THE SHANNON TEAM

Specs home at deep discounts

2007-12-10T15:28:00.001-08:00

There is a builder in the Phoenix area that wants to move some of their inventory homes. You can buy a 1841 square foot house currently marketed just over $190K for only $150K. If you are able to move quickly and close by December 31st.

That pricing is amazing. There's alot of details call us at 480/635-9333 and we'll answer all your questions.

This isn't a joke or a "bait and switch". Just a builder who has houses they are willing to sell at huge discounts to free up some of their cash.

Good builder too!

Call us......Caryn

Model home leasebacks

2007-12-06T15:01:00.000-08:00

We just learned about a great opportunity to buy model homes from builders then lease them back for the next 12-24 months. The lease amount more than covers your mortgage payment. What a great way to invest in real estate and take advantage of this buyers market while at the same time not having to find a renter.

Through this same group there are deeply discounted spec homes all over the Valley (and even some out-of-state).

It is a BUYER'S MARKET and these kinds of deals make it even sweeter!

Call us at 480/635-9333 and we'll give you the details. The see if it's something you'd like to do.

Find a great school

2007-12-04T10:20:00.000-08:00

There are several great websites. My favorite is greatschools.net. You'll find it has alot of information about our area schools....test scores, number of students, student/teacher ratios, etc. Check it out. Whether you're moving to our area from out of town or moving from one neightborhood to another, you'l find this site helpful.

I guess the holidays are here. We're going to our first party this Saturday.

Let us know if we can be helpful to you and yours!

Lots of home showings

2007-12-03T12:40:00.000-08:00

Wow! This was a busy weekend at The Shannon Team. A number of our homes had showings. That is really good news. That means we've got them priced right to attract the attention of agents and their clients. We're anticipating an offer on at least one property.

I think this just reconfirms that "price is everything"! If you want to get showings, you need to price agressively. The homes that showed this weekend are among the best priced for similar homes in the area.

Our goal is to get you the most for your house, while still being realistic about the pricing. Call us. We'd be glad to tell you what we think it would take to get your home sold.

Caryn

President Bush Announces Steps To Help American Families Keep Their Homes And Reform The Mortgage Finance System

2007-09-01T07:35:00.000-07:00

President Bush Announced Steps At The Federal Level To Help Homeowners In Need Of Assistance Avoid Foreclosure. These steps will help homeowners having difficulty paying their mortgages and ensure that the problems now disrupting the housing industry do not happen again. The fundamentals of America's economy are strong – economic growth is healthy, wages are rising, and unemployment is low. The markets are in a period of transition as participants are re-assessing and re-pricing risk. One area that has shown particular strain is the mortgage market, particularly the subprime sector.

CLICK THE LINK ABOVE AND READ THE FULL STORY.

Know Your Credit Rating

2007-08-27T16:22:00.000-07:00

Lori Dwyer - Mortgage Consultant -Ocotillo Mortgage

Contrary to what is being portrayed in the news, now is a great time to purchase your first home. The interest rates for 30 year fixed rate mortgages are dropping daily. The government continues to back 100% financing for qualified borrowers up to $417,000. The biggest deterrent for most people trying to qualify for these loans is their credit score. There are 3 major bureaus that report your payment history and a FICO score is generated from each bureau. Lenders use the middle score as an indicator to determine whether or not you are likely to repay the loan. You must have a 620 mid-score for most lenders to be eligible for 100% financing. I see errors on the majority of credit reports that I pull. If you have not checked your credit lately, I would recommend going to Annual Credit Report.com to receive a free report. All Arizona residents are entitled to one free report per year. I do not recommend paying the extra money to see your FICO score, as they are never the same as when your lender pulls your credit. What you will be able to see on the credit report is your open and closed accounts, payment history and current balance. Look for anything that is not yours, has been paid late or has been sent to collections. Often times, an old medical bill that should of been paid by your insurance never gets paid and is sent to collections without your knowledge. On the website, you have the ability to dispute anything you feel is not reporting correctly. If you can correct these problems now, it will save you time and money when you decide to purchase your new home!

CAN I QUALIFY FOR A HOME LOAN?

2007-08-17T07:55:00.000-07:00

Article posted by Hunter Clark - Listing Agent - The Shannon Team

With all the talk, headlines and news about all the mortgage companies that are going out of business, there are many with real concerns as to whether or not they can or could qualify for a home loan in today's market. You probably can!

Now, I'm not a mortgage broker, however, our preferred lenders with whom we have worked and trusted for years, have informed us that there are still great programs available to the mortgage consumer. Contrary to the "word on the street", there are programs available with 100% financing, so a qualified buyer can purchase a home with NO MONEY DOWN! This is not a gimmick or an ad. These programs are backed by the Federal Government. To qualify for 100% financing you need a credit score of 620 or higher and the interest rate could be as low as 7%. There are even programs that allow interest only as well as 30, 40 and 50 year terms.

Not every loan is the "right" loan for every person, however I do believe there is a "right" loan for every person that meets their individual needs and financial goals.
I encourage you to give us a call and let's see about putting you in touch with one of our mortgage professionals. They, like us, are customer service minded, easy to talk to, excellent communicators, knowledgeable, quick to respond to your needs and concerns and simply put, "better than the average bear!" We look forward to speaking with you and helping you to achieve your real estate goals and dreams!

~Hunter

START YOUR HOME SEARCH NOW

IDENTITY THEFT

2007-08-13T15:36:00.000-07:00

Posted by Nathan Mitchell

I just read a recent article by Patrick Ritchie (Author of The Credit Road Map), on identity theft. I’ll be honest; I’m in the dark when it comes to identity theft. It could happen to me, and it would probably take a while before I even figured out it happened! I’ll bet most people are same as me in that regard. We hear so much about it, but we don’t know much about it, and it couldn’t possibly happen to us! Did you know that identity theft affects 9 million Americans a year? Did you know on average victims spend 175 hours attempting to negate the affects of identity theft? I thought I’d give a rundown on the main points of Patrick’s article….

WHAT ARE THE METHODS THIEVES USE TO SNATCH OUR IDENTITY?

THEY LOOK THROUGH YOUR TRASH
If you put your bills, and other personal information into your garbage can, they can easily obtain it.

STEALING
Now there’s a concept! They steal your wallets and purses, bank statements, pre-approved mail, etc…

A CHANGE… (OF ADDRESS!)
They complete a change of address form, and all of your personal information (including your bank statements) goes to their mailbox.

PHISHING
Spam and pop-up messages that are an attempt to gain your personal information.

THEY’RE LIARS (AND THEY’RE PRETTY GOOD AT IT!)
They use false pretenses to get your personal information from financial institutions, etc…

HI TECH THIEVES
They steal credit card and debit card numbers using a special storage device when processing the card.

YIKES!!!

WHAT CAN WE DO TO PREVENT IDENTITY THEFT?

DON’T GIVE OUT YOUR PERSONAL INFORMATION ON THE PHONE

DON’T CARRY YOUR SOCIAL SECURITY CARD WITH YOU

DEPOSIT MAIL IN SECURED POST OFFICE BOXES, OR AT THE POST OFFICE

SHRED ALL OF YOUR RECEIPTS, AND PAPERS THAT HAVE YOUR PERSONAL INFORMATION

ONLY CARRY THE NUMBER OF IDENTIFICATION PIECES AND CREDIT CARDS THAT YOU’LL ACTUALLY NEED.

DON’T GIVE OUT YOUR SOCIAL SECURITY NUMBER
MAKE SURE YOU KNOW WHAT DAYS YOUR BILLS COME (IT’S NOT A FREE MONTH IF ONE DOESN’T SHOW UP!)

I hope you found this useful. For more in-depth information download a free copy of the Identity Theft Prevention and Response Manual.

Market Update

2007-08-11T08:13:00.000-07:00

FOR YOUR INFORMATION...

The median square footage for a single family home recorded sold in May 2007 was 1,700 square feet.
The median square footage for a townhouse/condo was 1,090 square feet.

RECORDED DATA FROM MAY 2006, TO MAY 2007

Single family home sales in the city of Phoenix decreased from 2,120 to 1,405 sales, while the median home price increased from $225,000 to $229,000.
Townhouse/condo decreased from 465 to 380 sales, while the median price increased from $153,700 to $165,745.

Single family home sales in the city of Scottsdale decreased from 535 to 420 sales, while the median price increased from $615,000 to $617,000.
Townhouse/condo sales decreased from 305 to 295, while the median price increased from $261,500 to $273,250.

Single family home sales in the city of Mesa declined from 790 to 610, while the median price declined from $249,950 to $238,000.
Townhouse/condo sales decreased from 225 to 160, the median price decreased from $157,000 to $150,000.

Single family home sales in the city of Glendale decreased from 575 to 355, and the median sales price decreased from $250,000 to $243,000.
Townhouse/condo sales decreased from 80 to 50, the median sales price decreased from $148,500 to $146,000.

Single family homes sales in the city of Peoria decreased from 305 to 245, and the median price declined from $284,950 to $255,000.
Townhouse/condo sales decreased from 50 to 35, and the median price declined from $175,000 to $169,500.

Single family home sales in the city of Gilbert decreased from 340 to 300, and the median price decreased from $327,450 to $300,000.
Townhouse/condo sales remained at 15, and the median price increased from $205,000 to $215,000.

Single family home sales in the city of Chandler decreased from 485 to 360, and the median price declined from $306,000 to $297,750.
Townhouse/condo sales decreased from 45 to 40 sales, and the median price declined from $186,500 to $175,000.

Single family home sales in Tempe decreased from 210 to 155 sales, and the median price decreased from $288,500 to $270,780.
Townhouse/condo sales decreased from 100 to 90, and the median price decreased from $198,000 to $189,400.

Note: This data was derived from an article published in the Arizona Journal of Real Estate and Business, August 2007. This information is believed accurate, but not guaranteed.

START YOUR HOME SEARCH NOW

WHAT IS YOUR HOME WORTH? CONTACT US.

2007-08-10T13:37:00.000-07:00

Is there ANY News that’s POSITIVE anymore?

Wow! I can hardly bear the thought of picking up the paper or opening up an email anymore without having to hear how horrible the Mortgage and Real Estate markets are! Every day it seems another Mortgage Company is closing its doors and trying to find a Full Time REALTOR is becoming a Full Time job. Is there anything positive for us to hear or read anymore? I’m here to tell you, THERE IS!

We’re no longer competing with fly by night competitors over promising what they cannot deliver that are here today and gone tomorrow. It seems that only the “Best of the Best” are still around and, if you ask them, business is GREAT! The truth of the matter is that this is a GREAT market! Sellers still want to sell and Buyers still want to buy. This is the type of market that gives us the ability to show you how we can work and provide real value to you. A few years back, you could put a sign up in your yard and before you could get back to the front door there’d be five offers on your property. Not in this market. Now you need Mortgage and Real Estate Professionals who can stand tall, assist and consult with financial and marketing strategies and masterfully negotiate for you and with you to achieve your goals and dreams. We at The Shannon Team, along with the amazing partners we have established through the years with Mortgage and Title companies, are alive and well! We strive to build advocates through you, our clients, through exceptional service and responsiveness so that you would tell your friends and family that they’d be “crazy” to work with anyone other than The Shannon Team. If you have friends or family that have real estate needs, give them some good news. Give them some GREAT news! The Shannon Team is here to help!

START YOUR HOMESEARCH WITH US RIGHT NOW!

CURIOUS WHAT YOUR HOME IS WORTH?? CONTACT US

Know your lender

2007-02-12T12:49:00.000-08:00

The Arizona Republic, reports that the Department of Financial Institutions, which oversees state banks, credit unions, escrow firms and mortgage brokers and bankers, is backing a new bill-- House Bill 2320-- which if passed will require the licensing of most of Arizona's mortgage loan officers and originators and bring more accountability to the industry. It is estimated that there are 18,000 unlicensed people taking mortgage applications, negotiating rates and getting loan commissions statewide. If the legislation becomes law, mortgage officers and originators will have to take a class on the business, pass a test and pay a fee. Complaints have soared from Arizona consumers getting mortgages with hidden fees and prepayment penalties and higher rates than promised. Foreclosures are climbing because many of those homeowners can't afford their mortgage payments. More than 30 states have laws licensing mortgage officers. "So many sales contracts fall out of escrow in the Valley because of incompetent mortgage people," said Mary Gomez, a West Valley real estate agent with Realty Executives. "Real estate agents have to have licenses. Appraisers have to have licenses. All mortgage officers should, too."

Stabilizing Market

2007-01-30T08:41:00.000-08:00

Valley new home market shows signs of stabilizing, from The East Valley Tribune, reports that following a year of slumping sales, the Valley's new home market is expected to stabilize in 2007 as builders continue to get rid of excess inventory. "2006 activity will cause the industry to pause and recognize that housing in this market area has to be affordable," said RL Brown, publisher of the Phoenix Housing Market Letter. The dramatic run up in prices during last year's housing frenzy was not sustainable, he said. Home sellers will need to price homes according to today's market or withdraw their listings. Builders must be more realistic if they plan on staying in business, Brown added. The median price of a new home in the Valley was $285,000 in December, down 5 percent from December 2005 but up 8.5 percent from January 2006. Prices should begin to stabilize to a more traditional 4 percent to 5 percent rate of appreciation, he said, adding that new home permits should be in the low 40,000's.

Valley new home market shows signs of stabilizing
http://www.eastvalleytribune.com/index.php?sty=83184

The Shannon Team is growing!

2007-01-26T12:33:00.000-08:00

Even though many realtor's business have fallen off over the past year, The Shannon Team continues to grow. We've added four new, experienced buyer's agents to our staff. They are Nathan Mitchell, CJ & Cortney Goos, and Nancy Wilson. Cortney will pull double duty along with Hunter Clark representing sellers as well as buyers.

In addition to adding agents, we've also hired our first Customer Care Manager, Ashely Conover. Ashley primary function will be to be the first point of contact with potential clients that come to us via websites, phone calls, emails, and all other media campaigns.

We are now positioned to take our business to the next level and offer our clients the highest level of service possible.

Better days are forecast, but at a cost

2007-01-26T11:01:00.000-08:00

Better days are forecast, but at a cost, from The Arizona Republic, reports that housing analyst RL Brown told a crowd of about 1,300 that Phoenix's new home market will get better after this year, but only if builders get serious about reducing spec-home inventory and prices and making a bigger commitment to service. Brown estimated that as many as 25,000 unsold spec homes are sitting on the market, the result of buyers backing out of deals when they couldn't sell their existing homes. Brown reported that the Valley finished 2006 with a building permit total of 42,460, down from the over 60,000 permits pulled in 2005. Brown expects permits to total 41,000 this year and 48,000 in 2008. They expect the market to hit 47,000 permits in 2009 and 50,000 in both 2010 and 2011. Even with the reduced building, Brown expects that Valley will continue to be one of the country's top housing markets.

Better days are forecast, but at a cost
http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0126biz-housing0126.html