Apartment vacancies hit a 30-year high in the fourth quarter and left landlords scrambling to retain their existing tenants plus trying to attract new ones.
The vacancy rate ended the year at 8%. This is the highest level since a New York research tracking firm surveying the top 79 U.S. markets started to tally vacancies plus rents in 1980. San Jose CA, Seattle, San Francisco saw rents fall 3%.
Landlords must now entice tenants to renew leases. Incentives like Starbucks gift cards, repainting the unit and cleaning carpets are just a few of the enticements landlords are implementing.
If you are renting a place, now might be a good time to renegotiate your lease.
Linda Shank is a 32+ year real estate veteran in the Phoenix southeast valley. You can contact her at lindalshank@msn.com
Linda Shank is a real estate broker w/Linda Shank and Company in the Southeast Phoenix Valley. Contact her at LShank5179ataol.com
Friday, February 26, 2010
Thursday, February 25, 2010
FHA Requires Buyer and Seller Signatures to be Live---Not Computerized
In the age of technology, even a signature on a document can be added by a computer program. HOWEVER, FHA along with many of the large investors requires that the signatures of both buyers and sellers on all initial and final documents such as the contract and final settlement statement be "LIVE" or "WET". Please keep this requirement in mind, especially when you are dealing with corporate sellers in the case of REO properties. If you know ahead of time that a live signature is needed, it can help prevent delays to the closing process.
Information courtesy of Sherri Buttler, Sun American Mortgage, 480-467-1088, Mesa Arizona.
Wednesday, February 24, 2010
Staging Your Home - First Impressions
When a buyer pulls up in front of your home this is your one and only 15 second chance for a POSITIVE first impression. Here's what to do and not to do:
* Don't park yours cars in the driveway.
* Have some color in your yard....spring plantings or potted plants.
* A large tree or two can further enhance your home's curb appeal.
* Charm potential buyers with a courtyard fountain or some tasteful yard art by the entry.
* The backyard is important too. Remove dead plants, trim trees, shrubs and add some flowers.
* Don't park yours cars in the driveway.
* Have some color in your yard....spring plantings or potted plants.
* A large tree or two can further enhance your home's curb appeal.
* Charm potential buyers with a courtyard fountain or some tasteful yard art by the entry.
* The backyard is important too. Remove dead plants, trim trees, shrubs and add some flowers.
Linda Shank, a 32 year veteran, is Broker Owner of Linda Shank & Company Gold Canyon Arizona Contact her @ http://www.ISellAZsunshine
What you Should Know about FHA loans
Loans can be underwritten by an approved lender which includes most of the major banks in the country. FHA has the some high loan limits as Freddie Mac and Fannie Mae (which have been extended to the end of 2010). You can buy a home with a 3.5 percent down payment as compared to at least 10 percent down for a Freddie Mac or Fannie Mae home. You can get your loan scored for approval through a variety of underwriting engines including Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Prospector.
Linda Shank is a Real Estate broker in the Phoenix Southeast Valley Gold Canyon area. She can be contacted at www.ISellAZsunshine.com
Linda Shank is a Real Estate broker in the Phoenix Southeast Valley Gold Canyon area. She can be contacted at www.ISellAZsunshine.com
Sunday, February 21, 2010
Do I have to Sell my Home to Qualifty for the Homebuyer Tax Credit
Here's a question that keeps popping up:
I'm already a homeowner. If I buy another home ofter Nov. 6, 2009 to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?
Answer:
No. If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009 and on or before April 30, 2010 and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on November 30, 2009, the eight-year period would run from December 1, 2001 through November 30, 2009.
Information courtesy of Jay Starks, Bell America Mortgage, www.jaystarks.com
I'm already a homeowner. If I buy another home ofter Nov. 6, 2009 to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?
Answer:
No. If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009 and on or before April 30, 2010 and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on November 30, 2009, the eight-year period would run from December 1, 2001 through November 30, 2009.
Information courtesy of Jay Starks, Bell America Mortgage, www.jaystarks.com
Friday, February 19, 2010
Do this first before you Buy a Home
You found your dream home and are ready to make an offer. Do these four investigative measures before you sign on the dotted line.
1. Talk to would-be neighbors. Ask how they like the area, how are the schools or if there are any problem activity nearby.
2. Check your commute. Drive from your possible new home to work during rush hour to see how long it will really take. If you use the bus, then take the daily bus you would use to commute.
3. Check crime data and sex offender databases. For crime statistics go to faxnet1.org or search the internet for your local crime statistics link. For sex offenders go to azsexoffender.org or search the internet for your local sex offender database line.
4. Read up. Investigate the location of nearby dairy farms, jails or proposed freeway developments or alignments. Call local Planning and Zoning for additional proposed developments.
5. Make multiple offers on multiple properties. You can make sellers compete for your business. Just make sure the Realtor provides the correct verbiage so that you don't end up buying several properties. This won't always work but in the current Seller's market it's worth a shot.
Linda Shank is a local real estate broker in the Southeast Phoenix Valley. She can be reached on her website www.ISellAZSunshine.com or on this blog.
1. Talk to would-be neighbors. Ask how they like the area, how are the schools or if there are any problem activity nearby.
2. Check your commute. Drive from your possible new home to work during rush hour to see how long it will really take. If you use the bus, then take the daily bus you would use to commute.
3. Check crime data and sex offender databases. For crime statistics go to faxnet1.org or search the internet for your local crime statistics link. For sex offenders go to azsexoffender.org or search the internet for your local sex offender database line.
4. Read up. Investigate the location of nearby dairy farms, jails or proposed freeway developments or alignments. Call local Planning and Zoning for additional proposed developments.
5. Make multiple offers on multiple properties. You can make sellers compete for your business. Just make sure the Realtor provides the correct verbiage so that you don't end up buying several properties. This won't always work but in the current Seller's market it's worth a shot.
Linda Shank is a local real estate broker in the Southeast Phoenix Valley. She can be reached on her website www.ISellAZSunshine.com or on this blog.
Unforeseen Tax Issues Triggered by Foreclosures & Short Sales
SURPRISE! SURPRISE! SURPRISE! Individual homeowner's facing foreclosure, short sale or a Deed in Lieu of Foreclosure would be wise to check with their income tax professional to determine what income tax impact they might face down the road. There are two tax situations (which can get quite involved...Principal residence? Business or Investment Property?, Recourse or Nonrecourse debt?) to review when looking at giving back a property to cancel or release debt.
(1) Recognition of gain or loss on the transaction
(2) Recognition of cancellation of debt income (COD)
Only your tax professional can really determine how this affects you personally so spend a few dollars up front to determine your course of action. It's like adding insult to injury...first you
lose your home and then you get zapped with an unexpected tax bill.
Linda Shank is a Broker/Owner & Certified Residential Specialist in the Southeast Phoenix Valley who has been selling real estate since 1978. She is experiencing her third down market cycle. Contact her at her website www.ISellAZSunshine.com
(1) Recognition of gain or loss on the transaction
(2) Recognition of cancellation of debt income (COD)
Only your tax professional can really determine how this affects you personally so spend a few dollars up front to determine your course of action. It's like adding insult to injury...first you
lose your home and then you get zapped with an unexpected tax bill.
Linda Shank is a Broker/Owner & Certified Residential Specialist in the Southeast Phoenix Valley who has been selling real estate since 1978. She is experiencing her third down market cycle. Contact her at her website www.ISellAZSunshine.com
Easy Short Sale Explanation
Here's my definition in a nutshell: A short sale is nothing more than negotiating with loan holders a payoff for less than what they are owed. Otherwise, a sale of debt generally on a piece of real estate, short of the full amount owed. It does not extinguish the remaining balance unless this is clearly settled in the acceptance of the offer. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing since there are legal and other carrying costs that are associated with a foreclosure. This occurs on a daily basis since many homes have loans that are considerably higher than the current value of the home. If you would like my Homeowner's Short Sale 16-Step Instructions emailed to you please contact me through this blog site.
Linda Shank Broker/Owner Linda Shank & Company is a 32+ year veteran of Arizona Real Estate. Contact her at www.ISellAZSunshine.com
Linda Shank Broker/Owner Linda Shank & Company is a 32+ year veteran of Arizona Real Estate. Contact her at www.ISellAZSunshine.com
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