Real Estate in Phoenix, Arizona

Wondering what to do on a lazy Sunday afternoon? 

If you're in the mood for a great Sunday afternoon in Phoenix, here's the answer:  climb Piestewa Peak (formerly known as Squaw Peak).  There are seven trails to choose from, ranging from easy to moderate to difficult.  Only two trails go all the way to the summit; dogs and bicycles are not allowed on these two. 

The trail to the summit is difficult, yet is tackled by 4,000 to 10,000 hikers per week.  Plan a two hour hike on the Summit Trail, then be pleasantly surprised if it doesn't take you as long.  You will be climbing 1,200 feet in elevation on the 1.2 mile long trail.  Carry drinking water as well as a nourishing snack to fuel the climb.  From the summit you have a view of the valley in all directions.  Immediately to the east is the mountain preserve, to the south is the Biltmore area, with Phoenix and Glendale to the west.

Five of the trails are appropriate for equestrian use and dog walking.  Dreamy Draw Nature trail even has hitching racks and a horse trough for watering your horse.

 Parking is available for all the trails, and restrooms, drinking water and picnic tables are nearby for several.  For more information about the Piestewa Peak trails, visit http://phoenix.gov/PARKS/hikphgud.html

If you'd like to live in a city with a mountain reserve in its center, call Marsha at 623 337-8990 for information about real estate in Phoenix.   Or search for homes online at http://www.homekey.org/.

Homeowners who bought real estate in the '05-'06 boom, especially those who took out mortgages of near 100%, find themselves upside down with nowhere to turn.  With a mortgage of $400,000 and a current market value of $320,000, many are frantic to sell and get the load off their back.  But is selling the best answer for your situation?  Find your scenario and assess your options:

 SCENARIO 1:  We are staying to raise our family/retire here.

 If this is your situation, and your monthly payments are affordable for you, sitting tight may be the answer.  Values will climb upward again as time goes by, and when you eventually sell, you will probably have equity.  This may require a 2-5 year horizon, but if you love your community and have no financial or life pressures forcing you to move, it works for you.

 SCENARIO 2: Our mortgage will re-set next month to a higher interest rate.

In this situation, you need to be doing some serious number-crunching.  How much will your monthly payment increase?  Do you have the income to maintain that new payment long-term?  In some cases, you may be able to negotiate with your lender to keep that re-set from happening, but work it out before it's scheduled or before you miss a payment.  If the lender won't negotiate, selling may be the answer.  Selling for less than your mortgage payoff amount will require a short sale and the Lender's approval.  

SCENARIO 3:  We are already behind on our payments and we can't catch up.

Your situation is already desperate.  Call a Realtor to discuss selling your home ASAP.  This will be a short sale and you will need to give evidence to the Lender of the financial hardship which has caused you to fall behind.  You may also try negotiations with the Lender's Loss Mitigation department to keep the house, but do it now - don't wait another day. 

SCENARIO 4:  We have received a Notice of Default from the bank.

Your homeownership is hanging by a thread.  Waste no time - contact a Realtor who can explain the options of forbearance and short sale.  Time is crucial and every minute counts to prevent the pain of foreclosure.  The Notice of Default officially launches the foreclosure timetable, 90 days to auction/eviction in Arizona.  Act now to spare your family this tragedy.

Being upside-down in your mortgage can present special challenges, but your real estate professional can guide you to the best answer for your situation.  Contact Marsha Cleaveland at 623 337-8990 for your real estate needs.  Or visit www.homekey.org.

Glendale attracts thousands of visitors and new residents every year.  With a growing population and rapidly expanding business network, opportunities flourish.  You'll want to know what to see, where to go, and who to meet while you're here.  How can you find out about the city before your visit?  Check these websites for information about the city and events:

Visitors info

• http://www.visitglendale.com/
• http://www.arizonaavenues.com/glendale.php

Super Bowl & Game links

• http://www.glendalesgotgame.com/
• http://www.azsuperbowl.com/

Accomodations

• http://www.visitglendale.com/hotels.php

Relocation Guide

• http://www.azcentral.com/relocation/planning/nwoverview.html
• http://www.reloguide.net/index.php

News about Glendale

• http://www.glendaleaz.com/Glendale11/index.cfm
• http://glendalestar.com/

Economic Development

• http://www.glendaleaz.com/economicdevelopment/index.cfm

Arts & Culture

• www.glendaleaz.com/arts/newsletter.cfm
• www.glendaleaz.com/calendar/index.cfm

Glendale Parks

• http://www.glendaleaz.com/ParksandRecreation/index.cfm
• http://sportsillustrated.cnn.com/goodsports/communities.html

Real Estate in Glendale

• http://www.homekey.org/

Should you Short Sale?

If you're following the news, you've been hearing about the mortgage crisis in America.  Three factors have converged to create a difficult situation for many homeowners:

1)  The market spiraled out of control in '05 and '06 when many bought their homes at record-high prices.

2)  Buyers took ARM mortgages in order to afford the high-priced homes, with low starting rates which they could afford.  Now those rates are re-setting to higher, market rates, making the monthly payments too expensive, since wages have not risen dramatically.

3) Home prices have now begun to reduce to normal, affordable amounts - which is great for those in the market to buy right now, but difficult for those who bought when prices were high.  Now they may owe more than the home would sell for in today's market.

What should homeowners do in this situation?  First, know the terms of your mortgage.  Do you have a loan that will adjust?  If so, calculate what your new payment is likely to be, and begin putting money aside to carry you through those first tight months.  This will give you a buffer to make a sound decision when the time comes.

If your mortgage has already reset, and you are struggling, what are your options?

1) Refinance at a fixed rate - the best option if your credit is good and your home is still worth the amount you owe.

2) Work out a forbearance plan with the mortgage company - they may freeze the rates at the present level for a period of time, to allow the market value of the property to catch up to the loan value.

3) Short sale - if circumstances have caused your finances to bottom out - job loss, major medical costs, etc., the mortgage lender may allow you to sell the home for less than you owe.  You will lose any equity you may have built up, but the impact on your credit score will be less than for a foreclosure.

4) Foreclosure - the bank will foreclose if you do not pay your mortgage.  Act immediately to pursue one of the above options if you receive a foreclosure notice from the bank, as foreclosure is to be avoided if at all possible.

A Realtor can help you evaluate the best choice for your circumstances.  If you have already received notice from your bank, legal advice is highly recommended.  Be wary of people ready to ‘help' who have no professional licensing or credentials.  Some will take advantage of your predicament.

If you are in a tough situation, don't give up.  Call a real estate professional who understands these options and more.  There is a way out, and there are professionals ready and qualified to guide your journey. Learn the life lessons that come from the storms, and resolve to carry new wisdom into tomorrow.

For more information and an objective view of your situation, call Marsha Cleaveland at 623 337-8990. www.HomeKey.org.