Depending on the community, a Homeowners Association can be run by the homeowner’s in the community (usually on a volunteer basis) or an independent firm. Typically non-single family homes HOA fees  include maintenance of the exterior of the home. Exterior paint, exterior landscaping, community pools, sanitation, driveways etc. are usually paid for by the HOA. HOA’s for single family homes typically do not cover exterior paint and landscaping, therefore are usually lower  than HOA’s on attached homes. Maintenance of lights, common areas, sidewalks, walking trails, sanitation etc. are usually covered under the HOA for single family residences.

Homeowner Associations can have rules, regulations and bylaws concerning everything from what type of horticulture a property owner can be grow to the color of paint on the exterior of the home. All aspects of an HOA need to be explored before purchasing a home to insure that the property owner is in agreement with the fees, rules and regulations of the community.   If you are purchasing a part-time or vacation home, you may want to take advantage of the exterior maintenance covered by the HOA of an attached home. Whereas, if you are a full time resident, you may not want to pay the additional fees associated with the maintenance of an attached home. When considering a home purchase, the HOA needs to be taken into serious account in order to accommodate the needs of the homeowner.

——————————————————————————–

Copyright © 2010 By Kellen Britt, GRI *HOA or No HOA? … that is the question!*

Contact Kellen Britt (480) 298-0133  for all your Scottsdale AZ Real Estate needs.

 Many of these would-be home buyers have been winter visitors of frineds who own Scottsdale real estate, season renters or vacationers for many years. Over the last several years, these Canadian home buyers and real estate investors have watched home prices in Scottsdale, Fountain Hills and Paradise Valley drop precipitously; in some cases, prices are down as much as 50% from the peak in July of 2006. If you combine the home price drop (plummet , the drop in interest rates to under 5% for fixed-rate mortgage and under 4% for adjustable rate mortgages (ARM’s) and the rise of the Canadian dollar versus the U.S. Dollar over the last few years to actually hit ‘par’ (equal to the US Dollar) has caused a Canadian real estate buyer frenzy here in greater Phoenix AZ.

Canadian buyers, mostly from Calgary, and Edmonton, Winnipeg, have been aggressively buying real estate here and explaining to me that it is a no-brainer, asking ‘where else are you going to buy a vacation home’? Florida is too far, taxes are too high and the cost of hurricane insurance is prohibitive if you want to live near a coast. Texas real estate prices have not come down as much and many feel it is not ‘metropolitan’ enough; too ‘American’ , LOL, if you will. California is way too expensive, and the property taxes are too high. Finally, most Canadian real estate buyers feel that Nevada does not offer the same upside potential for a real estate recovery. 

As a real estate broker for investment funds, I should likely learn the Canadian national anthem, (besides the first two words) as our friendly neighbors to the north have helped support our local economy.

Fellow real estate buyers, keep an eye on the Canadia Dollar; it could be a forward looking indicator of Scottsdale AZ home prices.

——————————————————————————–

Copyright © 2010By James Wexler *Canadian Dollar & Scottsdale AZ Real Estate*

Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.

Today, Resales of homes in the U.S. real estate market rose 7.6% during April, another positive sign that a further decline is farther in the rear-view mirror of the Phoenix real estate market.

I have noticed an increase in buyer traffic as reported by Scottsdale real estate agents and Paradise Valley agents holding open houses. According to several Realtors that I interviewed, they expected for home buying interest to wain with the increase in temperature here in the east valley of Phoenix; however, buyer interest in Scottsdale and Fountain Hills real estate ( especially from Canada,  has remained level or increased.

Recently, my brother, Daniel Wexler, a real estate broker for Call Realty who works in Fountain Hills, AZ sold a $821K home in McDowell Mountain Ranch. The buyer is from Winnipeg, Canada and has watched prices drop precipitously while renting here for the last five years. Finally, their dream home, which was $1.3MM only 3 years ago is being purchased for $821K; not bad !!

There are plenty of deals like this in the valley; If you know where to look, you can find premium real estate in the best zip codes of North Scottsdale, Paradise Valley and Fountain Hills at prices 50% off the highs these same homes sold for just 3 or 4 years ago.

——————————————————————————–

Copyright © 2010By James Wexler *Scottsdale Real Estate existing sales improvement*

Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.

Today, the Associated Press reported, ” Unemployment rates fell in a majority of states last month as improved economic conditions spurred hiring.The Labor Department said Friday that 34 states and the District of Columbia reported lower jobless rates in April. ”

As  goes the job market, does the real estate market. Although, what has become a recent phenomenon, it is now required to have a job if you want to qualify for a loan to buy real estate. Please notice the sarcasm, as 2003-2006 were witness to an economic time in az real estate that saw lenders offering loans (and plenty of scottsdale az home buyers taking) to those who did not have jobs. Anyway, I digress…..

The bottom line is that with unemployment data improving, the federal government just this week announcing their commitment to keep interest rates at these historic lows (lower than 5% on 30-year fixed mortgages), and real estate home values in Scottsdale, Fountain Hills, Paradise Valley AZ down as much as 50% from the peak, we seem to be finding solid footing in real estate prices.

In fact,  just recently, the industry trade group reported , ” resales of U.S. homes and condos rose 6.8% in March to a seasonally adjusted annual rate of 5.35 million, ” and ” Sales were up 16.1% compared with March 2009. Existing-home sales rose in all four regions of the country in March.”

Admittedly, there is unsold inventory to work through. However, with buyer traffic at all-time highs, builder confidence improving and interest rates staying below 5% on fixed-rate mortgages and under 4% for adjustable rate loans, it appears the worst of times for Scottsdale, AZ home prices and Paradise Valley real estate is well behind us.

Please call me today. I can help you and your family find your next house and you can make it your home!

——————————————————————————–

Copyright © 2010 By James Wexler *unemployment improves!! will help Scottsdale AZ Real estate*

Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.

Today, a Reuters article announced that a Mortgage Bankers Association report that an ‘index of mortgage applications, which includes both purchase and refinance loans, for the week to September 18 increased 12.8%.  This is the highest level in recent memory and a strong indicator that buyers are taking advantage of the current sub-5% mortgage and re-finance rates to buy homes across the country , including, Phoenix AZ and Scottsdale AZ.   If you dont believe me listen to what  Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, said several months of improvement in new and existing home sales is a positive sign.

“Low interest rates on mortgages are important to the fledgling housing recovery,” he said, and this has made a significant impact on the affordability front.

Buyers, I dont say this too often, but if you have been on the sidelines , waiting for the right time to buy a home, and you are gainfully and securely employed, please do not miss this chance to lock-in mortgage loans under 5%, take advantage of as little as 3%  down FHA financing, $8,000 buyer tax credit and home prices that have dropped more than 50% over the last 4 years in areas like  Phoenix AZ, Scottsdale AZ and the surrounding towns of Mesa, Gilbert and Glendale.

Please call me today. I can help you and your family find your next house and you can make it your home!

——————————————————————————–

Copyright © 2009 By James Wexler *a sure sign Phoenix AZ real estate has hit bottom*

Contact James Wexler (480) 221-8080 for all your Real Estate needs.

 This news comes months after the announcement of the 105% (DU REFI PLUS PROGRAM) in which homeowners could refinance their current mortgage up to 105% of the home value. Although the program had the best intentions for homeowners and some did in fact benefit, the fact of the matter is the program was not as successful as planned based on one reason…….LOW APPRASIALS!

 It is no secret that homes in Scottsdale, Phoenix and surrounding cities have significantly dropped in value. Many homeowners and home”speculators” financed their home with 0 or little money down, they are now well under water on their home value.

The new 125% refinance program should and will allow many more homeowners in the valley to have the ability to refinance their loan at interest rates that are almost at all time lows.

To learn more about the program, or to get pre-qualified, call    1-866-LOAN -1

A mortgage specialist will be happy to assist you.

Brought to you by Jason Mitchell

C.R.L

www.crllending.com

These are the 5 most common mistakes that sellers make when trying to sell a home.

1. Price your home right. Not what you want or need, but what the market dictates.
2. No offers in a month. Lower prices at least 3%
3. Price your home based upon comps of sold properties (within 3 months); Not active listings!
4. Incentives such as contribution towards closing costs allow buyers to come up with less money making it easier for the borrower to obtain a loan.
5. Do not overprice your home with the idea you have room to negotiate. Buyers will make offers on lesser priced homes.

As you can tell, most of the so-called secrets of real estate selling are price driven. Most homes, like most products in the economy, sell predominantly be price or value.

No one will pay 10% more for a car, if they can go next door and pay less for virtually the same car.

Real estate, although, not a commodity acts very much the same way.

For advice on home selling, always interview at least one real estate professional or more to get a true picture of the market in your area.

Here are the names of a few respected real estate professionals.

• Minnesota- Kermit Johnson
• Michigan- Andrea Crossman
• Atlanta - Ryan Ward
• Houston- Betty Bargoil
• Reno - Joe Salcedo

——————————————————————————–

Copyright © 2009 By James Wexler, All Rights Reserved. *Sell your home in 2009

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.

where for the first time home buyers thought of getting rich and making money on their own and a place to live was secondary.

yes, a lot of money was made; and lost. However, let’s remember the

Top 5 reasons to buy a home. (the order is different for everyone)

1. a Home is place to live
2. enjoy tax benefits
3. a fixed mortgage payment in time (rents typically rise with inflation)
4. each month you save money by paying down your mortgage loan
5. build a nest egg over time

Today’s home buyer is seeing opportunities that they may never have expected.

I encourage you to buy a home only if you can stay in your home for at least 5 years, put down at least 10% (20% is better) and get 30-year fixed mortgage.

If you can handle the payment comfortably then history has proven that you will build a nest egg while enjoying all the other benefits home ownership has to offer.

——————————————————————————–

Copyright © 2009 By James Wexler, All Rights Reserved. *Best 5 reasons to buy a home in 2009*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.

However, after everyone catches their breath from this real estate and housing market news and looks a little deeper past this fright filled front page headline it may a little more easily digested as a case of “Glass Half-Full” versus “Half Empty”…. Here’s one man’s humble of Why!!

Take these 5 reasons. (stay tuned, I will go into detail of each tomorrow

1) It’s a Buyer’s market

2) Lenders easing credit

3) Lower interest rates

4) Reduction in inventory

5) Consumer confidence

Yes, this so called “good news” I am finding in what are agreeably are recent cloudy days, may be of little , (although these days, a little can be a lot), consolation for home sellers .

However, as I always say, Buyers dictate a market. And we need the above factors , all of which stimulate buyer’s to actually BUY!! Ultimately, reducing the glut of homes on the market will cause a follow through of rising home values.

Yes, residents of Tempe, Fountain Hills, Mesa, Peoria, and the area of Desert Ridge, and the golf communities of DC Ranch, this will happen, one day. I promise.

——————————————————————————–

Copyright © 2009 By James Wexler, All Rights Reserved. *Real Estate prices fall a record in Phoenix area - can this be good news ??*

Contact James Wexler (480) 221-8080 for all your Real Estate needs.

However, when it comes to buying these types of properties, there are many differences.

One of the most common and sought after is the “Short Sale“.

However, not all Short Sale are alike.

In fact, not all Short Sale are even a Short Sale at all.

This morning, a real estate investor called and told me that he had put an offer in on a “short sale” home recently. He shared with me that it has been more than 10 days ago and had not heard anything from the bank and that the realtor said to be patient.

He wanted my advice. Here’s what I shared.

Unfortunately, many, if not most “short sale”  listed in the MLS are not approved “short sale”

The real estate agents, just take a listing, and market and advertise the home at a price that would net the seller less than the amount owed. Then, when an offer is received the listing broker submits that offer to the bank. I was told by a well respected teacher at the AZ School of Real Estate , Bill Dowdy, that this is averaging about 78 days! yes, almost 3 months.

The more professional way to handle a proposed “short sale”, (I say proposed, because, not all banks will approve a “short sale”) is a step by step process that if approved, the bank will in effect, issue a “short sale”approval.

I can walk you through a detailed and step by step process if you request. However, in a nutshell, you need a hardship letter, and substantiation of financial information that you really cannot afford to pay any further.

Now, when a seller receives this Certificate of “approval” , the property can effectively be marketed and sold as a “short sale”.

These ’short-sales’ are the only kind of properties I recommend to my clients on which to make offers. W

e get a speedy response and if offer is not accepted we can move on to the next“short sale”and not wait 75 days to know whether or not our offer is accepted or declined.

Be careful, speak with your real estate professional, there are many issues such as rights to earnest monies, breach of contract, etc… that buyers face when making offers on “short sale” properties; especially, those that have not yet been approved by the seller’s lending institution.

Short sales are much different than Foreclosures and REO real estate.

——————————————————————————–

Copyright © 2009 By James Wexler, All Rights Reserved. *Is a Short Sale actually a Short Sale ?*

Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.