October 2014

If you would like to stay more informed about both local and national real estate issues, you can see articles as soon as they are published. Just visit our Facebook page: http://www.facebook.com/Ahwatukee.homes and click the “Like” button. Real estate news is posted daily, and will be automatically fed to your personal “News Feed”.

What’s the Buzz?

Buying or Selling? There is still a LOT of Good News:

  • In Arizona the average existing-home sales price for all housing types in September was $248,200, which is 10 percent above September 2013.
  • Nationally, this marks the 30th consecutive month of year-over-year price gains.
  • 40% of homes sold in September were on the market for less than a month.
  • Distressed home sales remain at single digits for the second straight month, at 8%, down from 12% last year this time.

Newly built single-family home sales surged 18% in August, the highest level in six years according to new data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Mortgage rates bounced all over the place last month, but ended up back at around 4.08%.

This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground. Historically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward—not only for the remainder of this year, but for 2015 as well.

Bottom Line: Now is still a great time to buy (or sell!) a home. Whether as a first time homebuyer or you’re moving up to the home of your dreams, don’t let the headlines scare you from making the best decision for your family!

Please keep us in mind with all your Real Estate needs. Referrals are the lifeblood of our business and we are always looking for new buyers and sellers, so if you know of anyone planning to buy or sell a home, we would appreciate you pointing them our way!

In this edition:

  • Housing Recovery Will Continue Into 2015
  • Misconceptions Holding Back Homebuying
  • Student Loan Debt Holding Back Homeownership, Economy
  • Buying a Home is 38% Less Expensive than Renting!
  • 5 Best Markets For Real Estate Investments
  • Mortgage Rates

Housing Recovery Will Continue Into 2015

Improvements in the labor market in 2014 have not translated to rapid housing market recovery this year, according to the Fannie Mae August 2014 National Housing Survey. Instead, data in the survey indicated that recovery for the housing market will be slow heading into 2015. Click here for complete article.

Misconceptions Holding Back Homebuying

While nearly seven in 10 Americans agree that now is a good time to become a homeowner, a large number remain reluctant due to their own misguided understanding of the financing process, according to survey results released Monday. Click here for complete article.

Student Loan Debt Holding Back Homeownership, Economy

The burden of student loan debt is preventing potential home buyers from starting households, which in turn is hindering overall economic growth, according to Consumer Financial Protection Bureau (CFPB) director Richard Cordray.Click here for complete article.

Buying a Home is 38% Less Expensive than Renting!

In Trulia’s 2014 Rent vs. Buy Report, they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide! Click here for complete article.

5 Best Markets For Real Estate Investments

Positive signs keep coming out about the U.S. residential housing market. Here is an overview of five markets where home prices remain quite reasonable at around $100,000 (Phoenix ranks 4th among major metropolitan areas). The outlook continues to improve for future sales in these areas, so now is a good time to buy. Click here for complete article.

Mortgage Rates

U.S. averages as of October 1, 2014:

30 yr. fixed: 4.08%

15 yr. fixed: 3.21%

5/1 ARM: 3.33%

30 yr. jumbo: 4.51%

View current rates1410