I love a hot buyers market, much like my love for our hot Arizona sun, this is another market for the history books! Inventory is plentiful, builders are rolling over so you can rub their scary pit bull bellies. Owners are realizing their house isn't worth the ten million dollars they thought it was worth because of the tile floor they put in themselves. Banks are getting smarter, mortgage fraud and the scumbags who were doing it are going to jail and the industry is correcting itself. The part time Realtors and loan officers are going back to what ever niche they came from, all is getting right with the market. When is the next sellers market? If I had a crystal ball I would be retired by now, but rest assured it is coming.

Does anybody remember the 2005 sellers market? That was when a house would go on the market for a matter of minutes, and in less than thirty of those minutes, the place was crawling with buyers and agents. I do not miss having to include an "escalation clause" in my contracts so that my client would "win" their choice of a home. For those of you unfamiliar with that clause it basically means my clients offer would beat any other legitimate offer in writing, by anywhere from one to fifty thousand dollars, depending on the house and sales price.

New loan products are emerging from the banks including a bond program from the city of Phoenix, call "The Home in 5" first time buyers program, they give you five percent of the sales price as down payment and allow up to 6 percent closing costs, sure it is FHA and yes they do things their own way but what a great deal. Do you have to pay the 5 percent back? Only if you sell the property before nine years has passed, and lets face it, if you do sell, who cares! You only pay back a portion of the loan depending on how long you are in it as they will pro-rate it and if it weren't for them loaning you the money you would not have gotten the home anyway! If you have any questions about the bond program, or loans and homes in general call or email me anytime.