Monday, April 13, 2020

Welcome to Pook's E-News!

Pook Bellini 
Arizona Best Real Estate
                       Attention to Detail
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Mobile: 480-628-7377
Pook's E-News contains up-to-date articles and information about real estate and other topics of interest. It is sent out as an email to those on my mailing list and then posted to this site.  If you would like to receive Pook's E-News and are not currently on my email list, please contact me. Also, please know that your feedback is both welcome and deeply appreciated!  Feel free to leave comments or email me directly.

Please note that you can search for previous postings at the ARCHIVE at the bottom of the left sidebar.  

You can also scroll down below to see previous postings, however, since there is a limit to how many postings appear on a page, you will need to click on "older posts" (lower right corner of each page) to see older posts.  There are lots of posts hiding there... don't miss them! 

Tuesday, November 11, 2014

Veterans Day 2014

Veterans Day is celebrated on November 11th, the anniversary of the signing of the Armistice that ended World War I.  The main hostilities of WWI were properly finished at the 11th hour of the 11th day of the 11th month of 1918, with Germany signing the Armistice.

Heartfelt thanks go out to the men and women who have served in our armed forces, protecting our nation, and preserving the freedoms we cherish. 

Monday, November 10, 2014

Happy 239th Birthday to the United State Marine Corps

With love and thanks to my husband and his beloved Marine Corps brothers for their dedication and service, and with heartfelt thanks to all who have served or are currently serving.   
Semper Fi!

As in years past, it is my honor to share the annual birthday tribute to the United States Marine Corps presented by Bob Parsons, Executive Chairman and Founder of Go Daddy.  Please click HERE to view this 239th birthday presentation.   

In addition to the annual birthday tribute, GoDaddy is partnering with the Semper Fi Fund and  America's Fund to raise money to help critically ill and injured members of all of the United States Armed Forces and their families.  The Bob and Renee Parsons Foundation and will match up to $5 million in donations.
The Injured Marine Semper Fi Fund and the America's Fund provide financial support for injured and critically ill members of the U.S. Armed Forces and their families during times of hospitalization and recovery, as well as assistance for those with ongoing medical needs.  

You have the power to make a difference.  Click HERE to help GoDaddy help those heroes who've given so much for our freedom. 
Every November 10th, my husband and his Marine Corps buddies call to wish each other a happy birthday.  This year, there will be one phone call less... today and always we remember with deep love and affection our dear friend, Bob "Heavy" Petrella, who was  a USMC Captain during the Vietnam War and was a recipient of 2 Purple Hearts and a Bronze Star for valor.

Thanks for the all the great memories, Heavy!  We love you, man!

I invite you to check out this website for a painting titled 
 created by our dear friend, renowned artist, Denham Clements.

Sunday, November 2, 2014

Cromford Report - October Mid Month Pricing Update and Forecast

Source:  The Cromford Report™ 
Michael J. Orr, Owner/Founder of The Cromford Report™/
Director of the Center for Real Estate Theory and Practice at the WP Carey School of Business
Arizona State University

Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next 30 days.

For the monthly period ending October 15, we are currently recording a sales $/SF of $125.69 averaged for all areas and types across the ARMLS database. This is 0.7% below the $126.63 we now measure for September 15. Our forecast range was $123.11 to $128.13 with a mid-point of $125.62. Last month's forecast therefore proved to be among the most accurate we have ever experienced, being only 7c higher than the mid point.

On October 15, REO sales across Greater Phoenix (all types) averaged $88.44 per sq. ft. (down 0.6%). Pre-foreclosures and short sales averaged $94.10 (down 6.6%) while normal sales averaged $128.62 (down 0.7%). The market share of normal sales was unchanged over the last 30 days at 89.5% of sales. REOs gained market share from 6.3% to 6.5%. Short sales and pre-foreclosures lost market share from 4.2% to 4.0%. 

On October 15 the pending listings for all areas & types showed an average list $/SF of $131.10, 3.1% above the reading for September 15. Among those pending listings we have 81.0% normal, 7.6% in REOs and 11.4% in short sales and pre-foreclosures. The average pricing for pending listings within Greater Phoenix on September 15 in each category was: $139.00 for normal, $91.35 for short sales & pre-foreclosures and $90.74 for REOs. All of these are higher than last month, especially the figure for normal sales. 

Our mid-point forecast for the average monthly sales $/SF on November 15 is $129.59, which is 3.1% higher than the October 15 reading. We have a 90% confidence that it will fall within ± 2% of this mid point, i.e. in the range $127.00 to $132.18. Our forecast this month is for a fairly large increase in sales pricing over the next month. This goes against the prevailing trend but is based on the strong move upward in the pending $/SF over the last month. Month to month forecasting has been hazardous this year with considerable volatility from one month to the next. This optimistic forecast is due primarily to a favorable change in the mix of properties in escrow, rather than an underlying strength in pricing. The underlying longer term price trend is still slightly negative.
With demand remaining weak, we still expect the natural price range to remain stuck between $123 and $133 in the next few months.

In the current conditions we believe the strongest pricing of the year has already occurred between March and June. Pricing is likely to show at least some degree of weakness during the last 3 months of the year due to the usual seasonal increase in supply and lower sales volumes. We would need to see a sudden strong recovery in demand to change this expectation.

Wednesday, October 29, 2014

Questions to Ask Before Buying a Home

Courtesy of Keeping Current Matters/The KCM Blog
Posted:  October 27, 2014

"If you are thinking about purchasing a home right now, you are surely getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in real estate. Let’s look at whether or not now is actually a good time for you to buy a home."

There are three questions you should ask before purchasing in today’s market:

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with finances. A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money:
  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of the space
What non-financial benefits will you and your family derive from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

When looking at future housing values, Home Price Expectation Survey provides a fair assessment. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
Here is what the experts projected in the latest survey:
  • Home values will appreciate by 4% in 2015.
  • The cumulative appreciation will be 19.5% by 2018.
  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 11.2% by 2018.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by an increase in mortgage rates.
The Mortgage Bankers Association (MBA), the National Association of RealtorsFannie Mae and Freddie Mac have all projected that mortgage interest rates will increase by approximately one full percentage over the next twelve months.

Bottom Line

Only you and your family can know for certain the right time to purchase a home. Answering these questions will help you make that decision.

Tuesday, October 7, 2014

Even if You Don’t Qualify for a Standard Mortgage, There May Be Ways to Get a Loan

Source:  The Washington Post
Article by
October 3, 2014

Note:  “QM” refers to the federal Qualified Mortgage rules that are designed to foster safe lending.

Here’s some good news: A small but growing number of lenders has begun offering mortgages with more-flexible terms designed for borrowers like you.
Say you have solid credit scores and money in the bank but because of student loans or medical bills, your debt-to-income ratio exceeds the maximum that federal rules generally prescribe. Or maybe you are self-employed and find it difficult to assemble the documentation most lenders require on income, even though one glance at your bank statements would show that you earn enough to qualify. Perhaps you did a short sale on your underwater home a couple of years ago, too recently to meet the four-year minimum wait time prescribed by giant investor Fannie Mae before you are allowed to obtain a new mortgage.

Impac Mortgage, a New York Stock Exchange-traded company based in Irvine, Calif., has begun making loans nationwide — $30 million in the past couple of months — on what it calls “Alternative QM” mortgages to several categories of creditworthy borrowers with special needs:
Near-miss buyers, who don’t quite qualify under standard rules. Say they have solid credit scores and good jobs but have a debt-to-income ratio of 49 percent. They’re likely to have difficulty under Fannie Mae’s or Freddie Mac’s underwriting systems, but Impac may fund them after taking a hard look at their bank reserves and assets.
Self-employed professionals and business owners. They generally can’t show IRS W-2 forms and may have irregular income flows, complex tax situations and periodically high debt levels. Impac allows them to document their income using 12 months of recent bank statements and to have debt-to-income ratios as high as 50 percent.
Investors with multiple properties. Investors who own 10 or more rental homes or commercial properties and seek to refinance and pull money out are frequently turned down by conventional lenders. Impac evaluates borrowers’ incomes based on the properties’ cash flows, and it has no limit on total properties an applicant can own. 

Click HERE for complete article.

Sunday, October 5, 2014

Cromford Report - Market Summary for the Beginning of October

Source:  The Cromford Report™ 
Michael J. Orr, Owner/Founder of The Cromford Report™ /
Director of the Center for Real Estate Theory and Practice at the WP Carey School of Business
Arizona State University

"The flow of new listings has remained very low and yet the weakness in demand is sufficient to cause active listings to rise. In the last four weeks we saw 10.2% fewer new listings than last year and 7.9% fewer than in 2012.

There is still no significant sign of an improvement in demand, although comparisons with 2013 are much easier now because the slump in demand started in August 2013.

Last month we expected to be in a very neutral market with demand and supply in almost exact balance. Although we saw a little improvement it was smaller than we expected and the trend turned a little more negative for sellers in the last two weeks.

Sales in September 2013 were unusually weak and at the time we blamed it on the government shutdown. Sales in September 2014 were slightly weaker than last year which reflects the lack of financing available to ordinary homeowners. Tight lending standards, especially for first time home buyers seem to be having a major negative effect on demand. If Ben Bernanke cannot successfully refinance his home based on current lending rules, what hope do the rest of us have?" 

Go the the CROMFORD REPORT page at the top of my website for the complete report.