| Kiss Your Landlord Goodbye! I'm writing this at the end | | | | market has bottomed out, it will have already have |
| of August, 2006. Information changes but this article | | | | started back up, and you will have lost an opportunity. |
| has some good stuff in it about first time home buyer's | | | | The first sign that the buyer's market is ending is that |
| buying from the Phoenix MLS or any Phoenix real | | | | each month now more homes are being sold than the |
| estate for that matter. Last year at this time, I don't | | | | previous month. The market is leveling out as I type. |
| think a new home buyer had a chance in heck of | | | | Home buyers who make an effort can get a ton of |
| buying a house. The investors literally invaded the | | | | help right now. |
| Valley of the Sun including Phoenix, Ahwatukee, | | | | Homes for Arizonans: Must be first time home buyers. |
| Chandler and Gilbert and bought everything in sight. | | | | Call Arizona Housing Department: 602-771-1000 |
| Even legitimate home buyers had a hard time buying. | | | | Fannie Mae's "My Community Mortgage" Offered by |
| Homes one year ago had an average listing life of 14 | | | | most major lenders: Can use non-traditional sources of |
| days. Now it's more like 14 months. Okay, I was | | | | income like income from boarders. |
| exaggerating a little; it's more like about 75 days. And | | | | Home in Five First Time Home Buyer's Program. |
| this is good news for first time home buyers. Other | | | | Grants for up to 5% of closing costs or down |
| good news is that the lending industry is creating more | | | | payment. Offered through the Industrial Development |
| affordable loans that should more than make up for | | | | Authority of Phoenix and Maricopa County. Call |
| the slightly higher interest rates. And I was just quoted | | | | 602-262-6606 or 602-506-7294 |
| 6.51% which in historical terms is great! And there is no | | | | Lender breaks on mortgage insurance: A few lenders |
| pressure to raise the rates soon so think hard about | | | | offer loans to first time home buyers that don't require |
| buying a new home. | | | | mortgage insurance if they take classes for home |
| We in the industry are all watching the market right | | | | buying counseling. The following groups offer |
| now. There are lots of homes on the market, and their | | | | counseling: Community Housing Resources: |
| average listing life is longer, that's true. It causes lots of | | | | 602-631-9780; Neighborhood Housing Services: |
| buyer hesitation because they think the market will | | | | 602-258-1659; Housing for Mesa: 480-649-1335; Fannie |
| force home pricing down in the Phoenix Real Estate | | | | Mae Phoenix Partnership: 1-800-732-6643; Consumer |
| market. Pigs are fed, Hogs are slaughtered is an old | | | | Credit Counseling Service: 1-800-308-2227; Chicanos |
| stock market term. It means when you think it's a good | | | | Por La Casa: 602-257-0700; Community Services of |
| time to buy, like right now, buy! By the time you see | | | | Arizona: 623-435-2255. |
| signs that the stock market or the Phoenix real estate | | | | |