Real Estate Information

Foreclosure Solution

I know we throw the word “foreclosure” around as a common household name these days – let’s face it, everyone knows somebody (if not themselves) that has been through it, is going through or could go through it. Unfortunately, foreclosures have become a very real part of our everyday world.

Take a look at these recent foreclosure ratings:

Laveen: 1 in every 22 homes is in some stage of the foreclosure process
Queen Creek: 1 in every 37
Buckeye: 1 in every 50
Surprise: 1 in every 74
Gilbert: 1 in every 119
Peoria: 1 I every 173

Wow…these numbers are startling and heartbreaking! When I read statics like this, it makes me think about the people I have sold homes – how many of them need my help in finding a foreclosure solution? How many of them will not reach out and ask for help because they are too embarrassed or ashamed?

If you are reading this and you need help or know someone who does, I am asking you to let me help – as a CDPE Certified Realtor, I have the training and knowledge to assist you in finding a foreclosure solution. Please don’t wait, ask for help today.

Don't let this happen to you - Call the Russo Team at RE/MAX Professionals!

FHA Loan Limits - Possible Changes Could Impact Your Ability to Buy!

Presently Realtors in Arizona, as well as at the National level through NAR (National Association of Realtors) are frantically working to stop pending changes to mortgage insurance costs and changes to FHA loan limits - changes that could impact your ability to buy.

If Congress passes the proposal this fall, the FHA loan amounts currently available to you as the consumer will change. So what does this really mean for you?

Currently a home buyer can borrow upto $346,250 in Maricopa County with FHA financing. If the changes go into affect, the maximum amount will decrease dramatically by $75,200 – bringing down the maximum loan amount to $271,050.

If you have been kicking around the idea of buying a home and you are looking to maximize your buying power with the low interest rates and awesome housing prices, than you might not want to wait much longer to start looking – in our market, $75,200 makes a big difference in the house you want to buy and the one you’re able to buy.

We are standing by to assist you with all your real estate needs, whether that is buying for the first time, making an investment or selling, we can help you! Call us TODAY to get started tomorrow!

Short Sale Seminar

This Saturday, September 17th we will be hosting a short sale seminar from 10:00am to 12:00noon.

Come learn from industry experts the truth about short sales and what  alternatives are available. This is a FREE event with no obligation or strings attached. Our panelists will include a CPA, Mortgage Lender, an Attorney and a CDPE Certified Realtor.

To register you can email RSVP@RussoTeam.com or you can call us at 623-776-4876. RSVP today as seating is limited. If you or someone you know is facing the possibility of foreclosure, then please don't miss this short sale seminar.

We look forward to seeing you on Saturday, September 17th at 10:00am.

September 11th "Never Forget Memorial"

The date, September 11th has officially been renamed "Patriot Day" but for many of us, the actual date, Tuesday, September 11th 2001, will be ingrained in our minds and our hearts forever.

As the 10th anniversary of the bombing in New York City approaches, there is a mix of emotions from anxiety, uncertainty and a looming sadness about the tragedy that shook our Country.

For myself and my company, it is even more memorable as 9/11 was the first day of business for RE/MAX Professionals – to say uncertainty and fear was in the air would be an understatement.

The 10th anniversary of 9/11 it is bitter sweet as I also celebrate the 10th anniversary of RE/MAX Professionals, which is now 6 offices strong. It hardly seems possible that 10 years have come and gone - but yet it has. I do not know anyone who was not impacted by 9/11 – so my question is, how will you remember those who died?

I want to share with you that the city of Phoenix will be hosting a memorial walk and ceremony in Downtown on Sunday, September 11th to honor and celebrate those who were killed in the 2011 attack.

The "Never Forget 9/11" event will start at 7:30am at the Chase Bank Tower at 201 N. Central Ave and ends at 8:00am next to CityScape at Central Ave and Jefferson Street. The march will be led by Phoenix Fire Department and the Police Honor Guard with a series of guest speakers. To get more information, go to http://phoenix.gov/fire/index.html  

Whatever you are planning to do on Sunday, September 11th I hope you will spend it with the people you love – and please take a moment to "never forget".  

Short Sale Seminar, Saturday, September 17th

Get the facts and know the truth about short sales.

On Saturday, September 17th we will be hosting a 90 minute short sale seminar to explain how the process works.

There will be a panel of industry experts available to answer all your questions, including an attorney, a CPA and mortgage consultant. 

This is a FREE event with no obligations - the only obligation is to yourself to come find out why a short sale is an alternative to foreclosure.

Seating is limitted, register today. To download more event information, click here.  

To RSVP, please email RSVP@RussoTeam.com or you can call us at 623-776-4876

It’s hard to believe that we’ll enter September this week, which means summer is coming a close and the fall season is getting underway.  This first week of September also means that many of you will have an extended weekend due to the upcoming Labor Day holiday!  If you live in the Greater Phoenix area, you may be wondering what to do this weekend as you gather with friends and family, and of course, we have a few ideas!

Did you know that there’s a thriving art scene throughout the Greater Phoenix areas of Phoenix, Scottsdale, Chandler, Gilbert, Peoria and other Greater Phoenix cities?  Whether you’ve lived in Greater Phoenix for some time, or are just visiting this holiday weekend, you’ll want to take advantage of exploring the artistic events that are taking place!  These events can be enjoyed in between grilling out with family and friends and will bring a new sense of pride for those of you living in Greater Phoenix.

Scottsdale Art Walk
Downtown Scottsdale

www.scottsdalegalleries.com/events

Every Thursday from 7-9pm

- Now in its 36th year, the Scottsdale Art Walk is a favorite of Scottsdale residents and visitors alike!  This weekly Art Walk enables artists to showcase their works and brings added life to the local galleries. Special Art Walks take place throughout the year and more information can be found on the Scottsdale Art Walk website.  You’ll find this vibrant evening to be enjoyable as you can browse galleries at your leisure, have the opportunity to meet local artists, and just take in the downtown Scottsdale scenery.  Don’t miss the Art Walk this Thursday!

Artlink Phoenix- First Friday
Downtown Phoenix

www.artlinkinc.wordpress.com

This Friday, September 2 from 6-10pm

- This Friday, tour more than 70 galleries, venues and art-related spaces to see a variety of artwork and to enjoy the spirit and culture of the city as you mingle with thousands of other residents and visitors.  You’ll find new art to discover and can start to pick out your favorite galleries as you have the opportunity to take part in First Friday each month!

As Greater Phoenix Real Estate agents, we hope you get the chance to experience all that Greater Phoenix has to offer!  Moving to the area is so much more than purchasing a house, but you want to make sure that where you live has the lifestyle that fits your needs and will enhance your Greater Phoenix experience.

If you need help determining which city in the Greater Phoenix area is best for you; please let us know!  Each city has something unique to offer and we’d love to help you along each step of your journey in finding a home and neighborhood that you’ll enjoy for years to come.

Please feel free to contact us today to get started!  Have a safe and happy holiday weekend!

The Russo Team
Greater Phoenix Real Estate Experts

Greater Phoenix Real Estate
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Living in Greater Phoenix is a dream come true for many who enjoy great weather, vibrant communities and a wide variety of things to do!  If you’ve lived in Greater Phoenix for some time, whether in Chandler, Scottsdale, Avondale, Sun City or any of the surrounding cities, chances are you’ve considered the possibility of refinancing your home.

Refinancing your Greater Phoenix home has been more at the forefront of people’s minds given the last few years of the national real estate market.  They wonder what their home is currently worth and if there’s a possibility of lowering their monthly payment.  

As Greater Phoenix Real Estate agents, we’re often asked about refinancing so we thought we’d provide you with six tips to determine if refinancing your home is right for you.

1. Interest rates- Refinancing right now is great for homeowners whose current rates are above 5.5% and are hoping to save on their monthly mortgage costs.  For a home in Greater Phoenix; you could potentially save a percentage point or more on an outstanding mortgage.

2. Credit score and income- Most banks in today’s market will require you to have a minimum credit score of 620 in order to refinance.  You will also need to prove that your household finances have been stable.  If unemployment or other issues have come up that have decreased your finances significantly; you’ll find it hard to refinance.

3. Costs- Refinancing your home will cost you typically 2% of the new loan amount.  This includes application, appraisal and inspection fees. Included within refinancing costs is the new escrow account you’ll need to fund. The lender will set up this account for home-insurance and property-tax payments from which they’ll draw annually.  Want to avoid this fee?  Use the same lender you used for your initial mortgage.  Their only costs are limited to issuing new paperwork, so they’re able to keep costs low and can oftentimes speed up the process. Another option is a good faith estimate. Your  Greater Phoenix Real Estate agent can help you determine which option would work best for your home.

4. ‘Underwater’ homeowners- Today’s housing market has left around 11 million homeowners “underwater” meaning they owe more on their home than it’s actually worth.  They will have a hard time refinancing and can only do so through a federal program. Your Greater Phoenix Real Estate agent will help explain the option of a “short refinance” that was launched last year by the FHA.

5. Adjustable-rate mortgages- Determining whether you’d like to go with an adjustable-rate mortgage or a fixed-rate mortgage can be tricky.  An ARM can be a good choice for today’s market as you’ll cash in on the current lower rates, but can be unstable in the long run.  However, a fixed-rate mortgage ensures that your rates will remain stable and won’t rise if the market changes.

6. Greater pricing disparity- Based on your current credit score, the rates offered for refinancing can vary greatly. Lenders will look at the Arizona’s average loan-to-value ratio and the percentage of homes with negative equity.  The higher the percentage of these homes, the higher the rate a borrower will most likely be offered.

If you’re considering refinancing your Greater Phoenix home, we hope these tips will help you determine your next steps.  As trusted Greater Phoenix Real Estate agents, we’re also here to help you in any way we can!  Please feel free to contact us with any questions you may have about the Greater Phoenix Real Estate market.

We look forward to helping you each step throughout the process!

The Russo Team
Greater Phoenix Real Estate Experts

Greater Phoenix Real Estate
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Thanks for taking the time to stop by our blog to learn more about buying and selling in today’s current Greater Phoenix Real Estate market.  Last week, we talked about five key steps to take when preparing to buy a Greater Phoenix home.  This useful information was designed to help you set a foundation for a smooth and stress-free home buying process.  But many of you may still be wondering if now is even a good time to buy a Greater Phoenix home.

We know that the last few years of the national housing market have been a little shaky, but as the market continues to improve, there are some solid reasons why now is a great time to buy a home in Mesa, Peoria, Glendale, Scottsdale, Phoenix, Sun City or any of the surrounding areas.  Let’s take a look at the top five reasons to buy a home now in Greater Phoenix. 

1. Move-in Ready Homes- According to recent studies by the Harvard Joint Center on Housing, there have been many home owners who have held off on selling their home. They’ve been waiting for the market to pick back up, and while waiting have either put money into remodeling or have kept their home in good repair. They wanted to make sure that their Greater Phoenix home was in ideal condition before listing since it is a buyer’s market with many other homes from which buyers can choose. That’s great news for those who are buying, as many homes in Greater Phoenix are in move-in ready condition!

2. Low Home Prices- In this buyers market, the competition for sellers is high. Greater Phoenix homes are selling at record low prices making now a perfect time to cash in on a great deal.

3. Low Mortgage Rates- Buyers are able to begin building equity right after they close on a home because of today’s lower mortgage rates. There’s hope that these low rates will encourage potential buyers to jump in to the Greater Phoenix Real Estate market and help with the healing process. 

4. Low Down Payment Mortgages Available- Low-down-payment financing through Federal Housing Administration-insured mortgages is available as an additional incentive to buy a house now. Down payment minimum requirements also fluctuate and may increase as the market heats up, so potential buyers with less cash to close on a deal may be well-advised to buy now.

5. Lenders Offer No-Fee Mortgages-  Many banks and other lending institutions are waiving mortgage loan generation and other fees and points (each point represents 1% of the loan amount), thereby reducing the cost of buying a Greater Phoenix home.

We hope that, as you consider buying a home in Greater Phoenix, these five factors will help you make your decision.  Our goal is to provide you with the best information possible so that your experience of buying a home in Greater Phoenix is positive and efficient. 

As experienced Greater Phoenix Real Estate agents, we’re here to help answer any questions you have about the home buying process and can be a great resource along the way!  

The Russo Team
Greater Phoenix Real Estate Experts

Greater Phoenix Real Estate
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