Prospective homebuyers who have their fingers crossed that metro Phoenix home prices will crash this year so they can find deals will be disappointed. The Valley’s median home price is poised to hit another record. Many buyers are scouring for deals as last year’s Phoenix-area median home price hit $268,000 in June, an all-time high. More than half of metro Phoenix neighborhoods posted double-digit price increases in 2018, The Arizona Republic’s latest Street Scout Home Values report shows. And most … [Read more...]
16 Ways To Tell If That Fixer-Upper Is Flipworthy
April 11, 2019 by Leave a Comment
1. It Makes Financial Sense to Buy It Before investing in a fixer-upper, do some quick math to make sure that it will actually be a good investment. “There’s a crude rule of thumb in the flipping world called the ‘70 Percent Rule’ — never pay more than 70 percent of the [after repair value], minus repair costs,” said Brian Davis, real estate investor and co-founder or SparkRental. “Thus, if the ARV is $200,000, and the repair costs are $50,000, a flipper shouldn’t pay more than $90,000 for … [Read more...]
The 4% Mortgage is Back
March 29, 2019 by Leave a Comment
Mortgage rates are fast approaching 4%, a rate low enough that economists and lenders believe it will help jump-start the housing market again. The average rate on a 30-year fixed mortgage fell to 4.06% this week, its lowest since January 2018, according to data released Thursday by Freddie Mac, the mortgage-finance giant. The rate was down nearly a quarter point from a week earlier, its biggest drop in over a decade. In many cases rates are lower than 4%. Lenders advertising mortgages at sub-4% rates this week … [Read more...]
5 Things Every Home Should Have
August 5, 2015 by Leave a Comment
Every designer has his or her own style rules. Over the years, I’ve honed mine down to the top five that I come back to again and again. Follow these ideas — or break them if you see fit — and I guarantee you’ll be able to take any space from feeling like it’s a boring, everyday thing to something you love every day. 1. A midcentury piece. I’m a huge believer in always using at least one midcentury modern element for a number of reasons. For one thing, the design period, despite no longer being … [Read more...]
Personal Spaces: 10 Cool Updated Ranch Houses
February 19, 2015 by Leave a Comment
Looking to bring your ranch-style home into the 21st century? Get inspired by what these homeowners have done Ranch-style homes enjoyed immense popularity from the 1950s to the 1970s. Today many of those same homes are still around — faux-wood paneling, avocado-green tile and all. If you are looking to update a ranch-style home, gather inspiration from these 10 homeowners who have brought their homes into the 21st century with style. Tara Bussema - Neat Organization and Design Tara … [Read more...]
They’re back: Boomerangers Returning To Housing Market
February 19, 2015 by Leave a Comment
Many former homeowners could start buying again this year and give metro Phoenix's housing market a much-needed boost. They are called boomerang buyers because they were thrown out of the mortgage market after foreclosures or short sales during the crash but now can qualify for a home loan again. Most lenders require a seven-year sitting out period for borrowers who default on home loans. That waiting period is over this year for the first wave of people to lose houses during the crash. A new report from … [Read more...]
Jumbo Borrowers Get The Red-Carpet Treatment
February 19, 2015 by 1 Comment
A growing economy in 2014 meant that affluent home buyers had the confidence to take on debt for both primary residences and second homes. It’s awards season in the U.S., when the entertainment industry celebrates its top movies, music and TV shows. If the mortgage industry gave out prizes, jumbo borrowers would be big winners. Some highlights from 2014: • For a five-week stretch between August and September, jumbo rates were lower than those for comparable conforming mortgages. • Many banks and credit … [Read more...]
Fixer Uppers: A Pot Of Gold Or A Money Pit?
February 19, 2015 by Leave a Comment
Realtor.com identifies the U.S. cities whose homes on the market offer the biggest price break for buyers willing to put in a little work. Feeling handy? Take a look at Clarksville, Tenn. According to numbers from Realtor.com, the city offers the country’s biggest price break for home buyers willing to put in a little work. The median price for a fixer-upper in Clarksville is $69,900, an almost 70% discount off the $226,000 median price for a home in good condition. (The analysis focused on houses in the … [Read more...]
Experts: 2015 should be better than 2014 for housing
January 14, 2015 by 1 Comment
Metro Phoenix's housing market ended 2014 on a low note with both home sales and prices down. Homeowners, potential buyers shopping for a house and investors are all curious — even anxious — about what could happen this year. The big issues to watch in the Valley are job and population growth, whether the federal plan to lower mortgage premiums spurs more first-time buyers and what big investors with thousands of rental houses do. Nationally, whether interest rates climb, the success of new low-down payment … [Read more...]
