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Closing Your Loan – 30 Days, 60 Days, 90 Days, Oh my!

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Scottsdale AZ Home Mortgage GuidelinesThe following is a guest blog post from Don Alix, a lender with Home Street Bank in Scottsdale, Arizona
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Closing on a new home whether for it is a primary residence, second home or investment is a big undertaking.

If you going to use leverage, otherwise known as a mortgage, should you prepare yourself for lots of delays and mounds of paperwork?
– Not necessarily… When a bank underwrites a home loan, they need to verify employment, income, credit history, source of funds for down payment and reserves.

So how long should it take to close a loan from beginning to end?
– The answer depends on two participants, the borrower(s) and the bank.
– If the bank asks the borrower(s) the right questions during the loan application process AND the borrower supplies those items promptly to the bank, then the process should take anywhere from 10 to 30 days. 10 days is unusual, but can be done in some cases. (However, if you need your loan closed in 10 days you need to notify your lender that and get started right away.)

What should you be looking for in a lender to KNOW that your loan will close on time?
Here is a quick list:

1. Referral- Use a lender that your Realtor or Financial Advisor knows and has experience with.

2. Technology – Your lender should be able to take your application over the phone or internet and get your signatures and disclosures electronically.

3. Discovery – Other than the usual name, address, employment and date of birth, your lender should ask you about tax planning needs. Questions like the following should come up:
–  Do you have a family trust?
–  Are you self-employed?
–  Do you have access to 1120’s, 1065’s, K1’s and business returns?
–  Do you have credit inquiry explanation letters?
–  Will all borrowers be available to sign at closing or do you need a power of attorney?

Handling these items in advance will cut your time from application to close and prevent last-minute surprises.

4. Interview – Before committing to a particular lender, call and interview a few different ones. Rather than solely focusing on the interest rate and fees quoted, (new legislation has made the variance between lenders for rate and fees minimal), focus on how they communicate with you and the timeliness of a return call or email if you don’t get them on your first try. And when you are interviewing these potential lenders, are they asking detailed probing questions about the transaction or do they simply want to jump right to an application? Determining these things up front and making sure the lender is a good “fit” for you is crucial.

Bottom line, if you do some research prior to borrowing money for a new home, there is no reason your loan should need to take more than 30 days from beginning to end.

Any questions? If so, please feel free to contact Don:
Don Alix
Home Street Bank  (2015)
NMLS # 501890
2575 East Camelback Road #450
Phoenix, AZ 85016
(602)290-2900 | Phone

don.alix@HomeStreet.com | Email

Where is the Scottsdale & Phoenix Real Estate Market Going? – Real Estate Forward 2011

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Panelists at Real Estate Forward 2011Last week, I had the opportunity to listen to several real estate experts from various market segments at the Real Estate Forward event that was put on by ARMLS and Phoenix Business Journal.

The purpose of the forum to was to hear a variety of perspectives on our national and local Scottsdale and Phoenix Valley real estate markets and where everyone thinks we are headed.

The session started with an informative (and entertaining) presentation by Ted C. Jones, the Senior Vice President and Chief Economist for Stewart Title. His focus was the national real estate market and here are some key take-aways from his speech:

  • Our economy will not be back on track again until we get get job creation back up to the levels we need.
  • The last “normal” real estate market we saw was in 2002.
  • Based on where we are today, we will feel a pinch in housing inventories in about 4-5 years. This is due to the fact that new home building has tapered off so dramatically over the last few years.
  • Interest rates are going to change. If the United States ends up defaulting on its debt, we could feasibly see interest rates go up 3-4% within the next year or so.
  • We are most likely looking at another three years of pain, but due to low housing prices and incredibly low interest rates, it is time to buy now. People will most likely look back 36 months from now and regret not taking advantage of the low prices and rates.
  • There are several economic concerns the country faces in 2011 and beyond, including housing and credit, that have to be worked on.

Michael Orr, the founder and publisher of The Cromford Report, was the next speaker and he discussed the local Scottsdale and Phoenix Valley real estate market.

Here are a few key points from his presentation:

  • The Phoenix area saw the start of real estate home price declines in July of 2006. From there, prices continued to decline. In April of 2009, we saw another steep decline in prices and since then prices have been bumping along sideways, remaining somewhat flat.
  • We are seeing local housing supplies constricting and we are back to 2002 inventory levels.
  • Demand is incredibly high right now. In June of 2011, we saw the highest number of home sales recorded.
  • However, even though supply is down and demand is high, we are still not seeing a corresponding increase in home prices. However, at some point the law of supply and demand will kick in and we will see some modest price growth. Based on his research and today’s market, he is estimating Spring of 2012.
  • The number of foreclosures are dropping quickly. We are now seeing the lowest numbers we have seen since September of 2007 and we should be back to a normal foreclosure pace by summer of 2012. He attributes this to the fact that Arizona has already taken its biggest lumps – a 55%-60% decrease in home values in most areas with other areas experiencing declines of 80%. And, in Arizona, the foreclosure process can only take 91 days, versus several years in other parts of the country.
  • He feels Arizona has already been through the worst and, barring any new economic challenges, things will get better over the next 12 months.

There were also several expert panelists on hand from other facets of the industry like Commerical, Retail, Property Management and Rentals and Land. They each presented their unique perspecives reagrding their areas of expertise.

The session ended with the question – When do you think the Greater Phoenix real estate market we will be back to “normal”? Of the seven experts, four said 2013, two said 2014 and the final expert came in with 2015. So, everything seems to be pointing to a couple more years with some challenges, but recovery and normalcy are on their way.

Scottsdale AZ Luxury Home Market – June 2011

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The Scottsdale AZ luxury home market had another strong month in June 2011. I am defining the luxury home market as homes for sale with asking prices in excess of $1 million. This analysis delves into single-family luxury homes for sale as well as luxury homes sales in Scottsdale over the previous 12 months. Pending home sales information is also included.

– June 2011 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down 16.4% over May to under 200 homes in  price point. The 12 month average is 253.
– Pending Scottsdale Home Sales: Pending sales dropped back down to more normal levels after seeing two months in a row of 30+ pending homes. At the end of the month, there were 26 pending homes. This is slightly ahead of the 12 month average of 24 homes.
– Scottsdale Homes Sold: Home sales were back up to the highest levels we have seen this year at 29. This is well ahead of the 12 month average of 20 home sales.
– Sales Price to Listed Price: 91.6% – This is pretty standard for this price range. The percentage fluctuates between the mid-80%’s and low-90%’s.

Scottsdale AZ Luxury Homes for Sale Between $1 and $1.5 Million June 2011

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: We saw an almost 10% drop in home inventory over May in this price segment. This figure has been decreasing steadily after several months of hovering in the 160’s. The 12 month average is 162 homes for sale.
– Pending Scottsdale Home Sales: Pending sales were solid in June, coming in a 16 at the end of the month. This is about where is has been in the last several months and it is ahead of the 12 month average of 13.
– Scottsdale Homes Sold: Only nine homes sold in June. This was off three from May, but it is still ahead of the 12 month average of 7.
– Sales Price to Listed Price: 87.5% – This is a pretty typical figure for this price band.

Scottsdale AZ Luxury Homes for Sale Between $1.5 and $2 Million June 2011

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Just over 100 homes were on the market in the $2-$3 million range at the end of June. This was a 17.2% decrease over May’s figure. The 12 month average is 149.
– Pending Scottsdale Home Sales: Pending sales were up again at the end of the month to 7 after dropping off in May.  This is on track with the 12 month average of 7.
– Scottsdale Homes Sold: There were only 4 home sales last month, which is where this price band started the year. This figure is actually below the 12 month average of 6.
– Sales Price to Listed Price: 85.2% – This figure is a little lower then we have been seeing in the last few months and is more on par with what we had been seeing earlier in the year.

Scottsdale AZ Luxury Homes for Sale Between $2 and $3 Million June 2011

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Only 92 homes remain on the market in the $3 million and above range. This is down 6.1% over May and is below the 12 month average of 107.
– Pending Scottsdale Home Sales: Only two homes were pending sale at the end of the month. This is the lowest we have seen this figure in the last 12 months, with the exception of 2 in December 2010. This is well below the 12 month average of 5.
– Scottsdale Homes Sold: Seven homes sold in June, which is the highest we have seen in many months. This is more than double the 12 month average of 3.
– Sales Price to Listed Price: 83.8% – This is right in the range we have been seeing it come in over the last several months.

Scottsdale AZ Luxury Homes for Sale Over $3 Million June 2011

Overall, sales of Scottsdale luxury homes had a strong June 2011. Inventory continues to decline across the board. Although, it should be noted that June 30th is a very popular date for the end of listing contracts, so we may see inventory increase in July. Sales activity was excellent for most price points, except for the $2-3 million range. Pending home sales definitely trailed off across the board, so we will see that reflected in July’s sales numbers.

To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2011 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2011 Heather Tawes Nelson

Phoenix and Scottsdale AZ Luxury Condo Sales – June 2011

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Here are the most recent figures for the Phoenix and Scottsdale luxury condo market. For the purposes of this report, luxury condos are defined as condos for sale with list prices in excess of $1 million.

Pending Luxury Condo Sales – At the end of the month, there were two pending sales of luxury condos. One of them has been pending for several months now. It is a  three bedroom, three and one-half bathroom, 4,000 square foot unit at  The Residences at 2211 Camelback. When it went pending, the asking price was $1,100,000. The second pending sale is at The Landmark in the Kierland area of Scottsdale. It was a three bedroom, two and one-half bathroom unit with 2,688 square feet. The list price on this unit was $1,082,000.

June 2011 Luxury Condo Sales – Two luxury condo units sold in June. The first was in the elegant Two Biltmore Estates community in Phoenix. This condo was a ground-floor, 3 bedroom, 3.5 bathroom, 3,560 square foot unit that was listed for $1,395,000. It closed for $1,210,000. The second luxury condo sale was at the Scottsdale Waterfront. This two bedroom, two and one-half bathroom, 2,287 square foot unit sold in just under a month. The asking price had been $1,199,990 and it sold for $1,100,000.

 

Phoenix and Scottlsdale Luxury Condos for Sale June 2011

 

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX – FIRST AND SECOND QUARTERS 2011

Luxury condo sales have been averaging about 2 sales per month so far in 2011. There was one fewer sale in Q2, but the sale of a $2.2M condo helped bring up the average sales price and price per square foot figures. Communities that saw sales in 2011 include: Optima Camelview, Scottsdale Waterfront Residences, Kierland Plaza Lofts, Safari Drive and The Landmark (all in Scottsdale) as well as The Residences at 2211 Camelback, Esplanade Place and Two Biltmore Estates in Phoenix.

Phoenix and Scottsdale Luxury Condos for Sale 2011

Overall, June was another decent month for the luxury condo market in Scottsdale and Phoenix. Sales were on pace with what we have been seeing and the presence of pending sales indicates that July may also be on track.

Learn More About Phoenix and Scottsdale Luxury Condos
Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011  Heather Tawes Nelson

Scottsdale AZ Single-Family Homes for Sale – June 2011

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Here are the results for Scottsdale home sales for June 2011. This report covers the home sales activity for Scottsdale single-family homes on a month by month basis over the past 12 months. I look at three different criteria for this analysis – Scottsdale homes for sale, Scottsdale pending home sales and Scottsdale homes sold in the month of June.

 

Scottsdale Single Family Homes for Sale June 2011

 

Scottsdale Homes for Sale in Jube 2011

 

June Highlights for Scottsdale AZ Homes for Sale:

  • Active Scottsdale Homes for Sale: The inventory for homes on the market has been shrinking steadily since January of this year. We started out the year at 2,591 homes for sale in Scottsdale and are now down to 1,734. The 23 month average is 2,425.
  • Pending Homes Sales in Scottsdale: Pending home sales trailed a little bit in June after three consecutive months of being in excess of 600 pending sales. However, June 2011 was the 4th highest we have seen this figure in the last 12 months. The 12 month average for Scottsdale pending home sales is 517.
  • Scottsdale Homes Sold: There were 568 home sales in June in Scottsdale. This is the highest I have seen this figure and the first time it has been in the 500’s since I started tracking this data in September of 2007. The 12 month average for home sales in Scottsdale is 392.
  • Sales Price to List Price: 93.

June 2011 was a very strong month for Scottsdale AZ home sales. Home sales were the highest I have seen since I started tracking these figures and inventory continues to fall. Pending home sales did go down over May, but they were still the fourth highest we have seen in the last year. However, the drop in pending sales indicates home sales will be lower in July.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and home sales in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2011 Heather Tawes Nelson

The Boulders Scottsdale and Carefree, AZ – 2011 Home Sales Performance

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The Boulders Resort and Homes for Sale Carefree and Scottsdale AZHere is a snapshot of the year-to-date results for home sales in the luxury golf and resort community of The Boulders in Carefree and Scottsdale, Arizona. The Boulders is home to two golf courses, a variety of upscale housing options and an award-winning resort and spa. It is known for and easily recognizable due to the amazing and beautiful rock formations that surround it.

This report is broken into three sections. In the first section, you will see current homes on the market at The Boulders. The second section looks at any pending home sales in the community. The final section is an analysis of home sales activity for 2011 through June 24, 2011. It breaks the homes sales at The Boulders into first quarter activity and then activity year-to-date.

Current asking prices for homes in The Boulders range from $450,000 to $2,850,000, with the average coming in at just over $1 million. There is a single pending sales and not included in this report ate five short sales that are currently being negotiated. Homes sales activity has picked up slightly in Q2 over Q1, and average sales price per home as increased as well. Interestingly enough, average sales price per square foot has stayed even throughout the year at $227. The amount off of asking has also stayed steady at average discount of 9%. The number of days on market has increased though.

 

The Boulders Golf Homes for Sale 2011 Carefree Scottsdale

 

About The Boulders Golf Community in Carefree and Scottsdale
The Boulders enjoys some of the most interesting and beautiful landscapes Scottsdale and Carefree have to offer. Black Mountain, just west of The Boulders casts a majestic presence and the numerous boulder outcroppings and formations are stunning. The Boulders residents get to share space with the impressive luxury resort, The Boulders Resort and Spa. It is home to The Golden Door Spa, one of the top area spas.  The Boulders also is home to two golf courses, a tennis complex, miles of trails and so much more. Homes range from older ranch-style homes to large custom estates.

Search The Boulders Homes for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 6/24/2011 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2011 Heather Tawes Nelson

Estancia Golf Community in Scottsdale AZ- 2011 Home Sales Results

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Estancia Luxury Golf Homes for Sale Scottsdale AZ Estancia is one of North Scottsdale‘s top luxury golf communities. Spread over 640 acres, Estancia continues to be recognized for the community and its award-winning golf course. Estancia  is guard-gated and enjoys spectacular Pinnacle Peak, mountain and city light views.

Below you will see the 2011 home sales results for Estancia. The first part of the report shows the current inventory of the homes on the market. The second part looks at pending home sales activity and the third section looks at actual Estancia home sales. I broke the information into first quarter 2011 as well year-to-date through June 20th.

As you can see, Estancia home sales started off quite slow in the first quarter. There was only one home sale and it was a short-sale of one of the La Scala homes. From April through June 20th, there were an additional four home sales. These sales were all for homes on the lower end of the price spectrum for Estancia. Currently, the lowest-priced home on the market is a short sale and is listed for $1,400,000.

 

Estancia Scottsdale Home Sales Report June 2011

 

About Estancia Golf Community in Scottsdale, Arizona
Estancia is an top-notch, luxury golf community in Scottsdale. Its location in North Scottsdale right next to Troon and Pinnacle Peak allows it to have some amazing views. Homes at Estancia are known for their elegance, impeccable construction and design.

Homeownership in Estancia is not required to become a member of the Estancia Golf Club. And, as a homeowner, you are not required to join the club either. However,  many residents elect to become members of this the excellent club. The award-winning Estancia golf course was designed by Tom Fazio and continues to garner accolades. Estancia Golf Club golf memberships are capped at 325 and are sold on a market-priced basis.

Estancia’s clubhouse is elegantly appointed. It has both causal and more formal dining areas, as well as a pro shop, men’s and ladies’ locker rooms, a fitness center, a swimming pool and much more.

Search for Estancia Homes for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/20/2011 and can change at any time. The analysis looks at home sale activity in the golf community of Estancia in Scottsdale, Arizona. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2011 Heather Tawes Nelson

Whisper Rock in Scottsdale AZ – 2011 Home Sales Results Through June 15th

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Whisper Rock Golf Homes in Scottsdale AZ 85266Whisper Rock is a top-rated, luxury golf community in North Scottsdale, Arizona. Homes and lots in Whisper Rock are sprinkled throughout the two private golf courses, which were designed by Tom Fazio and Phil Mickelson. Whisper Rock’s higher elevation means that a large number of homes enjoy excellent city light and valley views. Homesites on the west and north of the community also enjoy Black Mountain views.

Here are the figures for Whisper Rock’s 2011 home sales through June 15, 2011. The first section of the chart is an overview of the homes currently on the market at Whisper Rock. The asking prices range from $1,200,000 to $3,300,000. As of this date, there were no pending home sales.

The last section of the chart shows home sales in Whisper Rock for 2011. The information covers the first quarter and then there is summary data through June 15, 2011. There have been four home sales this year. Average sales price was up, but price per square foot was down.

Whisper Rock Golf Homes Scottsdale AZ 85266 Homes for Sale 2011

About Whisper Rock Golf Community in Scottsdale, Arizona
Whisper Rock is an elegant golf community on over 800 acres in North Scottsdale. The lot sizes are large and homeowners in turn enjoy privacy and the beautiful desert landscape. The custom homes vary greatly in design and style, while maintaining a cohesive elegant exterior presentation. Whisper Rock has many amenities, including a fitness center with pool and spa, miles of walking and hiking trails, tennis and basketball courts and so much more.

Golf membership at the Whisper Rock Golf Club is by invitation only. The number of memberships is capped at 329 and golf members enjoy the challenging Upper and Lower courses designed by Fazio and Mickelson.

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Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/15/2011 and can change at any time. The analysis looks at home sale activity in the golf community of Whisper Rock in Scottsdale, Arizona. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2011 Heather Tawes Nelson

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