by Michele on July 21, 2010
About a month ago I received an e-mail from my broker asking if there were any agents with cash buyers for the Phoenix Metro area that would be willing to speak with an Inman News reporter. The reporter wanted to know who the cash buyers were, what the buying process was, and the details of their home purchase.
I responded to the reporters request citing two different scenarios that I had recently worked with involving cash buyers. The first was an investor that was going to purchase, rehab/renovate the home, then put it right back on the market to sell for a profit, the ”fix and flip” as we call it in the real estate business.
The second set of cash buyers I recently worked with were purchasing with an entirely different scenario in mind. They were a retired couple that lives in the midwest. They were seeking a 2nd home in a warm climate to use for 3-4 months a year when the winter weather back home is unbearable. I asked my buyers if they would be willing to speak with the reporter and tell her about their home purchasing experience. They agreed and the relationship began.
I spoke and e-mailed back and forth with the reporter several times over the next few weeks. She conducted several phone interviews with my buyer clients as well.
Yesterday the story was published in Inman News. I requested permission from Inman to reprint their story on my blog. You can read the article in its entirety by clicking here: “Meet the Cash Buyers: Retirees find a 2nd home“
by Michele on July 20, 2010
In an effort to keep my past, present, and future customers up to date on the Phoenix Residential Real Estate market, below are links to the Arizona Regional Multiple Listings Service (ARMLS) July reports. These reports contain the numbers thru the previous month.
The 1st report is the STAT report. It provides the most current market statistics. It is published monthly in advance of other third party statistical publications that use dated numbers.
The 2nd report is the ARMLS Pending Price Index™ (ARMLS PPI) report. This report predicts the direction of the market four months into the future based on pending sales in the MLS system.
The STAT and the ARMLS PPI reports are in a PDF format. I will write a monthly post with a link to these reports.
Click the following link to access the July issue of STAT
Click the following link to access the July issue of ARMLS PPI
by Michele on July 19, 2010
FHA unveiled 3 policy changes today that they believe will boost their capital reserves. They are as follows:
Update the combination of credit and down payment requirements for new borrowers. New borrowers seeking FHA-insured financing will be required to have a minimum FICO score of 580 to qualify for FHA’s flagship 3.5 percent down payment program. New borrowers with credit scores of less than a 580 will be required to make a cash investment of at least 10 percent. Borrowers with credit scores of less than 500 will no longer qualify for an FHA-insured mortgage.
Reduce allowable seller concessions from six to three percent. Allowing sellers to contribute up to six percent of the home’s sales price to offset a buyer’s costs exposes the FHA to excess risk by potentially driving up the cost of the home beyond its appraised value. Reducing seller concessions to three percent will bring FHA into conformity with industry standards.
Tighten underwriting standards for manually underwritten loans. When using compensating factors in the underwriting process, lenders will be required to consider those factors which are the best predictive indicators of loan performance, such as the borrower’s credit history, loan-to-value (LTV) percentage, debt-to income ratio, and cash reserves.
Click here to read the full press release.
The U.S. Department of Housing and Urban Development is asking for public comment on these changes.
by Michele on July 16, 2010
When I moved here from the East Coast, I quickly found out that some of the “critters” in the Valley of the Sun differ significantly from the ones I was familiar with back East. Here is a practical guide to the different stings and bites, the symptoms, and how to treat them.
Mosquitoes are generally found near water (pools, lakes, birdbaths) and are attracted by bright colors and sweat. Bites result in stinging sensation followed by a small, red, itchy mound with a tiny puncture mark at the center.
West Nile virus is most often spread by mosquitoes. Mosquitoes become infected by biting birds that carry the virus. People can get West Nile virus when an infected mosquito bites them. This happens most often in the warm-weather months of spring, summer and early fall. You cannot get West Nile virus from another person or from your pet. July through October are prime months for this virus, be sure and apply your DEET spray for prevention. Symptoms can be rash, fever, headache, nausea, vomiting, diarrhea, loss of appetite, swollen glands, achiness, stiff neck, tremor or muscle jerks.
Fire Ants cause immediate pain and burning sensation is frequently experienced after a bite followed by swelling (up to ½ inch) and cloudy fluid in area of bite. Fire ants usually attack intruders and are commonly found in pastures, meadows, lawns and parks in southern states.
Bees and wasps are usually found near flowers, shrubs, picnic areas, or beaches. Immediate pain and rapid swelling occur following a sting. A few children have severe reactions, such as difficulty breathing and hives/swelling all over their body.
Snake Bites Signs that indicate a poisonous snakebite include:
The bite consists of one or two distinct puncture wounds. Nonpoisonous snakes usually leave a series of small, shallow puncture wounds because they have teeth instead of fangs. The exception is the coral snake, which leaves a semicircular marking from its teeth. Because some poisonous snakes also have teeth, fang and teeth marks may be apparent. The presence of teeth marks does not rule out a poisonous bite, but the presence of fang marks always confirms a poisonous snakebite.
Characteristics of pit viper snakes:
- Large fangs; nonpoisonous snakes have small teeth.
- The two fangs of a poisonous snake are hollow and work like a hypodermic needle.
- Pupils resemble vertical slits.
- Presence of a pit. Pit vipers have a telltale pit between the eye and the mouth. The pit, a heat-sensing organ, makes it possible for the snake to accurately strike a warm-blooded victim, even if the snake cannot see the victim.
- A triangular or arrowhead shaped head.
- The rattlesnake often shakes its rattles as a warning. BUT NOT ALWAYS!
Action:
1. Airway 2. Breathing 3. Circulation 4. Call 911
- Move the patient away from the snake to prevent repeated bites
- Have the patient lie down and keep him quiet.
- Cut and suck methods are useless.
- Keep the bitten extremity at the level of the heart.
- Remove any rings, bracelets or other jewelry that could impede circulation if swelling occurs.
- Clean the wound gently with alcohol, soap and water, hydrogen peroxide or other mild antiseptic.
- Do not cool or chill or apply ice.
- Do not attempt to tie any type of tourniquet or constricting bands.
- Transport the patient as soon as possible to the hospital.
Scorpion Bites
There are many species of scorpions found in Arizona but only one is potentially lethal. This is the bark scorpion. It is one of the smaller species being one to one and a half inches long. It prefers places dark and cool, wood piles, palm trees, decorative bark. The severity of the sting depends on the amount of venom injected but scorpion stings can be fatal. Ninety percent of all scorpion stings occur on the hands.The lethal scorpion is very slender and streamlined. It is straw-colored or nearly opaque, small, less than two inches long. Signs and symptoms of scorpion stings include:
- Sharp pain at the site of the sting
- Swelling that gradually spreads
- Discoloration
- Nausea and vomiting
- Restlessness
- Drooling
- Poor coordination
- Incontinence
- Seizures
Treatment:
- Apply ice to relieve the pain of the sting
- Be sure the victim’s airway stays clear
- Transport to a hospital. A specific antivenom is available.
Most insect bites are not dangerous and can cause small or large red, blister like lesions. These can be treated with over-the-counter Calamine lotion or Hydrocortisone 1% cream. Other options are to apply ice for 20 minutes or to apply firm, direct, steady pressure to the bite for 10 seconds. Antihistamines like Benadryl can also aid in the discomfort of the bites.
Most insect bites are itchy for several days and can last a few weeks. If you think you are having an allergic reaction such as severe pain, infection, swelling, skin is “hot to the touch” or you or your child is having trouble breathing, please contact 911 immediately.
