3/25/09

Today's Topics:

• Market Update: The Cromford Report 3/24/09

• 5 Steps to a Successful Refinance
  

Properties are selling! Whether you're ready to make a purchase or planning on staying right where you are, the news is good. Pending sales are up, as first-time buyers, people planning to move up or down-size, and investors are taking advantage of low prices and low interest rates. And, for those who want to stay where they are, this is a great time to refinance.


Market Update: The Cromford Report 3/24/09

The number of Pending Listings is now higher than at any time since June 30, 2005. The highest number ever was 12,137, seen on April 25, 2005. We are within 1,000 of this record. The Sales per Month figure is also building nicely and the listing success rate is also climbing. The listing success rate for REOs is now over 75%.

According to the affidavits filed with Maricopa County, over 21% of single family and condo purchases are currently being made by investors, up from 18% a month ago and much higher than the 9% we saw in September 2008.

All this demand growth must have an effect and we are seeing signs of a slow-down in price declines in a few parts of the valley, particularly in the last two weeks.

5 Steps to a Successful Refinance
Click above to read this informative article from Bankrate.com.

Highlights

• Finding the right lender crucial to keeping closing costs down.
• Documentation of finances more important than it used to be.
• Many borrowers limited to FHA-backed mortgages.

This is a great time to refinance, but know that there are many, many people doing it right now and it might take you a while to even get through to your lender. Be patient, be prepared, and go for it!