Anthem Real Estate Updates & News

Distressed Property Buying Should Be Easier

David Myers — Tue, 24 Jan 2012 23:36:41 +0000

Distressed property sales, namely short sales and foreclosures, should be easier in coming months. The painfully slow process of buying distressed property has turned many potential buyers off, unwilling to wait 6 months or more to close on a property that they intend on living in. Not many people have that kind of time, never mind patience!

The good news is that banks and loan holders have become seasoned enough that the process is becoming speedier. This means that real estate investors looking for deals can find them and close on them in a more reasonable time frame.

Whether a buyer is looking for a short sale or bank owned property (REO), the quicker time frame means that inventories can also be reduced, as more buyers will be drawn into the market. As inventories reduce, real estate markets will stabilize, a welcome change from the challenged real estate market we have been working in the past several years. In fact, Anthem, Arizona’s foreclosure inventory has slowly decreased in recent months. Couple that with the fact that holding times on short sales throughout the greater Northwest Phoenix area have declined in recent months, we are quickly moving to a more “normal” real estate market!

Everyone is looking for a real estate deal and today’s market conditions make it appear as if now is indeed the time to buy. Contact Sold By Myers today and let the team of David Myers and Kirsten Myers fill you in more about local market conditions in Anthem and North Phoenix. It would be a shame to look back in a decade and think, if only I had bought then . . .

from Bankrate - read “5 housing trends in winter 2012”

Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers

David Myers — Sat, 17 Apr 2010 18:06:43 +0000

With just under two weeks left to use the tax credit there are a few points about the credit to remember. The home buyer tax credit originated as a first time home buyer tax credit but it is no longer just for first time home buyers. If you have lived in your home for 5 of the past 7 years and are looking to buy a new home, the tax credit can help make your purchase more affordable.

Another important point is that if you are a current home owner who qualifies for the tax credit, you don’t have to purchase a larger and/or more expensive home to qualify (move up buyer). Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. However, new home must also be your primary residence.

If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30. The home does not need to close before June 30, but the contract date is nearing. The tax credit offers home buyers a great opportunity to save some money, so contact David and Kirsten Myers – your experienced Realtors serving the Anthem, AZ area – today and get out there and start looking at real estate.

Click here to read all about the home buyer tax credit.

Sourced from: Kinetic Content Library

To Rent or To Buy, That is the Question

David Myers — Wed, 24 Mar 2010 22:11:26 +0000

Our North Phoenix Arizona clients ask us this question so often these days. “Is it better to rent or buy in the Anthem Arizona real estate market?” Well, the first thing that pops to mind is affordability – but there are other factors, such as job stability, relocation possibilities and lifestyle. If you intend on being in an area for at least three or more years, your income is steady and purchasing a home fits your lifestyle, then it is time to break out a pen, paper and a calculator and see if buying makes more sense financially than renting.

At first glance buying a home makes more sense than renting because of the ability to gain equity in a home. While the past few years have shown this factor to be a bit shaky, the reality is that if you keep a property long enough, or get in at the right time, buying real estate can be a worthy investment… and let’s not forget about the tax implications of owning a home. That yearly mortgage interest deduction is nice to be able to lean on!

There is no sense making a two column list when it comes out to equating the cost of renting and buying. Renting is a fixed equation, the monthly number typically doesn’t change. To compute your costs for buying a home you look at the following:

Purchase price
Down payment amount
Loan Amount
Loan Term
Interest rate
Property taxes
HOA fees
Monthly mortgage payment
Home owner’s insurance
mortgage insurance (PMI)

Your monthly costs will include your mortgage payment, property taxes, insurance, and any HOA dues that may exist. If these numbers add up to an amount you can afford it could make sense for you to purchase a home instead of rent. The important thing to remember is that once you buy a home you are not going to have a landlord to rely on to make repairs so factor in putting aside some extra money for a home repair and maintenance account.

Buying a home is an important decision and one which can add to future security and financial stability if done with great thought and evaluation. Real estate can be challenging; let us remove much of that challenge for you!

Kirsten and David Myers with Keller Williams Realty, Professional Partners are highly skilled realtors working in the North Phoenix/Anthem real estate market.