1513 N 64th ST Mesa Arizona 85205

July 29, 2013 By Nathan Mitchell

MLS 4974251

Property Description for 1513 N 64th ST Mesa Arizona 85205

1513 N 64th ST Mesa Arizona 85205, Welcome to this wonderful 2 Bedroom, 2 Bath home, that has been updated for you. The Kitchen, Baths and Plumbing is all done for you. It has new tile, paint, carpet has nice thick padding, a newer roof and a brand new 3 ton, 13 seer a/c. Great Location with no HOA. Room for all of your toys and even an RV. Lots of trees here for shade. Where can you find all of this land for a good price?. Come bring all of your clients to see this one. MLS 4974251

Property Details for 1513 N 64th ST Mesa Arizona 85205

2 Bedroom
2 Bathroom
Suhuaro Hills Estates
Built in 1970
975 Square Feet
Lot Size – 19,081 Square Feet
MLS 4974251

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Changes in the Arizona Real Estate Market – Is it a Buyer’s Market or a Sellers Market?

September 18, 2012 By Hunter Clark

The “traditional” media should soon be reporting that Arizona is showing a positive increase in the inventory of homes for sale. In June of this year, we saw our lowest number of “Active” homes for sale at just over 12,500 following 8 months of continual decrease. Currently, with just under 15,000 “Active” homes for sale, we are seeing over 3 months of continual INCREASE in “Active” homes. That is great news! But, don’t get too excited yet, we still have a long ways to go! If you’re wondering if we are in a “Buyer’s Market” or a “Seller’s Market”, there is no question – the Sellers are still in the driver’s seat!

Just ask anyone currently looking to purchase a home. A home comes on the market and you’re notified by your Realtor that this is a home that meets all your criteria. You preview the home with your Realtor that very day and immediately draw up a full price offer. You patiently wait to hear if your offer was accepted and are soon notified that you are in competition with several offers and the Seller is now asking for your “Highest and Best”. There’s only one “Winner” in this contest and all the others, well, they’re the “Losers”! If this happens more than a couple of times, the whole process becomes discouraging and frustrating. So, is there any hope? Of course there is!

The fact that inventory is increasing is a very positive change! In order for us to have a “healthy” market however, we need to see our inventory of Active homes somewhere around 30-35,000, and that will take some time! Meanwhile, the median price for homes continues to gradually increase as Sellers push the envelope in attempts to get as much as possible for their homes. Your Realtor should be your best asset! “Someone” is always the “Winner” in a “Highest and Best” situation and your Realtor should be giving you the guidance you need to make a well informed decision that can make your offer shine brighter than the rest! There are huge differences in the way we approach an offer depending on the type of property we’re looking at. Is it a Short Sale, is it an REO/Bank Owned property, is it a “Normal” sale or is it a “Flip”? This information alone tells us a TON about the property and what the Seller may or may not do. As an example, by looking at REO/Bank Owned properties, we are able to anticipate what banks may be doing with regards to pricing based on the number of “Days on Market” and are able to position ourselves appropriately. Banks, typically do not entertain offers below 10% of appraised value. So, a bank owned home listed at 200,000 probably will not consider an offer below 180,000. If no offers are accepted in the first few weeks however, the bank will probably be looking at a price adjustment around day 30. They may drop the list price 5-10,000 and, knowing this in advance, may give us the opportunity to enter in to negotiations that could allow us to acquire the property between 170-180,000. Each property is different and there are certain “indicators” that give a Realtor insight that should be communicated with the Buyer to ensure they make the best decision possible to acquire the property under the best possible terms and conditions. Your Realtor wants you to be a “Winner” in negotiations and is your advocate! When you win, they win, too! Be sure your Realtor is advising you of the best ways to position yourself in EVERY offer, listen to their advice and strategies and make decisions you feel comfortable with. Put your best foot forward, especially in this market, and you’ll see success, even in this “Sellers’ Market”.

Record High Housing Affordability – More Opportunity For Buyers

May 22, 2012 By Nathan Mitchell

Homes are more affordable for the median income family. 77.5% of all homes that were sold in the first Quarter this year were affordable to median income families according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).

Where does Phoenix, AZ rank on the Housing Opportunity Index? According to the index, the median price for the first Quarter of this year was $135,000. The Housing Opportunity Index for Phoenix is 83.7 . Ranked Nationally, Phoenix is 115th in regards to housing affordability, with a median income of $66,400. The Phoenix – Mesa – Glendale area, ranked regionally is 26th. While not extremely high on the list of affordability, Phoenix still has much opportunity for the median income home buyer, with home prices still at historic lows.

Foreclosures Are On The Decline In Arizona

May 18, 2012 By Nathan Mitchell

According to a recent article in CNN Money, foreclosures are down 70% in Arizona. This is not a surprise, if you’ve been paying (even slight) attention to our market here in Phoenix. As a buyer, your choice of bank owned properties continues to dwindle here in Arizona, while there are still more short sales and growing numbers of traditional sales.

Foreclosure filings are continuing to drop across the United States. Year over year, foreclosures (actual bank repossessions) were down 26% last month and are currently at 50% of the peak in 2010. Foreclosure filings have dropped for the third straight month in a row. Foreclosure activity for April was down 5% as compared to March. Foreclosure activity includes notices of default, repossessions and scheduled auctions.

Phoenix and Mesa Arizona #1 In List Price Increases

May 17, 2012 By Nathan Mitchell

As stated in a recent Realtor Magazine article, Phoenix and Mesa, Arizona have been listed as the #1 leader in the housing recovery this month of May. Specifically, the median list price of homes for sale in Phoenix and Mesa, Arizona have increase by almost 27% from the first quarter of last year to the first quarter of this year. The increase in listing prices here in Arizona are due in large part to the current shortage of homes available for sale. With increased buying activity and less homes available, prices are quickly increasing. Now is a great time for homeowners to sell if they have been waiting for price increases.

What’s happening with real estate in Arizona right NOW?

April 3, 2012 By Hunter Clark

I just received an email from one of my “Investor savvy” clients in California regarding the dramatic increase in listing prices he’s noticed recently and his concerns as to whether these prices will hold up…here’s a brief synopsis of my response to his observation:

Prices are going up, up and up! Especially in price ranges under $200,000. Newly listed properties are getting so many offers within the first few days of them being activated on the MLS (Multiple Listing Service) that Buyer’s are waiving the Appraisal Contingency and bidding quite a bit higher than list price. This is the same non-sense that got us in to the situation we’re still trying to recover from. It’s scary out here! We got some great deals in the past couple years, and look at the inventory now, with only a shade over 14,000 “Active” homes in Maricopa and Pinal counties. Compare that to the over 34,000 Active homes that were available this same month in 2010. Very, very low inventory and there’s the strong economic influence of supply and demand at play. Currently, Bank Owned and Short Sales only comprise 18% of the Active market, with 82% being “Normal” sales, neither Bank Owned or Short Sales. It’s a great time to be a Seller and not so good for a Buyer, especially if your attempting FHA as a first time home buyer and getting beat out by the “big guns”. I don’t see the inventory getting back to a healthy range of 35,000 “Active” homes on the market for a few years. It’s going to be a struggle for home Buyers with Seller’s sitting in the driver’s seat.

We’re always analyzing the market and trying to get a pulse on what’s happening, what it means and what we can do to position our clients with any advantage we can. Interesting times again, I think we’ll be in for one heck of a ride, and a long ride at that!

What Can I Expect If I Put An Offer In On A Short Sale?

March 8, 2012 By Nathan Mitchell

Basically, here in Arizona, if you put an offer in on a short sale, you can expect a minimum of a 3 month wait for a response from the seller’s lender. The response might be yes, no or some sort of counter offer. During the wait period there’s not usually a lot of information that get’s passed from the seller’s lender to the listing agent (or to the buyer’s agent). Much is done internally at the bank and a lot of information is not disclosed.

Here are some things that we can typically count on: When an offer is submitted to the seller’s lender, it’s submitted along with a “short sale package.” The package consists mostly of the seller’s financials, including taxes, bank statements, income expense sheet, etc… The main point of the short sale package is to reverse qualify for their mortgage. In other words, they’re trying to prove that they can no longer afford their mortgage. After the short sale package is submitted, there is an appraisal done on the home (many times referred to as a BPO). Once they’ve received the appraisal and short sale package, the lender will then start processing the paperwork to make sure the entire package is complete and that the offer is in line with the actual short sale market value. Typically after that, it’s sent through one or more quality control negotiators to make sure that everything truly is in order. Then, typically after that the entire file will be assigned to a negotiator who will then review the file and obtain/update any missing or outdated documentation and fit the file within the guidelines of the investor that holds the Note on the property. The investor is the actual lender that makes the decision on whether or not a short sale will be permitted. Once everything is in order, the entire package is submitted to the investor for final approval. If the investor approves the short sale, the bank will issue an approval letter and buyer and seller can move towards close.

That’s the process here in Arizona, in a nutshell! Many things can happen between buyer’s offer and closing, and every short sale is different. The above is just the basic framework.

I Would Like To Negotiate My Closing Costs

March 4, 2012 By Nathan Mitchell

Can I Negotiate Closing Costs?

Absolutely. Everything is negotiable!

With the Arizona Residential Resale Real Estate Purchase Contract, it’s not typical that buyers and sellers will itemize what closing costs they would like their counterpart to pay. It’s usually just asked for a lump sum amount or a percentage of the purchase price. There’s even a section in the purchase contract addressing what closing costs will be paid by the seller on behalf of the buyer.

Also here in Arizona in the current market conditions, it’s more common for buyers to ask for closing costs to be paid for them. There aren’t many sellers asking for their closing costs to be paid right now, although things can change and sometimes very quickly.

What can you expect to pay in closing costs?? There are an infinite number of loan programs out there, with different requirements, fees and costs, so talk to your lender (contact us if you need a referral to a great lender!) about what your estimated costs would be.

What Can I Do Right Now To Increase The Value Of My Home??

March 2, 2012 By Nathan Mitchell

What Can I Do Right Now To Increase The Value Of My Home?

When you’re selling a home, a little curb appeal can go a long way! You could possibly start with some less expensive things such as making sure your yard (front and back) is clean and tidy. Consider putting in some new plants/flowers if it’s the right time of year. Your first impression can really make a difference.

From there you can follow suit inside the home and make sure that it’s also clean and tidy. If some cosmetic repairs are needed, take care of them. Air out the home frequently and make sure there’s adequate lighting available.

There are plenty of other things you could do, such as remodeling the kitchen and bathrooms. Try to make a great first impression with neatness and cleanliness and you might be surprised what that could bring you, without heavy remodeling expenses.

Good luck!

Time Is Running Out To Sell Your Home!

February 20, 2012 By Nathan Mitchell

You’ve read that correctly. Time is running out to sell your home as a short sale – If you want to take advantage of the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act.

As many Americans already know, Congress enacted a law to limit tax burden on homeowners who short sell their homes between January 1, 2007 and December 31, 2012. Homeowners who sell their home as a short sale and their deficiency is forgiven, may be eligible to not have any tax burden if they meet certain criteria. Click here for the IRS explanation of the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act.

Here is the critical point to keep in mind – It takes time to market and sell a home, not to mention negotiate the short sale with the lender that holds the note. December 31st, 2012 is the deadline to close a home. That means that a seller would want to get their home on the market no later than June of 2012 if they wanted to feel confident that they would get the home closed by December 31st, 2012. Time is really running out.

In most instances, without the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, if a homeowner sold their home as a short sale and had a $100,000 deficiency, that deficiency would count towards their income on their taxes for that year. For example, if you owed $300,000 on your home and sold it for $200,000, you would have a $100,000 deficiency. $100,000 would be counted as income on your taxes.

If you are considering putting your home up for sale here in Arizona, or anywhere else in the country, now is the time to act!

We recommend consulting a real estate attorney and tax adviser regarding ramifications of completing a short sale on your home.

MLS 4974251

Property Description for 1513 N 64th ST Mesa Arizona 85205

Property Details for 1513 N 64th ST Mesa Arizona 85205

Can I Negotiate Closing Costs?

What Can I Do Right Now To Increase The Value Of My Home?

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