by kramoltz@hotmail.com | Mar 13, 2023 | Home Buying, Mortgages + Lending, Real Estate Facts & Figures
1. First-time Buyers are Scarce. The first-time buyer share of the market dropped to 26% over the past year. Historically, first-time buyers buy around 40% of homes. The reason was the high prices and the rise in interest rates. Hopefully the price correction...
by kramoltz@hotmail.com | Feb 14, 2023 | Mortgages + Lending
Buying down an interest rate is a way for a seller to offer a financial incentive to a buyer. It results in a temporary reduction, which means lower payments under the buyer’s loan. Because of the dramatic increase in rates and the negative result on home sales, in...
by kramoltz@hotmail.com | Dec 27, 2020 | Arizona and Its Amenities, Real Estate Facts & Figures
December 2020 in metro Phoenix began with 28.2% fewer homes for sale today than a year ago, with record lows for the number of homes available in many areas. At the same time, demand increased 27.4% year-over-year, with the highest sales volume for any November in...
by kramoltz@hotmail.com | Dec 19, 2020 | Mortgages + Lending
Mortgage interest rates have hit another record low. The average for a fixed rate 30 year loan dropped to 2.81% – the lowest in about the 50 years records have been kept. There have been 10 record lows so far this year, with the previous lowest one being 2.86%....
by kramoltz@hotmail.com | May 9, 2020 | Home Ownership, Mortgages + Lending
If your home is foreclosed on and your home is worth less than the loan, Arizona law provides for protection from being sued for that deficiency. This prevents a lender from recovering a money judgment against you if your home is “upside down” if the loan was used to...
