library and they are available on a first-come, first served basis. They can not be reserved, renewed or requested through interlibrary transfer. Passes may be limited to general admission only. Special exhibitions may not be covered, and other restrictions may apply.

Participating libraries:
City of Chandler, City of Phoenix, City of Glendale, City of Scottsdale, City of Mesa, and City of Tempe.

Participating Institutions:
Arizona Museum for Youth
Arizona Museum of Natural History
The Bead Museum
Cave Creek Museum
Children’s Museum of Phoenix
Desert Botanical Garden
Heard Museum (Phoenix, North Scottsdale & Surprise)
Mesa Contemporary Arts
Phoenix Art Museum
Phoenix Zoo
Scottsdale Museum of Contemporary Art
Taliesin West-Frank Lloyd Wright Foundation)

For more info, go to your local participating library or theculturepass.com

Revamped Basha’s set to open in Fountain Hills

Michele Guss — Fri, 13 Mar 2009 18:47:59 +0000

The completely rebuilt Basha’s in Fountain Hills will open again on March 31st, 2009. It will feature an Italian kitchen and gelato bar, Wi-Fi lounge with flat-screen TV, organic food section, community meeting room, and children’s Cub House. Click on the following link to read the full story:

http://http://phoenix.bizjournals.com/phoenix/stories/2009/03/09/daily57.html?ana=e_du_pub

Foreclosure tally: Good news and Bad News

Michele Guss — Thu, 12 Mar 2009 15:02:01 +0000

I read an interesting quote in a Phoenix Business Journal article, ”Foreclosure tally: Good news and Bad News” dated March 11, 2009. It states, “Market indicators in the Phoenix area show that median home values have remained relatively constant for the past 90 days.” They are expecting this to be the case for the next 6 months and are predicting recovery by the end of the year.

To read the full story, click on the following: link:http://phoenix.bizjournals.com/phoenix/stories/2009/03/09/daily44.html?ana=e_du_pub

Fountain Hills St. Patricks Day Celebration

Michele Guss — Wed, 04 Mar 2009 18:41:15 +0000

If you are looking for something to do to celebrate St. Patty’s Day, why don’t you consider coming out to Fountain Hills next Saturday, March 14th, 2009. Click on the following link to see event details:

http://www.fountainhillschamber.com/Home/tabid/193/ctl/Details/Mid/1021/ItemID/654/Default.aspx?selecteddate=3/14/2009

Fannie Mae requires a 10% earnest deposit on cash deal

Michele Guss — Fri, 16 Jan 2009 19:58:45 +0000

I was talking to a friend of mine about a condo she is purchasing out of state and was quite surprised when she told me the details of the transaction and what she was required to do in order to get her purchase contract accepted. Here is the scenario…she found a bank owned condo that was listed for $45,000 (remember, this condo is not in AZ!). She made an cash offer of $43,500 with a $1000 earnest deposit. She received a counter offer from the bank for a purchase price of $44,000 and was told that Fannie Mae requires a 10% earnest deposit on cash offers! As a realtor, I was not aware of this policy/guideline. After she made a few calls to Fannie Mae, it was confirmed that this is their policy, that it is not a new policy, this is just the way it is. We are talking about $4500 on this particular deal, not a HUGE amount of money but a substantial amount compared to the $1000 originally offered.

I have to admit it got me thinking and my thoughts wandered (as they often do) to the bank (sellers) perspective: Perhaps it gives them some reassurance that you are serious about buying. Maybe they feel it would be a lot easier to walk away from lets say $1000 than 10% of a purchase price. Sounds to me like they want to be sure you have the cash on hand but shouldn’t a guarantee of funds be sufficient?

Then I looked at it from a buyers perspective: 10% can be a substanial amount of money to show good faith or “earnest”. Note to cash buyers looking at Fannie Mae owned homes, be prepared to ”show them the $$!”

It seems the general concensus is ”there are plenty of bank owned homes out there”…”the banks are going to give them away in order to get them off their books”. Guess the banks are not as anxious to rid themselves of these homes as originally assumed?

Renters to get some relief when home is in foreclosure

Michele Guss — Thu, 15 Jan 2009 16:55:51 +0000

Recently I have had several calls from tenants that need to move due to the fact that their landlord is in foreclosure. I did some research and was not able to find much information for remedies for tenants. Low and behold, today I read 2 articles that directly address this issue.

The first article is a new policy being enacted by Fannie Mae for lender owned homes. They are going to offer tenants the option to continue renting for market value. Click on the link to read the full story:
http://washington.bizjournals.com/washington/stories/2009/01/12/daily62.html?ana=e_du_pub

The 2nd article addresses a new bill being introduced to the AZ legislature. It will require landlords to give tenants at least 30 days written notice if they are in foreclosure and makes it a misdemeanor if they fail to do so. Click on the link to read the full story:
http://phoenix.bizjournals.com/phoenix/stories/2009/01/12/daily43.html?ana=e_du_pub