The scuttlebutt today was all about the changes to FHA guidelines for condos.

The new rules state that the FHA will not guarantee loans if there is 25% or more commercial space, if an investor owns more then 10% of the units (even the developer), or if they project isn’t primarily residential. This could mean big problems for future mixed use developments.

According to the article at azcentral.com The number of condo foreclosures already out paces condo sales by 2:1.

If the main funding option for first time buyers won’t be there for condos, then their value will drop even further until someone comes in with cash to pick them up.

Here’s my favorite quote from the article:
“However, most have continued trying to sell units, hoping to eventually sell out as the real-estate market recovers. Because of the new rules, local and national experts seem to agree that owner-occupants in half-empty condo buildings are now practically doomed to foreclosure. Hoogendyk said the last thing Arizona’s real-estate market needs is government decisions that hinder its recovery.

“They should be making it more attractive to buy condos, not less,” she said.”

Post from: The Phoenix Real Estate Guide

Phoenix Condo Values Are About To Plummet

The problem with writing a blog, for me, is that I’m not the greatest writer. I sell real estate, I don’t write. But I do surround myself with people who are great where I am weak.

I was trying to write about the how today’s buyer don’t nee help finding a house, they need help buying a house. Thankfully Greg Swann posted this on his site and gave us full permission to “steal” it. I definitely couldn’t have put it better myself:

Here’s an intriguing question: Given that it’s so easy to search for homes on the internet, why do you need a buyer’s agent?

Face it, if you use the MLS search tool on my web site, you’re seeing exactly the same listings I see. And you know better than I ever could what you like and what you don’t like.

By now, the home search process is at best a partnership between the agent and the buyer. In some cases the buyer and I will work together to perfect our search criteria. But many buyers simply search the available inventory on their own, emailing me the MLS numbers of the homes they want to see.

So why do those buyers need a buyer’s agent?

Realtors hoarded the MLS data for so long that even they came to believe it was the source of their value to buyers. But this is very far from the truth.

You don’t need me to search for listings, although I’m happy to do that. And you don’t need me to open lock-boxes. You need a buyer’s agent to guide you through what is in fact an arcane and perilous process — potentially a financial disaster. You might not need me to find your next home, but you need me to make sure that you get it — or that you pass on it, if that is what is truly in your best interests.

A skilled buyer’s agent will write the kind of purchase contract that will prove surprising to you at every turn, with every term and condition tailored to achieve your best advantage. Your agent will supervise the inspection process and negotiate the optimal solution to the repair issues. Your agent will be prepared for every pitfall in the escrow process.

If you bought and sold houses every day, you could do all these things yourself. It’s because you don’t — and because the seller and the listing agent are looking to take advantage of your naivete at every turn — that you need a skilled buyer’s agent as your steadfast champion in the home-buying process.

Post from: The Phoenix Real Estate Guide

With MLS listings available everywhere on the internet, why do you need a buyer’s agent?

Are you looking for Golf Course Properties in Phoenix? We’ve got a list of the latest golf course homes for sale in Phoenix below. Take a look through and then head over to our search page to find exactly the gated property you are looking for!

Post from: The Phoenix Real Estate Guide

Phoenix Golf Course Properties

Maybe not the biggest, but it looks cool

I need to have 3 bedrooms

I want to have room for the worlds largest indoor fish tank

I have had clients tell me they NEED to have Jack and Jill sinks in the master. They home they got? Just one sink in the master. Make sure you know the difference when you start looking for your next home. One tip: A need can usually be narrowed down in your home search criteria. A want would just be icing on the cake. For example, your kids might NEED to go to a specific school. They may WANT to be next door to an ice cream shop.

Search by your needs, narrow down by your wants.

Post from: The Phoenix Real Estate Guide

Needs vs Wants