Hope all is well in your world! As always, my partner Stacey and I are happy to provide you with The 411 on Arizona Real Estate. We bring this to you each month to help keep you informed with what’s really going on in the market. Be sure to check out our blog regularly as we do update it with information throughout the month as well!
This month’s 411…
1. Just the Facts Ma’am – This is short, sweet and to the point. It focuses on just the numbers.
2. How Does that Make You Feel – An interpretation of the numbers and what we’re seeing out in the field.
3. Featured Videos – NEW!! Each month we bring you videos on what’s going on around town and information on local businesses.
Just the Facts Ma’am
Thankfully, the numbers are still giving us reason to be optimistic. While the number of new listings coming on the market has gone up, so have the sold listings! With all the discussion about Foreclosures and Short sales, we thought this was a great opportunity to share what’s really going on in the market. As the numbers show, Scottsdale and Paradise Valley are still showing primarily ‘normal’ sales.
How Does that Make You Feel
Tax Credit Extension!!
The good news is that the inventory is still moving. With supply low and demand high, the market is finally showing signs of recovery. And we have more reason to be optimistic. Earlier this week the House of Representatives passed legislation to extend and expand the $8,000 first-time homebuyer tax credit, which was approved by the Senate this week. The legislation will be sent to the President, and upon his signature, made law.
Under the legislation, homebuyers will qualify for the tax credit until April 30, 2009 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2009) to close the transaction. Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.
HVCC Petition
The Home Valuation Code of Conduct (HVCC) was originally put into place as an answer to the real estate market crisis. But what it has done, is create is a ridiculous set of rules that prevents professionals from doing their jobs. The following some of the hot points that this new regulation has caused. I implore you to sign the petition to get this off the books permanently!
1. Since “Appraisal Management Companies (AMC’s)” are taking up to 40% of the total appraisal fee, and are not being regulated to ensure that their appraisers are licensed and competent, we are seeing unlicensed and inexperienced individuals performing property inspections with grave data entry errors. These inferior appraisals are then being “signed-off” by other parties that NEVER INSPECTED THE PROPERTY and are creating unnecessary financial hardship for buyers and sellers.
2. With mortgage loans being denied due to inaccurate appraisals, borrowers are being forced to apply with other lenders who in turn have to charge the consumer ANOTHER APPRAISAL FEE to proceed with the transaction. This vicious cycle can go on endlessly costing well intended clients a great deal of money and time.
3. Under HVCC, no one involved in the transaction is allowed to communicate these major issues (EVEN LICENSED LOAN ORIGINATORS) directly to their appraisers. So countless real estate transactions that would have otherwise closed are now failing, resulting in continued property devaluation and offering NO stimulus to our economy with the exception of the unregulated AMC’s who are making unjustified profits at the expense of home loan applicants and licensed, qualified appraisers.
4. Licensed appraisers have legal and ethical standards in place already. The emphasis should be on making appraisers abide by these, rather than frustrating the ordering and communication process. This well intended legislation is severely misguided.
http://www.hvccpetition.com/
Videos of the Month ~New~
We are so excited to share this new feature with you! Each month we’ll be featuring a local business, event and/or home via video! We’ll be bringing you the 411 on Arizona and all that it has to offer! Be sure to check out our YouTube channel for more videos!
The Shack
Stacey and I were lucky enough to be at a book release party here in Arizona and the author of The Shack, William P. Young, took some time to come to our table to sign some copies of the book before the party. It’s a great peak into why the book was written and how this little book took off like a rocket!
http://www.youtube.com/watch?v=794Ctawoq_Q
As always, please feel free to call or email if you have any questions or want The 411 on Arizona Real Estate!!
