Survey: Spring Confidence to Heat Summer Market in Goodyear AZ.

Survey: Spring Confidence to Heat Summer Market

DAILY REAL ESTATE NEWS | TUESDAY, MAY 27, 2014

More buyers are saying that summer is the best time to purchase a home, according to the latest Prudential Real Estate Consumer Outlook Survey. 

More consumers say that the spring momentum will carry into summer, with the survey showing an eight-point jump over a year ago in those who view the summer as the best time to buy a home.

Overall, 77 percent of 2,500 consumers surveyed report having a favorable view of housing, a 12-point jump from one year prior. Millennials show the most optimism, at 85 percent. 

Nearly 70 percent of those surveyed say they are committed to buying or selling a home now, a six-point increase compared to Prudential's survey at the end of 2013. 

"Consumers understand that home valuations remain attractive and mortgage rates are still near historic lows, but with the brutal winter that extended into spring around the country, they really couldn't do much about it," says Earl Lee, president of Prudential Real Estate. "The optimism and enthusiasm we're seeing through the survey underscores consumers' motivations and pent-up demand. As more homes come to market and lenders ease their stringent underwriting guidelines, we anticipate busy times ahead in real estate."

Also among the survey's findings: 

• 78 percent of potential buyers say it will be easier to buy a home this spring, since "home owners want to sell."
• 63 percent of sellers say the improving economy and their perception of motivated buyers are increasing their optimism. 
• 76 percent of consumers say pent-up demand will create more competition for existing homes this season.
• 83 percent of buyers say they plan to buy a home sooner rather than later because they fear interest rates will rise.

Contact Rodney Barnes Real Estate for details on selling your Goodyear Home. 623-217-7548

Survey: Spring Confidence to Heat Summer Market

More Home Owners Remodel to Raise Home’s Value in Goodyear AZ.

More Home Owners Remodel to Raise Home’s Value

DAILY REAL ESTATE NEWS | THURSDAY, MAY 22, 2014

Home owners are remodeling their homes to increase the value, but they also are showing more desire to stay and enjoy their remodels before they move on.

Fifty-three percent of U.S. home owners say they are remodeling to increase the resale value of their home, but they have no plans to move in the next five years, according to a new Houzz & Home surveyof more than 135,000 respondents. Sixteen percent of remodelers say they plan to sell their home in the next two years.

One in five — or 22 percent — of the remodelers surveyed say they feel home prices are rising too quickly to consider moving yet. Twenty-four percent of respondents say they would prefer to move, but remodeling their home makes more economic sense.

The Millennial generation of home owners seem to be the most apt to move within the next five years, according to the survey. Thirty-six percent of them say they are remodeling to increase their home’s value with the intent to move to their next home soon.

Overall, the most popular renovation projects are bathroom remodels or additions and kitchen remodels. Home owners continue to devote the highest share of dollars to kitchen remodels, spending an average of $26,172.

That can vary drastically by region, however. Home owners in the Northeast and West tend to spend the most on their renovation projects at an average of $32,155 and $29,411, respectively, on their kitchens (compared to $23,946 in the Midwest and $21,894 in the South), according to the survey.

The most popular replacement projects are flooring/paneling/ceiling, followed by windows/doors and roofing.

The top challenges that home owners say they face when renovating are finding the right products, defining their style, making decisions with spouse/partner, and educating themselves.

More Home Owners Remodel to Raise Home’s Value



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Return of Equity Brings Back Cash-Out Refis for your Goodyear AZ. Home

Return of Equity Brings Back Cash-Out Refis

Return of Equity Brings Back Cash-Out Refis

DAILY REAL ESTATE NEWS | MONDAY, MAY 05, 2014

As home equity rebounds, cash-out refinances are making a comeback, The Los Angeles Times reports. In the wake of the housing boom, cash-out refinancing was derided as a practice wherein home owners used their home's equity like an ATM. But the situation has changed somewhat, as today's transactions are occurring under much tighter lending guidelines.

Quicken Loans estimates that about a quarter of new refinances are from cash-out refinancing. Freddie Mac reports that cash-out refinancings rose to 17 percent of all refinancings in the first quarter—compared to 14 percent during the same period last year.

Home owners are opting to use cash-out refinances for more financially sound purposes than in the past, says Bob Walters, chief economist for Quicken Loans. Walters says many of their borrowers are using it for debt consolidation. Charles Brown, Insignia Bank's chief executive, says many of their borrowers are using the money from the cash-out refinancings to consolidate high-cost credit card, mortgage, and other floating-rate debt into fixed-rate home loans.

But another type of cash-out client also is emerging, notes Paul Skeens, president and owner of Colonial Mortgage. Skeens says they're seeing investors from the recession who had purchased homes at bargain prices with little or no cash. These investors have built up equity in the past few years and are now looking to take out some cash to make new investments.

Source: “Cash-Out Refinancing Grows More Attractive for Borrowers With Equity in Their Homes,” The Los Angeles Times (May 2, 2014)

For more information about Homes for Sale in Goodyear and Phoenix Surrounding areas, please call Rodney Barnes Real Estate at 623-217-7548

30-Yr Mortgage Rate Edges Higher To 4.33% – Freddie Mac

30-Yr Mortgage Rate Edges Higher To 4.33% – Freddie Mac By Michael Aneiro Mortgage rates rose a bit in tandem with Treasury yields in the latest week, with the average 30-year fixed-rate mortgage rate climbing to 4.33% in the week ended today from a six-week low 4.27% a week ago, according to Freddie Mac’s (FMCC) latest weekly Primary Mortgage Market Survey. A year ago that rate averaged 3.40%. The average 15-year fixed-rate mortgage rate rose to 3.39% from 3.33% a week earlier and 2.61% a year ago. A similar 30-year mortgage rate measured by the Mortgage Bankers Association’s latest weekly survey rose to 4.49% in the latest week from 4.47% a week earlier. The average rate for jumbo loans of more than $417,000 remains below the rate for smaller loans, rising to 4.41% from 4.39% a week ago. That survey also showed mortgage applications fell by 3.3% in the latest week. For More Information about Homes for Sale in Goodyear and Phoenix Metro Call Rodney Barnes Real Estate at 623-217-7548 or visit Http://www.RodneyBarnesRealEstate.com

Many HOAs Are Underfunded

DAILY REAL ESTATE NEWS | TUESDAY, APRIL 22, 2014

More homeowners' groups may be operating with insufficient reserves, which could one day result in an unexpected increase in costs to home owners.

An estimated 70 percent of association-governed communities are underfunded, a rise from 60 percent a decade ago, according to a new report from the consulting firm Association Reserves.

Associations that lack adequate reserves may impose large special assessments for emergency repairs, says Robert Nordlund, Association Reserves' founder. What’s more, home owners who don’t pay could then face liens against their property, or the association could even have the power to foreclose on them.

Housing experts urge home buyers to ask for a copy of the homeowner group’s most recent reserve study and ask about the percentage of residents who are more than 60 days delinquent on their fees. It affects the association’s cash flow, and when “you’re buying into a nonprofit corporation, you need to find out if that corporation is stable,” Nordlund notes.

Source: “Homeowners Associations Are Short on Cash,” Kiplinger’s Personal Finance (April 2014)

Many HOAs Are Underfunded



For more information on Goodyear and Phoenix Metro Homes for sale. Call Rodney Barnes Real Estate at 623-217-7548 or visit http://www.RodneyBarnesRealEstate.com

Do Organic Home Remedies for Lawn Care Work? Check this out from Rodney Barnes Real Estate

• 

  (New!)

  Do Organic Home Remedies for Lawn Care Work?

  Think you’re smart and thrifty feeding flat beer to your lawn? Think again. Home remedies for lawn care may cost you more than you think. Read

Visit houselogic.com for more articles like this.

Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

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Shadow Inventories Are Quickly Vanishing, Report Says

Shadow Inventories Are Quickly Vanishing, Report Says

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 04, 2014

For the past three years, the shadow inventory has declined year-over-year and posted double-digit declines for the past 16 consecutive months as the housing market continues to heal, Anand Nallathambi, president and CEO of CoreLogic, says in the company’s February 2014 National Foreclosure Report.

The national residential shadow inventory was 1.7 million homes in January – a 23 percent year-over-year drop from 2.2 million in January 2013. Foreclosures also continued to fall last month, dropping to 43,000 in February, 15 percent lower than year ago levels.

“Although there is good news that completed foreclosures are trending lower, the bigger news is the impressive decline in the foreclosure and shadow inventories,” said Mark Fleming, chief economist for CoreLogic. “Every state has had double-digit, year-over-year declines in foreclosure inventory, which is reflected in the $70 billion decline in the shadow inventory.”

Over the past year, shadow inventory has been falling at an average monthly rate of 41,000 units, CoreLogic reports. The states that hold 42 percent of all distressed properties in the nation are: Florida, California, New York, New Jersey, and Illinois.

Other highlights from the report:

• About 752,000 homes were in some stage of foreclosure or known as “foreclosure inventory” as of February 2014 – a 35 percent drop over year ago levels.
• 1.9 million mortgages – or 4.9 percent – were in serious delinquency by the end of February. Serious delinquency is defined as loans that are 90 days or more past days and includes loans in foreclosure or REO.
• The five states with the highest foreclosure inventory in February (as percentage of all homes with a mortgage) were: New Jersey (6.2%); Florida (6%); New York (4.7%); Maine (3.4%); and Connecticut (3.2%).
• The five states with the lowest foreclosure inventory in February were: Wyoming (0.3%); Alaska (0.4%); North Dakota (0.5%); Nebraska (0.5%); and Colorado (0.6%).

For more information about Homes for Sale in Goodyear AZ. Call Rodney Barnes Real Estate at 623-217-7548