Thursday, March 31, 2011

Mary's Funny Real Estate Stories

This is from a realtor with 30+ years of experience. She says this is the first time she has been truly speechless in all that time. She had a referral from an old client that a lady wanted to sell her rental condo. Realtor picked up the owner & they went to look at the condo, which was supposed to be vacant. When they opened the door, they heard noises, & found the lady's husband naked with his secretary! The realtor & the lady backed out of the door, as the husband was saying the classic words, "But Honey, I can explain...". Realtor didn't get the listing, because now the husband is living in the condo as part of the divorce settlement!

Wednesday, March 30, 2011

Phoenix Market Update

Phoenix area gains 7,200 jobs from January 2010 to 2011 - bizjournals.com - The Phoenix area added 7,200 jobs during the past year, ranking it 26th among 372 metropolitan areas across the nation. A total of 266 metro areas gained employment between January 2010 and January 2011, according to new figures from the U.S. Bureau of Labor Statistics. Ninety-three suffered declines, and 13 were unchanged. Peoria enters talks on development near sports complex - Plans are in the works for a four-star hotel, a three-story parking structure, retail shops, restaurants and luxury lofts on what is now a city-owned 17-acre parking lot west of the spring-training ballpark. The Peoria City Council Tuesday voted unanimously to accept a development proposal submitted by Osage West LLC, a partnership between local developer Mike Oliver and Osage LLC, a business arm of the Oklahoma-based Osage Nation. Read article:http://www.azcentral.com/community/peoria/articles/2011/03/28/20110328peoria-development-sports-complex.html Real estate: It's time to buy again - Metrostudy is finding an extraordinary reversal of the new-home glut that helped sink prices just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That's less than one-fourth of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. "If we had anything like normal levels of buying, those houses would sell in 2½ months," says Mike Castleman of Metrostudy. "We'd see an incredible shortage. And that's where we're heading." Read article:http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/ Free Stuff from Mary@marymaxie.com FREE Pickup of books, paperbacks, videos, CDs, sheet music, for VNSA Charity Book Sale FREE Tips on Home staging your house for better showings FREE Tips for First Time Home Buyers FREE Tips for First Time Home Sellers FREE The 10 Things Most Often Cited on Home Inspections FREE Info on 180 day rule for foreign home buyers FREE Info on FIRPTA Rules for foreign investors FREE Info on what Canadian buyers of Arizona Real Estate need to know. FREE shopping, golf, sports, Arizona Living info FREE info on Great Canadian Picnic, & Canada Cup Golf Tournament FREE Market News from www.ArizonasRealEstate.com Maxiemize Lifestyle with PhoenixAreaCanadianRealtor Mary Maxie, Associate Broker, Desert Dwellers Realty GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

Thursday, March 24, 2011

1 in 5 Canadians wants to buy US Real Estate

20% of Canadians want to buy US Real Estate
- With the Decline in Value of American Real Estate, Leger Study Shows 20 per cent of Canadians Would Consider Purchasing a Home or Property South of the Border
- Men Are More Likely Than Women to Purchase a Home in the U.S. (29 per cent Versus 16 per ce
Mar. 24, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- As many Canadians return from south of the border after the March Break, a new survey from BMO Bank of Montreal shows they may have been doing more than visiting theme parks and beaches. The survey conducted by Leger Marketing reveals that one in five Canadians would now consider purchasing property in the United States.
In the study, Canadians indicated that both lower prices and the strong Canadian dollar have added to their interest in purchasing property in the U.S. and growing their assets.
Overall housing prices in the United States have fallen by 30 per cent over the past four years. However, prices in regions that are traditionally destinations for Canadian snowbirds have dropped even more. For example prices in Tampa have dropped 44 per cent, Phoenix, fell 54 per cent, Las Vegas, 57 per cent, and Miami, 49 per cent.
"Now, with the American economy and employment gaining strength, home sales should pick up and put a floor under soft prices," said Sal Guatieri, Senior Economist, BMO Bank of Montreal. "We expect prices to rise over time as the overhang of unsold homes eases."
He adds that beyond this year over the long term the U.S. greenback should strengthen as well. This would provide an opportunity for capital appreciation for Canadians who purchased U.S. property at a low price while the Canadian dollar was high.
The Leger survey also revealed:
Men are more likely to consider purchasing a home south of the border, 29 per cent in comparison to 16 per cent of women.
Regionally, those in Alberta (31 percent), British Columbia (28 per cent), and the Prairie Provinces (27 per cent) are most interested buying property in the U.S.
BMO Mortgage Specialist, Laura Parsons, advises that if the funds to purchase your property are not readily available, consider for example a homeowners line of credit. "By speaking with a BMO Banking Representative, they may be able to set up a line of credit against your current real estate assets. You can then use this to finance your property in the U.S. and give you a realistic spending budget."
Another option is for customers interested in purchasing U.S. properties to finance the new purchase with a U.S. based financial institution. Customers can visit a branch of BMO Financial Group's U.S. subsidiary Chicago bank, Harris Private Bank, which has branches in Illinois, Indiana, Arizona, Florida, and Wisconsin. "Staying within the family can save a lot of time and headache," adds Mrs. Parsons. "Alternatively, seek out Canadian banks that are already established in the U.S. and in the area you are looking to purchase in."
BMO offers the following tips for Canadians interested in purchasing property in the U.S.:
What states and neighbourhoods fit your needs?
Since you are responsible for property maintenance, consider how easily you can access your property from your Canadian home throughout the purchasing process and after acquisition.
Consider flights and airlines, if you can fly there direct, and the cost.
Research and even ask locals about the community to ensure it suits your needs.
What to consider when financing the purchase with a U.S. based financial institution?
It is important to be aware of the differences in mortgage financing and how interest is charged in the U.S.
Furthermore, understand the impact of penalties and withholding taxes if and when you decide to sell your home in the U.S.
Do you understand the status of the property?
Understand the terms of the property. For instance, is it labelled as short-sale or on foreclosure?
The status of the property can have a variety of implications. Be sure to consult an expert before making any buying decisions.
How will you use your property?
Is your purchase for investment or lifestyle purposes? This will affect where you buy and how you hold the property. Also, understand the options available and what will benefit you in the long run.
If your purchase is for income purposes, keep in mind that renting your property means added responsibility. Research the possibilities of increased utility usage, property management needs and the vacancy rate in the area to ensure you're prepared. Investment properties can be subject to taxation in two countries, so make sure you speak to a taxation specialist.
How much time will you spend south of the border?
Consider how many months of the year you'll be living there so that your purchase reflects your lifestyle.
Be aware that there are rules regarding the amount of time you can spend in the U.S. before being considered a U.S. resident and subject to paying income tax.
Internet Address: www.bmo.com
Source: CCN )
Canadians: Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*180 day rule for foreign nationals
*FIRPTA tax rules for selling your home in the USA
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Market News from www.ArizonasRealEstate.com
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor 602-738-6597
*Mary Maxie, Associate Broker, Desert Dwellers Realty mary@marymaxie.com
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

What do older buyers want in a home?

What do older buyers want in a home?

As many older Americans choose to remain in their homes as they age, they will become more concerned about issues related to mobility, home safety & care-giving options. To address these concerns, the MetLife Mature Market Institute has published the MetLife Aging in Place Workbook-- Your Home as a Care Setting, a free guide to help individuals & families assess potential care needs, determine whether assistive devices are needed, identify potential care sources & understand costs. The workbook also includes a list of organizations & government agencies that can provide additional assistance. The free publication is available at www.maturemarketinstitute.com

Want to know more about buying a home in Arizona? Call or email mary@marymaxie.com for free info on the following:
*Register for frequent MLS updates on your new Arizona Home
*Difference between using Escrow and a lawyer for conveyancing
*Disclosure issues affecting Phoenix Home buying
*Shopping, Golf, Sports, Critter Report, Arizona Living
*Maxiemize Lifestyle with PhoenixAreaCanadianRealtor
Mary Maxie, Associate Broker, Desert Dwellers Realty
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS

REALTOR® Magazine-Daily News-Vacation Home Sales on the Rebound

REALTOR® Magazine-Daily News-Vacation Home Sales on the Rebound

Monday, March 14, 2011

Living Rooms on the way out

Less is more for new homes - The market is changing out there, and the latest reports are showing that when it comes to buyers, less is more in some cases. A recent study from the National Association of Home Builders (NAHB) indicates that the recent housing slump has meant buyers are looking for smaller houses. The NAHB reports that the builders they "surveyed expect homes to average 2,152 square feet in 2015 - 10% smaller than the average size of single-family homes started in the first three quarters of 2010. To save on square footage, the living room is high on the endangered list. Read article:http://realtytimes.com/rtpages/20110314_realestateoutlook.htm

Wednesday, March 9, 2011

Real Estate Most Searched are sunny areas

Sunny Areas are the most searched on the web. Apparently people snowed or rained indoors have time on their hands to dream about the sun. Nine of the 10 most searched markets on Realtor.com last year were sun-drenched cities, suggesting the Sun Belt will continue to have many of the hottest real estate markets in the country. "Changing conditions throughout 2010 in the sunshine states resulting from forecosures, the tax credt, interest rates, and other factors created more interest in real estat there compared with other states," says Realtor.com President Errol Samuelson. The most searched cities were Las Vegas, Los Angeles, Orlando, San Antonio, Miami, Phoenix, San Diego, Austin TX, Tampa and-- the odd man out, Chcago.

Cheaper to Own than Rent?

Buying a home makes more financial sense than renting in 72% of the largest US cities, says home search website Trulia, based on an index that compares the median sales price of homes with the median rent on two bedroom apartments, condos, & townhouses The top five metro areas favoring ownership are Miami, Las Vegas, Arlington TX, Mesa AZ & Phoenix. "Since the start of the 'Great Recession', many former home owners have flooded the rental market," says Trulia CEO Pete Flint. "Following the principles of supply & demand, renting has become relatively more expensive than buuing in most markets."

Phoenix Real Estate Market Update

Selective First-Time Buyers Can Miss Deals - In a recent poll, 87% of respondents felt that finding a "move-in ready" home was important. Some agents say first-timers are being more selective; and some are turning away from well-priced homes because they do not have granite countertops or they need a new carpet. Agents believe TV shows have made buyers more knowledgeable about home design, but some worry that such programming also has given buyers unrealistic expectations. Read article:http://www.realtor.org/RMODaily.nsf/pages/News2011030804

New Rules for First-Time Home Buyers - Without a house to sell , first-time home buyers have had a field day in the depressed housing market. Until recently, anyway. A series of new rules, regulations and policies have changed the landscape, making buying that new home harder and more expensive. This month, fees on most new mortgages will rise by up to 0.50%. In April, fees on small-down-payment mortgages, a first-time buyer favorite, will spike. Meanwhile, more lenders are requiring larger down payments, and new proposals from the Obama administration call for mortgages to become more expensive and limited in size. Read article:http://www.smartmoney.com/personal-finance/real-estate/new-rules-for-firsttime-home-buyers-1299539050817/
Who's buying homes? The rich - The rich are buying real estate. After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, according to DataQuick. On average, these cities saw an 18.6% jump in high-end home sales. "It hasn't been a good six months for all people, but it was a good six months for rich people," said Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin. "When Wall Street goes up, rich people buy homes." Read article:http://money.cnn.com/2011/03/07/real_estate/million_dollar_homes/index.htm