*     This isn’t like cramming for a test.  Purchasing a home is one of the biggest investments most of us will make and it deserves the appropriate amount of consideration.  You need to check out neighborhoods, schools, floor plans and more.  Do not assume you’ll find the perfect match if you start looking in March.  You might make the deadline for getting a home under contract, but will it be the right home for you and your family?

*     The 2009 tax credit worked.  It brought out lots of buyers in our metro Phoenix market.  That credit was set to expire on November 30, 2009 and buyers were trying like crazy to get something in escrow by mid to end of October in order to close by the deadline.  That rush of buyers caused bidding wars on some homes.  We saw bids more than $8,000 over asking price from people who wanted to take advantage of the $8,000 tax credit!  Tie something up early, avoid the rush!

*     The new tax credit has an additional feature, it allows up to a $6,500 tax credit for people who are NOT FIRST TIME HOME BUYERS.  That means increased competition – more people in the market for the same homes.  You might think that will also increase the supply if those move-up buyers are listing their homes for sale, but the truth is, they don’t have to, they can rent out their existing home, purchase another home and still receive the tax credit.

*     Escrows don’t always close on time.  Lenders and title companies were very concerned about how many closings could be jammed into the last few days of November to make the original deadline.  If too many people are trying to close escrow on the same day, some will not make it.  If the tax credit had not been extended, the closings that roll over to December 1^st would not be eligible for the tax credit – a huge disappointment to buyers counting on that money.  Give yourself buffer time, find a home early and get the closing scheduled for well before the deadline to allow for any potential delays.

 *     Some experts predict that interest rates will begin to increase sometime in the first 6 moths of 2010.  Interest rates are incredibly low now, if rates creep up your buying power decreases, for example a purchase price of $150,000 with an FHA loan for 30 years at 5.25% interest rate equals a principle & interest payment of approximately $828.  But if the interest rate increases even by 1% to 6.25% your P & I payment increases to approximately $923 – almost a $100.00 increase (* Please note, these payments do not include taxes and insurance which should each be quoted on an individual basis – please contact a mortgage broker for exact figures.  If you don’t have one, call me for a recommendation).

*     Be realistic about short sales.   If you are considering purchasing a short sale, you need to be aware that it can take many months to get bank approval.  You are at the mercy of the bank and you could miss the tax credit deadline altogether.  The longer you wait the more you should consider traditional sales or bank owned properties.

If these reasons aren’t enough to motivate you to start looking now, call me.  We can share more of our experiences with you!   The National Association of Home Builders has a great webpage with more details on these programs - Click Here to View and be sure to check out the details of the tax credit and the income limitations.

Anyone who may be interested in home ownership in the next few years should be taking a hard look at this now.  Prices and interest rates are historically low and a dollar for dollar tax credit is the icing on the cake.  This is a “Trifecta” of home buying advantages – don’t miss out.  “He who refuses to embrace a unique opportunity loses the prize as surely as if he had failed.”  – William James.

Call  me anytime – we are always happy to help!

Teresa Dempsey – Associate Broker, Keller Williams Legacy One Realty

480-634-7975 – Direct

There are several different floor plans for the Cortona at Rancho Vistoso development, including single story models with golf course views, mountain views, and the Golf Club at Vistoso right next door. This community is located within the Amphitheater School District and is close to the University of Arizona. All the homes in this community feature three bedrooms and range in size from 1,500 square feet to 2,100 square feet, and start as low as the mid-$200,000’s in price. The final cost depends on the amenities, features, and floor plan selection. This community offers easy access to route 70 and I-10, making commuting to the city a breeze, as well.

Photo Credit: www.PowerRanch.com

Power Ranch is an award winning, masterplanned community in the southeast area of Metropolitan Phoenix in Arizona. The community of Power Ranch offers a small town feel, while boasting an abundance of attractive amenities such as: two 2.2 acre community lakes, tree lined streets, 26+ miles of connected trails, two 7+ acre community parks, two spacious community clubhouses, a splash fountain, tennis, basketball,volleyball, more than 20 neighborhood parks, two community swimming pools and a play pool, and much, much more. An activities director plans events, activities and classes to build a strong sense of community.

Power Ranch is located on Power & Queen Creek roads in Gilbert and consists of more than 2,000 acres of homes, community amenities, schools, retail and office buildings. When the community is complete, it will be the home of nearly 20,000 residents and offer easy access to shopping, dining, entertainment and educational options for all ages.

At the end of the day, Power Ranch represents the best in masterplanned communities and is a wonderful place to call home.

Awards and Recognition

In 2003, 2004, and 2005, Power Ranch was selected as the Best Masterplanned Community by Ranking Arizona (ranked in the top 5 communities every year since ’03).

In 2002, the community received recognition from the National Association of Home Builders for being one of the five Best Master Planned Communities in the Nation.

Since 2001, Power Ranch has been one of the Top-Selling U.S. Master Planned Communities according to Robert Charles Lesser & Company.

In 2006, the Gilbert Community Excellence Awards program honored Power Ranch with an award for being the “Neighborhood of the Year.

Neighborhood Amenities

• Tree Lined Streets
• Landscaping Between Curb & Sidewalk
• 200+ Acres of Open Space & Greenbelts
• 26+ Miles of Trails Connected Throughout the Community
• Diverse Neighborhood Character
• Lush Vegetation

Community Park Amenities

• Two Community Parks
• Two Catch & Release Fishing Lakes
• Two Community Clubhouses
• Community Association Office
• 25 Meter Swimming Pool
• Shallow Play Pool
• Resort Pool With Whimsical Water Features
• Outdoor Restrooms
• Splash Fountain
• Lakeside Trails
• Many tot lots
• Full Basketball Courts
• Volleyball Courts
• Event Pavilion
• Picnic Ramadas With Barbecues
• Three Field Soccer Complex
• 25 Parks With Diverse Amenities

Power Ranch Home Builders

• D.R. Horton
• Richmond American Homes (2 communities)
• T.W. Lewis
• Trend Homes

See Also:
Power Ranch profile on New Homes Section
Power Ranch Community Website
Official Website of the City of Gilbert

This community is also features homes that are U.S. EPA approved Energy-Star qualified homes, minutes from downtown Phoenix with the serenity of desert mountain living at its best. The Parke at Laveen Meadows community features many open spaces, tot lots, city park nearby, and various hiking trails, shopping, dining, and entertainment within the area. This community features all the great amenities of a master-planned community with the convenience of city access, at a price that is affordable for every family. Whether it’s nature or culture that people are looking for, there is something to do every day because of all the natural beauty and the close proximity to the bustling city of Phoenix.

The Anthem Golf & Country Club is a private club that consists of a beautiful championship golf course. A challenging par 72 playing just over 7200yds from the back tees, this course offers something for everyone. Playability and amazing views. Rimmed by mountains and a desert oasis, Anthem Golf & Country Club offers one of the most serene experiences in Arizona Golf. The first class amenities and professionalism will have you wanting to come back coming. Considered one of the premiere private courses in America, Anthem Golf & Country Club has something for everyone!

Ancala master planned communities also offer one of the best private golf courses in the valley of the sun. Ancala CC boast a championship course with the most picturesque holes in all of Scottsdale golf. A very challenging 73.6 rating that can play as long as 7200yds for the more skilled golfer. A Practice facility parallel to none will keep their members busy practicing.

Ancala real estate features gated communities to keep you safe and help families with that extra piece of mind. If you like elegance, seclusion, and culture, Ancala Golf Communities will be a great fit!

Presidio de la Tierra - San Xavier in Sahuarita, AZ

Presidio de la Tierra- San Xavier is a planned community within the Rancho Sahuarita neighborhood, which is one of the most advanced planned communities in the U.S. This area, Sahuarita, features some of the best schools in Arizona, along with a focus on technology, the arts, and education. Plus, the community is only a short 20 minute drive from Tucson, giving people all the convenience of city life and amenities with a serene home setting in the desert. The homes themselves feature versatile floor plans, one- and two-story designs, and two-car garages for every model. Plus, each home comes with many energy-efficient amenities.

This neighborhood comes with access to Club Rancho Sahuarita, which is a community recreation facility complete with a fitness center, swimming pools, sports fields, and a lake. Homes in this community start in the $140’s and go up from there, depending on the floor plan that is selected. This community has easy access to I-19 and I-10, making it easy for you to get to where you need to go outside of the community for dining, shopping, entertainment, and more. Presidio de la Tierra- San Xavier is located in the Sahuarita Unified School District, which has high marks for its education.

See more:
Rancho Sahuarita Master Planned Community
Wikipedia – Sahuarita, Arizona
The Sahuarita Sun

Tartesso - Buckeye, AZ Master Planned Community

Heritage at Tartesso is a Pulte Homes community locted in the master-planned community of Tartesso. Tartesso is located in the heart of the Sun Valley corridor just west of the White Tank Mountains. This community is just a short drive from downtown Phoenix, giving homeowners the serenity of rural living with the convenience of city amenities within reach. There are more than 20 parks in the community itself, along with sports fields and a variety of floor plans to choose from for homes. Heritage at Tartesso is also close to many major highways, offering convenient access to everything outside of the community from entertainment to shopping and more.

The Heritage at Tartesso homes are actually located in Buckeye, Arizona, with scenic views of the White Tank Mountains all around. There are many golf courses and lakes to visit, as well as plenty of indoor entertainment, shopping, dining, and more. This community is located in the Buckeye Union High School District and the Saddle Mountain School District, giving homeowners plenty of choices for top-rated schools for their children. The homes themselves come in many different styles, and range in the $200,000 to $300,000 price range for the most part. They include master suites, gourmet kitchens, bonus game rooms, and more to make each home a perfect match for the homeowner.

See more:
Tartesso.com
Tartesso Community Association
The Town of Buckeye, Arizona

The Paired Homes at Tres Pueblos community offers Arizona new homes starting at just over $118,000 that range up to just under $140,000. Each model features a one-story layout, 2-car garage, 2-3 bedrooms and 2 baths in every home. There are quick move-in homes as well as customizable floor plans to choose from, offering distinctive amenities and features. These homes are surrounded by desert beauty at its best and offer the convenience of being near Tucson for all entertainment, shopping, and other urban needs without the stress of urban living.

1. The number of homes foreclosed on by lenders in August in the Metropolitan Phoenix area dropped 26 percent when compared with July of 2009.
2. In August, the number of pre-foreclosures fell 4 percent. Pre-foreclosures are homeowners being notified of a pending foreclosure on their property.
3. And the third key measure, the number of foreclosure homes for sale dropped 6 percent in August. That makes it the lowest number of the year.

While having all three of the key measures drop in one month for the first time this year is a positive sign, it doesn’t mean the housing market in the valley has started to recover.

There are a few factors that could help explain why the number of foreclosures could be dropping in the Valley:

1. Changes to the foreclosure laws in Arizona.
2. Loan modification programs offered by the federal government.
3. The excessive amount of paperwork that lenders are being bogged down with related to foreclosures and loan modifications.

Regardless of the reason why the numbers of foreclosures have fallen, the Valley housing market still has problems and has since the sharp decline since 2007. The values of homes and the number of sales has fallen because record numbers of foreclosed properties have been taken back by the lenders and have been put back on the housing market at discounted prices.

After a record number of foreclosures during the month of July, foreclosures fell to 3,939 in August according to data from the Information Market/Cromford Report. The number of pre-foreclosures dropped to 8,810 and the number of foreclosure homes for sale in the Valley dipped to 4,900.