MAXIELINES
By Mary Maxie, Master of Real Estate, B.A., CAAP, GRI, ABRM, CIPS, ASP April 2008
Associate Broker, Desert Dwellers Realty LLC www.marymaxie.com Fax 602-652-8289
Phone 602-738-6597 e-mail me MAXIEMIZE YOUR LIFESTYLE
What should you know about the current real estate market in the Valley?
* If your house is vacant for more than 30 consecutive days while it is for sale, your homeowners’ insurance may not cover any vandalism or damages that arise. Before you take the chance, contact your insurance agent and find out exactly how your coverage works once the house is vacant.
* There were a few more homes sold in the valley in Feb 2008, according to the Arizona Regional MLS. About 3700 homes were sold in Feb, up from Jan, but lower than Feb one year ago. Pending sales are higher, meaning there is more activity in the market, but many of those pending sales are for short sales and bank owed properties, and the approval process by the banks is very slow, sometimes up to 3-4 months for an approval, so it’s not clear if the Pending sales are just waiting to close escrow, or if they are waiting for bank approval.
* There are several terms being tossed about in the real estate market these days. For those who don’t know what a short sale is, this is the term used for a house sale where the seller owes more on the mortgage, than what the house could be realistically listed for in today’s market. Another term for this situation is “upside down” There are so many foreclosures, that the lenders prefer to have a short sale than a foreclosure, but the process begins with a seller who is in trouble, going to his lender and asking to have part of the debt forgiven, so that the property can be sold. Another term is “Bank-owned”. This means that the foreclosure process has been completed, and the bank now owns the property.
* Not all realtors are fully aware of how the short sale, foreclosure and bank-owned property market works. It is extremely complicated, and requires a mountain of paperwork, if you are the buyer or the seller. Make sure whoever you use for one of these situations is fully trained and cognizant of all the pitfalls and problems that can arise. These pitfalls and problems arise daily, and change often, and vary from lender to lender, so don’t rely on someone who took one course last year.
* A National Realtor Assoc. survey, conducted last spring and summer, reports that one third of U.S. realtors have done business with international clients and seven percent of agents say that more than half their transactions are with foreign buyers. While these buyers come from all over the globe, 33% are from Europe, 24% from Asia, 23% from North America (other than the U.S.) and 16% are from Latin America. Drilling down to the country level, the top five sources of foreign buyers are Mexico, The United Kingdom, Canada, India, and China.
Karl's Real Estate Recipe for Recovery
In a large, sun splashed, desert basin surrounded by mountains, mix together the following ingredients:
#1 in Nation in job creation, #1 in Nation in Population Growth, Some of the most affordable housing in the SW Sun Belt, Billions in Commercial Development investment
Next, remove 2 cups of Builder specs. Then, fold in... 1 cup foreign investment with strong currencies, 1 cup each Midwesterners and East Coasters fleeing the winter blahs, 2 cups Californians fleeing recurring natural disasters, A sprinkling of Snowbirds
Bake under sunny Arizona skies for 6 months with interest rates set on low. Top with Spring Training, National League basketball, Hockey, football and minor league sports Stir together, cover the cake and enjoy the results!
Tips to prevent mold in your home:
- Turn outside sprinkler heads so that they do not spray against the exterior of your home. Over time, water will seep through stucco or block walls and into the wall system.
- Buy a new water heater at the recommended life limit of y our current one. Water heaters rust, leak and may burst. - - It is easier to buy a new one BEFORE you have a potentially moldy situation.
- There are 2 kinds of reverse osmosis units: thos that have leaked, and those that will. If you have one, check it regularly.
- A bucket under the sink is NOT a fix. It is a band-aid solution. The cause of the lead must be remedied. Sometimes the cost of a plumber is worth it.
- Do not put wallpaper in bathrooms! Humidity can be high and mold loves the glue.
- Do install a good exhaust fan in your bathroom (130 cfm minimum is suggested). Small fans or open windows are generally not enough to exit the steam from the room.
Mary’s buyer and seller needs:
New condo development in gorgeous Fountain Hills: various floor plans and sizes, price range from $171,900 to $259,000. Also Builder’s closeout on 2 bed/2 ba condos in Gilbert from $192,900 to 217,900
Former Model in Glendale: 1850 sq ft, lots of upgrades incl. newer roof, a/c, dual paned windows & covered patio, carpet, tile, fp, sap dish incl. Best of all, owner will carry with only $15K down at 7.5% $269,900
Commercial/Industrial space needed, with drive-in access at rear for a shop. Prefer to purchase condo bay, up to 2000 sq ft. for $60,000 range.
Lock it and leave it: North Central area Immac. 2 bed, 2 bath, 1289 sq ft condo. Ideal for downtown workers, snowbirds or investors. Mid-century modern, well kept, and well managed complex. Quiet, overlooks pool, with 2 parking stalls. Close to Bridle Path and amenities. And look at this price--$150,000
Orangewood area—thinking of selling? Young family wants 4 or 5 bedroom home in this great area, with pool, room for casita/office. Fixup OK with large lot. Up to $850,000
Tonopah land: 36 acres for development. Think about the future. Price depends on comps at the time. White Tank area is still going strong.
Remodeled Quiet Historic beauty- near Thomas/10 St. New kit/baths, lg yard, 2 car gar, new roof, new paint, hdwd floors, large outbldg for storage or make it into an office. New Price $324,000
Call me today for details on these and other real estate questions. Remember I always appreciate your referrals
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Maxieline of the day: Words that soak into your ears are whispered, not yelled.
MAXIEMIZE Your Lifestyle! Call MARY MAXIE to Buy/Sell/Invest In Real Estate 602-738-6597. www.marymaxie.com
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