is working with his broker digesting and analyzing the government's mortgage funding plans. Look for a blog soon. To see my blog go to: http://ping.fm/f3ZW9

is meeting with his first time homebuyer client to complete counter offer for home purchase. One more step moving ahead! Hooray.

Patience, Excitement, Stress

The Phoenix real estate market is booming. Over the last 8 months, over 5,000 single family home sale transactions have occurred each month. In January, 2009, over 6,000 homes sold. Over half of these sales have been REO properties. The great opportunity in this market is for first time homebuyers. In my opinion, prices are at or very near the bottom. Interest rates are in the 5 to 6% range and there are all types of changes in the mortgage market. President Obama has just announced his plans for the housing industry. More changes are on the way.

How does all of this translate to patience? Simply, I am currently working with a 21 year old single homebuyer. I'll call her Brenda. Brenda is anxious for all of the contract paperwork to be completed and she is working hard to understand everything involved in the process. The process has a lot of turns and every contract is different. Teaching patience is critical as things happen, and the process is not always smoothe. Brenda has had lots of questions. This is great to me because I have been able to educate her while building a trusting relationship.

Brenda is also very excited because she really likes the house. She exclaims "It's so cute. I love it!" Her excitement is more than contageous. Her friends are very happy for her and many cannot believe she's buying her first home at such young age.

My client is making one of the most stressful decisions of her young life. She is stressed, and I cannot blame her. I vaguely recall my first effort at buying a home. I didnt' do it. Too much financial pressure! Brenda has handled some curve balls during this process with understanding and maturity. In addition, she has been able to make quick decisions with regard to properties we have viewed. This has carried forward into considering contract options and moving ahead with good decisions.

Brenda and I have a few more hurdles to clear on the way to finalizing the contract. Once that's done we get to go through the inspection process. While the property looks good, we will be taking full advantage of our professional inspectors to make certain the house is as good as it looks.

Stay tuned for more updates.

If you would like information on a free eBook for first time homebuyers, click here.

To get information from our broker on other Phoenix real estate news, just click here.

is playing my favorite real estate game, hurry up and wait......... Hopefully additional paperwork will arrive before the evening is over.

REO Process

An interesting thing happened on the way to the forum.... Oops, that's from the movie.

The good thing about dealing with lender owned properties in the current market is that it's a lot like riding a bicycle for agents. I remember learning to ride that bicycle, falling over, bumping into things, misjudging where I was going. The came can be said for REO sales. Once I got it figured out, it's a process that just has to be navigated.

The flip side of this is helping the first-time homebuyer be patient with the whole thing. They don't know what they don't know. As their agent, it is my job to explain everything ahead of time, what may happen, and if certain things happen, how much time and what the potential outcomes are. That said, we are playing the waiting game. First time for this client, and she is so clear on what she wants. She really likes the house we found, and now is anxious for a decision. Who can blame her. I recall vaguely the anticipation of the first house I bought.

It is nice to be able to reassure her that this happens, and it seems a bit more lately. That is good news because it shows that the market is active, pricing (in my opinion) is at or very near the lowest point it will be. Interest rates are great and it is time for people to make the move into home ownership.

I'm looking forward to this weekend and a favorable answer for my client. What are YOU waiting for? Give me a call and I'll help you get started looking for your new home!

If you'd like more information on the home buying process, click here to get a free copy of our eBook for first-time homebuyers.

For more information on Phoenix real estate, click here to go to our website.

getting ready to head home for the day. Interesting day with questions from last months buyer and coordinating a multiple offer contract addendum today. Fun stuff!

is meeting with his buyer to amend our offer from yesterday. Keep 'em moving. First time homebuyers are great!