photo credit: TheeErin
I had a client who used the Bank of American Doctor Loan program a couple years ago as she transitioned from medical school to her residency. It was perfect for her situation.
In the email I received earlier today, the Bank of America sales manager called this program new, so I imagine they’ve done some refining in this tight lending market. There are restrictions, but from a high-level, the program provides the following:
The Bank of America Doctor Loan is for residents and licensed, practicing doctors, including dentists and other eligible medical professionals. This home loan offers significant advantages for these buyers, including:
- As little as 5% down on mortgages up to $850,000 (some limitations apply)
- Employment start date up to 60 days after closing allowed
- Student loan debt not included in total debt calculation
- Financing for attached or detached single-family residences, PUDs and condos
If you have a relationship with Bank of American already, contact your branch for details. If not, let me know and I will pass on the contact information that I have.
photo credit: Riebart
This past week, U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.) sponsored a bill that would require lenders to respond to consumer short sale requests within 45 days. The bill, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010” is supported by the National Association of Realtors (NAR), although the Mortgage Bankers Association has not weighed in. It’s not certain that the bill will get out of committee, but it absolutely is an acknowledgement of the time challenge of a short sale.
NAR President and Tucson Realtor, Vicki Cox Golder, has commented: “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.”
Anyone who has participated in a short sale knows it can be a long and arduous process. I was in a HAFA short sale class recently where the informal survey of 75+ agents showed a range of 30 days to 18 for closing a short sale. And, the result of this online survey asking "What’s the longest it’s taken to get a short sale done?", shows that (as of 9/19/2010), over 60% of short sales were taking 6+ months, and more than 80% are taking more than 4 months.
For the full article read, the REO Insider - Bill sets 45-day deadline on lender short sale decisions
Scottsdale is using social media to reach out to where you are – our tech savvy citizens, business owners and visitors!
In an email update I received from the City of Scottsdale today, I noticed a link to the Scottsdale Media Center. I’ve been getting Twitter updates from the City of Scottsdale for awhile, but was pleasantly surprised to find a couple new avenues to get information about the city I live, work, and play in.
On Twitter, there are city government, police, and fire Twitter streams to follow. On Facebook, there’s a ScottsdaleAZ page, and several fan pages for departments like planning and development, parks and recreation, and the library. There’s a link to a YouTube channel, plus links to sign up for email or RSS feeds.
A pleasant surprise to complement the extensive city web site that can be found at ScottsdaleAZ.gov.
Visit the Scottsdale Media Center to sign up, follow, and like!
Discovered this cool tool at Altos Research today. You can click on the pins on this Google map and see the history of the median price for homes in each of the Scottsdale zip codes.
Please note that this tool is “real time”, so if you click on one of these pins next year, you’ll get the report as of that date, not today…. so, you may want to bookmark this post, or sign up for one or more of the email reports that are available, to keep you up to date on current Scottsdale home prices, by zip code.
Via the City of Scottsdale:
Tour the Old Mission and then board a trolley for a two-hour guided tour of the Arts District, Civic Center campus, Hotel Valley Ho, Southbridge and the Waterfront area.
Free Cultural Trolley tours of Downtown Scottsdale take place at 10:30 a.m., the second Saturday of every month. Registered tour attendees meet at the Old Adobe Mission located on the southeast corner of Brown Avenue and Second Street. Reservations are required.
Call (480) 634-6850 to make them. LocalMotion tours are provided by Ultimate Art & Cultural Tours.
Here’s one intersection you’ll want to avoid for the next ten days:
The intersection of Scottsdale and Camelback roads will be reduced to one lane in all directions starting Tuesday, Sept. 7 through Sept. 17. The restrictions are necessary to permit repaving of the intersection and to install new crosswalks. Motorists are advised to take extra care in this area and expect longer travel times. Access to local businesses will be maintained at all times during this project.
The Goldwater loop to the west of Scottsdale Road is one option that will bypass this intersection, and should get you where you are going faster.
View Scottsdale and Camelback Roads in a larger map
The latest traffic restrictions in Scottsdale can be found at http://www.scottsdaleaz.gov/traffic/restrictions.
To sign up for traffic alerts (via email) from the City of Scottsdale, visit https://eservices.scottsdaleaz.gov/listserve/
One of the phrases you often hear in real estate is “Location, Location, Location“, and that it means everything. Equally important is “Price, Price, Price“.
This chart tracking “Months Supply by Price Range (Based on Sales per Month)” is one of my favorites to monitor “the speed of real estate” in Phoenix.
Just a couple months ago, it was a Seller’s Market for homes priced $275K and under, and today, only homes priced under $75K have less than five months of inventory. (Inventory is number of houses on the market, divided by rate of monthly sales.)
We are now seeing a Balanced Market for homes priced between $75,000 and $400,000, where there are an average of 5-7 months of inventory.
Over $400K, there’s been some improvement in the $500-800K price range, although higher price points are still looking at a year and more of inventory. The more inventory, the more competition sellers have, and it’s easy to expect prices to decline further in these upper ranges. Scottsdale’s real estate prices average higher than the rest of Phoenix Metro (with the exception of Paradise Valley), so presumably will feel this impact more than most cities.
Bottom Line: In today’s market, the Seller advantage at the low end of the market is decreasing, and the balanced market, that will begin to signify that we are approaching some sort of equilibrium, is expanding. While there is some improvement at certain price points in the luxury end of the market, it’s still very much a Buyer’s marker.
Prior Posts on Phoenix Real Estate – Housing Inventory Levels:
Steady as She Goes – Greater Phoenix Home Inventory Update – July 2010
Phoenix Real Estate Update: Comparing 2009 / 2010 Housing Inventory by Price Range – May 2010
Insight into the Hot Phoenix Real Estate Market – October 2009
Buyers Market? Sellers Market? Depends. – August 2009
If you don’t believe the Phoenix real estate market is changing, you’d better look at this! – June 2009