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Nate Martinez's Blog

Nate Martinez

Blog

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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.

 

Understand the terms used in a Foreclosure

by Nate Martinez

Understanding the terms used in a foreclosure:

The thought of foreclosure can be scary and overwhelming - not to mention confusing with the foreign terminology. Here are some common terms you may want to familiarize yourself with:

1.) Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment and by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated with a reinstatement plan.

2. ) Forbearance: Your lender may offer a temporary reduction or suspension of your mortgage payments while you get back on your feet. Forbearance is often combined with a reinstatement or repayment plan to pay off the missed or reduced payments.

3.) Repayment Plan: This is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4.) Loan Modification: This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable.

If you and your lender agree that you can not keep your home, there are a number of liquidation terms you should understand:

1.) Short Payoff: If you can sell your home but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale.

2.) Deed-in-lieu of Foreclosure: A deed-in-lieu of foreclosure is a cancellation of your mortgage if you voluntarily transfer title of your property to your mortgage company. Usually you must try to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. A deed-in-lieu of foreclosure may not be an option if there are other liens on the property, such as second mortgages, judgments from creditors, or tax liens.

Where to Get Help:

Housing Counselors:

Homeownership Preservation Foundation's Homeowner's HOPE Hotline at 1-888-995-HOPE.

HUD: 1-800-569-4287 or HUD.org for al ist of approved housing counselors by state (http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm)

Attend a foreclosure prevention workshop for homeowners (http://www.freddiemac.com/avoidforeclosure/workshops.html)

The Federal Making Home Affordable Program: http://makinghomeaffordable.gov/

Where to Get Additional Help:

National Foundation for Credit Counseling: http://www.nfcc.org/

My Money Management: http://www.mymoneymanagement.net/

Homeowner Preservation Foundation: http://www.995hope.org

Fannie Mae Auction Open House

by Nate Martinez

Coming Soon! Open House Date's for Fannie Mae Auction:

Sept 4th, Sept 11-12th, 11am to 4pm

Don't miss out on your chance to buy at low-low prices!

14420 W Ely Drive, Surprise

13437 N 151st Drive, Surprise

8803 N 221st Ave, Wittman

74 N 224th Ave, Buckeye,

23892 W Huntington Drive, Buckeye

22859 W Lonestar Drive, Buckeye

12647 W Seneca Drive, Sun City West

22226 W Desert Bloom, Buckeye

Please call us TODAY for more information on this properties and how you can attend this Fannie Mae Auction!

Do You Know Why Its A Great Time To Buy In Arizona?

by Nate Martinez

Do you know why its a great time to buy in Arizona?

Because the interest rates are at ALL-TIME lows!! Even in the boom of the market, we did not see interest rates this crazy! Check it out...

For an FHA or VA 30 year loan fixed rate -- 4.50%

For an FHA or VA 30 year loan with a 3/1 ARM -- 4.250%

For an FHA or VA 30 year loan with a 5/1 ARM -- 3.125%

For Conventional 30 year loan fixed rate -- 4.50%

For Conventional 15 year fixed rate -- 3.750%

For Conventional 5 year ARM -- 2.875%

You can not rent in the Valley of the Sun for less than you can buy TODAY! Call us to learn how easy it is to qualify for your next home loan! 602-942-7000

*Certain restrictions apply. Rates are subject to change without notice & depend in part on credit history & transaction characteristics & loan amounts*

Wondering what to for Labor Day in Arizona?

by Nate Martinez

Check out one of these great events happening around Arizona for the last Summer weekend in 2010 ~ Have a safe & happy holiday!

Biker's Breakfast with Live Music ~ Saturday, Sept 4th 7:00am. http://www.azcentral.com/thingstodo/events/Bikers'_Breakfast_With_Live_Music_963653078826

Labor Day Arts & Crafts Festival ~ Saturday, Sept 4th & 5th 8:00am to 5:00pm. http://www.azcentral.com/thingstodo/events/Labor_Day_Arts_and_Crafts_Festival_247457007269

Fun in the Sun Labor Day Weekend ~ Arizona's only "Floating Picnic" at Salt River ~ Saturday Sept 4th thru Monday, Sept 6th 9:00 am to 6:30pm. http://www.azcentral.com/thingstodo/events/Fun_in_the_Sun_Labor_Day_Weekend_889422050759

Labor Day Weekend Golf Special at McCormick Ranch Golf Club ~ Friday, Sept 3th thru Monday Sept 6th 6:30am to 7:00pm. http://www.azcentral.com/thingstodo/events/Labor_Day_Weekend_Golf_Special_655544191836

Labor Day Weekend Side Trip ~ San Dominique Winery ~ Friday, Sept 3th thru Monday Sept 6th 11:00am to 4:00pm. http://www.azcentral.com/thingstodo/events/Labor_Day_Weekend_Side_Trip_915157986259

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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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