Deer Valley Real Estate Market - View Deer Valley Real Estate Market Trends in Arizona

Winter 2012 Market Update Allow me to provide you with information on homes for sale in all areas of the Valley, so you can compare. I’ve worked in the Valley for the last 11 years and could move you in the right direction to fit your needs & lifestyle.
Average Home Price	$200,000 - View Graph Trend

Average Price Compared to Last Year	Up 5-10%

Average Time on Market	30-60 days

Best Selling Price Range	$150,000 - $199,000

Worst Selling Price Range	$400,000 - $449,000

Prices As % of Asking Price	100%

Existing Home Prices for the past 90 days are?	Increasing

Market Trend	Decreasing

Buyers’ or Sellers’ Market	More buyers than sellers

Buyer Activity for the past 90 days in Deer Valley is	Increasing

Seller Activity for the past 90 days in Deer Valley is?	Increasing

Multiple Offers?	Yes

Multiple Offers Commentary	The multiple offer/buyer competition is lower since the deadline for the tax credit on June 30th. It's time to get out there!

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?	More than 50%

Is Financing Available For Qualified Buyers?	Yes

Comments on Financing For Qualified Buyers	FHA FACT SHEET TEAMDEAN 602-432-6388 Credit........................ 1. Bankruptcy allowed after 2 years, foreclosure allowed after 3 years with re-established credit. Short sales treated the same as foreclosure. If able to sell short while current able to purchase with no waiting, conditions apply. 2. Borrowers can not be delinquent on any Federal Department debt, i.e. student loans, VA, SBA, etc. 3. Minimum 620 credit score is required for all borrowers, including all streamline refinances. 4. No late mortgage payments in the past 12 months permitted. 5. Borrowers in Chapter 13 are allowed with a 12 month history of payments to Bankruptcy Trustee with no late payments and permission from the court to obtain new financing. 6. Installment debt with payments >$100 and <10 months remaining must be included when calculating the Debt-to- Income Ratio. 7. Permanent Resident or U.S. Citizen allowed. Non-Permanent Resident Aliens are permitted provided they occupy the property as their primary residence and provide a valid SS# and work visa. 8. Need Social Security Card and may require Social Security validation. 9. Co-signed obligations will not be included in the Debt-to-Income Ratio if there is evidence the primary borrower has made payments as agreed for the last 12 months (copies of canceled checks front and back). Income...................... 1. Max Back-End Ratio allowed 55%. – WJ Bradley Mortgage Capital 2. Executed 4506T required on all borrowers and ordered at the time loan submitted. 3. 3/1 ARM qualify at note rate. 1 year ARM qualify at note rate if LTV<95%, if LTV is >95% qualify at note rate +1%. Assets....................... 1. 100% Gift Funds allowed for down payment and closing costs. 2. Reserves not required for Single Family Residence, Condo or 2 units. 3 months PITI reserves are required for 3-4 units and must be seasoned for 60 days. 3. 3% seller concession allowed, can be used for closing cost or lower rate. No LTV/CLTV restrictions. 4. Verification of Assets: borrowers can use 60% of their 401K or VOD plus one months bank statements or two months bank statements to verify assets and services. 5. Gift Letter required from donor. Must source gift to escrow or borrowers account and provide proof of donor’s ability to give. Property..................... 1. Property must be seasoned for 12 months before new appraised value can be used for refinance transaction. 2. MLS listing must be expired for 6 months on rate and term, and cash out refinances. 3. Homebuyer summary, Appraisal VC sheets, and most repair requirements eliminated. Must have functional kitchen for health and safety reasons. 4. Flip Rule Waived! Properties can be owned by seller less than 90 days. Additional appraisal conditions may apply. 5. FHA Appraisers permitted to determine value. No declining market. 6. Owner Occupied only. Non-Owners not allowed (except streamline without appraisal). 7. No pre-payment penalty. 8. Mortgage Insurance is required on all loans regardless of LTV. UFMIP is 2.25% financed into loan. 9. Cash-out allowed to 85% with 12 months seasoning. 95% with no cash-out allowed 1-2 units. ............When you need a loan fast!!! ............Call me! 602-432-6388............ ............Have a great day............ ....Dean Wegner............ .....TeamDean

Housing Inventory	Good supply - Some Prices

Inventory Comments	Less than 200k is a red hot seller’s market. Inventory is low (about a 4 month supply) and prices are rising. Less than 100k has only a 60 day supply. If you are in that market, waiting to buy will likely be a very expensive wait. Up to about 400k the market is almost perfectly balanced (a 6 month supply) – with no price movement in either direction. 400 - 500k has a 7 month supply valley wide, with slight downward pressure on prices. 600 – 800k has a 13.7 month supply, with easily observable downward pressure on prices. Homes above 800k have almost a 1.5 year supply and those in the 2 – 3 million price range suffer from 1.5 year supply. Total listings are down by 40 units from last month. Total sales for the month of May were up by 508 units over last month. Sales including new construction are down by 2.0% over last year May. I do believe that this is due to the expiration of the tax credit and the low inventory at under $400,000. Short sale deals continue to grow and now represent 21.0% of the total sales in the valley. We currently sit at a 4.4 months of supply in the valley. This may seem balanced but the high end market continues to be stagnant. Please click on this link below to take you to the Graphs! http://www.etaaz.net/marketing/Residential%20Market%20Update%20with%20graphs%20060110.pdf Months of Supply by other areas are as follows: East Valley 3.9 Northwest Valley 3.6 Paradise Valley 17.5 Luxury $1.0 Million Plus 19.8 Southwest Valley 3.3 Peoria and Glendale 3.7 Camelback Corridor 6.3 Cave Creek 6.9 Awhatukee 4.7 Scottsdale 6.5 Apache Junction 3.6 Fountain Hills 7.8 Buckeye 3.4

Greatest Activity	Repeat Buyers

Reason to Buy/Sell	Lesser buyer competition, lesser multiple offers and a bit more negotiating power!!!

Nearest Metro Area	Phoenix

Housing Hot Spots	Most cities within the Maricopa County area are considered 'Housing Hotspots'

Average Sold Price	$200,000 - View Graph Trend

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Deer Valley Real Estate Market Trends – Arizona

Deer Valley Real Estate Market Conditions and Trends