Shadow Inventory Fades in Fountain Hills

If you've been worried about the "shadow inventory" of homes in Fountain Hills, it's time to stop worrying!

Distressed properties account for a shrinking share of the residential real estate market in Maricopa County, according to the latest reports by DataQuick. Foreclosure sales in the metro Phoenix-Scottsdale area are at their lowest levels in 4.5 years.

Fountain Hills real estate has steadily improved during the past year. Foreclosures and short sales accounted for about 4% of the market last month. In early 2012, distressed properties accounted for 10% of the market; and a year ago, as much as 14% of the market. We've come a long way in a relatively short amount of time!

Our proximity to Phoenix often causes broad assumptions about local market conditions. But there's good news there,  too. Phoenix foreclosures are down by 50% from a year ago, and down by 66% since 2009. Metro Phoenix-Scottsdale home prices are enjoying double-digit gains as a result. 

This being said, we can still expect seasonal norms to affect Fountain Hills real estate in upcoming months, though any pullback in sales should be modest. We also have the uncertainties of an election year, which could influence market behaviors.

The bottom line: Fountain Hills, Arizona, is a magnificent place to live, work and play! Statistics aside, buying a home is really about the quality of life you can enjoy in your new neighborhood. The natural wonders of our serene, desert vistas, along with our thriving culture, and our abundant recreational opportunities will always attract new residents! 

Whether you are relocating to Arizona, or you are a current resident who is thinking of buying or selling a home, I'm here to help you! 

When you have questions about Fountain Hills real estate, contact me! As a real estate professional with over 30 years of experience, I will provide you with the best in local expertise and Fountain Hills market guidance!

 

Tina Nabers
Nabers Property Management & Real Estate
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Short Sale Rule Changes Could Help Fountain Hills Home Sellers!

While home values have been improving in Fountain Hills and the greater Phoenix-Scottsdale area, prices remain below the peaks reached in 2006. Homeowners who made purchases during the height of the housing boom have been struggling with negative equity. Add in a personal hardship, and it becomes a recipe for foreclosure. 

Fortunately, there is help on the horizon! The Federal Housing Finance Agency has announced new short sale guidelines effective November 1, 2012, for mortgages held by Fannie Mae and Freddie Mac. These government-sponsored agencies back more than half of all residential mortgages in the United States, and their short sale improvements could have a wide effect on the housing market. 

Here are some highlights of the new short sale program:

Homeowners who are current on their mortgage can be eligible for a short sale, if they have a qualifying hardship. Hardship categories include job loss, death of borrower or co-borrower, divorce, disability, or job relocation exceeding a distance of 50 miles from the home.

Mortgage servicers who work on behalf of Fannie Mae and Freddie Mac will be empowered to directly expedite qualifying short sales. 

Documentation requirements for homeowners “most in need”, who are behind on mortgage payments and have qualifying hardships, are significantly reduced. 

Homeowners who have sufficient assets will be asked to make a financial contribution to the short sale. In return, Fannie Mae and Freddie Mac will not pursue a deficiency judgment for the difference between the sale proceeds and the outstanding mortgage balance. This clause seems to address the Mortgage Debt Relief Act of 2007, which is scheduled to expire at the end of the year.

Overall, the changes in the short sale process should reduce new foreclosures and further stabilize home prices. This is good news for all Arizona homeowners! Median home values in the Phoenix-Scottsdale area have improved about 28% from a year ago, thanks in part to a reduced inventory of homes for sale. 

If you are thinking of selling your Fountain Hills home, contact me for the best in local expertise and market guidance! With over 30 years of experience in Fountain Hills real estate, I have helped home sellers succeed throughout all market conditions. 

When you have questions about the Fountain Hills real estate market, feel welcome to call me! I will be happy to help you! 

 

Tina Nabers
Nabers Property Management & Real Estate
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The Necessary Tools for Owning a Fountain Hills Home

Becoming a home owner is an exciting time, but do you have the tools to do it? There are certain tools every Fountain Hills home owner needs to have to ensure a smooth sailing. If you are not familiar with these tools, it is important to become familiar so you can fix any problem that comes your way.

Duct Tape: Every homeowner should have at least one roll of duct tape. Known to solve almost any problem, this is one item you will need repeatedly. If the duct tape you are using will be hidden from plain sight, using original grey will work just fine. However, if you are more particular about the appearance of the tape there are different colors and designs you can get. 

Hammer: Having a simple hammer will come in handy as you decorate your Fountain Hills home. Make sure your hammer is large and sturdy enough to get a nail through a wall. Buying a small hammer is helpful when using thin nails, but if you predict a larger project in your future, you should also invest in a larger one. 

Flashlight: What seems like an obvious tool to have, it is also the most easily forgotten.  Moving is a complicated process and remembering to have the most simple items sometimes seems like the hardest part.  Having a flashlight is not just important when the power goes out, but also helps when fixing something in a dark area or looking for something under a large piece of furniture. 

Tool Box: Another obvious one, but keeping your tools organized is a great way to keep your home clutter free. When something needs to be fixed the last thing you want to do is spend hours looking for one screwdriver. Keeping all of your tools in one area will be beneficial when working on a large home repair.  If you have too many tools to fit in a tool box, invest in two. A smaller one that holds the everyday tools, hammer, screwdrivers, nails, etc. Also buy a larger one for tools that you may only once in a while.

If you have any questions regarding home repairs, feel free to ask! Also, if you or anyone you know is interested in buying or selling Fountain Hills real estate, contact me! I look forward to helping you!

Tina Nabers
Nabers Property Management & Real Estate
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Views on Home Ownership after the Housing Crash

After the real estate market crashed a couple years ago, many people never thought it would turn around again. The looming question is, how did the crash affect the views on owning a home? As a Fountain Hills Real Estate agent I faced the crash head on, answering questions from clients and perspective clients about when things would get better again.

A long lasting debate has been between renting and owning a home. After the crash many reports stated that home owners would turn into renters and that the rental market would rise while the ownership market would continue to crash.  However recent statistics show that people would rather purchase a home than rent a home. 

Not every person was affected by the crash, in fact about 2/3 of the country was not involved and therefore their only connection was what they saw through the media. These people were shown to not have changed their opinion on owning a home. 

Younger home owners that were immediately affected by the crash stated that they were a little shaken up over the crisis. Being new to the real estate market younger investors were not quite sure how to handle the situation, therefore questioning whether to buy or rent a home. This had many of them wondering if they should rent a home over buying. In the end many of the younger investors still decided to purchase their home based on statistics from the past year.

During my career as Fountain Hills Real Estate agent I have found the more experienced buyers can handle tougher situations. The crash had many older home buyers still thinking positively and rarely negative thoughts towards buying a home.  However reports did show that older home owners that had been forced into foreclosure did look at the market in a negative way. 

With the crash behind us and the real estate market climbing back many people say that they would definitely buy a home over renting a home. The market will continue to rise and as it does more people will feel comfortable making the decision to purchase a home.

If you have any questions regarding the real estate market, feel free to ask. Remember, if you or anyone you know is interested in buying or selling Fountain Hills real estate, you can contact me. I look forward to speaking with you!

Tina Nabers
Nabers Property Management & Real Estate
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Upgrades for Your Fountain Hills Home

Moving into your new Fountain Hills home is an exciting moment. Once all of your belongings are unpacked the next thing to do is figure out how to decorate each room.  Chances are there are spare rooms, or items that don’t exactly have a place in the home, but with these few quick updates will help organize all your items. 

A great idea for spare closets around the home is to turn them into mini offices. This may seem a little obscure, but once completed this will become one of your favorite parts of the home. The first thing to do is to take the closet door off the hinges; this will help open up the space. Make sure the area is clean, vacuum the floor, and if you feel it needs it, paint the walls. When putting a desk in make sure the measure it to have it fit, but not over power the area. Once the desk is securely in place, you can add anything you’d like, from shelves, to photos, to professional artwork, you can design this area to be just your own. 

Adding a shelf above a doorway is another great way to organize your belongings, and add decoration to a room. The shelf should be sturdy and should fit snuggly around the door frame. Be careful when deciding what to put on the shelf what doorway you choose to turn into a shelf. A doorway with no door attached is preferred because then you don’t have to worry about the door shutting therefore having your items falls and possibly break.

First impressions are the most important thing when it comes to a home. So, making sure the exterior of your Fountain Hills home is just as nice as the interior key to loving your home. A great idea to add flair to the outside of your home is to paint the front door. However, you want to make sure it does go well with the siding. Another great way to spruce up the outside is to plant flowers. Whether you plant them in your yard, or put them in a decorative pot to line your walkway with, flowers will add color to the exterior. 

If you have any questions regarding decorating your home, feel free to ask! And remember, if you or anyone you know is interested in buying or selling Fountain Hills real estate, contact me! I look forward to hearing from you. 

Tina Nabers
Nabers Property Management & Real Estate
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