In related news, recently all agencies have scaled back on maximium debt to income ratios. Meaning with out a rate increase the max possible house payment has been reduced for all. And looming changes in the industry from a piece of the 2009 Dodd/Frank law will go ineffect at the end of this year and restrict home loans further. Meaning borrowers will qualify for less again.
The cards are not stacked well for the borrower in 2013/2014.
Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
BK # 0910057 NMLS LO ID # 284875
I created a cost of waiting mortgage calculator that shows how much more it cost to purchase a home as mortgage interest rates increase. Please click on the link below to download a copy of this calculator to determine if now is a good time for you to buy a home:
I hope this answers your questions. Please let me know if you would like any further assistance with your home search.
Sean Heideman, Broker
The entry level type homes have several interested buyers but they are all owner occupying types not investors.
Investors have helped the Phoenix market by improving the properties' curb appeal and upgrading the interior and placing people in these rental properties when the demand was high for rentals. As the values improve, some investors are selling those assets and owner occupants are moving back in to those neighborhoods. With some very tough times behind us I am looking forward to a better tomorrow for our children and grandchildren to enjoy.
Terry L Day - Realtor
First Premier Real Estate Group, LLC
16427 N. Scottsdale Rd, Suite 410
Scottsdale, AZ 85254
The bottom line for any type of buyer in today's market is that now is the best time to purchase a home and so it is the best time in years to market your home for sale. given the present day demand.