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Getting Arizona Involved in Neighborhoods, 2010

by Nate Martinez

G.A.I.N. “Getting Arizona Involved in Neighborhoods” is a program supported by the Glendale Police Department.  It was designed to heighten crime prevention and awareness; generate support and participation in local anti-crime efforts; strengthen community relations; and send a message to criminals, letting them know neighborhoods are organized and working together and with the Police Department.  Benefits of being involved in G.A.I.N. include:

          Reclaiming your neighborhoods                          

          Sense of ownership        

          Reduction in crime        

          Freedom from fear

          Improved quality of life

          Pride in your neighborhood

          Sense of community

All Neighborhood Watch Groups, Registered Neighborhoods and HOA’s, Mobile Home Parks, Apartment Communities, and interested residents in the City of Glendale are invited to participate by hosting G.A.I.N. events in your neighborhoods.  Now is the time to begin planning your G.A.I.N. event for your neighborhood if you haven’t already started.  You may want to set up a neighborhood committee to help identify what type of event you want to plan.  It can be a social event or a community project.

For additional information, please contact Kelly Kennedy, West Community Action Team and G.A.I.N. 2010 Coordinator at (623) 930-4037 or at kbkennedy@glendaleaz.com.

 

Changes to Utility Rules for Rentals

by Nate Martinez

The city of Glendale enacted a new policy which impacts landlords and tenants of properties located in Glendale. Arizona. The new policy prohibits tenants from opening an account for utilities on a property they are renting; only the landlord may have an account, which means the landlord is held financially responsible for the usage of water, sewer and garbage service while the tenant occupies the property. The new policy went into effect on Sept 7th 2010 and will apply to any new utility accounts or properties that change occupants. There is a waiver the owner/landlord can sign, however, we strongly encourage you to read this disclosure carefully to make sure you are fully informed of what you are signing - or consult an attorney before you make this decision to sign your right away. The other alternative is prepare your lease agreement to incorporate the utility expense and determine how it will be paid before the tenant moves in. As always, you never want to enter into an agreement without first consulting a professional Realtor.

The city of Avondale Council is considering adopting this new policy as well, which would impact all rental properties located in the city of Avondale. The Council is meeting on Oct 4th 2010 to review the proposal. There are opponents on both sides of the fence, for the new rule and against the new rule. Investors are a vital part of the recovery of our market. This new policy changes the game for many who are thinking of investing in both these cities. In the end this will only continue to perpetuate the challenges Arizona is dealing with financially. I encourage you to get involved if you own a rental property in any part of the Valley. Being informed is the only way we can help rebuild our economy. If you have questions or need further help with your real estate concerns, please don't hesitate to call us anytime!

 

2nd Quarter Economic & Market Watch Report

by Nate Martinez
Attached is the 2nd Quarter Economic and Market Watch Report from ARMLS which compares categories of Average Price, Price Change, Total Homes SOLD, % Change Total Homes Sold, ADOM and % of Asking Price for every ZIP CODE in the counties of Maricopa and Pinal.  This comparison is based on the 2nd quarter of 2009 verses the 2nd quarter of 2010. There are both positive and negatives in this report regarding the market - but overall, it is good data to show signs of stability returning to our market. Please call or email me if you have any questions or would like to learn more about buying or selling a home!
 

Why its Smarter to Buy than Rent

by Nate Martinez

Why is it a smarter decision to buy a home than rent? Well, there are several reasons actually. In a Survey of Consumer Finances, the Federal Reserve has consistently found a huge gap between the wealth piled up by homeowners and that by renters. Check it out:

Average net worth of homeowners vs. renters
Annual income Owners Renters
$80,000 and up $451,200 $87,400
$50,000 to $79,999 $194,610 $25,000
$30,000 to $49,999 $126,500 $10,600
$16,000 to $29,999 $112,600 $4,240
Under $16,000 $73,000 $500

Source: VIP Forum, Federal Reserve Board

Home ownership builds wealth in two ways: through the forced savings of paying down a mortgage and through appreciation over time as the home value rises. The earlier you get in the game, the quicker you can have appreciation building. Those who wait, thinking the market will crash even further are missing the boat now. With exception to the "boom" we experienced in 2003-2005, history will show us in a normal economy, we can predict a generous 6% annual appreciation. Not bad when you consider that you earn zero appreciation from renting.

4 Keys to Profitable Home Ownership:

1.) You plan to stay put at least 3 years and preferably more. In most markets it can take 3 to 6 years for a home to appreciate enough to offset the costs of selling and moving.

2.) Be psychologically prepared. Home ownership means dealing with whatever comes up - from noisy neighbors to back-up piping. You can't just call the landlord to help or easily move like you can when you are renting.

3.) You have some extra savings. Home buyers who spend every dime they have buying house are inevitably blindsided by repairs, maintenance and all the other costs of owning a home. Then they go into debt trying to keep up with their current lifestyle. A good idea is a savings that is equal to at least 2 months of mortgage payments.

4.) You manage your money. The forced savings aspect only works if you can keep your hands out of the penny jar. Otherwise, it is easy to drain away your wealth with home equity loans or lines of credit. If you are the type of person who is living on credit cards and have know idea where your money goes every month, you probably need to start by learning how to manage your financing better, before you commit to a home purchase.

If you or someone you know is ready to talk about purchasing a home, please call us today. We have lenders on staff that can qualify you within minutes. Interest rates are fantastic and home prices are ridiculously low! Don't miss out, call us Today!

Back to School Homework Blues?

by Nate Martinez

By now most of our Arizona kids are back in the swing of every day school life. With summer coming to an official end soon, it is time to get down to business and focus on homework and passing grades. Here are a few good tips to help you and your child survive the homework blues:

1.) Get to know your child's teacher: Attend the school events, such as parent-teacher conferences, and other events hosted by your child's school. Ask about their homework policies and how you should/can be involved.

2.) Set up a homework-friendly work area: Make sure your child has a well-lit place to complete their homework. Keep supplies, like paper, pencils, glue, scissors, etc within their reach.

3.) Schedule a regular time to study: Some children work best in the afternoon, following a snack and play period; others may prefer to wait until after dinner. Designate a time that works for your child and stick to it. Children need structure in order to focus and succeed with completing their homework.

4.) Keep the distractions to a minimum: This means no TV, loud music or phone calls.

5.) Make sure they do their own work: Children won't learn if they don't think for themselves and make their own mistakes. Parents can make suggestions and help with directions, but its the child's job to do the learning.

6.) Get involved in your child's academic career: Ask about assignments, quizzes and tests. Review their homework before they turn it in. And make yourself available for questions and concerns.

7.) Set a good example: Do your children see you reading the newspaper, writing letters or reading a book? Children are more likely to follow their parents' examples rather than their advice.

8.) Praise their work and efforts: Post their homework or project on the refrigerator if they receive a high grade. Brag about their academic achievements to friends and family. Let them know how proud you are of their efforts and hard work.

9.) Have your children's eyes tested: Sometimes kids act out in class or fall behind because they can not see the board well enough. Have their eyes tested as a part of a their annual medical exams.

10.) Have fun: Children are more successful in school when their parents take an active interest in their homework. It shows the child that what they do is important. Helping with homework has many benefits for both the parent and the child. Make this time fun and rewarding for both of you! And you never know, you might learn a thing or two!

Want to know the answer to the Million $ Question?

by Nate Martinez

How Long Does It Take To Qualify After A Short Sale?

by Nate Martinez

This is a frequently asked question these days - and the rules are literally changing every day. If you know someone who is faced with a short sale, foreclosure or bankruptcy, please encourage them to seek professional help before making a decision which will impact their financial well-being for years.

Here is a summary of waiting periods for obtaining new financing post bankruptcy, foreclosure or short sale:

Conventional Financing:

Chapter 7 BK: 4 years from discharge date

Chapter 13 BK: 2 years from discharge date (or 4 years from dismissal date)

Foreclosure: 5 years from completion or trustee sale

Deed-In-Lieu/Short Sale: 2 years from completion date with 80% max LTV (loan-to-value) OR 4 years from completion date if 90% LTV

FHA Financing:

Chapter 7 BK: 2 years from discharge date

Chapter 13 BK: 1 year of the payment must elapse and payment performance must be satisfactory. Borrower must have permission from the courts to enter into a new mortgage

Foreclosure or Deed-In-Lieu: 3 years from completion date

Short Sale: No time restriction if borrower was current at the time of short sale and all mortgage and installment payments were made within month due for the previous 12 months, prior to the application date. IMPORTANT: the proceeds from the short sale must serve as payment in full

3 years from completion date if the mortgage was in default or Promissory Note is not showing as paid in full

VA Financing:

Chapter 7 BK: 2 years from discharge date

Chapter 13 BK: 1 year of the payout must elapse and payment performance must be satisfactory. Borrower must have permission from the courts to enter into a new mortgage

Foreclosure: 2 years from completion date

Short Sale: There is not a specific rule for VA loans yet - we can assume the foreclosure rule of 2 years from completion date

What's Your Home Worth? Free Market Snap Shot

by Nate Martinez

Your FREE Market Snap Shot is just one click away! Receive a market analysis of your home's value within minutes. Click on the sample report below or visit NatesHomes.com.

 

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Nate Martinez
RE/MAX Professionals
20241 North 67th Avenue, Suite A1
Glendale AZ 85308
623-643-1010
602-430-5226
Fax: 602-532-7352

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