What is Condo Chaos you ask? Condo Chaos is only the most exciting thing to happen to Phoenix since the last exciting thing! Come check it out and get an amazingly low price on the condo of your dreams this weekend only! Condo Chaos, CONDO CHAOS, CONDO CHAOS!!!

(Turn off used car salesman speech here.)

OK, that’s better.

I just want to keep you informed about the incredibly low prices of condos in the Central Phoenix and surrounding areas. We already know the housing market isn’t the greatest, but that just means it’s a buyer’s market and you have the opportunity to snag some amazingly awesome prices!

I just want to make sure you know that if there ever were a time to buy, this is it. In fact, since the condo market is the weakest sector of the housing market, the price of condos is lower than low. But just how low is the price of a condo though…

Well, according to the latest data (see below), there are currently 2,156 condo listings across Maricopa county with an average list price of $167,890.  (Remember, this is an average of
the entire county so it includes those multi-million
dollar condos in the Scottsdale and Biltmore area.)

Now you want to know something that will knock your socks off? The average closing price of CenPho condos last year were almost half the price at $84,341! How amazing is this price? All the amenities of a great condo – location, style, and feel – for an incredibly low price.

Living in the Central Phoenix area has never been more affordable. Not only do you get a smokin’ deal, you get to live in an amazing place full of life and excitement.

If you would like help finding the perfect condo, I am here for you! I will make sure you get the best condo during the Condo Chaos madness!

(I think that was the largest number of exclamation points I’ve ever put in a blog post. I need to rest. I think I’m getting the vapors.)

(Click the images below for larger view)

County-wide 2010

County-wide 2011

Central Phoenix 2010

Central Phoenix 2011

So when you are looking to buy a home, how much do you think you need for a down payment? 5%? 10%? What about 20%?

I get people saying to me all the time, “I can’t buy because I don’t have 20% down.” But its not true!

I want to find the news reporters who keep this myth alive, dress them in Lady Gaga’s meat dress and introduce them to a pack of coyotes.

The reality is that with a high enough credit score, you could qualify for a loan where you only need to pay 3% down!

How amazing is that? A new home with only 3% down!

But what about all this talk of 20% down to qualify?

It’s all nonsense. Period. End of story. Jeannie Bolger, Senior Loan Officer with Nova Home Loans, believes the 20% down payment myth stems from misinformation and everyone wanting to give advice without actually doing the research.

(By the way. I love Jeannie. She is great. She gets people qualified and works hard throughout the process.)

So how can you qualify for the 3% loan? To begin, the loan is backed by FannieMae/Freddie Mac (aka, the guv’mt). According to Bolger, to qualify you need at least a 680 credit score. Keep in mind this is only a minimum and is not a guarantee.

Having a lower credit score doesn’t hinder you, in fact, if you have a credit score of 640 you could qualify for a loan with paying 3.5% down!

Don’t get me wrong, paying more as a down payment is great if you can afford it because it can save you money on interest rates. Plus, paying 20% down allows the home buyer to waive the mortgage insurance premiums.

This is an amazing opportunity for people to take advantage of and should not be passed up. With interest rates near (or under) 5% and homes at their rock-bottom prices, now is the best time in over 40 years to buy a home.

So snap up those short sales or foreclosures with an incredibly low down payment and give me a call today to help you find the perfect home!