The Cromford® Report provides detailed information to track the history and current status of the Greater Phoenix residential resale market. According to their statistics, Anthem’s average sales cost per square foot (as of July 3rd) is $121.81 and $126.67 for the year.
Cave Creek is at $181.71 and $169.89 respectively. For the greater Phoenix area: $130.49 for the month and $125.37 for the year.

What does this mean to you?

If you are looking to sell, you will need to be patient, as homes are increasing their days on market. Choose wisely – you will need an aggressive Real Estate Professional, who will market your home accordingly. The value and appeal of your home is crucial to getting it sold within an optimum time period.

If you are a buyer – Lucky YOU. Our long running seller’s market is now a Buyer’s Market. Pricing is more advantageous – however, financing may be your challenge. Therefore, do your homework! Get to your lender of choice – and if you do not have one – have your professional Realtor give you a few names to choose from. Find out what you can afford prior to going out on your search. It makes your life so much easier when you find your perfect home.

I’m excited to announce that I’ve joined the incredible team at D.L. Jones & Associates in Anthem, AZ. My long term goals included working a year in the greater Phoenix/Scottsdale area to learn about niche markets as well as the “Big Picture” of Arizona Real Estate. Having accomplished this goal, I’m moving my Associate Broker’s license to a local “home grown” broker – DL Jones which was established in 2005 by Dennis and Lisa Jones. Initially their focus was primarily on North Phoenix real estate. However, the coverage area has expanded with the growth of their company to the East and Northwest Valley. They remained steadfast in their marketing efforts online, in print, and through direct community exposure. Prior to that time, Dennis worked as a member of the Anthem Country Club sales team and Lisa was on the Anthem developer’s original start-up team as Anthem Country Club’s Membership Director for the first 8.5 years of existence. Together, they have extensive knowledge of the Anthem Community and have been pillars in the Community since Anthem’s inception.

NOW is the time to purchase that new home!

In helping to keep the housing momentum on an upward swing, mortgage lenders are reacting to new market conditions.   Interest rates are expected to continue a steady climb higher; however, lenders are offering a variety of new loan packages. This clearly offers buyers more buying power now versus waiting to purchase that new home. The current changes impact how a lender discloses to consumers for confirmation specific expenses are less than 3% of the loan amount.

Some noteworthy points:

• Conventional Loans should continue with 5%, 10% and 15% down payments with private mortgage insurance.
• Jumbo Loans up to $750,000 with 10% down are available with no mortgage insurance
• FHA limits have decreased to $271,050 in Maricopa County.
• FHA monthly mortgage insurance premiums are expected to be decreased
• FHA offers a significantly reduced monthly mortgage insurance premium with a 10% down payment using the FHA 15 year fixed loan.
• Escrow Holdbacks: non-weather repairs are permitted up to 10% of the appraised value.
• Conventional financing with a non-occupant co-borrower (parent/relative) allowing blended income to meet the debt to income ration requirement.

Mortgage information provided by:  Brandon Holt, Senior Loan Officer, Primary Residential Mortgage, Inc.

Arizona has experienced a 2% rate of job growth since  October 2013. The state ranks among the TOP 10  for growth in Construction, Wholesale Trade, Finance, Information and REAL ESTATE!

“While growth is slow compared to past recoveries, we are making good progress compared to other states. Arizona jumped all the way up from the No. 49 state for job growth in 2010 to No. 8 in 2012, and No.7 by October of this year. The long-term economic outlook here is positive.” According to research professor Lee McPheters, director of the JP Morgan Chase Economic Outlook Center at the W.P. Carey School of Business.

Among the Arizona expectations from McPheters for next year:

• Employment growth could rise from 2.1 percent this year to 2.4 percent in 2014.
• Personal income could go up from 4 percent this year to 5.4 percent next year.
• Population growth may jump from 1.4 percent to 1.5 percent.
• Retail sales will likely fall from 7.6 percent this year to 6.5 percent next year.

“The Arizona residential real estate market is improving,” according to Elliott D. Pollack, chief executive officer of Scottsdale-based economic consulting firm Elliott D. Pollack and Company.  The median single-family home price is up by more than 20 percent since last year.  New foreclosure notices are down to pre-crisis levels.   Single-family building permits should be up about another 10 percent this year, on top of a 71-percent boost last year.

It’s a GREAT time to invest in real estate.