No RENTS for the Weary

Are you having trouble finding a rental property in Phoenix right now? Well, you are not alone. Our rental inventory is a fraction of what it was a few years ago. Just to out things in perspective, in 2008,there were roughly 10,000 properties listed for rent in Metro Phoenix. Right now, there are less than 2200 homes or rent, listed on the MLS. And I mean in all of Metro Phoenix, meaning Phoenix and its suburbs.   That figure does not include vacation homes, but good luck there where rents are significantly higher than market rents, due to the furnished and short term nature of these leases. And keep in mind that there were a lot less people … [Read more...]

Rent or Buy Your Home…Which is Better?

Rent or buy? Gosh, isn't that the $64 Million Dollar question? And as many things go in real estate, the answer depends on your circumstances. Let's start with the current state of rentals here in Phoenix. In the ARMLS rental database the overall average lease rate for active listings is $1,820 per month and the average sq. ft. is 1,932. For apartments, the average rent is $1,568 with an average sq. ft. of 1,102 giving us an average rent of $1.42 per sq. ft. A year ago the rate was $1.22 per sq. ft., so the rise in asking price is 16.6% in just 12 months. The number of active apartment rental listings has declined 10% from 643 to … [Read more...]

Can You Really Buy a House With Only $1000 in Your Pocket?

Sometimes! Have you been thinking about buying a house but figure you won't live long enough to save up that huge down payment? Never fear! Hope is here! Arizona has several down payment assistance programs that provide a grant to homeowners who qualify that shaves 3% off the minimum down payment. That's a huge chunk of the low down payments required for FHA and some conventional loan programs. And it gets better... If the seller agrees to contribute towards your closing costs - effectively financing those closing costs - you might be surprised at the small amount of cash you need to get those house keys. I have seen folks buy for … [Read more...]

The American Nightmare – Why More Homeowners are Walking Away

A recent article in the Wall Street Journal on Strategic Defaults caught my attention. The article discusses why more homeowners who find themselves underwater on the mortgage are making the decision that they are better off financially by defaulting on their mortgages and renting. Check out the entire article in the Wall Street Journal. … [Read more...]