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November 2012

Found 3 blog entries for November 2012.

Why the Average Days on Market Sometimes Goes UP in a Hot Market!

By Tina Tamboer of The Cromford Report

How Long Does It Take To Sell A Home in Phoenix?There are many factors that affect how long it takes to sell a home in Phoenix. Many sellers will ask about the average Days on Market (DOM) for their area. This measures the average time properties were active before they sold. While there’s nothing wrong with using this measurement as a point of reference, it can be inaccurate to use the DOM to set expectations of marketing time for a new listing. 

This measurement is what Michael Orr, Director of Real Estate Theory and Practice for ASU’s W.P. Carey School of Business, calls a “trailing indicator” meaning that Days on Market is an indicator of past market activity, not necessarily today’s

1,400 Views, 0 Comments

House Prices Rise in PhoenixThe numbers are in and they've confirmed what we were already thinking: Phoenix house prices are on the rise! The median price of homes sky-rocketed an impressive 35 percent over the past year, and experts anticipate this to be the mere beginning.

House prices in Phoenix and the metro area are expected to rise an additional 10 percent per year over the next three years. This makes now a fantastic time to invest in property, especially for fence-sitters and first-time buyers, as both real estate prices and mortgage rates are expected to rise in the near future.

The increase in home prices is also an indicator that our real estate market really is recovering. For the first time in years, the value of Metro Phoenix homes has been rising steadily and

1,922 Views, 0 Comments

Home Affordable Refinance Program or HARP

By Diane Brennan

There's some help if you're not able to refinance because you don't have enough equity in your home.

IF you're under water, you may be able to refinance through HARP or the Home Affordable Refinance Program.  You can't be behind on your mortgage payments though and your mortgage has to be backed by Fannie or Freddie.

Here's two links to help determine if you qualify.

https://www.knowyouroptions.com/loanlookup and https://ww3.freddiemac.com/corporate/

 HARP refinance loans require a loan application and underwriting process, and refinance fees will apply

2,122 Views, 2 Comments