AZ Real Estate 03_23_14

Page 1

azrentals inside, powered by apartments.com

az realestate

SECTION RE SUNDAY, 03.23.14 THE ARIZONA REPUBLIC MONEY.AZCENTRAL.COM

catherine reagor REAL ESTATE

Confidence in Valley housing up

P

Jenifer and Greg Garner used money included in their FHA loan to fix up their Peoria house. MICHAEL SCHENNUM/THE REPUBLIC

The fixer-upper mortgage FHA loan product helps buyers get a house and rehab it

By Sue Doerfler

J

The Republic | azcentral.com

enifer and Greg Garner had saved up for a down payment on a home, but they hadn’t socked away enough to renovate one. An FHA-insured mortgage called the 203k enabled them to buy the house they wanted and update it, too. “We were able to move into a house that looked essentially new,” Jenifer Garner said. The 203k program, administered by the U.S. Department of Housing and Urban Development, allows buyers to not only purchase a property but receive funds for repairs and remodeling in the mortgage. This means they have little or no up-front, out-of-pocket costs for rehabbing. Homeowners who want to refinance also can apply for the mortgage. Improvements can be structural or cosmetic. They can be as involved as adding a second story or repairing a cracked foundation or as simple as replacing a faucet or repainting rooms. Other eligible expenses include room additions, roof replacement and new faucets, flooring, appliances and sinks. “Many properties on the market need maintenance,” said Markeita Roush-Wedlake, renovations/203k specialist with Bank of America. These homes are typically sell-

The Garners’ pool required cleaning and repairs. ABOVE: MICHAEL SCHENNUM/THE REPUBLIC; LEFT: JENIFER AND GREG GARNER

See LOAN, Page RE3

REACH US:

eople in metro Phoenix are more confident about the area’s housing market than people living in most other parts of the U.S. A new index tracking how residents of the nation’s largest metro areas feel about buying or owning a home has been produced by real-estate research firm and brokerage Zillow. The Valley’s overall housing confidence index is 66.7 percent, higher than the national figure of 63.7 percent, according to the first Zillow Housing Confidence Index. More than 300,000 people nationwide were polled for the inaugural index. The Housing Confidence Index is measured on a zero to 100 scale, with readings above 50 indicating positive sentiment. The margin of error is plus or minus 4.4 percent. The survey also found 15 percent of current renters in metro Phoenix want to buy a home within the next year. That’s higher than the national average of 10 percent. “Even after a wrenching housing recession, this data shows that the dream of homeownership remains very much alive and well, even in those areas that were hardest hit,” said Stan Humphries, Zillow chief economist. The number of houses for sale in metro Phoenix climbed 30 percent in the past year, and that is giving more people a chance to buy instead of rent, according to Zillow. However, Arizona housing analysts say sales are down as inventory climbs because there aren’t enough buyers in the market now. Seattle-based Zillow reports there are 4 million people across the nation who want to buy their first house this year. Renters in Miami, Atlanta and Las Vegas expressed the greatest desire to buy. New York has the fewest renters who want to buy a home, about 4 percent, according to the index, done in partnership with the Massachusetts-based research firm Pulsenomics LLC.

Deb Van Tassel, AZ Real Estate editor, 602-444-NEWS or deb.vantassel@arizonarepublic.com

Luxury Retirement Community for Active Adults Over 62. Come And Experience The Hospitality!

Call Us. NOW..

To make reservations to be our guest for complimentary lunch and tour.

For more information, see our ad inside!

LUXURY RETIREMENT COMMUNITY OF SUN CITY

623-933-1313 • www.wooddalevillage.com

AR-0008186415-01

SCOTTSDALE | 9494 East Desert Cove Avenue | Open Today 1-4PM

SIMPLY BEAUTIFUL. Picture perfect landscape welcomes you MLS# into the inviting updated interior. New carpet, plantation shutters, Bedrooms designer lighting and vaulted ceilings. Granite island kitchen. Bath New stainless KitchenAid appliances, smooth cooktop and Maple Pool cabinetry. Chandelier lit dining room. Family room with fireplace. Sq. Ft. Master suite has a shelved walk-in closet, fireplace, private exit and striking bath. Romantic jetted tub for two, multi-head walk-in Parking shower, double sinks and vanity seating. Resort yard. Sparkling Lot Size pool, spa, built-in BBQ, dining patio, lush lawn and outdoor ZIP Code shower. Fresh interior/exterior paint. Three car garage has built-in Online Pics cabinetry. Tucked away on a cul-de-sac street with mountain views. Price - Joseph Callaway

Brought to you by Those Callaways, (480) 596-5751

- 5073411 -5 -3 - Yes - 3,763 - 3-Car Garage - 18,834 sq. ft. - 85260 - ThoseCallaways.com - $799,900

see more inside

PARADISE VALLEY | 6010 East Naumann Drive | Shown By Appointment

TROPICAL MIAMI-STYLE ESTATE IN EXCLUSIVE MLS# FINISTERRE. Located in guard-gated Finisterre, posh lawns Bedrooms and landscaping plus a dramatic arched gate offer entrée into an Bath expansive motor-court—tropical Miami, anyone? Regal foyer Pool w/towering walls of glass nestled behind an elegant fairytale staircase. Curvaceous galleria hallways. Living room w/backdrop Sq. Ft. of soaring view windows. Dining room w/spectacular inset ceiling ZIP Code motif accented w/delicate frescoes. Family room w/massive French Online Pics doors, beveled tongue-and-groove ceiling. Wine bar, walk-in wine Price tasting room. Gourmet kitchen. Luxurious rear grounds w/plethora of patios, fireplaced ramada all built around a sparkling pool. Visit tourfactory.com/1116736. See inside for full details, directions.

- 5070439 -4 -7 - Yes - 10,001 - 85253 - BaldwinTeam.com - $3,995,000

Brought to you by Sandra Baldwin, Russ Lyon Sotheby’s International Realty see more inside

AR-0008179820-01


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.