Phoenix Urban Real Estate Blog

Federal Tax Credit expanded to everyone

First Time Home Buyers Tax Credit has been extended to everyone.  This should continue to help the home sales all over the country.

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Homes sales continue to increase

More homes are selling, which is reducing the inventory of homes for sale, this will help stabilize the housing market and along with lower interest rates should help home values start to increase although slowly.

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Home prices increase for the 3rd Straight month

Overall homes price across the nation went up for the third straight month. Phoenix went up 1.8%. Is the economy getting better? Interest rates are extremely low. If you're looking for the bottom, don't look much further. Next watch for inflation, that's normal after a recession.

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Home price increase story

 There's more good news about the housing market. One of the key indiators is the Standard & Poor's/Case-Shiller home price index. Case is saying for the first time in two years, it's a good time to buy. I've done more than a dozen deals this summer and prices do seem to be stable.

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First Time Home Buyers Tax Credit Cleared up

There's a lot of confusion about the first time home buyers tax credit and I think this article clears it up.

http://money.cnn.com/2009/09/24/pf/expert/home_buyer_credit.moneymag/index.htm?postversion=2009092405 

Contact me at Chris@RooPhoRealty.com or www.PhoenixAZUrban.com

Federal Tax Credit is helping sell homes

Just as expected, the Federal Tax Credit that is due to expire on November 30th has helped sell new and existing homes.  Many in the housing industry are hoping the Tax Credit will be extended and wondering home sales will slip if it's not.  If home sales decline that could mean more reduction is value. 

Read the whole story here.  Click here

Contact me for more information.

http://www.phoenixazurban.com/

Putting a price on walkability

A new study suggest that many people are willing to pay more for a home if the neighborhood is "walkable".  Now that Phoenix has joined the 20th Century with a new Light Rail (nevermind the 21st Century, we'll get there in about 91 years), I do think locals are wanting to move downtown.  With the price of gas not going down and traffic not getting much better, it seems a lot of people are calling me asking about moving into the city.  Not to mention, with the housing prices near record lows and interest rates right there with them, it's a great time to buy.  And the forecast, prices will stay low for 18 to 24 months if you ask me, but they will go up a bit, although maybe a small bit, faster in the Urban areas especially if they are walkable to the light rail.

See the whole story here http://moneyfeatures.blogs.money.cnn.com/2009/08/22/putting-a-price-on-walkability/

Contact me at Chris@RooPhoRealty.com or my website at www.PhoenixAZUrban.com

Home prices starting to go up, but just a bit.

National home prices went up 2.9% in the 2nd quarter of this year.  That's an increase for the first time in 3 years.  So does that mean we hit bottom and are starting to go back up.  Maybe.  But be careful, by all reports we still have a very fragile economy.  The First Time Home Buyer Federal Tax credit is taking some of the credit.  Low interest rates are helping too.  Only 2 cities in the nation reported declining values and that was Las Vegas and Detroit. 

Read the whole story on CNN.com 

Existing Homes Sales hit a record in July

CNN.com reported the National Assocation of Realtors said July hit a new record for existing home sales since they started keeping records in 1999.  This is supporting many who think the home sales will continue to improve.  Many people are trying to cash in on the $8000 Federal Tax Credit and historically low interest rates. 

Read the full story here http://money.cnn.com/2009/08/21/real_estate/home_sales_rise_in_July/index.htm?postversion=2009082110 

Buying Foreclosed Homes and Condos

I'm selling mostly foreclosed homes and condos. Those are the best deals if you want to occupy the home or use it as a rental. Think about it, if you have $100k invested somewhere, are you getting $700 to $1000 per month return on it? I have a lot of clients ...buying homes for cash to get that type of return and 1st timers are getting mortgages to get the Feds tax credit.

Contact me for more information. 

Chris@RooPhoRealty.com

www.PhoenixAZUrban.com

www.AZNativeProperties.com