Tag Archives: DESIGNERS OF PHOENIX

Housing Affordability Still High, For Now

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 02, 2016

Home prices may have been on the rise the last few years, but homes are still more affordable now than they were in the pre-bubble years, according to the latest Mortgage Monitor Report released by Black Knight Financial Services.

Households are using 21 percent of the national median income to pay a mortgage on a median-priced home. In 2000-2002, the average payment-to-income ratio was 26 percent, and in 2006, it was 33 percent.

However, Black Knight’s report warns that if home prices continue to increase – as they have year-over-year for 43 consecutive months – the affordability picture in home ownership could start to change in two years.

Black Knight factored in a continuing 5.5 percent annual home price appreciation as well as interest rate rises of 50 basis points a year. Under that scenario, “we see that in two years home affordability will be pushing the upper bounds of that pre-bubble average,” says Ben Graboske, senior vice president at Black Knight Data and Analytics. “At the state level under that same scenario, eight states would be less affordable than 2000-2002 levels within 12 months and 22 states would be within 24 months.”

Graboske notes that Hawaii and Washington, D.C., in particular, are already less affordable than they were during the pre-bubble era. On the other hand, he says, even after 24 months under this scenario, Michigan – and a few other states – would still be much more affordable by the end of 2017 than it was in the early 2000s.

Within 12 months, the average mortgage payment is expected to rise by $114, which would then require 24 percent of a household’s monthly income – still below the 2000-2002 levels, according to Black Knight. But by the end of 2017, monthly mortgage payments are expected to be $240 more than today, which would push the tally to 26.5 percent of a household’s income and the upper levels of the pre-bubble averages, the report notes.

If you’re on the fence and are thinking about buying a home in Phoenix, please call Laura B.

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Downtown and Central Phoenix Life Becoming a Nationwide Hotspot

DOWNTOWN LIFE

The Downtown Phoenix Condo and Loft Scene

Metro Light Rail, Phoenix, AZ

Metro Light Rail In Downtown Phoenix

The number of high-rises, mid-rises and low-rises being built, restored and renovated have been absolutely BOOMING in Central Phoenix! These buildings are old mixed in with new and provide amenities galore. Downtown Phoenix is the new home of loft traditions where space and creativity have been merging into stylistic, personalized urban expression. Many industrial buildings have been converted into desirable, luxurious, lofts or condominiums for your taking. If a single-family home is not for you but simple living is, (no yard responsibilities, etc.), then you’ve come to the right place. Or maybe you’re an artist looking to live where you work. I have ideas for you.

Here, you will find real-time, live listings of all Downtown, Central and North Phoenix condos for sale, Urban Lofts for sale, Condos in High-Rises for sale, and pretty much any dwelling type that is not a single-family home. Whether you wish to buy, sell, renovate or design a loft or condominium in Phoenix, HistoricPhoenixDistricts.com and Downtown Life has the property and solution for you.

Downtown and Central Phoenix is fun urban living. It is a series of distinct urban and historical phoenix neighborhoods where neighbors know each other and are constantly welcoming new neighbors as the downtown area continues its growth.

Downtown Phoenix and the Central Avenue Corridor has enjoyed tremendous growth since the completion of light rail and ASU opening its Downtown Phoenix Campus.

You can walk for coffee, breakfast, lunch, dinner, drinks and entertainment including the First Friday Art Walk, museums, sporting events, shopping, parks and more. It is a place populated by people seeking a way of life that doesn’t require hours of commuting each day. Many people enjoy driving any one of the many Historic Phoenix Districts just to view the architectural designs of the beautiful homes that encompass Phoenix Historic neighborhoods.

While downtown Phoenix grows, you can and experience urban living at its best. No matter what your taste there are homes that will make you happy. Live in an area full of cultural venues and experience the convenience a downtown residence can provide whether in a modern or historic condominium, historic loft, or a townhome. Come be part of downtown life.

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