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Nate Martinez's Blog

Nate Martinez

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Incredible Price Reduction!

by Nate Martinez

This fantastic property located in Buckeye has been reduced to $44.02 per square foot!! This is a steal for a 1931 square foot home, built in 2006 - all for $85,000! This price was just reduced today - don't hesitate to call for your private tour of this home - at this price it will sell FAST!

The Principles Of Life

by Nate Martinez
Principles Of Life...
Winning isn't everything but wanting to win is.

You would achieve more, if you don't mind who gets the credit.
 
When everything else is lost, the future still remains.
 
Don't fight too much or the enemy will know your art of war.
 
The only job you start at the top is when you dig a grave.

If you don't stand for something, you'll fall for everything.

If you do little things well, you'll do big ones better.

Only thing that comes to you without effort is old age.

You won't get a second chance to make a first impression.

Only those who do nothing do not make mistakes.

If you are not failing, you're not taking enough risks.

Don't try to get rid of your bad temper by losing it.

If at first you don't succeed, skydiving is not for you.

Those who don't make mistakes usually don't make anything.
 
There are two kinds of failures: Those who think and never do, and those who do and never think.

Pick battles big enough to matter, small enough to win.

All progress has resulted from unpopular decisions.

Change your thoughts and you change your world.

Understanding proves intelligence, not the speed of the learning.

There are two kinds of fools in this world.: Those who give advice and those who don't take it.

Management is doing things right. Leadership is doing the right things.
Have a wonderful weekend - try to stay cool!
If you or someone you know is interesting in learning more about the upcoming live Freddie Mac auction on August 7th, please call our office today - 160 "turn-key" homes will be sold to Owner-Occupant buyers only! Find out if you qualify for Government down payment assistance through Your Way Home AZ. Don't delay - time is of the essence!

Beautiful Auction Property!

by Nate Martinez

This property is just one of 160 homes which will be auctioned at the exclusive, OWNER-OCCUPANT ONLY auction on August 7th. This property will be held open on Saturday July 24th, July 31st and August 1st from 12-4pm. Please call our office TODAY for more details! Don't miss your opportunity to buy under value with interest rates as low at 4.250%.

20th Street / Bell Road

1597 square feet / 3 bedroom / 2 bath / Built 1999

Optimist or Pessimist: Which One Are You?

by Nate Martinez

Upbeat Outlooks vs. Pessimistic Perspectives: An Ongoing Debate

Posted 
The benchmark 10 year note yield is back below 3.00% and mortgage rates are at lifetime lows.  Hello homeowners!  Why isn't everyone (who can qualify) jumping on the refi band wagon?   With rates so low and home prices off 30% to 40%, why aren't consumers rushing to buy homes?  If this was a normal market,  mortgage activity would be bursting at the seams.  Is the glass half full or half empty?
Let's take a look.
Glass Half Full...
Low Rates: As we noted above, interest rates are at historical lows and probably won't move significantly higher in 2010. It seems Treasuries are the only place to park funds that ensure no degradation of principal.  However, eventually rates will rise as employment levels improve and the U.S. government is forced to compete with the private sector for investment capital.  Consumers should be taking advantage of low rates while they can right now. 
 
High Affordability Index:  According to the National Association of Realtors, the Housing Affordability Index has rising from 115.4 in 2007 to 174.8 for the first quarter of 2010.  The rise is a whopping 51% over the last 3 years.   With home prices off 30% or more from the highs and the tax benefits of deducting interests on mortgages, there are incentives to buy a home.

Demographics:  US population continues to grow at just under 1% per year.  As the population grows, housing demand should increase.  More housing demand means higher demand for mortgages.

Government Support for Housing:  Congress and the President are committed to supporting the  housing market.  They stepped in to take over the GSEs and have provided liquidity in the secondary mortgage market.  Tax credits helped stimulate housing activity and there is policy to help homeowners with foreclosures.

Glass Half Empty...
Unemployment and Underemployment:  The Labor Department reported this month that there are 15 million Americans that are unemployed (just under 10% of the working population).  Even worse is the underemployment rate - those that are working, but at wages below what they made before - which is over 19% according to the Gallup's underemployment rate.  Reducing  unemployment rate back to 5% by  adding 150,000 jobs per month  would take over 4 years.  

Limited Secondary Mortgage Market:
  The US government owns and operates the secondary mortgage market today and there is little secondary market for non GSE/GOV loans.  Borrowers looking for jumbo loans have limited options.   

Tight Credit Standards
:  Because of the mortgage meltdown and high foreclosure rate, credit guidelines have tightened dramatically.  Alternative loan programs such as stated income loans don't exist today.  This is problematic for some borrowers looking to purchase a home, but more importantly, borrowers seeking to refinance out of alternative loan program can't qualify under the tighter credit standards.    

Foreclosures:  As the economic malaise continues, more and more A-paper borrowers, that have lost their jobs and seen the value of their homes decline, are throwing in the keys and walking away.  This is sad and adds more fuel to the fire, causing property values to drop further.

Resale Market Reports

by Nate Martinez

Resale home market reports through May show signs of improvement in overall values in the Valley of the Sun. The foreclosure market activity varies through out the Valley, such as 40% in El Mirage, 22% in Tempe and 33% in Surprise. Another significant component in our market has been the number of previously foreclosed property, which accounted for approximately 40% of the traditional transactions (in other words, investor "fix-n-flip" purchases). There has been a minor decline in foreclosure sales, from 40% in March 2010 (4,370 sales) to 33% in May 2010 (3,230 sales) - however these numbers are still above 2009 reports (May 2009 reported 3,035 sales).

The number of mortgage defaults and late payments continue to be at record levels - the main issues center around whether house-hold incomes will increase enough to hold-on to current properties. Further level of income changes impacts the ability of households to maintain payments for their homes, especially if confronted with a change in an adjustable interest rate. Even if a household has the ability to economically maintain their property, declining neighborhood values and restrictive debt amounts, could induce some households to walk away from their home.

The good news is that previously declining values have piqued the interest for investors and first time, owner-occupant purchasers, especially in the lower-income ranges. The good news is that all this interest has caused median prices to increase. The median price for the traditional market in May 2010 was $144,000, which is the same as April, but above 2009's median price, which was $130,000.

The foreclosure properties had a median price of $148,655 through May 2010. However, in April 2010 reported median price of foreclosure property at $156,180 which is up from $150,090 in 2009. The recent improvements in home prices, not only provide evidence of potential short-term appreciation, it has further enhanced the interest of first time buyers.

Since the Greater Phoenix area is so spreadout, the median price can range significantly. I have highlighted a few of the cities reported numbers for your review. If you do not see your city listed or wish to learn more about a particular city or property, please do not hesitate to call/email me.

Phoenix Thru May 2009 $80,875 / Phoenix Thru May 2010 $107,630

Tempe Thru May 2009 $169,000 / Tempe Thru May 2010 $175,000

Avondale Thru May 2009 $108,025 / Avondale Thru May 2010 $113,500

El Mirage Thru May 2009 $68,900 / El Mirage Thru May 2010 $80,000

Peoria Thru May 2009 $160,000 / Peoria Thru May 2010 $161,900

Goodyear Thru May 2009 $134,900 / Goodyear Thru May $155,000

 

Check it Out!

by Nate Martinez

This adorable townhouse located in Central Phoenix will be sold at auction on August 7th. Buyer is required to participate in the NSP down payment assistance program. Remember, this auction is for OWNER OCCUPANTS only - NO investors!  

2 bedroom, 2 full baths, 1152 square feet  

There are NO opening bid minimums for this auction. However, before this property was selected to be a part of the auction, the list price was $77,500. We have prepared the following information so you can see what a benefit it is to participate in this fabulous opportunity!  

Sales Price:                                                      $77,500.00

3% Down Payment:                                           $2325.00

NSP available down payment assistance:            $17,050.00

Loan Amount to be financed                                $58,125.00

Total Out of Pocket Expense:                             $4,700.00

Total Monthly Payment:                                      $647.00

*based on 4.875% interest rate

*total monthly payment includes HOA due

*based on maximum allowed down payment assistance (22%)

This information is intended to be an illustration and not a mortgage loan approval or commitment. All buyers must qualify through Your Way Home AZ NSP program. Time is of the essence – do not delay, call us TODAY to learn more about how to qualify. There will be 160 homes auctioned on August 7th to OWNER OCCUPANT buyers ONLY! Don’t miss out on this rare opportunity to buy at below market prices with government down payment assistance!

What to do for 4th of July

by Nate Martinez

Check out events happening in and around the Valley of the Sun for family fun and celebration of our countries Independance Day! On behalf of the Nate Martinez Team, we wish you and your loved ones a happy, healthy and safe holiday weekend!!

Maryvale: July 2nd - 2010 Light Up the Sky Festival - activities designed for all ages, games, bouncers, fireworks. Free to public. 7 to 9pm. www.phoenix.gov/parks

Phoenix: July 2nd - Artlink First Fridays - self-guided art tour of central Phoenix art galleries, art studios. First Friday of each month year around. Free Shuttle rides, 6 to 10pm. www.artlinkphoenix.com

Mesa: July 3rd - Celebration of Freedom - entertainment, classic cars, motorcycles, beer garden, art, music, fireworks. Free to public. 6 to 10pm. www.azcelebrationoffreedom.org

Peoria: July 4th - All-American Festival - water zone, kids zone, bounce houses, carnival games, crafts and more. Live music, hot dog eating contest. Check out the F-16 flyover at approximately 7pm. Gates open at 5pm. Fireworks at 9:15pm. Admission is $5.00 and for kids 12 and under, free admission. www.peoriasportscomplex.com

Tempe: July 4th - 59th Annual Fireworks Spectacular - the best fireworks show in the Valley! Tempe Town Lake, 4 to 10pm. http://www.tempe4th.com/

Surprise: July 4th - 28th Annual 4th of July Celebration - Rookie League Baseball Game followed by fireworks celebration at approximately 8:30pm. Gates open at 4:40pm. Free admission with a canned food donation. http://www.surpriseaz.gov/DocumentView.aspx?DID=5085

Phoenix: July 4th - 25th Annual Independance Day Celebration - Steele Indian School Park - great local entertainment, inflatable rides, classic car exhibit, and one of the biggest fireworks displays in the State. Entertainment starts at 6pm. Free to the public. http://phoenix.gov/PARKS/jlymain.html

 

Glendale NSP Approved Property

by Nate Martinez

On August 7th, Freddie Mac / HomeSteps will be partnering with REDC Auctions to bring to you a-never-before-one-of-a-kind auction designed for NSP approved buyers ONLY! This means NO investors to compete against. There will be approximately 50 NSP approved turn-key homes sold at this auction. Buyers MUST use NSP funds to purchase. ALL properties will be in turn-key condition! Check out just one of the properties to be auctioned on August 7th:

Located in Glendale, AZ (59th Ave/Peoria)

2106 square feet / 4 bedrooms / 2.5 baths / built in 1982

For more information on this property, please call our office TODAY. Don't miss out on this fabulous opportunity to buy at low prices, with down payment assistance upto $40,000 for eligible buyers!

What is NSP?

by Nate Martinez

The Neighborhood Stabilization Program (NSP) was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. The NSP grants that HUD has awarded are helping state and local governments, as well as non-profit developers acquire land and property; demolish or rehabilitate abandoned properties; and/or offer downpayment and closing cost assistance to low- to middle-income home buyers. Grantees can also stabilize neighborhoods by creating “land banks” to assemble, temporarily manage, and dispose of foreclosed homes. So far, over 63,000 homes are projected to be impacted by NSP1, including acquisition, demolition, home buyer assistance and new construction, and over 17,000 units have been completed. For NSP2, applications were submitted for over $15 billion worth of projects nationwide, with only $2 billion available for funding.

Call us TODAY to learn how to qualify for your piece of the NSP funds -- eligible home buyer's may qualify for up to $40,000 in down payment assistance.

Your Way Home AZ

Are you tired of getting beat out by cash investors??

by Nate Martinez

On August 7th 2010, Freddie Mac/Homesteps will be partnering with local Realtors and REDC auction company to bring to you an exclusive, never before event!

This auction is only for owner occupant homeowners - NO INVESTORS! The first half of the auction will be qualified NSP Community homes. What does this mean? The benefits of purchasing a home through this event are:

  • Up to 3% closing cost incentive
  • 2-Year home warranty on eligible homes
  • Homes will not be pre-sold to guarantee auction availability
  • No investor competition
  • No offer/counter offer process at auction
  • Immediate contract execution
  • The second half of the auction will be other properties, which may or may not qualify for the NSP Community Program, however, will still be limitted to owner occupied purchases. Again - NO INVESTORS - NO MULTIPLE OFFER COMPETION!

    Call us TODAY to pre-register for this execlusive, rare event - if you have been struggling to find the right home and are tried of getting beat out by cash investors, then you do not want to miss this event! Call us today for more details!!

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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

    Thank you for visiting our website!