How Increased Mortgage Interest Rates Affect You

There is SO MUCH in the news about rising mortgage interest rates lately. It seems like just a moment ago we were seeing mortgage rates hovering around 3.75%. Those days are very likely behind us as we approach 5% and beyond on a more regular basis. While this might seem catastrophic to some, the reality is that rates below 5% are NOT the norm. The average interest rate over the last 50 years is somewhere between 8% and 9%. Regardless of that fact, increased mortgage interest rates will affect … [Read more...]

Buyers And Sellers Can Avoid The Dreaded “Fall Out Of Escrow”

"Derailed" , "Gone South", "Fell Out", "Crashed and Burned" - there are lots of ways to describe a home sale that falls apart before it gets to the finish line. I am seeing an increase in deals that don't make it to the closing table. Buyers and Sellers can become frustrated by investments of time, money and emotion in a process that doesn't result in a win and can put them weeks behind in achieving their goals. There are things both buyers and sellers can do to keep a sale on track and avoid … [Read more...]

2017 Predictions For The Real Estate Market

Well here we are again, a brand new year. Time for fresh starts (yay!), resolutions (ugh!), and predictions for the new year (I nailed it last year!). Here are my 2017 predictions for the real estate market: National trends: Nationally the market will slow. Gains will still be made in home values but at a slower rate. Great news for places like San Francisco, Portland OR, and New York City where it's become nearly impossible for middle class buyers to enter the housing market. The … [Read more...]

Campaign Promises can ‘TRUMP” Arizona’s Real Estate Market?

Well, the election is over and many are curious to know if 2016 campaign promises will "trump" Arizona's real estate market. Some of you are elated with the results, and many lie somewhere between anxious and terrified about what the future will bring. As far as campaign promises go, there are three in particular that could have a significant impact on the  housing market according to Tina Tambour of the Cromford Report. Trump promises to deport millions of undocumented immigrants The … [Read more...]

The BREXIT Effect On Real Estate

While the debate rages on about sanity of the British vote to secede from EU, we here across the pond are seeing the effect of the BREXIT on real estate. Proof of the global nature of our economy can be seen in the immediate effect on our stock market, as well as the positive impact on our real estate market. Here in Phoenix we're seeing benefits to both buyers and sellers and here is a simple explanation of why that is. Many have been anticipating a rise in interest rates. The Fed has given … [Read more...]

Pathway to Purchase Increases Purchasing Power

  The Pathway to Purchase program increases purchasing power to homebuyers interested in certain cities in the valley. Those eligible will get a real boost to their bottom line in areas that experienced high rates of foreclosure during the housing recession. Buyers with a credit score of at least 640, earning less than $89,088 annually, could be eligible for downpayment assistance equal to 10% of their loan amount up to $20,000 in the following cities: Arizona City, Avondale, … [Read more...]

October rollout of TRID: Don’t Let It Scare You Out Of Buying A Home

If you have a pulse, you've probably heard about changes to the mortgage approval process that may be making you wonder if it's become too difficult to purchase a home. Especially with some lenders and real estate agents quaking in their boots about the changes and "government intervention" it's easy to feel like there are too many forces working against  you. The fact is that the TRID changes were designed to, and in fact DO simplify the disclosures that you as a buyer must read, and make the … [Read more...]

Predictions for 2015 Real Estate Market: Mixed, Muddy, Mysterious

A review of 15 articles written about what to expect for the 2015 housing market actually did turn up the words "mixed", "muddy", "a mystery". That said, there have some fairly consistent predictions from a number of reliable sources. While the national scene is interesting and offers some important insights, everyone knows that the predictions that will impact you the most, are the one's relevant to your local market. Sometime by the end of January, I expect to see projections coming from … [Read more...]

The sweet spot for home buying

Recently I’ve been hearing a lot about the “slowing effect” of rising mortgage rate. A recent conversation with a potential home buyer reflected the hesitation often felt rates begin to tick up. Having lived through the early 80's, I have a vivid recollections of mortgage rates very near 18 percent as my parents struggled to sell their home and move from New York to Arizona. It got me wondering how current rates compare to the lifetime average mortgage rates for people in their 20's, 30's, and … [Read more...]