Gilbert Days could face financial troubles

gilbert-days The Reeves Team has been a long-time supporter of the Gilbert Days events so we were saddened to read about possible financial concerns in a recent East Valley Tribune story. It appears the economic troubles that has taken a toll on the auto industry is also effecting the Gilbert Days event.

San Tan Ford, who has been the $25,000 title sponsor for the event over the last couple of years has pulled out of the same roll this year. The sponsorship is not the only concern. There is also a concern with the actual grounds the event is held on.

Gilbert Days Rodeo Park has been seeing some disturbing ground shifts lately. There are concerns about the future of the site which is built on an old landfill site. One proposal would move the Gilbert Rodeo Park from its current Val Vista and Ray location to Queen Creek and Greenfield.

Gilbert Days has long been a staple of the community and this is not the first challenges the event has faced. Gilbert has always found a way to ban together and work through problems and we are sure they will continue to do so. We look forward to being a part of this year’s Gilbert Days and many more to come.

Phoenix new home sales rebounding

new-home Last week we wrote a post telling our readers and customers how the market has hit bottom and is in the process of rebounding. This week the East Valley Tribune has a story talking about how new home prices have stabilized in the Phoenix housing market.

A report by RL Brown showed the median new home price had risen from $208,045 in January of 2009 to $210,000 in February. While new home starts was down to 713 in February from 733 in January, the number appears to also be stabilizing. New starts in February of 2008 and 1,813.

With the reduction in new home starts over the last year the supply is finally being absorbed by the market which is allowing prices to recover. It is estimated that the construction permits will now start to recover too and could reach 1,500 within the next three to four months.

When making repairs look at your kitchen and bathroom to add value

sink_repairs_peeling_surface If you are looking to put work into your home and and hoping to get the best return on your investment you can, look to the kitchen and bathrooms. Any one who has watched a home repair show on cable tv has heard this, and it is true.

When fixing up these rooms there are two approaches, both will bring great results. The first approach is to do a complete overhaul. Adding granite countertops or travertine tile to your bathroom and kitchen will obviously add great value to your house. You will often get the complete cost of the upgrades back in value for these renovations.

You can also add a new tub and sink to your bathroom or new stainless steel appliances to your kitchen and get great value in return. Upgrading your cabinets in both rooms can also help with the resale value.

But maybe you don’t want to spend $30,000 for $35,000 in returned value. Good news, you don’t need to. You can add value to your home in these two rooms for much less money. First, paint. A fresh coat of paint in both rooms can bring a fresh look to a stale room. Another easy upgrade is to replace your hardware. In the kitchen adding new hardware to all the cabinets can bring new life for little money. Replacing sinks and faucets in each room is another way to add a fresh clean look for a reasonable amount of money.

Ask any real estate agent and they will tell you the comments they hear the most when showing houses are usually about kitchens and bathrooms. It’s true, these rooms go a long ways in selling houses. You don’t need to spend thousands in these rooms, but doing the little steps can help a lot.

Has the Phoenix real estate market hit bottom?

phoenix-marketHe get asked often when will the Phoenix real estate market hit bottom? Let it be known that Troy Reeves & The Reeves Team are letting you know that the market has hit bottom and started to come back. It’s true!

If you have a home in the Phoenix real estate market between $75,000 & $260,000 it has hit bottom and is starting to increase. The number of active homes in the MLS is under 50,000 homes for sale (we haven’t seen this low number in over 2.5 years). MLS pendings are over 10,000, we’ve never seen this.

The local media will start mentioning this over the next 2 months. But you heard it here first.

Gilbert Mayor Steve Berman defeated, Mesa will have new development

After yesterday’s primary election, it appears Gilbert Mayor Steve Berman will be out after his second term as the cities chief executive. Berman has been surrounded by controversies over the last couple of years and came in third in the primary election.

The general election will pit city councilman Donald Skousen vs. businessman John Lewis. Lewis captured 41% of the vote in the six way primary while Skousen received 20% and Berman received 16%.

While Mesa was not electing any public officials they did have a vote on Prop 300 to provide tax incentives to the Gaylord Resort to build a facility at the old GM Proving Grounds in east Mesa. The initiative passed overwhelmingly with 84% of the vote. If the project has the effect city officials are hoping for, Mesa and surrounding communities could see an economic windfall from the project in a couple of years.

Gilbert and Mesa elections today

votebutton-thumb.jpgToday are the Gilbert city elections and the Proposition 300 proposal vote for Mesa. Every four years when we elected a President, voters show up in droves. During the off year elections the turn out is usually several times less, even though the impact could be much greater.

The policies of the President and Congress will effect you no matter where you live, but the policies of your local government and propositions will often have a much greater impact on your daily life and the future of your community. If Proposition 300 is passed, and is as successful as those promoting the project hope it will be, then the impact those new jobs will have on Mesa, Gilbert, Queen Creek and Apache Junction economies can far out-weight the policies of what happens in DC. The same for the local Gilbert elections. This is only the primary, but the candidates who move on to fight for Mayor and City Council will have a much greater impact on your life than the Congressman you voted for last year.

The Gilbert housing market and Mesa housing market will be much more effected by what happens today than most things DC does. So make sure today you take a few minutes to vote.

Chandler property tax rates could increase, Gilbert Road project in jeopardy

chandler-property-taxes-for-road-repairsAccording to a report in today’s East Valley Tribune, the Chandler City Council is considering raising its secondary property taxes to pay for upcoming bonds that are intended to be used for road repairs and other municipal projects. The current rate is .84cents per $100,000 in evaluation rate. If the rate increase is passed the rate could go up to .97cents.

Current projects that are scheduled to be completed in the next two years are not at risk, but unless more revenue is generated projects in 2011-2012 could be in jeopardy. The cause to the current funding problem is the large drop in property value over the last couple years. With value down, tax revenue is coming up short of what is needed.

The two projects that seem to be in the most dangerous position of being cut are repaving of old roads and the widening of Gilbert Road from Queen Creek Road and Hunt Highway. The scenario most likely to be adopted by the Council would increase Chandler’s secondary property tax rate for six years then return it to the current level after growth recovered.

How to get your house sold in today’s market

get-your-home-soldSo you want to sell your home in this crowded market, but agents are telling you it will be hard to move it with all the homes on the market, what can you do? There are some basic steps you can do to make sure you home stands out.

  1. Price it right. Your real estate agent will get paid more the more your home sells for, they are not looking to give your home away so trust them on pricing. They are telling you not what you want to hear, but what you need to hear to get the home sold.
  2. Market it more than just on the MLS. Your real estate agent may tell you your home will be marketed on Realtor.com. That is great, you and every other house in the MLS that will automatically be put onto Realtor.com. More than 80% of home buyers are starting their searches on the Internet. Talk to your agent and ask them what else they will be doing besides the syndication that their MLS gives the.
  3. Make your home shine. You likely will not be able to beat foreclosure properties in price so you need to make your home stand out. Spend a little money to have the house cleaned professionally and get a storage location you can store a lot of your possessions in. The less clutter in the house the larger it will look.
  4. Curb appeal. Many lazy real estate agents that work with buyers will send the buyers a list of homes and tell the buyers to go drive by the outside and if you are interested I will show you the house. If the buyer is decided to look at your home or not based on a drive-by, you better make sure it looks good outside. Spend an hour or two every weekend keeping up with the front landscaping. It can make a difference in visits.
  5. Pictures, pictures, pictures. If someone is going to be judging your home on the Internet, show them what they are getting. Make sure your agent is providing buyers a lot of pictures of not only the home, but the community and what the neighborhood has to offer. Would you buy this home based on the pictures? If not then get new pictures.
  6. Neighborhood efforts. If there are a lot of homes for sale in your neighborhood a joint open house day may help. Just like a joint garage sale may get more traffic, so will a joint open house. Just make sure your house is the one that shines when people come in (see number 3 above).
  7. Become a second agent. Just because you have a selling agent doesn’t mean you shouldn’t be trying to sell your home too. Once your agent develops a webpage for your home (and make sure they do) then e-mail a link to that page to all your friends. Your friends may not be looking for a home, but more thank likely a few of them know someone looking. Use your network.

New legislation coming that could force lender to modify loans with bankruptcy

Homeowners who are over their head in debt could soon find relief from their mortgage payments if a new piece of legislation being supported by Barack Obama makes its way through Congress.  The bill allow homeowners to go to bankruptcy court and have a judge force the lender to modify the loan to an affordable monthly payment. Borrowers would also need to prove they tried to modify their loans with the lenders before bankruptcy court.

More information can be found in this AP article.

More details on new Making Homes Affordable housing program

Here are some highlight for what other people are writing about the new program.

U.S. Department of Treasury press release

The Mortgage Reports by Dan Green

Not 10 minutes after The U.S. Treasury’s official Home Affordable announcement March 4, 2009, the nation’s news sources were already printing misleading headlines and incomplete stories.

The ranged from sensational to mundane. Mostly, though, they were incomplete. Rest assured, my friends, you’re not getting a 2 percent rate on your mortgage.

Here’s the bullet points from today’s announcement:

* Loan modification guidelines for “at-risk” homeowners are defined
* Refinancing guidelines for “underwater”, on-time homeowners are not defined

From Justin McHood at Arizona Mortgage Team

I really don’t have an opinion on whether or not the plan will actually help the number of homeowners as claimed by the media (9 million) – because after all, what most people really want to know is “will the plan help me in my situation” as in… “what’s in it for me“?

And each situation is individual, so be sure to speak with as many people as you can about your options. Real Estate Agents, Loan Officers, Hope Now, Loan Modification Companies, Loan Modification Attorneys – speak with all of these people if you are having trouble making your mortgage payment.

And it is entirely probable that they will all tell you different information — and hopefully with the sum of the pieces, you will be able to paint the picture of what is best for you in your situation.

From Rhonda Porter of Mortgage Porter

The Home Affordable Modification program does not involve a refinance (which is a new mortgage replacing the existing mortgage). With a loan modification, the terms of the existing mortgage are modified. You can read the borrower qualifications by clicking here. This applies to borrowers who are dealing with “financial hardship” and this is a “full document” transaction including providing income documentation and verification that the home is owner occupied. Families with high debt levels may be required to complete financal counceling through a HUD approved counselor.