The Scott's Sell Scottsdale

Whether you have poor credit or excellent credit - there is never a bad time to improve your credit score!

Your credit score is an extremely important financial tool. It provides access to the financing you need in order to buy a car, a home, or pay for college tuition, among other things.         

When applying for a mortgage, every point in your credit score can make a big difference. Make Plans now to ensure your credit is accurate and begin to make increases on your score over time.

So, where to you begin??  First, at a minimum, you should review your current credit report for accuracy.  Make sure the information on your report is about You. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly.  Take the initiative to begin the process of a dispute investigation. Free Trad Commission - Protecting You

Assuming that your credit report is accurate, look for ways to improve your score:

• Payment History: 35% impact Paying debt on time and in full has a positive impact. Late payments, judgments, and charge-offs have a negative impact. Missing a high payment has a more serious impact than missing a low payment. Delinquencies that have occurred in the last two years carry more weight than older items.  If you’re struggling to catch up, contact your creditors to work out a payment schedule.  
• Outstanding Credit Balances: 30% impact. Outstanding Credit Balances: 30% impact.Of course, attempt to keep your balances reasonable. A high average balance will negatively affect your score. 
• Credit History: 15% impact. This marks the length of time since a particular credit line was established. A seasoned borrower is stronger in this area. 
• Type of Credit: 10% impact  A mix of auto loans, credit cards, and mortgages is more positive than a concentration of debt from credit cards alone.
• Inquiries: 10% impact Every time a lender runs your credit, an inquiry is recorded. This quantifies the number of inquiries (or requests for credit) that have been made on a consumer's credit history within a six month period. 

If you do not have a credit card, get one. Unfortunately, it is one of the ways that the credit bureaus can monitor that you are able to handle credit effectively. Creditors need to determine how much of a risk you are and want to know how likely you are to repay the money they loan you.  Your credit history helps them understand your payment history.
Do not however, get extended, Use it strategically, make small purchases that can easily be paid off monthly. In this somewhat depressed economy, it is sometimes difficult to not live on credit. Byt, at least, attempt to make the minimum payment required. Definitely pay more than the minimum if possible. it is better to attempt to pay off revolving debt rather than moving it around.

Unfortunately, negative credit items can remain on your credit report for up to 7 years (up to 10 years for a bankruptcy). But, it is never too late to begin the repair your credit. Keep all of your current accounts in order and pay them down as quickly as possible.

Your credit has improved??? Now is an excellent time to purchase real estate!

Home buying in the greater Phoenix metro area - search for your home here!

Homebuyers have been given a gift! The extension and expansion of the tax credit provides time to still jump in to this ripe real estate market. And, there are some excellent choices available.

The FHA option of putting only 3 1/2% down is an excellent opportunity for those buyers who are 'cash poor' but certainly able and qualified to make the monthly mortgage payments. Often the final monthly mortgage payment is less than the cost of rent even without the additional benefit of deductible interest at tax time.

Now buyers have until April 30, 2010 to sign a purchase contract and until June 30, 2010 to close escrow.

HOW IT WORKS TAX CREDIT: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time buyers and $6,500 for others.

DEADLINE: Purchase agreements must be signed by April 30 and closings must be final by June 30. MILITARY: The deadline is extended by a year for those who have served outside the United States for at least 90 days from Jan. 1, 2009, to May 1, 2010.

INCOME LIMITS: Individuals who make up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

HOW TO APPLY: Taxpayers can claim the credit on their federal tax returns. If the credit exceeds the tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their 2008 returns.

The new deadline will

probably NOT be extended again. The market may never be as ripe as it is today. And the interest rates will continue to rise.

Actually, there is another gift - the gift of a ripe real estate market with many reasonably priced options to choose from.

Checkout the local Phoenix metro area market place and
begin your shopping now while these gifts are available.

              Search the Local MLS by Map

November is here!  Where do the years go anyway?

There is good news on the real estate front as the market is very active.  Of course, the most active market remains in the lower price ranges but as these properties sell, the more expensive market will become the new hot spot.

Its official – President Obama signed the Homebuyers Tax Credit extension and expansion on Nov 6, 09. 

So what about the numbers for October 2009?  Do not believe everything you read in the newspapers or hear on the news as the data they receive lags the current market by about 3 months.  We have access to the latest statistics on a daily basis and would be happy to furnish detailed info for a zip code, city or even subdivision.  Do not hesitate to contact us for specific info.

 Regarding the overall Phoenix metro market::

• October 2009 research shows closings +8000 which is 50% above October 2008.

• With 12,000 transactions still in Pending status, and with the First Time Homebuyer Tax Credit thatwas scheduled to end this month, November should close a similar number.

• If we top the high of 8,071 sales of November 2004 – this will be the most November closings ever.

• At 78,000 YTD closings; 2009 is on track to rank as the 3rd highest year on record (should reach by Thanksgiving). We are already 30% above the total for 2008 and should end the year up about 50%.

Besides the YTD numbers, let’s look at the trends. The percentage of REO’s (Foreclosures) continues to drop both with  Closed transactions at 44% and the Pending Sale category of 35%. There is currently a 38-day supply of Active REO’s. Short Sales (SS), on the other hand, continue to increase. SS Active Listings make up 25% of all Actives with another +6000 in the Active Under Contract status.  October’s Closings were at 20%. But, with SS Pending’s totaling 31%, the closed % will increase. A further look at SS shows that the Days on Market (DOM) is approximately double of the non-SS DOM numbers. SS are slow to sell, as banks are overwhelmed with the volume and sluggish to review any offers. Unfortunately, many simply go to foreclosure auction before the SS sale is approved. However, the Good News is that the DOM for Closed SS has improved by almost 3 weeks in the last quarter.

The price numbers are continuing to ‘bump around’ with no consistent trend line. October’s Average Sales price was down about $4,000 to $171,000 and the Median Sales price was down $2,000 to $128,000. Both of these numbers are considerably above the yearly low of $159,000 and $115,000 respectively. The Average has been up and down for the past 4 months, with the Median down for the first time since April.

Overall Inventory – as you can see the inventory for the lower priced properties is minimal as compared to the highest priced homes.  This graph supports the sales numbers showing that  90+ % of the sales are priced under $400,000.  Homes priced under $300K are now considered a Buyers Market.

The Supply of Lender Owned Single Family properties priced under $300K is 27 Days
while the Supply of ALL Single-Family homes priced under $300K is now only 2.4 months.

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Specific numbers vary across the cities of the metro area.  We can provide the details for the area you are interested n, just send an email or give us a call. 

We are proud of our Broker Jim Sexton as he is always on the leading edge of the real estate community:
Congratulations Jim Sexton ...
Recipient of Phx Assn Realtors’ Continuing Service Award

Search the Phoenix Metro Area MLS

Our Arizona Real Estate search options: Looking for an Arizona real estate search vehicle?

Search the MLS directly from our web page AZ-real-estate-sales.com - your comprehensive resource for buying or selling real estate in the greater Phoenix metro area.

If you know the area and/or the specifics of what you are searching for, you can search by the traditional price range, # bedrooms, dwelling type etc. You also search by location / city.  If you know more specific information, you can search by individual subdivision, MLS number or address by entering it to find the listing detail.

If you do not live in the greater Phoenix metro area and are unfamiliar with the cities encompassed within the Valley of the Sun, you can perform a simple map search.  The map will provide the general layout of the metro area  -  here you can either click on the city you are interested in  or you can scroll down to a listing of cities The list will provide the current volume of available properties and the average sales price for that city. These tools will give you the info you need to determine the areas most suited to your needs and price range.

To obtain additional information about a specific city  - simply select the back to home page button . From the home page you can choose the Community Profile option to select the city(s) you want to research.

Once you have selected the city, you can quickly determine the volume of properties available and the average cost to buy or sell in a community by searching the Local Multiple Listing Service (MLS) from our Arizona Real Estate Web page. 

Below is a sample of a result of a city search. You can then search by type of Home, Price Range, all properties in the city or the newest homes that have been added to the market - the results include -  total listings available, Average Price, High Price, Low Price, average age of the properties and average price per square foot.

At this point, you have additional options available to further streamline your specific search  -  single story, number of bedrooms, pool etc.

These searches provide you with general and detailed information about the
current Phoenix / Scottsdale Real Estate Market!

What is happening in the real estate market? Many of the properties being sold in the greater Phoenix metro area are vacant.  Approximately 17,000 homes currently listed for sale on the local Multiple Listing System (MLS) are vacant. This is more than half or about 55% of the total properties listed in the MLS. Interestingly enough the vacant homes are selling quickly as approximately 82% of the closed sales have been vacant.  This means that the “seller” is probably not buying. In many cases the “seller” is the bank who is trying to clear property off their books. Banks do not like to ‘own’ property.  So, where did all the sellers go???? Are there sellers that are turning in to real buyers?

Unfortunately there are the high number of home owners losing their property to short sale or foreclosure.  The resulting decrease in there credit score combined with the more stringent requirements to obtain a real estate loan in today's market, has greatly reduced the previous homeowners ability to purchase another home.

We are witnessing the classic supply and demand. They say you never know where bottom is until you are past it. For the past 3 years volume was high and prices came down.  But, the market appears to be on the rebound. The number of sales is up 50% from 2008 and 66% from 2007.  The volume of properties available has dropped from a high of  approximately 56,000 to 31,700 today.  Prices seem to be stabilizing for the past few months. The average home price is currently around $171,000 up from a low of $159,000.  The reporting companies are stating that the market hit bottom (lowest price)  in the late March /early April of 2009. The majority of buyers in today’s market place are first time home buyers or investors with cash. So if you are qualified or have cash, it is a great time to pick up a ‘good deal’.

Volume of Homes Sold by month

Search the Phoenix/Scottsdale Multipe Listing System
AZ-real-estate-sales

Due to a variety of reasons, many of today’s homeowners are facing some serious hurdles in the current market place. Is your house worth less than you owe? Whether you purchased your home in the height of the boom and now your creative loan is about to escalate to a new monthly mortgage payment you cannot afford or if your job/business is suffering the effects of the recession, you can be pro-active about the future of your home ownership.

One option allows for loan restructuring/modification. This is an opportunity to obtain new loan terms for your existing mortgage. You principal balance is not reduced but new terms are negotiated presumably to decrease your current monthly mortgage payments. Be careful who you deal with as this industry remains largely unregulated. Unfortunately, many times this simply delays the eventual loss of the home.

Another option is the short sale. A short sale typically is executed to prevent a home foreclosure. In a short sale the bank agree to forgive a portion of the owners principal balance due.  The home is sold at the current market value which is usually significantly less than the mortgage and the owner is basically forgiven the debt.

The last option is to simply walk away and let the bank foreclose/take the property back.

All of these options lead to consequences for the homeowner.

Be Pro-Active. If you see potential problems in the future, don’t wait until you receive that threatening letter from the bank. Begin researching your options early in the process. Ideally even before you even miss any mortgage payments. Avoid the run around from the bank. Consider qualified legal representation for advice regarding lender negotiations and debt settlements. Understand your risks and rights. Legal council can analyze your situation and offer a variety of possible solutions and strategies designed to reduce the negative impact on your credit and to ensure that your legal rights are protected.

Call today to find out how to get a No Cost legal consultation today!

Office: 480-948-0550 **** Toll Free: 866-464-2140

The Arizona Regional Multiple Listing System (ARMLS) has made the Cromford Report available to subscribing Realtors. This report provides detailed information to track the history and current status of the greater Phoenix residential resale market and offers unique insight into its future direction. It is an excellent tool for Realtors to provide up to date sales statistics and current market snapshots.

The greater Phoenix metro area statistics are favorable as sales are increasing and the market inventory steadily decreases. The local real estate market is most active in the $250,000 & less price range as investors and first time home buyers have jumped in to the market. The current Phoenix inventory is at 4.1 months supply, which is considered ‘normal’ for our area. Other areas/cities range in inventory. A variety of individual stats for a specific city or zip code can be computed. Feel free to contact me for the detailed information you are interested in researching.

The table below provides a detailed statistical analysis of today's residential resale market in the Phoenix metropolitan area as of May 21, 2009. The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions recorded by ARMLS are included.

Geographically, this includes Maricopa County, a large part of Pinal County and a small part of Yavapai County. All dwelling types are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units and multiple dwelling units are also excluded.

© 2009 Cromford Associates LLC www.cromfordreport.com

Explanation of Column Headings

• ST = SHORT TERM TREND - The arrows in this column indicate the direction of the change between TODAY and LAST MTH
• LT = LONG TERM TREND - The arrows in this column indicate the direction of the change between TODAY and LAST YR
• Color code: The background to the trend arrow is colored green if the direction is favorable for sellers and is colored red if the direction is favorable for buyers. It is colored yellow if the change was zero. If the circle is white then the statistic is neutral for both buyers and sellers.
• TODAY means the date given at the top of the page.
• LAST MTH means the same date last month.
  
• LAST QTR means the same date three months ago.
• LAST YR means the same date one year ago. 2 YRS AGO means the same date two years ago.

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Search the Phoenix MLS for properties currently listed for sale

The Bottom? I suppose your guess is as good as mine. The only way to know if you have ‘hit’ the bottom in the real estate market is when it begins to rise again. There definitley has been a boost in sales as many of the foreclosures and short sale properties are selling. Even new homes sales are increasing slightly. The interest rates remain historically low, the inventory is shrinking and first time home buyers cashing in on the opportunity to own by taking advantage of the first time home buyer $8,000 tax credit. This sounds good and we are definitely moving in the right direction but the recovery will probably be slow.

So what are the real estate ‘goo-roos’ and ‘experts’ saying?

Federal Reserve Chairman Ben Bernanke said May 5th that the economy appeared to be stabilizing, but warned that a real recovery is still months away.

The Cromford Report: stats report “Current Pending sales are the highest ever recorded-let’s say that again the HIGHEST EVER RECORDED yes that includes 2004 and 2005.”

A May 2009 ASU study indicates that there is a glimmer of hope that house prices are getting close to the bottom.

The good news is that many of the short sales and foreclosures are finally being removed from the market which is slowly encouraging non-stressed property owners to begin to list their homes for sale. Bottom or bottom line, due to the drop in home values over the past year+, it is still a good time to purchase a property here in the Valley of the Sun.

Search the local Scottsdale and greater Phoenix area real estate listings

Gary and Claudia Scott, realtors

Location, location location.  Finally Scottsdale Arizona is once again affordable..

Of the 5,800+ listings currently available in Scottsdale 1,566 are priced over million dollars while only 128 are priced below one hundred thousand with the majority of 4200+ properties priced between.  There is a great variety of options in this prestigious city from modest condo to multi million dollar mansion, there is something for everyone. This market now provides an excellent opportunity for that snowbird to actually purchase a property rather than rent during the desirable high season.

There are currently 768 properties in escrow and a total of 827 have closed escrow since Jan 1, 2009. The volume of properties in escrow continues to increase as more buyers are entering the market. Many of the more reasonably priced properties are being purchased. The inventory is remains high compared to the traditional market average-there are some excellent opportunities available. 

This is a snapshot of the MLS for Scottsdale AZ real estate sales statistics for March 28, 2009:

Saarch the MLS for properties for sale in Scottsdale AZ

Now is an excellent time to enter the Scottsdale Real Estate market.  The local market continues to be sluggish but is slowly showing signs of life.  According to the MLS statistics, there was a total of 5,935 properties listed for sale in Scottsdale as of March 1, 2009 with a total of 410 properties in escrow from Feb 1—March 1st and 258 (4%) closed sales during the month of February. 

The MLS sales for Scottsdale zip codes for February 2009 are:

Search for properties in these zip codes by selecting the MLS hyperlink below:

Scottsdale 85250

Scottsdale 85251

Scottsdale 85254

Scottsdale 85255

Scottsdale 85257

Scottsdale 85258

Scottsdale 85259

Scottsdale 85260

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AZ-real-estate-sales.com