Casa Grande Home of the Week 2457 E Santiago Trail, Mission Royale, Casa Grande, AZ

 2457 E Santiago Trail, Casa Grande, AZ

Mission Royale 55+ Active Adult Community

WOW . . . What a Spectacular Southern Patio View of the Golf Course and Mountains! Gracious living inside and out. This home is ready to move into - right down to the sheets! Located right off the pond for the 7th fairway, so there is a view of the lighted water feature in the evening. This home has two large bedrooms plus a den with 2.5 Car Garage, open floor plan, 12' vaulted ceilings and spacious size of the Entry, Great Room, Kitchen and Dining allow plenty of room to live, entertain or to just enjoy. Upgrades include top of the line appliances, customized ceramic accent tile, ceramic tile floors in all the right places and the covered patio area. This home is located in the Mission Royale 55+ Community with many amenities.

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Neal Buckner, Broker/Owner, REALTOR®, CDPE

Elite Real Estate Pros

(520) 705-1798 Cell (520) 280-2766

Email: info@eliterealestatepros.com

 

Remodeling Activity Bounces Back to 2005 Levels

Remodeling Activity Bounces Back to 2005 Levels

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 29, 2012

More home owners are tackling remodeling jobs once again, as the Remodeling Market Index heats up and climbs to its highest point since the third quarter of 2005, the National Association of Home Builders reports. The greater momentum in remodeling is yet another positive trend recently trickling through the housing sector, NAHB reports.

"The strength of the [Remodeling Market Index], especially in owner-occupied properties, shows that home owners are investing in remodels as home prices stabilize," says George "Geep" Moore Jr., NAHB Remodelers chairman. "As owners become more confident that investments in housing will hold their value, they are beginning to undertake projects to improve their comfort that they had been putting off."

The index showed an increase in all three of the indicators measured: maintenance and repairs, minor additions and alterations, and major additions and alterations.

"The improvement in the RMI provides more evidence that the remodeling industry is making the orderly recovery from its low point in 2009 as we've been expecting," says NAHB Chief Economist David Crowe. "Although remodeling projects over $25,000 are now showing some signs of strength, they are still lagging behind smaller property alterations and maintenance and repair jobs. The recovery of the remodeling market in general, and large projects in particular, continues to be constrained by factors such as tight credit and problematic appraisals." 

Source: National Association of Home Builders

 Neal Buckner, Broker/Owner, REALTOR®, CDPE

Elite Real Estate Pros

(520) 705-1798 Cell: (520) 280-2766

Email: info@eliterealestatepros.com

Pending Home Sales Improve in September

Pending Home Sales Improve in September

Daily Real Estate News | Thursday, October 25, 2012

Pending home sales were little changed in September but remain well above a year ago, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.

The PHSI in the Northeast rose 1.4 percent to 79.3 in September and is 26.1 percent higher than a year ago. In the Midwest the index fell 5.8 percent to 89.5 in September but is 19.3 percent above September 2011. Pending home sales in the South increased 1.0 percent to an index of 111.5 in September and are 17.6 percent higher than a year ago. In the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.

Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.

Completed existing-home sales in 2012 will total close to 4.6 million, an increase of 9 percent, and are projected to rise about 9 percent next year to nearly 5.1 million. With notably lower housing inventory, the national median existing-home price is expected to increase 6 percent this year and 5 percent in 2013.

Source: NAR

Neal Buckner, Broker/Owner/REALTOR®, CDPE

Elite Real Estate Pros

(520) 705-1798

Email: info@eliterealestatepros.com

Younger Buyers Feel Smart About Home Ownership

Younger Buyers Feel Smart About Home Ownership

Daily Real Estate News | Tuesday, October 23, 2012 

More than three-quarters of Americans who fall within Generations X and Y believe they have become increasingly knowledgeable about home ownership due to the greater media coverage on the real estate market the past six years, according to a Better Homes and Gardens Real Estate survey of about 1,000 18-35 year olds.

These two generations say that before buying they’d do their homework first, researching interest rates, home prices in a desired neighborhood, and the ability to secure a loan. Despite the past housing crisis, these generations say they are not deterred from home buying, and 75 percent say that home ownership is a key indicator of success.

Generations X and Y, which boast 103 million of the population, are viewed as major drivers of the economy for the next 30 years.

Among some of the survey’s findings about Generation X and Y’s perceptions on home ownership is:

• 71% of Gen X and Gen Y surveyed say that home ownership is not something they deserve but rater something you must earn, and they say they’re willing to sacrifice in order to be able to buy a home one day. Sixty-two percent say they would save by eating out less, 40 percent are willing to take a second job, and 23 percent would move back home with their parents. 
• 75% say owning a nice home is an indicator of success over taking fancy vacations, owning an expensive car, or owning designer clothing. 
• 61% say they’ll be ready to buy when they’ve landed a secure job. 

"Every generation faces defining economic events that alter their collective perspective," says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. "'The Greatest Generation' was shaped by the Great Depression and Baby Boomers were impacted by the oil crises throughout the 1970s. Gen X and Gen Y experienced their 'coming of age' moment during the largest housing market downturn in American history. As such, these generations believe that the details, risks and rewards of home buying are integral to their planning.”

Source: Better Homes and Garden Real Estate

Neal Buckner, Broker/Owner, REALTOR®, CDPE

Elite Real Estate Pros

(520) 280-2766

Email: info@eliterealestatepros.com

Homes Are Selling Faster

Homes Are Selling Faster

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 22, 2012

Inventories of for-sale homes aren’t the only thing that is dropping. The amount of time homes are staying on the market is growing shorter as well—down 11 percent in the last year—according to the latest Realtor.com data.

Homes were listed on average 95 days, according to September housing data. That is down from 107 days a year earlier.

Homes are selling the fastest in Oakland, Calif., in which the median age of the inventory averages 21 days, which is 57 percent below what it was a year ago. Denver, Colo. boasts a median age of inventory of only 38 days, followed by fast-selling markets of Stockton-Lodi, Calif., with 43 days, and San Francisco with 44 days.
As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago.

“There’s a recovery,” Curt Beardsley, vice president of Realtor.com, told BusinessWeek. “Our market times are low and there’s actually a compression of inventory.”

Home buyer demand is increasing, with housing affordability still high and ultra low mortgage rates that have pushed home buyers’ purchasing power higher. The rise in demand has caused asking prices to also rise. Last month, the median asking price was $191,500, which is up 0.8 percent compared to a year earlier, Realtor.com reports.

Source: "Listings of Homes for Sale Drop as U.S. Housing Recovers," BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News

Neal Buckner, Broker/Owner, REALTOR®, CDPE

Elite Real Estate Pros

(520) 280-2766

Email: info@eliterealestatepros.com

 

New-Home Market Surges

New-Home Market Surges

Daily Real Estate News | Thursday, October 18, 2012

Construction on new homes in September rose to its fastest pace in more than four years, the Commerce Department reported Wednesday.

Housing starts surged 15 percent in September over August levels, led by a 25.1 percent rise in the multifamily market. Single-family housing starts increased 11 percent in September, reaching their highest level since August 2008. Building permits, a gauge of future construction, climbed 11.6 percent in September.

"One of the big headwinds for the economy has been the weak housing market, and this indicates that headwind has dissipated," Gary Thayer, an economic strategist at Wells Fargo Advisors in St. Louis, Mo., told Reuters.
The recovery taking shape in the new-home market is expected to help provide a much-needed lift to the overall economy.

"Things are lining up for housing," says John Canally, an economist at LPL Financial in Boston. "It's another step in the right direction, but you still have a long, long way to get back to 'normal' in housing."

While housing starts are showing a strong lift, economists note that the rate is still about 60 percent below what it was in January 2006, when it peaked.

Source: “Housing Starts Jump to Fastest Pace in 4 Years,” Reuters (Oct. 17, 2012)

Neal Buckner, Broker/Owner, REALTOR®, CDPE

Elite Real Estate Pros

(520) 280-2766

Email: info@eliterealestatepros.com

A New Boom by 2015?

A New Boom by 2015?

 Daily Real Estate News | Monday, October 15, 2012  

The housing market has been showing several signs of recovery, including home prices and home sales on the rise, new construction up, foreclosures falling, and mortgage rates near record lows. Some economists are getting very bullish about the housing recovery and even predicting that the market will return to its “boom” level days in just three years.

In a recent report, Barclays Capital predicts that home prices could be back to peak levels by 2015. Barclays is predicting home prices to rise 5 percent to 7.5 percent a year.

"In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts," says Stephen Kim, an analyst with Barclays.

Home construction is also expected to soar, rising 20 percent or more a year for the next year, according to some economists’ forecasts. The new-home market could return to its pre-bubble average of about 1.5 million new homes a year by 2016, CNNMoney reports. That would double the construction level expected this year.
"That turn in the [housing] market is occurring now and it should become a boom by 2015,” Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary, told CNNMoney.

Source: “A New Housing Boom,” CNNMoney (Oct. 12, 2012)

 

Neal Buckner, Broker/Owner, REALTOR®, CDPE

(520) 280-2766

Email: info@eliterealestatepros.com