PLEASE NOTE: THIS IS A TWO-NIGHT EVENT. DEC. 5TH AND 12.

Friends, it is official. Phoestivus is on and bigger than ever. Not only will we have over 50 vendors. Not only will we have at least 6 food trucks. Not only will we have feats of strength, an airing of grievances and the worlds largest Phoestivus pole (as far as you know).

Not only that, friends. But this:

This is part two of my little analysis of what you might want to consider when deciding between a house and a condo. So, let’s get right in to it.

1.      Gated security may be just what you’re looking for right now.

Perhaps you are living alone. Perhaps you like to know that there are people right next door. These are all legitimate concerns that condominiums (at least the good ones) seek to address.

Some questions to consider regarding security at condos:

• How careful is the management company with the common area keys or codes?
• Is the common are well-lit?
• Is the HOA paying for any live security? If so, how much does that impact the monthly assessments?
• When you look at the condo, does it look like the other condo dwellers take security seriously?

2.      Condos are often close to public transportation (the car-free life!)

One of the best things about urban dwelling is that you can leave that car in the garage, or just go without it completely.

Some things to consider when you’re looking for a condo:

• Some condos used to be apartment buildings and the parking may not always protect your car from the sun and weather while you are taking the light rail to work every day.
• The closer your condominium is to public transportation, the more likely that your condo will eventually sell for more.
• If you are thinking of the car-free lifestyle, also consider whether amenities such as groceries, the dry cleaners, and coffee shops are near-by.

3.      Condos maintain all the goodies: pools, landscaping, general maintenance.

 Especially on those hot summer days, it’s a great relief not to have to maintain your own landscaping, or pay somebody else to do it. This is especially helpful if the condo has a pool. Maintaining a pool at a detached residence house can cost thousands every year, and you may not even use it 10% of the time!

Some things to ask yourself before you buy a condominium**:

• Is the current HOA solvent? Do they have enough to properly maintain all of the features they promise when you buy?
• Who manages the property? Many HOA’s pay a management company to take care of details such as landscaping contracts and maintenance.
• How long has that company been working? How many properties do they maintain? What do the current residents think of their work?

** You can have a chance to ask these questions during the inspection period.

 4.      What is an assessment and what is expected of you in an HOA?

An assessment is a monthly fee on every unit in condo that goes in to a pot to pay to keep the place up. If you don’t pay your assessments, the HOA can record a lien against your property. If you have a lien against your property, you can’t finalize the sale of your condo to another person without paying off that lien.

The more units vacant in a condominium, the harder it is for the HOA to pay the bills.

Also, if there are outstanding big projects or maintenance issues on the condominium, or if the HOA board is not wise with its money (your money!), your assessment might go up every month.

Learn what you can about the HOA board, before you purchase a condominium.

5.      What is a CC&R?

CC&R means “Covenants, Conditions, and Restrictions”. It means, basically, that all of the people in a Home Owner’s Association agree that their property came with (and will go with, in the future) certain conditions and restrictions.

In other words, condo owners can’t just do anything they want with their condo.

CC&R’s outline everything from how often the board meets, to what is considered common property.

When you buy a condominium, inspecting the CC&R before your purchase is just as important as inspecting the condo’s wiring!

If you are part of an HOA, read what is expected of you in the CC&R’s. The best way to protect your investment is to stay involved in the HOA.

In a June 5, 2012 letter to Mayor Greg Stanton, Phoenix’s Environmental Quality Commission (EQC) recommended the language for the Solid Waste Collection Ordinance be updated from “The City does not provide” to “The City may provide” waste and recycling services to commercial, industrial and multifamily customers.

“We believe updating this ordinance is congruent with achieving the Environmental Quality Commission’s goal to help city leaders identify environmental issues and advise the City Council on opportunities to protect Phoenix’s natural and urban environment.” ~ Kate Gallego (Chair) and Jessica Catlin (Member)

The most common complaint the EQC hears from Phoenix residents is that they have insufficient access to recycling services. The letter to Mayor Stanton goes on to say:

“Phoenix should have the flexibility to study whether the Public Works Department can meet these customers’ needs by expanding its popular recycling program.”

The EQC letter include goes on to suggest that:

• Allowing Phoenix to explore service options that might result in innovative partnerships with the private sector. This might help expand service and lower rates for solid waste and recycling services.
• An expanded recycling program may help the city simultaneously create a new revenue stream and achieve its diversion goals.
• Removing the barrier to explore this service provision is one significant but simple step Phoenix can take in its efforts to become a more sustainable city.

Why hasn’t Phoenix had a recycle presence in these areas?  

In my quest to answer that question, I found out that obstacles to having recycling bins at multi-family housing units is not the same as reasons some people cite for why it won’t work.

For example, in 2006, The Arizona Republic reported, “Valley cities say they don’t offer recycling to apartments and condos because those residents won’t take advantage of the service. They also fear that contamination (regular garbage mixed with recyclables) would be too high because of the anonymity that shared trash bins offer. They also say there is simply no demand.”

Another interesting tidbit from the article:

Terry Feinberg, president of the Arizona Multihousing Association, said recycling won’t work at apartment complexes because scavengers would rummage through containers. He also said existing dumpster corrals are difficult to enlarge to make room for separate recycling bins.

“Even on new construction, the extra space required can lead to elimination of parking spaces, which can put the property out of zoning compliance,” Feinberg said.

If the state was serious about requiring multihousing to recycle, Feinberg said, officials would offer financial incentives to the industry or allow complexes to retrofit and waive code penalties.

That was in 2006. Where are we now in handling these situations?

“I can’t speak to why Phoenix has not been in the business of recycling in the past, but here is what i do know. Residents and businesses want better service, and other cities across the country have much more robust programs, so there must be a way to meet this need. Changing the language allows our city to explore those possibilities.”

~ Jessica  Catlin, Phoenix Environmental Quality Commision

Now that’s what I’m talking about: Proactive, forward-leaning momentum. Enough talk about change. Be the change. 

—The EQC plays a leadership role on a number of environmental topics, including greener neighborhoods, renewable and solar energy projects, land use policies, air and water quality, sustainable building codes, urban heat island, recycling initiatives, climate action plan goals, the Phoenix General Plan, and other key city efforts.—

Short sales sound worse than they are.

Two years ago they took a lot longer and confused many more people (agents and lenders, alike). Now the systems are in place to make these transactions close more smoothly.

Even more important, if you qualify for the HAFA Program, you could get up to $4,500 for short selling your home!

A short sale is where the seller owes the bank more than than the property is worth. The term “short sale” literally means that the property is being sold “short” of what the seller owes the bank. In a short sale transaction the bank must agree to accept less money than what the seller owes and agree to release all liens on the property so that the property can be sold.

If you’re thinking about short selling your home there are a few short steps to the process:

1. Find an Attorney to speak to about your short sale. This shouldn’t cost you a lot of money. You can usually get an initial consultation for about $250. You DON’T need to have an attorney negotiate with the bank for you. If you have a tax attorney or CPA, speak with him or her, too!

2. Get your Property Listed. Listing your property with a seller with short sale knowledge is key to a smooth transaction. This is where I come in.

3. Find a Buyer. You should know that the average “days on market” are much, much lower now than they were even six months ago. This really should not take us long.

4. Send a contract to your lender along with proper documentation. We’ll work with you to make sure all the paperwork is in order for quicker approval. This is the part of the process that takes the longest. But I can take much of the pain out of this.

5. Get Approval and Close Escrow. This part goes largely the way normal sales go –inspection, appraisal, close of escrow.

I see it more and more everyday. The housing inventory in Phoenix is shrinking and buyers are looking to make offers and get approved as quickly as possible. But for new or first time home buyers the steps to approval can be foreign and slow down the process, which is the last thing you want in this market.

But have no fear! Jeannie’s here!

It’s important as a home buyer to get pre-approval to expedite the process. In short: you want to have a pre-approval letter in hand before you even step foot in a potential home.

Now don’t get confused between pre-qualification and pre-approval.

A mortgage loan pre-qualification is simply an estimate of how much house you can afford and how much money a lender would be willing to loan you. This can be done over the phone in 10-15 minutes by providing information on your income, assets, debts, and a potential down payment amount.

A pre-approval takes more time, but can be just as easy. Getting pre-approved means that you have a tentative commitment from a specific lender for mortgage funding. You provide a home loan lender  with all that fun financial information you probably keep in a drawer in your house (tax returns, pay stubs, assets, debts, etc.) They will run a credit check and work to verify all your employment and financial information. Jeannie can take care of this with you in about an hour in her office.

In the house-buying process, the benefit of being pre-qualified or pre-approved is twofold. Not only do you have the added comfort of knowing what you can afford, the seller may also accept your offer over another if you are pre-approved and the other party is not.

So what are you waiting for?! Please call Jeannie Bolger, Sr. Loan Officer for more information.

Or call me for more information about the market: 602-456-9388.

We all know how important downtown growth is for our economy. As you can probably tell from this blog, I’m a big fan of Green Vendors and sustainable growth downtown (even if the term “green” has been around more than Kim Kardashian).

This image is from 2010 Green Build Conference. I just wanted to show off that I met Ed Begley Jr. Yep, I'm a total renewable energy dork.

Well, if your a pro-environment, sustainable vendor in the city of Phoenix, Green Team is pleased to present the Green Vendor Showcase of Opportunities on Feb. 9

This event is a chance for vendors to work with the city’s EPP Program as well as get one-on-one interaction with some of the city’s department big wigs and discuss new opportunities for the city to make greener choices. And better yet, there’s no cost to participate! But you have to work fast. Vendors need to register but January 31st, (as in tomorrow!) by the end of business hours at the office of Environmental Programs. You can Call 602-256-5669 to register and ask any questions.

Want to just stop by and see whats new in the world of sustainability? Well, you can check out the first annual “We Love Green Vendors” showcase on 2/9 from 9:30-11:30 am in the atrium of Phoenix City Hall, 200 W. Washington St.  The event is free!

Good News for home owners in distress!

And by “Good News” I don’t mean some shady scheme to short sell your house to an off-shore corporation in the Caymen Islands.

Fannie Mae is introducing an Unemployment Forbearance program which provides assistance to borrowers dealing with unemployment.

These loans will allow the borrower to receive a reduction or suspension of their monthly mortgage payment for a specific period of time and will prohibit services from foreclosing on your property.

A mortgage loan is eligible for an Unemployment Forbearance if all the following criteria are met:

• The property cannot be vacant, condemned, or abandoned.
• The mortgage loan cannot be an FHA, VA, or Rural Housing mortgage loan.
• The property must be a principal residence. Second homes and investment properties are not eligible.
• The borrower may be either delinquent or default is reasonably foreseeable.
• The borrower must have a financial hardship due to unemployment.

The Forbearance will be canceled if:

• Any of the eligibility criteria and terms stated above are no longer met.
• The borrower advises the servicer that he or she has become employed or is no longer actively seeking employment.

If you need more information contact Jeannie Bolger with Nova Home loans.

Many people recognize this upcoming Monday, as a day off from work. But really its a celebration of Martin Luther King Jr., a man who did great things for our country.

If you want to celebrate the right way, HandsOn can help. HandsOn Greater Phoenix is a great NonProfit in Downtown Phoenix that serves the community at large. Every month, HandsOn offers more than 60  diverse, high-impact, one-time community service projects. Martin Luther King Day is a large-scale special days of service for them.

This Monday at 2 p.m. you can head to Fair Trade Cafe & Gallery at Civic Space Park for Eat, Dream, Share. There will be music, poems, songs, laughter, ideas, food and to share personal expressions of how Martin Luther King Jr. impacted your life. And it’s like a pot luck. Participants are asked to bring a dessert to share. If you’re bringing the kids (who have the day off too!) There’s an  spoken word and musical performances by Queen of Queen’s Band Project, Miouo Nance the poet & The Positive Vibes from 6:30 PM-9:30 PM at the A.E. England Building Civic Space Park.

If you’d like to get a jump start on your weekend, HandsOn with also be hosting a 16+ Mural Revitalization this Saturday from 8-12 updating a 1998 mural on 16th Street.

Spots fill quickly, so contact them today and celebrate.

Market trends are upon us again! Try to contain your excitement.

Our Friend Cynthia Lujan from Old Republic Title was nice enough to send us new stats on the current market.

Between November and December supply was is once again on a downward trend for all price ranges. The strongest decline in supply is for homes under $100,000. Sales rates look better between$200,000 and $400,000 while above $400,000 demand is still a problem.  Demand from owner occupiers remains subdued due to strict underwriting standards for “jumbo” loans, but cash buyers including landlords and other investors are quickly snapping up a large part of whatever comes onto the market.

The supply from foreclosures continues to fall with more pending foreclosures getting resolved by short sales. Lenders are receiving fewer homes into REO inventory as a higher percentage of trustee sales result in a sale to a third party. Despite public perception to the contrary, price per sq. ft. has gone up  in the past year. (Do we hear that on the national news? Noooo!)

The strongest recent movement is for the price range below $100,000, where price per sq. ft. hit bottom in February and is now up nearly 7% over the last 12 months. With supply on a downward trend again we anticipate that the peak spring season will find most buyers frustrated by a lack of choice and fierce competition from other buyers.

So what does this mean for you? Buy now!

The inventory of houses between $100,000- 200,000 are down 46.6% and sales prices are now 6.9% higher than last year. Homes from 200,000-400,000 numbers aren’t as dramatic, with supply down 26% and prices up .3%. As all we all learned in our 10th Grade Economics class, as supply grows more limited, demand will drive prices up.

Need help finding a home? Call me today at 602-456-9388

If you are putting off  purchasing a home because you are afraid that there might be changes at your job (layoffs, relocation, etc.), there might be an answer in Nova Home Loan’s Safe House Mortgage Protection Plan.

I work with a lot of different brokers. Others may have this, as well. But this is good to know.

Here are the features:

• If you lose your job, they will cover as much as 24 months of your mortgage (up to $1,800 per month). 12 months if you purchase the plan if when you are just refinancing a loan.
• You start the plan when you close on the house or complete the refinance.
• Cost = $770 on a purchase and $595 on a refinance. (You can pay this at close of escrow and maybe work it in to the closing costs that the seller pays!)

Eligibility:

• Ages 18-66
• Must reside in the US.
• Cannot be self-employed.
• Must be employed a minimum of 30hrs per week at time of close.

There are more details here. So, have a look. It might be something that could give you the piece of mind to move ahead and get a house in phoenix now, while you can still get the $8,000 tax credit!

Here is a news article about it.

Or, call Jeannie Bolger at Nova Home Loans at jeannieb@novahomeloans.com.