“Don’t Choke on You A.R.M.”

The hunger for real estate in the southwest has begun to grow again.  While that is good news, we also don’t want you to choke on your arm.

Arizona State University real estate professor Karl Guntermann, who tracks the real estate trends across the state, is quoted in this morning’s Arizona Republic as saying, “The more than two year slide in home values is at or close to the bottom . . . and it may turn out that the low point in terms of price was in May.”  (For the rest of this article go to www.azcentral.com)

This graph shows the turn up in prices after a long decline starting in 2005.

Goodyear Arizona Real Estate Market

Further, the preliminary data for June shows the home price decline smoothing even further.  Given this and a diminishing inventory of available homes, the pressure has begun to push prices upward.

However, on the horizon is coming a larger 2^nd wave of rate adjustments for 5-1 A.R.M.s  (Adjustable Rate Mortgages which are fixed for 5 years before adjusting).  The rates on these loans will begin their re-alignment later this year.  Most experts believe this will have a large impact on prices in the home market as increased foreclosures and short sales will drive prices down.

So, what does all of this mean?  Don’t choke on you’re A.R.M.  If you know you have a loan that is due to adjust any time soon, then now is the time to consult a Certified Distressed Property Expert (CDPE) to begin the short sale process of your home.  And if you’re in a position to buy property, this is a great opportunity to contact an Accredited Buyer’s Representative (ABR) and find a home in one of the best Buyers’ Market in recent history.  Mortgage rates are still down and opportunities are still out there.  And, as always, the two of us are available to help you navigate through today’s real estate market.  We are both Certified Distressed , Experts (CDPE), ready to help you sell or “short sale” your home and we’re both Acredited Buyer’s Representatives (ABR),  so you can rest assured we are able to find you the best deal available.  Drop us an email or give us a call.

Tags: Goodyear Adjustable Rate Mortgage, Goodyear Housing Market, Goodyear Mortgage Rates, Goodyear Real Estate Market

Posted on Friday, July 17th, 2009 at 1:15 pm and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.