Everything Fountain Hills!

Fountain Hills Market Conditions - August 2010

As of August 1st, there are currently 485 homes for sale in Fountain Hills! 294 of those are single family homes and 70 of them are distressed (either Short Sales or Foreclosures). That's a significant decrease in distressed properties from the previous month. The average price is $555,793. There are 38 homes that have gone under Pending Status (under contract) and the average number of days on the market were 193 until they went under contract. There were 46 homes that sold/closed escrow in June. Of those sales 63% were under 400K and only two were over 1M. We are starting to see a lack of inventory in homes under 400K - it's only a buyers market until more than one person wants the home! Homes are definitely selling. On average, sellers are gettting about 95% of their list price. Those seller's with a more aggressive list price should get closer to their asking price, while those who may be a bit over priced can expect to get less. The distressed properties actually got an average of 97% of their list price! That's because there were some that sold above the list price. The time to buy is NOW! You can easily search for homes in Fountain Hills or surrounding communities on my website at www.MyHassleFreeListings.com. Call me today at 602.400.0250 or toll free at 888.311.4833!! If you, or someone you know are behind on their mortgage payments and owe more than the home is worth, please visit http://FountainHillsShortSales.com to find out how I may be able to help.

Have you ever wondered what it's like to make an offer on a bank owned home?

This video is hillareous!!

 

June Fountain Hills Market Update

As of June 1st, there are currently 483 homes for sale in Fountain Hills! 299 of those are single family homes and 98 of them are distresse (either Short Sales or Foreclosures). The average price is $601,043. Now that's finally up a bit - but not by much. There are 101 homes that are in Pending Status (under contract) and the average number of days on the market were 148 until they went under contract. There were 75 homes that sold/closed escrow in May. That's more than 3 times the number of sales in April. Homes are definitely selling. On average, sellers are gettting about 95% of their list price. Those seller's with a more aggressive list price should get closer to their asking price, while those who may be a bit over priced can expect to get less. The distressed properties actually got an average of 97% of their list price! That's because there were some that sold above the list price. The time to buy is NOW! You can easily search for homes in Fountain Hills or surrounding communities on my website at www.ISellFountainHillsAZ.com. Call me today at 602.400.0250 or toll free at 888.311.4833!!

CDPE Momentum Seminar

Wow!  What an amazing three day event put on by Alex Charfen and the CDPE organization. (Certified Distressed Property Expert's)  The seminar was held at the Mission Palms Resort in Tempe, AZ with an incredible lineup of speakers including Matt Vernon, Short Sale and REO Executive for Bank of America, Diana Stauffer - VP and manager of the Field Short Sale Group for Wells Fargo, and Rick Sharga - Sr. VP of RealtyTrac Inc. 

The general prediction is that the foreclosure inventory will peak in 2011. The overall inventory should reach normal levels in 2012.  However, the REO inventory will likely remain high until 2015.  It also appeared that the banks are making a sincere effort to shorten the length of time it takes to close a short sale transaction. That's good news for everyone.  Especially the homeowner, since their credit is dinged according to the number of missed payments that they have.  So, although it appears we have a ways to go in our current market - at least it might get a little easier to handle.

So, you might be wondering what exactly is a CDPE?  A Certified Distressed Property Expert^® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

Do you, or someone you know owe more on your mortgage than your home is currently worth or have fallen behind on payments?  If so, call me today. 

Lisa Murray, CDPE - 602.400.0250

 

Fountain Hills Market Conditions

As of May 1st, there are currently 516 homes for sale in Fountain Hills. 318 of those are single family homes. The average price is $595,253. That's down a bit, but not by much. There are 62 homes that have gone Pending (under contract) in the last 30 days and the average number of days on the market were 155 until they went under contract. There were 21 homes that sold/closed escrow in April. That's considerably less than the previous month. Homes are definitely selling. On average, sellers are gettting about 93% of their list price. Those seller's with a more aggressive list price should get closer to their asking price, while those who may be a bit over priced can expect to get less. There are currently 50 lender owned properties on the market in Fountain Hills and 57 short sales. The distressed properties are getting an average of 95% of their list price.The time to buy is NOW! Time is running out. You can easily search for homes in Fountain Hills or surrounding communities on my website at www.YourFountainHillsLifestyle.com. Call me today at 602.400.0250 or toll free at 888.311.4833!!

April Market Conditions

As of April 1st, there are currently 522 homes for sale in Fountain Hills. 331 of those are single family homes. The average price is $600,121. That's down a bit, but not by much. There are 105 homes that have gone Pending (under contract) and the average number of days on the market were 175 until they went under contract. There were 98 homes that sold/closed escrow in March. That's almost DOUBLE from the previous month. Homes are definitely selling. On average, sellers are gettting about 93% of their list price. Those seller's with a more aggressive list price should get closer to their asking price, while those who may be a bit over priced can expect to get less. There are currently 59 lender owned properties on the market in Fountain Hills and 54 short sales. The distressed properties are getting an average of 95% of their list price.The time to buy is NOW! Don't forget about that Tax Credit! It's not just for first time home buyers and has now been extended through April 2010! Time is running out. You can easily search for homes in Fountain Hills or surrounding communities on my website at www.YourFountainHillsLifestyle.com. Call me today at 602.400.0250 or toll free at 888.311.4833!!

You May Qualify for a Tax Credit

There are many nuances of the home buyer's tax credit.  It's not just for the first time home buyer.  Watch this video to learn if you may qualify.  Just remember...  time is running out. 

http://www.youtube.com/watch?v=1leN8E8BKTo

Let me know if I can help.

Lisa...

A Perfect Day Winner!

Some of you may have noticed that I have been making some subtle changes to my website.  One addition that I thought would be nice would be to have client 'Testimonials' about how fabulous our little Fountain Hills gem really is.  So, I had a drawing for a flat screen TV for those who wrote to me what their 'Perfect Day in Fountain Hills' might look like. The drawing was held on Valentine's Day and the winner was Ann Bambrough!  I would like to share her entry with all of you now, but please check back to my website and soon I will have all of the great write-ups on there.

Thanks Ann!  You really captured 'A Perfect Day in Fountain Hills'.

____________________________________________________________

It takes very little effort to create a perfect day in Fountain Hills. Each person has his or her idea of what an ideal day entails. So unless a person has the time and inclination to pen a 500-page dissertation on the merits of spending time in Fountain Hills, a description of one day’s possibilities must suffice.

To begin the perfect day, you really only need open your eyes after a peaceful night of sleep. From that moment and from virtually any location in Fountain Hills, you can see a view of Four Peaks. My advice to the unfamiliar is to try and time this first glimpse with the sun’s own escape from slumber. There is nothing quite like the beauty of watching that giant glowing orb as it overtakes something as remarkable as those four peaks.

Because the weather is almost always perfect in the early morning hours, it’s not a bad idea to venture outside and observe what creatures are also embarking on their day’s journey. To a nature lover, there is no end to the wildlife that can be spotted in Fountain Hills and nearby areas. From javelinas nibbling on prickly pears to coyotes seeking a little nap after an evening of activity, it’s a humbling experience to feel so at one with nature. It’s a true example of how humans and animals can coexist in harmony with mutual respect for one another. 

After witnessing a few marvels of nature, the next logical course of events would be to hop into town for a delicious breakfast at one of the local eateries. Outdoor seating is virtually year round, so one’s love affair with nature and sunshine need not end. And since many of these eateries are within range of Fountain Park with its 560-foot fountain, don’t be surprised if you are enticed into taking a stroll around it. There are many people and their four-legged friends who engage in this activity daily. And you’ll never make acquaintance with a disparaging word while on this little excursion. Fountain Hills has a deep seated history of kindness, as it seems to attract those of that ilk. It offers the safety and security of a small town without truncating the need for some semblance of anonymity. 

And here is where the perfect day is up to the individual. If you are a hiker at heart, you can select from the smorgasbord of trails located in Fountain Hills and at the McDowell Mountains. For just a little taste, hike a trail that is only a mile in length. Or make a day of it: take the five-mile Dixie Mine trail and enjoy a picnic along the way. If you are a golfer, then here is your paradise. With five beautiful and immaculate golf courses at varying levels of difficulty, the most challenging decision to make is which one to play. Or take it easy with a round of Frisbee golf and then head home for day of respite without having to forgo an ounce of sunshine or beautiful landscaping.

The end of each day in Fountain Hills is determined by a particular mood. It’s easy to make a short trek to one of several local fine dining establishments. A jaunt to Scottsdale is also not out of the question: shopping and exquisite dining are a mere stone’s throw away. And then there is always the comfort of staying home and enjoying a quiet evening cooking on the grill and watching as the sun departs as is does each day. No matter which option is chosen, it is certain that you will be satiated after having been fed a diet of nature, adventure, relaxation, and beauty.

-Ann Bambrough

First Time Home Buyer Tax Credit Extended

It's official! President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. In addition, the extension also opens up opportunities for others who are not buying a home for the first time.

To help you understand what the new tax credit details mean to you, the following is a concise overview of the new tax credit deadline, income caps, and more. Please take a look at the concise overview below.

You should consult your account or tax advisor for further details and your specific situation.

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession

7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:

* They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")

* They do not use the home as your principal residence.

* They sell their home before the end of the year.

* They are a nonresident alien.

* They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)

* Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)

* They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other criteria for the tax credit.

**Please let me know if I can be of any assistance with your Fountain Hills real estate needs.  I can also help you with Scottsdale real estate, Phoenix real estate or any other surrounding communities.

All my best,

Lisa...

October Real Estate Update

As of October 1st, there are currently 535 homes for sale in Fountain Hills. There are 327 single family homes for sale (97 of them are 1M and up) and the rest are condo's, patio homes, etc. There are 45 bank owned homes. You can easily search for these homes on my website at www.ISellFountainHillsAZ.com. The average price is $689,794 which is virtually unchanged from last month. There are 76 homes currently in escrow and the average number of days on the market were 122. There were 60 homes that sold/closed escrow in September and on average, sellers are gettting about 91% of their list price. The time to buy is NOW! Don't forget about that first time homebuyer tax credit... time is running out! Call me today at 602.400.0250 or toll free at 888.311.4833!!