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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.

Downtown,Phoenix,Real,Estate,Historic,Homes,Neighborhood,Skyline,homes,eventsThe 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!

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.

Real Estate,Sold,Laura B,Historic,Phoenix,Homes,Real Estate,neighborhood,districtsBut 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.

Coronado Historic Neighborhood In Central Phoenix Booming

COMING SOON: 1409 E HOOVER AVENUE, PHOENIX, AZ 85006 IN THE WONDERFUL CORONADO HISTORIC NEIGHBORHOOD

The Coronado Historic Neighborhood In Phoenix Booming! It’s one of the most coveted neighborhoods in all of Central and Downtown Phoenix Historic Districts.

home,coronado,phoenix,neighborhood,phoenix

This FANTASTIC 1947 Mid-Century Transitional Ranch home just kisses the outer border of Coronado historic district in a prime location with superior curb appeal! This 1,450 SF classic 3 bedroom, 1.75 bath home PLUS a 240 square foot detached studio/workshop was literally gutted down to the studs and rebuilt & remodeled from the inside out! All new wiring IN the walls, new electrical panel, new copper plumbing, new period thermo paned windows, new drywall, new flooring, new ductwork, new kitchen, new bathrooms, master bedroom walk-in closet, new roof, new flooring, new stucco exterior, new paint, new 12-foot sliding solar clicker RV gate & solar attic fan. You should see all the amazing new construction and rehabs happening on this street alone, let alone the entire Coronado neighborhood!

The all new kitchen with Emerald Pearl granite counter tops, antique white cabinets with white, subway tile back-splash, ALL NEW high-end stainless steel Whirlpool Gold/Maytag appliances (range hood, dishwasher & fridge) and a Frigidaire Gallery 5-burner, dual oven with convection oven are a cooks dream.

The custom, glass French doors with additional side French windows brings in natural light and opens up to a very large backyard with professionally done gorgeous desert landscaping with a perfect grass combo.

Some additional features include the sliding solar clicker RV gate which is ready for two 110 Volt auxiliary hook-ups; 3 220-Volt outlets throughout property including the studio, new gas hot water heater, and SO much more.

This home has been gently lived in and impeccably maintained. All work done by licensed, bonded & insured contractors.

More details & professional photos coming soon!

az,old,house,1940s.ranch,architecture,neighborhood,area,home,coronado,phoenix old,house,neighborhood,area,home,coronado,phoenix

Tuft & Needle Buys Historic Paper Heart Building on Grand Avenue

Mattress retail startup and Phoenix cheerleaders Tuft & Needle have purchased an historic and iconic building on Grand Avenue.

Owners JT Marino and Daehee Park bought a 6,000-square-foot building at 750 Grand Avenue, most recently known as the Paper Heart, a performance space, music venue, gallery, coffee shop and bar.

The building opened in the 1960s as a Quebedeaux Chevrolet, and was designed by Victor Gruen, the Austrian architect known as “the father of the American shopping mall.”

The Paper Heart was opened by Scott Sanders in 2000 and ran until the end of 2007. The space was one of the early participants of downtown Phoenix’s First Fridays art walk.

Steph Carrico and JRC, owners of the Trunk Space — a long-standing Grand Ave. music venue that has since moved— were involved in the Paper Heart as well.

Park and Marino heard about the space and its history from the Grand Avenue community, and decided to purchase it to preserve the building and the lower Grand Avenue corridor, according to representatives.

The T&N headquarters is across the street on Grand Avenue.

Marino and Park then established Grand Paper Heart, LLC in fall 2016 to purchase the building, which has a full cash value of $512,200, according to Maricopa County records.

T&N declined to disclose the purchase amount, and are not sure what they plan to do with the building.

“We just want to make sure while we’re investing in this area that the other buildings are preserved,” said company representatives.

Marino and Park were runners-up in the Phoenix Business Journal’s 2016 Businessperson of the Year.

historic,phoenix,homes,real,estate,buy,sellReal estate around Grand Avenue is soaring and many believe it’s the next Roosevelt Row where all cool things happen as part of Garfield Historic District and Roosevelt Historic District. Districts near Grand Avenue like Woodland Historic District and Oakland Historic DIstrict are still hidden gems with values increasing more rapidly than other districts. These districts border the core of downtown Phoenix and are walking distance to the State Capitol and other government buildings.

If you’re interested in buying or selling a home in any of these districts or surrounding historic districts, call Laura Boyajian at (602) 400-0008, a Historic Phoenix Real Estate Specialist.

10 Housing Markets to Envy in 2017

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 01, 2016

Housing Forecast Chart for 2017The 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. PhoenixMesaScottsdale, 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:

  1. 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.
  2. 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.
  3. 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 GreensboroHigh Point, N.C.; Akron, Ohio; and BaltimoreColumbiaTowson, Md., experiencing the largest gains.  Likewise, 46 markets are expected to see a slowdown in price growth of 1 percent or more with LakelandWinter Haven, Fla., DurhamChapel Hill, N.C.; and Jackson, Miss., undergoing the biggest shift to slower price appreciation.
  4. 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.
  5. 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; ProvoOrem, Utah; Seattle. and OxnardThousand OaksVentura, 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.

phoenix,az,market report,real estate,historic,bestPortland, 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.

Coronado Historic District In Central Phoenix

CORONADO HISTORIC DISTRICT

Coronado Historic Bungalow Photo circa 1935

1935 Coronado Historic District Home

Coronado Historic District boundaries are roughly Virginia Avenue to Coronado Road, 8th Street to 14th Street and houses one of the largest city parks being Coronado Park at 12th Street & Palm Lane. Coronado is walking distance to loads of unique, independently owned restaurants, coffee shops, cafes and shops.

Coronado Historic District Homes For Sale

Fun Facts: The Coronado Historic District covers a bit more than a half square mile. It was designated historic in November, 1986.

Coronado Historic District in Phoenix is another Arizona neighborhood to land on the Best Old House Neighborhoods List for 2010 by This Old House.

Architectural Styles and Square Footage: 1920’s Tudor’s, Craftsman Bungalows and 1940’s Ranch homes with two bedrooms and one bathroom from 700 square feet to about 1,000 square feet are the dominant home sizes in Coronado but it’s certainly not limited to that as you can find a wide variety of homes with 3 bedrooms and 2 bathrooms ranging from around 1,200-1,500 square feet. terrific wide porches and decent lot sizes with mature trees make Coronado homes ideal for entertaining.

If you like Coronado, you’ll want to check out Country Club Park and Brentwood Historic Districts.

From This Old House:
Coronado Historic District, Phoenix

Once Phoenix had ensured its long-term survival by damming up the Salt River in the early 1900’s, developers got down to the business of plotting the future of the growing Southwestern city, and that future was all about suburbs. By 1920 one of the largest was the Coronado neighborhood, home to a middle-class population of merchants, policemen, and railroad engineers living in modest bungalows and Tudor Revival cottages, many fronted by small lots with towering palm trees. These days the nabe is drawing a young, artsy crowd, who like to hang out on their front porches and wave to neighbors who pass by. The neighborhood was added to the National Register of Historic Places in 1986. Each spring, residents show off their homes—and often their DIY handiwork—during an annual house tour and community festival.

The Houses In Coronado

Small to medium-size Tudor, Craftsman, and Ranch houses, built from about 1920 to 1940, are predominant. Prices start at around $150,000 – $175,000. Houses often include a freestanding garage out back with matching architectural details. During the Great Depression, many residents converted their garage into an apartment, moved in, and rented their home.

Why Buy Now?

The neighborhood’s affordability is outstanding. And while there are still a few dilapidated houses, most are in pretty good shape. Buy a house here and all you’ll need to do is pick out the furniture and add a fresh coat of paint.

Among the best for: Bargains, City Life, Easy Commute, First-Time Home Buyers, Singles.

Coronado Historic District Homes For Sale

Read the History of Coronado Historic District

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.

French Provincial Ranch North Encanto

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

THE MORTGAGE TRICK THAT COULD SAVE YOU $100,000 OR MORE

Should you switch to a 15-year mortgage?

If paying off your house is a priority, you’ve obviously considered it. “One of the biggest benefits of a 15-year mortgage term is the ability to quickly pay off your home loan,” said Money Crashers. “This option is perfect if you plan to stay put and don’t want to pay your mortgage for a lengthy period of time.” 15 year mortgage

But even if you’re not planning to live in your home forever, a 15-year mortgage can be a great way to go because of the money saved. And we’re not talking about pennies. We’re talking hundreds of thousands of dollars.

“The 30-year fixed mortgage is practically an American archetype, the apple pie of financial instruments. It is the path that generations of Americans have taken to first-time home ownership. According to the Mortgage Bankers Association, 86% of people applying for purchase mortgages in February 2015 opted for 30-year loans,” said Investopedia. “But many of those buyers might have been better served if they had opted instead for a 15-year fixed-rate mortgage, the 30-year’s younger, and less popular, sibling. A shorter-term loan means a higher monthly payment, which makes the 15-year mortgage seem less affordable. But, in fact, the shorter term actually makes the loan cheaper on several fronts.”

The savings is substantial

“Imagine a $300,000 loan, available at 4% for 30 years or at 3.25% for 15 years,” they said. “The combined effect of the faster amortization and the lower interest rate means that borrowing the money for just 15 years would cost $79,441, compared to $215,609 over 30 years, or nearly two-thirds less.”

According to The Mortgage Reports, going with a 15-year mortgage translates to a reduction in “the amount of mortgage interest paid over the loan’s life by $44,000 per $100,000 borrowed as compared to a 30-year loan. For loans at the conforming loan limit of $417,000, then, a homeowner would save $183,000 by using a 15-year mortgage to finance the home instead of using a 30-year one.”

That’s a lot of money. But it’s that higher monthly payment that is often the sticking point for many borrowers. The monthly payment on a 15-year loan will cost more than one that’s double in length for obvious reasons—you’re paying off more money in less time. But the two loan terms do not offer an apples-to-apples comparison because the interest rates for 15-year mortgages tend to be lower.

“15-year-loans are less risky for banks than 30-year loans, and because the money banks use to make shorter-term loans costs them less than the money they use to make longer-term loans, consumers pay a lower interest rate on a 15-year-mortgage — anywhere from a quarter of a percent to a full percent (or point) less,” said Investopedia. “And the government-supported agencies that finance most mortgages impose additional fees, called loan level price adjustments, which make 30-year mortgages more expensive.”

The monthly payment on the 30-yer mortgage referenced above is $1,432. On the 15-year loan, it comes out to $2,108. That steep increase is often a deterrent for borrowers – especially those who are more concerned with their current monthly input and output than potential long-term savings.

Doing it on your own

Of course, a 15-year mortgage isn’t the only way to pay your house off sooner. Making additional principal payments can eat away at your balance without tying you to a higher monthly payment. Even one extra payment per year can make a big difference.

“Making an extra mortgage payment each year (totaling 13 payments in a 12-month period) could reduce a 30-year mortgage loan to approximately 22 years,” said Nationwide.

“The most budget-friendly way to do this is to pay 1/12 extra each month. For example, by paying $975 each month on a $900 mortgage payment, you’ll have paid the equivalent of an extra payment by the end of the year.”

Overpaying also offers a shorter path to an equity position, so when you are ready to sell, you have more equity in your home and are in a greater buying position. And if you do get into a situation where you need cash you can always pull the equity out of your home.

If you’re on the fence and are thinking about buying a historic home in Phoenix, please call Laura B. Browse all historic Phoenix Districts and their homes for sale.

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Mortgage Rates Move Lower Than Expected

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 05, 2016

Janet Yellen Interest Rates

For the fifth consecutive week, mortgage rates trended down, surprising even forecasters. The 30-year fixed-rate mortgage is now at its lowest average since April 30, 2015.

“Market volatility — and the associated flight to quality — continued unabated this week,” says Sean Becketti, Freddie Mac’s chief economist. “The yield on the 10-year Treasury dropped another 15 basis points, and the 30-year mortgage rate fell 7 basis points as well, to 3.72 percent. Both the Treasury yield and the mortgage rate now are in the neighborhood of early-2015 lows. These declines are not what the market anticipated when the Fed raised the Federal funds rate in December. For now, though, sub-4-percent mortgage rates are providing a longer-than-expected opportunity for mortgage borrowers to refinance.”

This week the market forecasted zero hikes in 2016 for the Fed’s short-term rates, which could keep mortgage rates low. Analysts are now predicting that the closely monitored Fed Futures market has nearly a 60 percent chance of no rate hikes at all this year, marking a “dramatic U-Turn from only a month ago when the market was pricing in a 75 percent probability the Fed would increase rates at least once in 2016,” CNNMoney reports.

The Fed had risen rates 0.25 in December, its first increase in nearly 10 years. But with stock markets spiraling downward and the fragile global economy, analysts believe this will likely prompt the Fed to pause in raising rates.

“Things have happened in financial markets and in the flow of economic data that may be in the process of altering the outlook for growth,” Fed vice chairman Bill Dudley told MarketWatch this week.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 4:

  • 30-year fixed-rate mortgages: averaged 3.72 percent, with an average 0.6 point, dropping from last week’s 3.79 percent average. A year ago, 30-year rates averaged 3.59 percent.
  • 15-year fixed-rate mortgages: averaged 3.01 percent, with an average 0.5 point, falling from last week’s 3.07 percent average. Last year at this time, 15-year rates averaged 2.92 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.85 percent, with an average 0.4 point, falling from last week’s 2.90 percent average. A year ago, 5-year ARMs averaged 2.82 percent.

The opportunity to buy a home at low interest rates is still here. For how long, who knows?

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