Tag Archives: First Time Homebuyers

Phoenix among top housing markets to watch in 2019

2019 Housing Market Outlook In Phoenix, AZ

Phoenix will be one of the top housing markets to watch in 2019, according to a report from real estate website Trulia.

The analysis, released Thursday, highlights the 10 markets poised for growth in the coming year. Phoenix ranks No. 7 on the list, just behind Fresno, California and ahead of Columbia, South Carolina. Colorado Springs, Colorado topped the rankings.

Trulia examined the 100 largest U.S. metropolitan areas, measuring each on five metrics including job growth over the past year, vacancy rates, starter home affordability and percentage of the population under age 35.

The Valley’s strong job growth, 2.9 percent, in the past year, along with starter home affordability and low vacancy rates helped the market attain its spot in the rankings. According to Trulia, residents in Phoenix spend just 33.7 percent of their income on housing, which signals strong starter home affordability in the market. The Valley also has a ratio of 1.3 of inbound vs. outbound searches on Trulia’s website. That means more people are interested in moving to the market than those searching to move away.

Trulia’s report also zeroed in on the hottest neighborhoods in each top market. In the Valley, it’s Agritopia in Gilbert, which saw home values appreciate 14.6 percent year over year. Homes in the neighborhood also saw the average number of days on market drop by 18 days, according to Trulia.

As the local economy has continued to add jobs and grow, the housing market around Phoenix has seen a healthy year in 2018. Several homebuilders have scooped up land for new communities and restarted once-dormant projects to meet demand. A recent housing study found existing home prices climbed nearly 6 percent in October.

Millennial’s are said to be some of the hottest first-time homebuyers in Phoenix.

Growth (Rank)	Vacancy Rate (Rank)	Share of Income Needed to Afford Median Priced Starter Home (Rank)	Ratio of Inbound-to-Outbound Home Searches on Trulia (Rank)	Share of Population Under 35 (Rank)	Overall Score
1	Colorado Springs, Colo.	3.3% (8)	4.8% (35)	35.4% (63)	1.8 (17)	23.6% (8)	26.2
2	Grand Rapids, Mich.	2.0% (22)	3.7% (16)	23.2% (34)	1.1 (41)	21.7% (30)	28.6
3	Jacksonville, Fla.	2.0% (24)	4.2% (26)	23.4% (35)	2.4 (7)	20.7% (52)	28.8
4	Bakersfield, Calif.	0.6% (56)	6.4% (68)	14.3% (6)	2.3 (8)	23.1% (12)	30.0
5	Austin, Texas	2.5% (14)	3.4% (12)	45.0% (79)	1.1 (47)	24.4% (4)	31.2
6	Fresno, Calif.	1.6% (32)	3.5% (13)	47.1% (81)	1.6 (22)	22.6% (16)	32.8
7	Phoenix, Ariz.	2.9% (9)	4.0% (20)	33.7% (59)	1.3 (32)	20.9% (47)	33.4
8	Columbia, S.C.	0.4% (69)	6.1% (63)	13.7% (5)	2.1 (12)	22.3% (20)	33.8
9	El Paso, Texas	1.0% (51)	5.5% (48)	33.5% (58)	2.4 (6)	23.2% (11)	34.8
10	Oklahoma City, Okla.	2.0% (20)	6.9% (76)	21.1% (27)	1.3 (33)	22.3% (21)	35.4
Note: Rankings from among the 100 largest metros.

Whether you’re looking to buy a single-family home in Phoenix, AZ, a Historic Phoenix home, or, If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!

Downtown Phoenix’s Growing Popularity is Pricing Out Many Residents

10-28-2018 Courtesy, in part, azcentral

Downtown Phoenix’s Metro housing boom is blanketing the area with thousands of new apartments and condominiums.

But the rents and prices for the new homes will shut the door on some who want to live in the area. and home prices in historic neighborhoods in and around downtown Phoenix are soaring as the area becomes more popular, further limiting Metro Phoenix potential buyers.

“It’s heartbreaking that the teachers and those working in the area’s hotels and cafes can’t afford to live in downtown,” said Cindy Dach, downtown Phoenix proponent, resident and business owner. “The area won’t be diverse unless we plan housing for everyone.”

Some affordable housing is planned in the city’s core, but not enough, say housing advocates. Building affordable housing in the area is tough due to rising land prices.

“We need the entire spectrum of housing in downtown Phoenix,” said Patricia Garcia Duarte, CEO of the housing non-profit Trellis. “Many people forget affordable housing is needed to create a healthy community.”

Luxury, luxury and more luxury in Metro Phoenix Phoenix, AZ

Most of the 8,000 apartments recently built, underway or planned in downtown Phoenix are in luxury complexes with rents higher than the average Valley mortgage.

The average apartment rent in downtown Phoenix is $1,608, according to ABI Multifamily. The average apartment rent for a one bedroom for the entire city of Phoenix is $1,050.

Millennial Adrian Zaragoza rented in downtown Phoenix’s Roosevelt Row neighborhood for five years before buying a new condo in the area’s Portland on the Park development last year.

“I saw rents rising, and the chance to buy a condo before those prices climbed too,” he said.

Zaragoza said all of the new development going on downtown “is exciting,” but he’s glad to be his own landlord and not dealing with rent hikes.

If too many apartments go up and don’t fill up fast, rents could fall in downtown Phoenix.

Also, though rents are high in downtown Phoenix, they are still $50 to $100 lower a month than rents in downtown Scottsdale and Tempe.

Can you still find an affordable house In Phoenix, AZ?

Aysia Williams and Benjamin Hughes rented in Phoenix’s Woodland Historic District, on the western edge of downtown, for about a year before trying to buy their first home.

“We fell in love with the area, but saw prices and rents climbing fast,” Williams said. “We knew we wanted to buy, but there was a lot of competition for the houses we liked.”

Woodland is part of the 85007 ZIP code, one of central Phoenix’s more affordable neighborhoods. The area, which has also attracted many investors, saw its overall median home price climb 10 percent to more than $192,000 in 2017. Sales in the area jumped nearly 20 percent last year.

The couple’s house, for which they paid less than $250,000 a few months ago, was never even listed for sale. They were renting in the neighborhood and searching for a home they could afford when they met a longtime homeowner who didn’t want to sell to an investor.

People talk about the gentrification of central Phoenix pricing too many first-time homebuyers out. Buyers can still find affordable homes if they look hard enough.

Home prices in most other historic neighborhoods around downtown Phoenix are much higher. Prices in nearby the nearby Roosevelt historic district and Willo historic neighborhood can easily top $500,000.

Housing downtown workers can afford

Phoenix Housing Director Cindy Stotler said downtown Phoenix has 1,001 affordable units which is more than most people realize.

The issue is that those units are reserved under federal law for “very low-income” individuals who have a median annual income of $14,000-$38,000.

Stotler said the real downtown housing gap is in “workforce housing,” for middle-income individuals who make $38,000-$48,000 annually. These individuals would have to pay nearly 50 percent of their income to afford living in market-rate housing downtown which is not reasonable or sustainable, she said.

“To me, the area that we’re missing in downtown is the working people’s housing. And people who are not like a lawyer or something and making a lot of money, but they’re just average working people,” she said. “There’s no regular housing for them. We’re not building that.”

To get workforce housing downtown, the city likely won’t be able to rely on traditional developers, Stotler said.

Land prices are high, which makes it difficult for developers to offer middle-income rents and still turn a profit on their projects, she said.

Garcia Duarte said financing is also difficult for more affordable housing, which deters some developers from building it.

Stotler is looking to city-owned land in downtown as a possible solution to this issue. She hopes to find developers or non-profit groups that may be able to build middle-income housing on these lots.

Affordable housing to market-rate

Phoenix’s housing department owns and operates three affordable housing properties in the downtown core.

Deck Park Vista: Located at Third and Moreland streets, Deck Park Vista has 56 subsidized senior apartments. The average household income is $17,848 and only two of the units qualify as workforce housing.
Ambassador West: This complex located near Van Buren Street and Fifth Avenue has 102 units. The average household income is $24,159 and only 28 of the units qualify as workforce housing.
Reflections on Portland: This small, 18-unit complex at Second and Portland streets has five workforce housing units. The average household income is $35,245.

Stotler would like to take some of the city’s housing projects and redevelop them as denser projects with more units available for middle-income households.

For example, Deck Park Vista is a garden-style apartment complex with just 56 units on two acres of land. Stotler said she could fit between 200-400 units on the land.

“It’s a poorly designed project for the downtown,” she said.

Stotler said the city has 10 other senior housing options across Phoenix, including some near downtown, like the Warehouse District, where the current residents could be moved to accommodate a new multistory project on the land with 200 workforce units and 50 affordable units.

Financing the project won’t be easy. While the city gets federal assistance to provide low-income housing, there are far fewer resources to build and provide middle-income housing, Stotler said.

“That’s where I’m struggling right now, is where we can get the funding to build all these workforce units,” Stotler said.

Pressure to build affordable In Phoenix, AZ

In most large cities, particularly those on the East Coast, it’s common practice to require developers who build market-rate housing to contribute to an affordable housing trust fund, which allows the city to build affordable housing.

Phoenix can’t do this. State law prohibits cities from creating such trust funds, Stotler said.

Instead, the city council can, and has, put pressure on developers to include a percentage of affordable or workforce housing in its projects if they want special perks from the city like a tax break or extra height.

Recently, the developer of an apartment project planned at the Arizona Center agreed to reserve 10 percent of its 354 planned units for workforce housing in exchange for a tax break.

New Metro Phoenix Condo Sales Soar, Will Prices Keep Climbing?

Is the Phoenix Metro Condo Boom Back?

July 31st, 2018

A stabilizing housing market and population gains will help Arizona’s economy expand faster than the nation’s again this year, though the gap will narrow, according to a forecast released April, 2018. Condo sales in Phoenix, AZ booming as a result.

These are the key findings:

Another year of solid growth: Arizona’s economy, which expanded 2.6 percent in each of the past two years, is poised to grow 2.7 percent this year, according to the forecast by BMO Capital Markets.

Wages are a big part of it: Personal income in Arizona has historically lagged, but the state seems to be catching up a bit. Wage growth in Arizona, up 7.4 percent over the past four quarters, is running at one of the fastest paces in the nation, according to the report.

Then there’s housing: Two of Arizona’s largest employment sectors, real estate and government, have exerted a drag on the state’s economy. However, heady population gains and a low foreclosure rate bode well for real estate.

“The Arizona housing market is still battling the effects of the 2008 housing crisis but could finally be normalizing after a prolonged recovery,” wrote economists Michael Gregory and Priscilla Thiagamoorthy of BMO Capital Markets in Toronto.

Expanding population helps: Housing and other sectors of the Arizona economy have been aided by an influx of residents for the state.

“If population continues to grow and labor market conditions tighten, the state may have a greater need for housing supply,” and condos are becoming extremely attractive, according to the report.

Arizona’s population recently passed 7 million, with the state adding about 80,000 more net migrants last year.

Another recent report, from the International Franchise Association, identified Arizona as a top-five state for franchising activity this year, an indication that small businesses could do better partly due to population growth.

U.S. picture improving: Arizona’s gains come against the backdrop of a strengthening U.S. economy.

The nation’s economy grew 1.5 percent and 2.3 percent in 2016 and 2017, respectively. BMO expects that will improve to 2.6 percent this year.

“The dominant (national) theme is improving manufacturing prospects prodded by increasing business investment stoked, generally, by late-cycle capacity constraints and tax cuts,” wrote Gregory and Thiagamoorthy. “Factories are also benefiting from expanding exports, reflecting stronger global growth and a weaker U.S. dollar.”

If the condo lifestyle is something you’re considering, or, if it’s all you can afford now, please give me a call for free, no obligation consultation. I specialize and LOVE working with first-time homebuyers and am am FIRM believer that THERE IS NO SUCH THING AS A STUPID QUESTION. I’ll take all the time with you that you need!

Metro Phoenix Home Prices Rising Fastest in Affordable Neighborhoods

If you’re one the fence about buying a home in Phoenix, it’s time to get off. It’s been a long, hard road to recovery for metro Phoenix’s boom-and-bust-battered housing market, but it’s back, and then some.

But some Valley neighborhoods are there, back to 2006 price levels, and higher and other neighborhoods are very close.

As expected, millennial first-time homebuyers are propelling the recovery.

Metro Phoenix home prices are rising the fastest in many of its most affordable, centrally located neighborhoods, from downtown Phoenix to central Mesa, where young buyers want to live and can afford houses.

2017 was a good year for the housing recovery in the Phoenix area. Almost one-third of the Valley’s ZIP codes posted double-digit-percentage increases in prices last year, according to The Arizona Republic/azcentral Street Scout Home Values report.

Street Scout is azcentral’s neighborhood and housing site that provides property valuations, home sales data, real estate news and listings.

Street Scout exists to make our community stronger, more informed and more connected. We’re a news organization with deep roots here, but we’re also a modern media company that’s pushing the boundaries of what we think about when we say “content.” Stunning real estate photography, comprehensive neighborhood guides, accurate, timely data and expert analysis provide you with what you need to find the best place to call home.

But there is concern buyer demand for affordable homes is beginning to outpace the supply. And there’s always worry in Arizona about the possibility of another housing bust when prices climb for a few years.

Phoenix, AZ Recession Rebound

In nearly 30 Phoenix-area neighborhoods, prices have rebounded to 2006 levels or even higher, data from The Information Market shows.

Most of those areas still have median home prices below $300,000.

“Last year was a strong one for the Valley’s housing market, particularly the more affordable neighborhoods closer in,” said Tina Tamboer, senior housing analyst with the Cromford Report. “Only 2004, ’05 and 2011 were better years for home sales, and those weren’t normal years.”

The housing boom inflated home prices and sales between 2004 and 2006, and then investors drove up sales as foreclosures climbed and prices plummeted from 2010 to 2012.

Home prices have doubled in many Phoenix-area neighborhoods since the bottom of the market. Besides the 30 ZIP codes where home prices have bounced back from the crash, values in another 40 neighborhoods are within 10 percent of recovering.

Fastest-growing home prices In the Phoenix Metro Area

Aysia Williams and Benjamin Hughes rented in downtown Phoenix’s historic Woodland historic district for about a year before deciding to buy their first home.

“We fell in love with the area, but saw prices and rents climbing fast,” Williams said. “We knew we wanted to buy, but there was a lot of competition for the houses we liked.”

Woodland is part of the 85007 ZIP code,one of central Phoenix’s more affordable neighborhoods. The area, which has also attracted many investors, saw its overall median home price climb 10 percent to more than $192,000 in 2017. Sales in the area jumped nearly 20 percent last year.

Home prices in their neighborhood on the western side of downtown have rebounded from the crash and are almost 2 percent higher than they were in 2006.

Aysia and Benjamin were so lucky and bought from their wonderful neighbor, who didn’t want to sell to an investor.

The couple’s house, for which they paid less than $250,000 a few months ago, wasn’t even listed for sale.

People talk about the gentrification of central Phoenix pricing too many first-time buyers out. But more high-end home sales in the area help other more affordable areas like Woodland and Coronado Historic District improve, too.

Buying a house in the hot 85007 neighborhood of Phoenix included graffiti art in the backyard of Ben Hughes and Aysia Williams’s home.

‘First-time homebuyer market is exploding in Phoenix, AZ’

Stephanie Silva and Billy Horner moved to Chandler, AZ, from Chicago for the warmth last March.

“We wanted to rent first to see if we liked the area and a ‘shovel-free life,’ ” said Silva, who works in Tempe. Horner works in downtown Chandler.

The couple recently bought a home for under $275,000 in the central Mesa, AZ ZIP 85210, almost halfway between their jobs. Prices in the still-affordable neighborhood climbed 9 percent, and sales rose 38 percent last year.

Home values just rebounded back to 2006 levels in their neighborhood, where the median price is about $215,000.

“We are on a quiet, cozy block in a home with a pool and a yard,” Silva said. “So far, it is everything these Midwest transplants could ask for.”

The couple’s real-estate agents said if more people don’t decide to sell in the popular, affordable neighborhoods closer in, then it will soon get even tougher for first-time buyers.

“The first-time homebuyer market is exploding. So many people are done with renting and dealing with landlords,” Matthew Coates said. “But we are seeing a deficit of homes available.”

The number of Valley homes for sale priced under $350,000 is down almost 20 percent from last year, according to the Cromford Report.

Some potential buyers are giving up

Nils and Heather Hofmann began looking for a home midway between their jobs in Deer Valley and Chandler more than a year ago. Their budget was $300,000.

The couple, who was renting in north-central Phoenix, put their home search on hold last fall after seeing dozens of houses. The ones they liked usually sold before they could get an offer in.

“I think we must have seen more than 80 houses,” Heather Hofmann said. “We wanted to buy where we were renting, but prices were too high.”

The couple decided to stop looking for a while late last summer because it became too frustrating. But then they found out Heather was pregnant, resumed their search and upped their price to $400,000.

The Hofmanns bought a home last month in north Phoenix’s Desert Ridge neighborhood, close to several freeways for their commute.

The median home price in the Desert Ridge area is about $485,000, up 5 percent from 2016.”

Looking farther outside of Phoenix Proper for Real Estate to Buy

The metro Phoenix suburbs farthest out were hardest hit by the crash and have been the slowest to recover.

But both sales and prices are again climbing in those areas, including the West Valley suburbs of Goodyear, Surprise and Buckeye and southeast Valley areas of Queen Creek and Maricopa.

The median home price in the Buckeye ZIP code 85326 is up almost 10 percent from last year to $192,000. But the area’s home values are still about 19 percent off the 2006 peak.

Will 2018 be the year for Phoenix?

Metro Phoenix home prices continue to climb in most neighborhoods.

The median Valley home price is now about $253,000, up from $235,000 a year ago.

Some homeowners and national market watchers see price increases in the Valley and are concerned about another bubble.

“The housing market is very solid now. But there’s nothing that shows we are heading for another crash.

Metro Phoenix’s December 2017 median price of $250,000 is still below the high of $260,000 from 2006.

Housing market watchers say 2018 could be better than 2017 for prices and sales.

Whether this is the year the area’s median market reaches that 2006 level depends on whether first-time buyers can find homes they can afford.

“Either low inventory numbers for homes for sale will restrict sales because buyers can’t find houses in their price range or Millennials, the driving force behind our market, will be able to and decide to buy,” said Tom Ruff, housing analyst with The Information Market, owned by the Arizona Regional Multiple Listing Service.

“That, coupled with an improving economy, will lead to increased sales in 2018,” he said.

Whether you’re buying or selling a home in Central or Downtown Phoenix, or just have some questions about anything at all in or about any one of the historic districts in Phoenix, I’d be very happy to help you! Just call or email me anytime.

10 Housing Markets to Envy in 2017

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 01, 2016

The national housing market is largely predicted to moderate in 2017, but a handful of metros are expected to beat expectations. In fact, 10 markets are looking like hot-beds for growth in the new year with Phoenix, Arizona being number one.

Realtor.com®’s research team has flagged markets that will likely see average price gains of 5.8 percent and sales growth of 6.3 percent in 2017. Those gains would exceed next year’s anticipated national growth of 3.9 percent in home prices and 1.9 percent in home sales.

As such, real estate professionals in these 10 markets should expect a booming business in 2017. Realtor.com® notes these are the hottest housing markets to watch in the new year, based on price and sales gains:

1. Phoenix–Mesa–Scottsdale, Ariz.

2. Los Angeles-Long Beach-Anaheim, Calif.

3. Boston-Cambridge-Newton, Mass.-N.H.

4. Sacramento–Roseville–Arden-Arcade, Calif.

5. Riverside-San Bernardino-Ontario, Calif.

6. Jacksonville, Fla.

7. Orlando-Kissimmee-Sanford, Fla.

8. Raleigh, N.C.

9. Tucson, Ariz.

10. Portland-Vancouver-Hillsboro, Ore.-Wash.

Why are expectations so high for these 10 markets? Realtor.com®’s research team notes that strong local economies and population growth are helping to fuel sales. Also, the top 10 housing markets have other commonalities, such as relatively affordable rental prices, low unemployment, and large populations of millennials and baby boomers.

Top Housing Trends for 2017
Next year’s predicted slowing price and sales growth, increasing interest rates and changing buyer demographics are setting the stage for five key housing trends:

Millennials and boomers will dominate the market – Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that will power demand for at least the next 10 years. Although increasing interest rates have prompted realtor.com® to lower its prediction of millennial market share to 33 percent of the buyer pool; millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017 and given they’re less dependent on financing, they are anticipated to be more successful when it comes to closing.
Midwestern cities will continue to be hotbeds for millennials – Midwestern cities are anticipated to continue to beat the national average in millennial purchase market share in 2017 with Madison, Wis.; Columbus, Ohio; Omaha, Neb.; Des Moines, Iowa; and Minneapolis, leading the pack. This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent. With strong affordability in 15 of the 19 largest Midwestern markets, realtor.com^® expects this trend to continue in 2017 even as interest rates increase.
Slowing price appreciation – Nationally, home prices are forecast to slow to 3.9 percent growth year over year, from an estimated 4.9 percent in 2016. Of the top 100 largest metros in the country, 26 markets are expected to see price acceleration of 1 percent point or more with Greensboro–High Point, N.C.; Akron, Ohio; and Baltimore–Columbia–Towson, Md., experiencing the largest gains. Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with Lakeland–Winter Haven, Fla., Durham–Chapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
Fewer homes on the market and fast moving markets – Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall.
Western cities will continue to lead the nation in prices and sales – Western metros in the U.S. are forecast to see a price increase of 5.8 percent and sales increase of 4.7 percent, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com® 2017 top housing markets, making up five of the top 10 markets on the list (Los Angeles, Sacramentoand Riverside, Calif., Tucson, Ariz., and Portland, Ore.) and 11 of the top 25 (Colorado Springs, Colo.; San Diego; Salt Lake City; Provo–Orem, Utah; Seattle. and Oxnard–Thousand Oaks–Ventura, Calif.)

REPORT: Phoenix Ranked Second-Best Metro Area For Homeowners

Bankrate.com Aug 31, 2016

The Phoenix metro area is the second-best in the nation for homeowners, according to a Bankrate.com report released Wednesday.

Portland, Phoenix, Atlanta, Las Vegas and Minneapolis/St. Paul round out the best metropolitan areas for homeowners, according to the report. Bankrate.com is a leading aggregator of financial rate information and this marks their first time releasing such a report.

The study reviewed eight factors: home affordability; price appreciation; property taxes; homeowners’ insurance, energy and maintenance costs; foreclosures and how rapidly rents rose over the past six years for which data are available.

Phoenix ranked high on the list for several reasons, including strong home-price appreciation, few foreclosures and inexpensive homeowners’ insurance, according to the report.

“Phoenix was one of the best cities in all the categories we looked at,” said Claes Bell, Bankrate.com analyst. “We were looking to see which cities were the best for attainability, sustainability, affordability and if there was a rewarding financial benefit to owning a home in these areas.”

The Phoenix area scores fifth lowest on the scale of rent hedging, which is a way of measuring rent increases compared with the home price appreciation. In Phoenix, house prices have also been rising faster than rents over the past five years, contributing to the Valley’s high ranking. The Phoenix metro area had the tenth highest energy cost among the 50 metro areas, a reflection of high air conditioning bills during the summer months, according to Bankrate.com.

Home values plunged during the housing bust, but now they are recovering, according to Bankrate.com, and the pace of home appreciation in Phoenix in the last five years is second fastest among the 50 largest metro areas.

The greater Phoenix area also has bounced back from the foreclosure crisis. For the last three years the city has had the second lowest foreclosure rate among top metro areas.

“Builders stopped building during the housing bubble and now demand beats out supply,” Bell said. “Phoenix is no different in that way from the rest of the country. What’s different is the property tax rate and the affordability of the home itself. In cities like New York and L.A., housing costs are half to three-quarters of a person’s annual income.”

Strong home-price appreciation over the past five years is a common thread in Phoenix, Atlanta and Las Vegas. The Twin Cities’ best housing attributes are strong home-price appreciation and a dearth of foreclosures.

Hartford, Connecticut ranks last because of high carrying costs: It has above-average property tax, energy, homeowners’ insurance and maintenance fees. The New York City metro area is second-worst due to high property taxes, minimal home-price appreciation and expensive maintenance costs. Only Los Angeles (fourth-worst) prevented a northeastern sweep of the bottom five (Providence is third-worst and Buffalo is fifth from the rear), according to the report.

“Major cities in the middle of the country did really well in this ranking,” Bell said in a press release. “Out of the top 15 metro areas, only one is within 250 miles of an ocean. Homeowners in America’s largest coastal cities face a number of challenges, ranging from sky-high mortgage payments gobbling up an outsized portion of homeowners’ incomes to high property insurance rates, especially in hurricane-prone areas, and our ranking reflects that.

It’s a terrific time to buy or sell a home in the Phoenix Metro area.

Mortgage Rates Reach a New Low for 2016

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 15, 2016

It’s a great time to buy a home.

The 30-year fixed mortgage rate dipped to its lowest average of the year this week, averaging 3.58 percent, Freddie Mac reports in its latest mortgage market survey.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, Freddie Mac’s chief economist. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 14:

30-year fixed-rate mortgages: averaged 3.58 percent, with an average 0.5 point, dropping from last week’s 3.59 percent average. Last year at this time, 30-year rates averaged 3.67 percent.
15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.88 percent average. A year ago, 15-year rates averaged 2.94 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.84 percent, with an average 0.4 point, rising from last week’s 2.82 percent average. Last year at this time, 5-year ARMs averaged 2.88 percent.

It’s a great time to buy a home in Phoenix, Arizona. Call Laura B. today to begin the process of buying your historic Phoenix dream home.

Source: Freddie Mac

Mortgage Rates Hit New Low for 2016

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 08, 2016

Mortgage rates this week plunged to their lowest level since February 2015, unlocking more savings for home buyers and home owners who are refinancing.

“Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields, as the 30-year mortgage rate fell 12 basis points to 3.59 percent,” says Freddie Mac chief economist Sean Becketti. “This rate marks a new low for 2016. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 7:

30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.5 point, dropping from last week’s 3.71 percent average. Last year at this time, 30-year rates averaged 3.66 percent.
15-year fixed-rate mortgages: averaged 2.88 percent, with an average 0.4 point, falling from last week’s 2.98 percent average. A year ago, 15-year rates averaged 2.93 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.82 percent, with an average 0.5 point, dropping from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 2.83 percent.

It’s a great time to buy a home in Phoenix, Arizona. Call Laura B. today to begin the process of buying your historic Phoenix dream home.

Source: Freddie Mac

North Encanto Historic District In Central Phoenix

NORTH ENCANTO HISTORIC DISTRICT

The purpose of North Encanto Neighborhood Association (NENA) is to preserve & enhance the historic character of the North Encanto Neighborhood & to improve the quality of life for its residents by creating a safe, vibrant & engaged community. Period of Significance: 1939-1956.

A 1947 French Provincial Ranch In North Encanto

North Encanto Historic District is generally bounded by 19th Avenue on the West, 15th Avenue on the East, Thomas Road on the South, and Osborn Road on the North housing almost one square mile of historic homes. This neighborhood is close to freeways, I-17, I-10, a very short drive to downtown Phoenix and even a shorter drive (or walkable) to the light rail. There are 456 homes in this this district. North Encanto illustrates the residential development trends of the 1939 -1956 period.

North Encanto is my personal, current historic district residence. I can tell you first hand that it is one of the most wonderful historic districts this city has to offer! On a daily basis, you’ll see residents walking their dogs, walking with their kids (and more dogs), jogging, playing and just hanging out for a good, friendly chat. So many of us neighbors know each other and continue to get to know each other. We have many neighborhood functions from Groundhog Day parties, Christmas & New Year’s gatherings, Halloween parties, joint neighborhood block yard sales and a bunch of other street festivities where we actually block off a street while food vendors attend along with our local fire fighters and more. Games are played by all the wonderful children while the adults hang out, laugh, eat, drink and get to know each other more & more. We look out for one another, watch each others pets, homes and whatever is needed and wanted which keeps a tight knit community.

North Encanto Historic District Homes For Sale

Architectural Styles and Square Footage: North Encanto is red brick heaven loaded with 1940’s and 1950’s Mediterranean Ranch Style Homes, Mid-Century Ranches ranging from less than 1,000 square feet to 2,800 square feet. This district is predominantly comprised of Transitional Ranch-style houses with the largest concentration of intact Transitional/Early Ranch-style homes in metropolitan Phoenix, perhaps even in all of Arizona. But, there are also has a variety of Pueblo Revivals plus three Art Moderne homes. Many of these gorgeous homes have 1 to 2 car detached garages, detached studios, guest houses and lot sizes with room to make it your own. Many of these homes still boast the 2-color, original tile combo with colors that you just don’t see anymore like peach and black, pink and black, powder blue and black, pink and green and peach and green. There are also many, many homes here that have extremely modern interiors while keeping historic integrity. These are must see homes.

If you like North Encanto, you’ll probably like Campus Vista Historic District which is just east of 15th Avenue, Del Norte Place near 15th Avenue and Encanto Blvd., and, Country Club Park Historic District near 7th Street and Thomas Road.

Homes For Sale In North Encanto Historic District

History of North Encanto Historic District

Annual Coronado Home Tour In 2016 will Highlight Country Club Historic District

Sunday, February 28, 2016 is the 29th Annual Coronado Historic Neighborhood Home Tour from 11 am–4 pm. Start at Circle Park, 10th Street & Windsor, Phoenix 85006. This year, Country Club Park Historic District will be featured.

Coronado Historic District 2016 Home Tour

Coronado Historic District’s Annual Home Tour

From the Coronado Neighborhood Association Website

The Coronado Neighborhood Association welcomes you to a Picnic in the Park, the 29th Annual Coronado Home Tour. This year we will gather at Circle Park and enjoy food and picnic games surrounded by music, arts and crafts for the kids, a lively street fair, homes open for tour and the Coronado Classic car and bicycle show.

This year’s tour will highlight the Country Club Historic District, one of three historic districts in the Greater Coronado neighborhood. Country Club Park earned historic designation in 1993 and has a history dating to 1888 when Charles Orme filed a homestead patent for the area. Read the full history of County Club Park Historic District here.

Home Tour tickets can be purchased in advance online for $13 (including fees) or on Tour Day for $15 cash or credit. Pick up your wrist band (your pass to the homes on tour) and Home Tour Guide at the ticket booths on each end of Circle Park.

VEHICLE PARKING: Coronado is a residential neighborhood, so you may park in front of any home throughout the area and walk to Circle Park on Windsor Ave. (two blocks south of Thomas Rd.) between 8th and 10th St. Please be courteous of residents and do not block driveways.

BIKE PARKING: We encourage you to ride your bike to the event. There will be over a dozen bike racks available around Circle Park and in front of homes on the tour you can lock your bike up to. Just make sure to pick up your bike by 4pm if in front of a home or 5pm if locked up at Circle Park.

For tickets and more information, click here. Check out other historic districts in Phoenix, AZ.

9 am Kids Parade around Circle Park

9 am – 4 pm Fair, Family Festival and Picnic Games in the Park

80+ vendors, 10+ food trucks & treat booths

live music entertainment

11 am – 4 pm Coronado Classic car and bicycle show

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