The lowest priced homes, under $100,000 are selling withind a few days, often with multiple offers.

Bank owned homes, (REO) ar also selling very well. REO new listings have been averaging 4,000 per month. Pending sales in this category are currently 6000. Obviously, even the older, stale inventory is now being absorbed. As a side note, this means if there really is a “shadow inventory” of foreclosures that haven’t been listed yet, the market seems to be standing ready to buy them.

On a more local level, homes for sale in the Sun City neighborhood have decreased in the last couple of months, and sales + pending sales have increased, a sure sign of a recovery in its early stages.

New appraisals are coming in at or above contract prices, and the Market Condition Report appraisers are now required to file no longer defines properties as being in a declining market.

Interest rates, while still at an artificial low, are starting to creep up. If you are thinking about buying a home, do it soon. Historically, when interest rates reach a low, they will rebound to prior levels quickly. This rebound can be very dramatic. Interest affects buyer costs much more than the sales price over the term of a loan. It also limits the home you can buy on any given income. Act soon to take advantage of these very attractive rates.

The government First Time Buyer Tax Credit is working, bringing renters into the market. HUD is now allowing lenders to provide bridge loans so the tax credit can be used toward closing costs. This reduces the out-of-pocket expenses for a home buyer. It is important to note that this is for closing costs, not for down payment purposes as some reported in error.

Another promising piece of news, Friday 6/19/2009, large banks began paying back the TARP loans. It is nice to see this program seems to have worked, but 75% of the money loaned has yet to be repaid.

And last, it is a small step, but GM announced Friday the company would be recalling 900 laid-off workers. Just a drop in the bucket, but the right direction anyway.

Jim Little | Ken Meade Realty | 623-521-6768 9514 W. Greenway Rd., Sun City, AZ Convenient central Sun City location, Friendly condo group. Your perfect seasonal or year-round home. 2BR/1.5BA Condo offered at $132,500 Year Built 1972 Sq Footage 1,658 Bedrooms 2 Bathrooms 1 full, 1 partial Floors 1 Parking 2 Car garage Lot Size 405 sqft HOA/Maint $145 per month DESCRIPTION Enter this beautiful duplex condo through your saltillo tile paved entry courtyard. This home features a light and bright step saver kitchen with a brakfast nook looking onto the entry courtyard. You will enjoy the formal dining/living area and your additional Arizona room and screened patio. Spacious 2 car garage with storage cabinets, and a good sized utility room also. see additional photos below PROPERTY FEATURES Central A/C Central heat Walk-in closet Tile floor Family room Living room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Washer Dryer Laundry area – inside COMMUNITY FEATURES Clubhouse Fitness center Swimming pool(s) Sauna/Spa Tennis court(s) Golf course Lake OTHER SPECIAL FEATURES Screened patio ADDITIONAL PHOTOS Street View Tiled Entry Courtyard Kitchen Breakfast Nook Living Room Greenbelt Contact info: Jim Little Ken Meade Realty 623-521-6768 For sale by agent/broker Equal Opportunity Housing Posted: May 29, 2009, 10:55am PDT

]]> http://jimlittleaz.com/2009/05/29/condo-for-sale/feed/ 0 http://jimlittleaz.com/2009/05/24/price-reduced-9514-greenway-rd-sun-city-az/ http://jimlittleaz.com/2009/05/24/price-reduced-9514-greenway-rd-sun-city-az/#comments Sun, 24 May 2009 19:17:33 +0000 jim http://jimlittleaz.com/?p=106 Just reduced to $132,000!

A lovely 2 bedroom 2 bath twin home.