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Nate Martinez

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Market Update - Press Release

by Nate Martinez

June 2010 -- RESALE HOME MARKET

The local housing market returned to its historical pattern of good sales activity that usually lasts until August. For June 2010, there were 10,720 recorded sales, which is an improvement over the 9,660 sales of May, but below last year’s 11,820 sales. Foreclosure activity rebounded from 33 percent (3,230 foreclosures) of recorded activity in May to 36 percent (3,835 foreclosures) in June. However, both the market share and absolute numbers are below March 2010 at 40 percent and 4,370 foreclosures.

Foreclosure activity, as percentage of the total resale market, varied throughout the Valley such as 37 percent in El Mirage, 22 percent in Scottsdale and 36 percent in Surprise. Another significant component of the market was the sale of previously foreclosed property, which accounted for approximately 40 percent of the traditional transactions (6,885 sales). Thus, foreclosure–related activity represented 60 percent of the recorded activity.

The recent improvement in home prices, not only provides evidence of potential short-term appreciation, it has further enhanced the interest of investors’ interest in the local housing market. The median price for the traditional market in June was $143,000, which is an improvement over the $144,000 of May 2010 and last year’s $134,000. The foreclosed properties had a median price of $155,625 in contrast to $148,655 for May and $154,000 for a year ago.

Housing prices are being influenced by foreclosure-related activity. The first influence is that expensive homes continued to be foreclosed, with 30 being over $1 million in June, including 5 above $2 million. Another influence is that, for the last year, approximately 40 percent of the traditional sales were foreclosed homes that were sold again with a median price markdown of 14 percent from the foreclosed price. Although the markdown has improved from 25 percent a year ago, it does vary throughout the Valley ranging from 46 percent in Maryvale to 22 percent in Glendale to 8 percent in the Gilbert area.

Since the Greater Phoenix area is so large, the median price can range significantly. For June 2010 in North Scottsdale, the median price for a foreclosed property was $409,340 ($446,000 in May) while the traditional market was $490,000 ($469,000 in May). In South Scottsdale the splits were $190,885 ($208,190 in May) and $175,615 ($180,000 in May), respectively. In Maryvale, traditional transactions were $59,900 ($59,900 in May) and foreclosures were $74,295 ($78,765 in May), while in Union Hills it was $193,000 ($180,000 in May) and $190,000 ($184,070 in May), respectively. For June 2010, Paradise Valley had a median square footage of 3,980 and a median price of $1,090,630.

As the market begins to shift, opportunities to buy at these historically low prices will begin to dewindle. Don't miss out on your opportunity to buy a first home or invest in your future! Call us TODAY to make a SMART purchase!  www.NatesHomes.com

 

Energy Tax Credits

by Nate Martinez
Did you know that there is still time to benefit from the Federal Tax Credits for Consumer Energy?  If you are planning on or have done:
 
*  Insulation
*  Heating & Air Conditioning
*  Doors
*  Windows
*  Hot Water Heater
 
You may be eligible for the tax credit.  Visit www.energystar.gov for more information.  Hurry!  Some of them expire 12/31/2010 (unless extended). Don't wait for an unplanned emergency to take advantage of these incentives!

Economic Forecast: Rain or Shine?

by Nate Martinez
Metro Phoenix Economic Snapshot, mid-year 2010.
Click here to view information on the local housing market:
 

Housing Market Holds Its Own: Life After the Tax Credit

by Nate Martinez
The Tax Credit brought a lot of buyers out last fall and again this spring, which gave a real shot in the arm to real estate. While that heightened volume cannot be sustained, home sales and prices still remain higher than last year due to interest rates at historically low levels and the lowest home prices seen in years. A monthly survey of 54 metropolitan areas reveals that closed transactions in June were 5.6% higher and prices 3.5% higher than during June 2009.
 
"There's no question, the tax credit has had a significant impact on this market,'' said RE/MAX CEO Margaret Kelly. ''No one can predict the future, and we may still see a slight pull back, but for right now it appears that housing is holding its own, hopefully on the road to a sustainable recovery."
 
Transactions -- Year-Over-Year Change
Buyers trying to make the closing deadline for the Tax Credit may have pushed sales higher for June with a 7.2% rise from May in addition to the 5.6% gain over last year. Sales were especially strong in the Northeast. Boston and Hartford saw 23% more sales than last year, Providence was up 21% and Philadelphia was higher by 27%. An equal number of metro areas, 27, had increases and decreases in closed transactions year over year.
 
Median Sales Price -- Year-Over-Year Change
Responding to demand, home prices appear to be stabilizing and slowly inching higher. In the survey's 54 metro areas, the year-over-year change in Median Sales Price was 3.5%, with 27 metros headed up, 25 lower and 2 unchanged. The weighted average of all median sales prices for June was $211, 530. California experienced the most dramatic increase in prices. Median prices in San Francisco rose almost 18% higher than June 2009 levels. Los Angeles prices were 10% higher and San Diego prices were 9% above the same time last year.
 
Days on Market -- Average of 54 Metro Areas
Besides price, most home owners are concerned about how long it will take to sell their home. For the homes that sold in the survey's 54 metro areas, the average number of days it took from listing to signed contract was 81, slightly lower than the 83 day average in May and the 89 day average of one year ago in June 2009.
 
Months Supply of Inventory -- Average of 54 Metro Areas
The inventory of homes on the market in June rose slightly from May, up only 1.2%, but was down 5.8% from June 2009. In the survey's 54 cities, the average Months Supply of Inventory was 8.5 months, which remains unchanged from May. This means that at the current rate of sales the average metro would eliminate its inventory of homes for sale in eight and a half months. However, a six month supply is considered a market balanced equally between buyers and sellers.
 
Don't forget about the Freddie Mac Open Houses This Weekend!
Click here to view all the opens that will be open for public viewing prior to the live auction scheduled for August 7th.

Auction Open House-This Weekend!

by Nate Martinez

AUCTION OPEN HOUSE - THIS WEEKEND!!

12:00 to 4:00 pm this Saturday, July 24th - open house opportunity! Come check out the properties that will be auctioned at the one-of-a-kind Owner-Occupant Only Live Auction!

2031 E Danbury St, Phoenix, AZ

11866 W Washington St, Avondale, AZ

5713 W Yucca, Glendale, AZ

4135 N 17th St Unit 8, Phoenix, AZ

To view ALL the home available for this special auction, please click here: http://www.virtualonlineeditions.com/publication/?i=42428

Freddie Mac Press Release

by Nate Martinez

 

FOR IMMEDIATE RELEASE

FREDDIE MAC, NEW VISTA, REDC TO AUCTION 135 HOMES ON AUGUST 7 IN PHOENIX TO BOOST FIRST-TIME HOMEOWNERSHIP

Auction to Support Federal Neighborhood Stabilization Program, Offer Eligible Buyers Downpayment, Closing Cost Assistance, 2-Year Home Warranty

McLean, VA –  Freddie Mac (OTC:FMCC),  real estate auction specialist REDC, and New Vista today announced plans to auction 135 HomeSteps®  REO homes to individual homebuyers at the Phoenix Convention Center on August 7, 2010. Almost a third of the homes are being set-aside for an auction to first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP). 

HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.

“The August 7 community homebuyer auction will provide first-time buyers and other Phoenix home shoppers with an outstanding opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low,” said Chris Bowden, Vice President of HomeSteps. “Working with New Vista underscores Freddie Mac’s commitment to manage its REO inventory in ways intended to help stabilize communities, foster homeownership opportunities, and responsibly safeguard tax dollars.”

The Neighborhood Stabilization Program was designed to help eligible first-time homebuyers purchase foreclosed or abandoned homes in designated areas by providing closing cost and down payment assistance. NSP funds supporting the August 7 Freddie Mac auctions are being provided through the State of Arizona Department of Housing.

Freddie Mac held similar community auctions in Las Vegas and Riverside/San Bernardino Counties in April that drew thousands of bidders and sold 207 HomeSteps homes to first time buyers and other owner-occupants. 

Auction, Open House and Counseling Schedules for Phoenix Homebuyers

On August 7 two separate morning and afternoon auction sessions will be held at the Phoenix Convention Center.

  • Morning Session: 9:30 am – 11:00 am for first-time homebuyers who are pre-approved for NSP assistance. Up to 40 homes will be available for sale. Registration begins at 8 a.m.
  • Afternoon Session: 1:30 p.m. – 4:00 pm for first-time homebuyers who are pre-approved for a mortgage by any lender but do not necessarily have NSP funding. Up to 100 homes will be available for sale.  Registration for the afternoon session starts at noon.

Homebuyers at both sessions will also benefit from HomeSteps’ existing SmartBuy®  program.  Under SmartBuy, HomeSteps will pay up to 3 percent of the buyer’s actual closing costs and offer a two-year HomeProtect© limited home warranty on homes sold as primary residence to eligible buyers when the purchase price is equal to or greater than $25,000. The limited warranty, provided through Cross Country Home Services, covers electrical, plumbing, heating and air conditioning, ductwork, and major appliances.  (See homesteps.com and homeprotect.org for details.) 

Freddie Mac’s network of listing brokers will coordinate open houses on July 24 and 31 and August 1 in Phoenix so interested buyers can tour the HomeSteps homes before the auction. The HomeSteps homes that will be auctioned have been removed from the market, inspected, repaired, and are ready for sale in “as is” condition.  Potential buyers can also find property descriptions at www.auction.com/phoenix.

A Consumer Education Seminar has also been scheduled for July 20, 27 and August 3 from 5-6:30 p.m.at Neighborhood Housing Services of Phoenix (NHS) 1405 E. McDowell Road, #100 Phoenix, AZ 85006, (602) 258-1659. The seminar focuses on how homebuyers can buy homes using NSP funds.

 

Auctions That Build New Opportunities for New Homeowners

“Owner-occupants are the key to strengthening neighborhoods in the Phoenix market,” said Jim Park, CEO of New Vista. “Working with Freddie Mac, REDC and the National Community Stabilization Trust, New Vista has created a one day homebuyer event that gives NSP and owner occupant buyers an exclusive opportunity to purchase HomeSteps homes.  By working with all the local stakeholders, we will help to revitalize these communities that have been hard hit by foreclosures.”  

Jeffrey Frieden, CEO of REDC, says “For families looking to buy a home in Phoenix, this special auction event will be an amazing opportunity. There will be more than 100 homes that are ready to move in, and borrowers may be able to qualify for conventional or FHA financing, allowing buyers to purchase homes with low down payments and nominal closing costs. We’ve had great success this year putting families into homes and we expect this event will be a great boost to the local communities.”

The August 7 auction is also supported by the National Community Stabilization Trust (NCST),  a nonprofit organization created to revitalize neighborhoods hit by the foreclosure crisis, and the Neighborhood Housing Services of Phoenix (NHS), which is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership.

For more information about HomeSteps homes visit www.HomeSteps.com.

About Freddie Mac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.+

About REDC 

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at www.Auction.com. REDC is based in Irvine, California with additional offices in Dallas and New York.

About Neighborhood Housing Services of Phoenix (NHS)

Neighborhood Housing Services of Phoenix (NHS) is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership. For the past 34 years NHS Phoenix has offered counseling, education, lending and the building and rehab of affordable homes to help hard-working families realize the dream of financially-stable homeownership.

 

Exclusive Arizona Live Auction Event!

by Nate Martinez

On August 7th 2010 Freddie Mac will be partnering with REDC to bring to Arizona an exclusive live auction event for Owner-Occupant purchases ONLY! To view some of the homes that will be sold, please check out this virtual brochure. Properties will be held open for the public, three weekends prior to the event. Please call us TODAY to learn how to register for this exclusive event. Opening bids on some properties are as low as $5,000!!! You don't want to miss out on a rare, one-of-a-kind home buying event! http://www.virtualonlineeditions.com/publication/?i=42428

Another Price Reduction - Get 'Em While There HOT!

by Nate Martinez

This Freddie Mac REO is turn-key and move-in ready TODAY! Located at 51st Avenue / Southern in Laveen, this adorable home is 1315 square feet with 3 bedrooms and 2 baths. Brand new carpet thru-out and brand new appliances. Property backs to a large grassy park-like common area. All this for only $77,500. Call us TODAY to view this home, you will be glad you did!

 

**Don't forget about the sizzling HOT Freddie Mac summer sales promotion! Eligible buyers will receive upto 3% for closing cost assistance AND a 2 year home warranty valued at $1,100!**

News Alert!

by Nate Martinez

Freddie Mac/Homesteps Summer Sales Promotion!

* 2 Year Home Warranty Valued at $1,100!

* Up to 3% closing cost incentive!

All offers must be submitted to Freddie Mac between July 16th and August 31st, 2010 and close escrow by Ocober 29th, 2010. This incentive only applies to those Freddie Mac homes which are eligible and only for Owner-Occupant purchases. Don't miss out on this great incentive - call us TODAY for a list of Freddie Mac homes!

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!

Displaying blog entries 811-820 of 858

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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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