HUD/FHA ENDORSES ELECTRONIC SIGNATURES!

8 04 2010

I just read an email from my e-sign service (EchoSign) informing me of the great news!  I will just give 3 reasons rapid fire off the top of my head why this is a HUGE move towards a better tomorrow in FHA related real estate transactions:

1. LESS PAPER!

2. EFFICIENCY!

3. CONVENIENCE!

Here is the post on the EchoSign blog about FHA/HUD allowing electronic signatures and showing a copy of the letter from the US Department of Housing and Urban Development.  (FYI, I am not related to the Assistant Secretary for Housing, David H. Stevens.)

What this means to YOU as an FHA homebuyer

You will now be able to sign contracts ON YOUR SCHEDULE, DO AWAY WITH EXCESSIVE PAPERWORK and have FASTER RESPONSE TIMES.  Contract signing will be done through email with the click of a button and stored securely on the e-signature service’s server, as well as copies emailed to you in pdf form once signed and filed.  The process in real time, about 5 minutes (unless you haven’t had time prior to signing to read the contract).

In other words, you will be signing contracts more efficiently and conveniently, while “going green” at the same time.  Of course, your Realtor has to be a part of one of these services.  If I were home shopping, I would make this a requirement of my Realtor.

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Phoenix Historic District- F.Q. Story Update 1

20 03 2010

Why hello there!  A long while ago, I posted a blog on the Francis Quarles Story Historic District, which included a short video clip of me driving up and down a couple of the streets in this awesome neighborhood.  I am back again (several months later) to give an updated market snapshot of the neighborhood’s real estate activity.

As of today, March 20, 2010:

15 active listings (1 of which has an offer submitted to the bank, awaiting the short sale process)

Priced from $99,900 to $529,000

7 homes are under contract on schedule to close in the near future

1 home has closed within the past 1 month (Since February 20, 2010)

Sold for$160,000.   At 1,235 sq ft, this breaks down to $129.55 per square foot.  Perks of Historic Districts!!  Even in a recessed market, they still demand top dollar when nicely updated/maintained.
If you have any questions about this post, or any of the other Historic Districts in the Phoenix area, contact me via txt/email/phone.





Phoenix Neighborhood Update-Entrada, #4

13 03 2010

Back again for the round 4 market snapshot of the Entrada Neighborhood in Northwest Phoenix, Arizona (includes Entrada, Entrada North and Entrada Northeast). As I stated in my first update and my Entrada neighborhood Profile, it is a neighborhood of several housing options and close proximity to Arrowhead Mall (aka Arrowhead Towne Center), Shops at Norterra, and both the I-17 and Loop 101 Freeways in Northwest Phoenix, Arizona.

As of March 13, 2010:

8 active listings (3 of which have offers submitted to the lender, awaiting the short sale process)

Prices ranging from $139,999 to $315,000

8 homes are under contract and on schedule to close very soon

4 home have closed within the last 1 month (since February 13, 2010)

These homes sold in a range $150,000-$322,000 and from 1521 sq ft to 3596 sq ft.

If you have questions regarding the Entrada neighborhood in Northwest Phoenix,  call/email/txt.





Phoenix Neighborhood Update-Entrada, #3

13 02 2010

Back again for the round 3 market snapshot of the Entrada Neighborhood in Northwest Phoenix, Arizona (includes Entrada, Entrada North and Entrada Northeast). As I stated in my first update and my Entrada neighborhood Profile, it is a neighborhood of several housing options and close proximity to Arrowhead Mall (aka Arrowhead Towne Center), Shops at Norterra, and both the I-17 and Loop 101 Freeways in Northwest Phoenix, Arizona.

As of February 12, 2010:

10 active listings (2 of which have offers submitted to the lender, awaiting the short sale process)

Prices ranging from $139,999 to $595,000

5 homes are under contract and on schedule to close very soon

1 home has closed within the last 1 month (since January 10, 2009)

Sold for $178,000.  It is a 2009 sq ft home, which breaks down to $88.60 per sq ft.  Homes sold over the past 3 months average of just under $100 per square foot, so needless to say, this buyer got a great deal when looking purely at price per square foot.

If you like the Entrada neighborhood in Northwest Phoenix, contact me via email/call/txt.





Housing Tax Credit…TIME IS ALMOST UP!

4 02 2010

If you are a first time home buyer or a current homeowner, and are still on the fence about whether or not to buy, read the information below regarding the tax credit and then decide if you still want to wait.

The original tax credit has been extended and is almost over with!  Here are the basic terms:

  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Can YOU get this this?

Answer yes if you are

  • a first time home buyer, or if you have used the home being sold or vacated as a principal residence for five consecutive years within the last eight (if you purchase before April 30, 2010).  To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
  • looking to buy a primary residence (single family home, condo, townhome, co-ops)

April 30, 2010 is fast approaching, but YOU STILL HAVE TIME because you don’t have to CLOSE by April 30 to get the credit.  If you have a home under contract by April 30, then you have until July 1, 2010 to close.

How is your amount determined, you ask?

Price and Buyer Income.  Under the Extended Home Buyer Tax Credit,

  • credit may only be awarded on homes purchased for $800,000 or less.
  • single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

Do you make more than that? There is still hope!  Some buyers may still be eligible for the credit, however, the credit amount decreases as your income increases.  See below.

  • The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Oh, and the icing on the cake?  YOU DO NOT HAVE TO PAY THIS BACK!

Here is the 2009/2010 Home Buyer Tax Credit article from which I acquired my information.

In the words of SnickersWHY WAIT?

Contact me before it’s too late.






Phoenix Neighborhood Update-Entrada #2

10 01 2010

Here is the round 2 market snapshot of the Entrada Neighborhood in Northwest Phoenix, Arizona (includes Entrada, Entrada North and Entrada Northeast). As I stated in my first update, it is a neighborhood of several housing options and close proximity to Arrowhead Mall (aka Arrowhead Towne Center), Shops at Norterra, and both the I-17 and Loop 101 Freeways in Northwest Phoenix, Arizona.

As of January 10, 2009:

13 active listings (2 of which have offers submitted to the lender, awaiting the short sale process)

Prices ranging from $125,000 to $600,000

2 homes are under contract and on schedule to close very soon

1 home has closed within the last 1 month (since December 9, 2009)

Sold for $150,000.  It is a 1521 sq ft home, so I say the buyer got a fair price.  Homes for the past 3 months have sold for an average of just under $100 per square foot, which this home falls almost dead on that average.

If you like the Entrada neighborhood in Northwest Phoenix, contact me via email/txt/call.





Top 3 [Not so] Pricey Phoenix Pads, 4th ed.

4 01 2010

Here we are, once again to touch base with the Phoenix luxury real estate market!  As stated previously, I am juggling this series between the $1-3 MILLION range and the $3MILLION+ range.  This post will be from $1-3 MILLION, however, 156 homes have closed since the last post!!  After noting the drastic increase, I am branching this off into it’s own series, and will do it monthly (as long as the market allows).

Interested in Phoenix luxury real estate?  Subscribe to this blog, as I try to do one of these posts along with luxury market updates regularly.  Check out my previous [not so] Pricey Pads posts!

This time around, my top 3 are as follows:

STATS: This gorgeous Gilbert estate sold for a mere $1,010,000 in late November.  It has a comfortable 6,875 square feet, 6 bedrooms, 7 bathrooms, 6 car garage, lap pool, and it all sits on1 acre of land.  Oh yes, I almost forgot to mention it is 1 acre of LAKEFRONT property.  You read correctly, we do have man made lakes (not as dry of a desert as one would think!). Santan Lakeside Estates is one of the select few Phoenix Metro area lake subdivisions that actually allow boating/swimming/skiing, which is a TREMENDOUS PLUS for the water sport enthusiast.  The breakdown on the price per square foot is $146.91.  Now that you’ve read about it, feast your eyes on the photos.

STATS: Here is a first for the Pricey Pads Series; a home on the west side to make the list!!  It resides in Peoria, AZ, in Copper Creek Estates (very close to the neighborhoods of Entrada, Terramar, Eagle Ridge, etc). The home consists of 6,382 sq ft, plus an 867 sq ft guest house totaling 7 bedrooms and 6 bathrooms.  It also has a 4 car garage, pool, spa, and is pleasantly situated in a gated community on just over an acre of land. Sold for $1,200,000 at the beginning of December, which brings the price per square foot to $188.03.  Check it out!

STATS: The next city is a repeat offender, home to the majority of homes in these posts.  You guessed it, Paradise Valley!  Hillside 2.5 acre lot accommodating an outstanding 11,003 sq ft home.  This 2004 estate in La Place Du Sommet came complete with 4 bedrooms, 6.5 bathrooms, a 4 car garage, negative edge/infinity pool and spa, wine cellar, and views GALORE.  It sold for $2,600,000 just a few days ago, making the price per square foot $236.30.  One of the best in the area!  Where else could you get a hillside home of this magnitude for only $2.6 million?!  Shall I say eat you’re heart out California?

Hope there was much pleasure taken in viewing this month’s [not so] pricey pad post.  Stay tuned for more on the luxury real estate updates like this!

-Colin Stevens-

Check out the entire Pricey Pads Series!