When it comes to Arizona real estate there are many bargains out there and if you are a home buyer this is your time to shine. The benefit of being a AZ home buyer today is that you can afford to be picky, after-all you are in charge. You may be looking at five houses, which one is best for you? Which one has the best schools, the best amenities, the best features? Maybe two of them do, you can make offers with both and see which seller will give in more. Today’s home buyer has the position of bargaining power.

Low mortgage rates, which are at historic lows and do not appear to be rising any time soon, high inventory and a continuing stream of foreclosures continue to keep homes prices at reasonable, if not bargain, levels. Low mortgage rates alone help make the cost of buying a home more reasonable than in recent years. High inventories are making home prices competitive and foreclosures, while they may have slowed, are still coming.

The bottom line is that it is possible to find a great AZ real estate bargain today. There are sellers that are motivated out there and if you are a buyer you have an opportunity to stand your ground and try to get the best deal that you can.  Let Tony Marriott, an AZ Realtor, help you find your perfect Arizona home today.  Contact the Tony Marriott Team at 888-577-6585 or by email to search Arizona homes for sale.

Click here to read a recent article from Realty Times regarding the real estate market and the deals that exist.

Reverse mortgages are costing less these days, making them possible lifelines for those trying to find ways to stay in their Arizona homes. What is a reverse mortgage? A reverse mortgage is a loan, or line of credit, available to people aged 62 and older who either do not have an existing mortgage on their homes, or have a great deal of equity built up on their homes.

Reverse mortgages used to be criticized for their large, upfront fees. Recently, however, the fees for reverse mortgages have lowered, making the loan more appealing in the process. Borrowing money has enabled many Arizona home owners to pay their medical fees, monthly expenses and more. In a tough climate, where many of retirement age have lost the bulk of their money, reverse mortgages have allowed people to stay in their homes and sustain their monthly bills and expenses.

At one time an AZ home owner could depend on selling his property, today, with the real estate market on shaky ground, selling a home is more difficult and will most likely yield quite a bit less money than a few years ago. Reverse mortgages have the opportunity to help some people out of a sticky situation.

Tony Marriott, an Arizona Realtor, would be happy to provide you with more information about Arizona real estate or reverse mortgages.  Contact Tony Marriott at 602-445-6299 or by email to set up an appointment today!

Click here to learn more about the reverse mortgage.

The heat of summer means barbecues, water fights, trips to the pool and lots of outdoor fun, it also means higher than normal water usage.  In most parts of the country, water is a precious commodity and an increase in usage can not only hurt your wallet but your environment as well.  Here are a few ways to cut back on water consumption.

• When it comes to the outside attempt to plant flowers, shrubs and plants that require less water than others.  Xeriscaping can be beautiful and conserve water at the same time, and especially makes sense in the blazing Arizona summers.
• Examine your sprinkler system and if it is on a timer system set it for once a day, every other day, preferably at night when the water won’t evaporate in the heat of the sun.  If your sprinkler is a manual one, turn it on after the sun goes down.
• Inside your AZ home make sure that your appliances, like dishwashers and washing machines, are energy star compliant.  It is also a good idea to wash full loads whenever possible to make the most of your water consumption.

Do your part to pay attention to your water consumption and cut back where you can.  It is important to conserve water for both your community and your bank account.

Click here to read an article from Realty Times about conserving water at your home.

If you are looking for the best Arizona Realtor, Tony Marriott would love to help you find your dream Arizona home.  Contact Tony Marriott at 602-445-6299 or by email today.

There are a variety of ways to finance an Arizona home, some being more traditional while others are lumped in the creative category. One form of creative financing is called a wraparound loan. A wraparound loan, also called an all-inclusive mortgage, enables an AZ home buyer an alternative when the buyer is unable to secure a more traditional mortgage.

A wraparound loan is, in effect, a second loan on a home, being placed below an original mortgage it will include the unpaid balance of the original mortgage as well as whatever additional money is necessary for the buyer to purchase an Arizona home.

A wraparound loan benefits both the seller and the buyer, enabling the buyer to acquire a new home without qualifying for a loan and allowing the seller to choose a higher interest rate. This is a viable option for a home buyer who is unable to get a home loan on their own.

The tightening of the financial Arizona real estate market coupled with stricter lending policies has created the basic need for alternative methods of lending. A wraparound loan is not always feasible but can offer home buyers a unique financing opportunity in the right situation.

For other options or answers to your Arizona real estate questions, please contact Tony Marriott, an Arizona Realtor, at 602-445-6299 or by email.

Trying to acquire an interest only loan is about to get tougher.  Fannie Mae is changing the rules to make qualifying for interest only loans a more stringent process.  The biggest difference will be the percentage that a nationwide or Arizona home buyer will have to put down on their real estate transaction.  Under the new rules a borrower will have to put down 30% of the home’s value to qualify for a Fannie Mae-backed interest-only mortgage.

Fannie Mae does not issue mortgages but buys them from lenders who do.  If Fannie Mae doesn’t like what it sees, it will not purchase the mortgages.  The goal behind the qualification changes is to make sure that borrowers can afford to pay their mortgages.  The bursting of the housing bubble has created the need for security, to avoid any repeat performance in the future.

Click here to read an article from CNN Money regarding interest only loans.

Tony Marriott, an Arizona Realtor, can help you learn more about applying or qualifying for interest only loans.  Tony Marriott is also an Arizona real estate expert and can be contacted at 602-445-6299 or by email.

 With just under two seeks left to use the tax credit there are a few points about the credit to remember.  The home buyer tax credit originated as a first time home buyer tax credit but it is no longer just for first time Arizona home buyers.  If you have lived in your home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.

Another important point is that if you are a current AZ home owner who qualifies for the tax credit you don’t have to be moving up.  Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.

If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30.  The Arizona home does not need to close before June 30, but the contract date is nearing.  The tax credit offers home buyers a great opportunity to save some money, so contact Tony Marriott, an experienced Arizona Realtor, today and get out there and start looking at Phoenix area real estate today.  Tony Marriott can be reached at 888-577-6585 or by email.

Click here to read all about the home buyer tax credit.

The first step in buying a new home involves money. Determining how much you can spend is incredibly important. Examining your income and expenses and paying careful attention to your particular situation will reveal how much you can afford for a mortgage. It is extremely important to buy an Arizona home you can afford not one you would like to afford.

Once you have determined what you can afford it is a good idea to get qualified for a loan. There are banks, mortgage brokers and private lenders. Examine who will give you the best rate and the best loan. Acquiring a mortgage is a large step and doing your research is important.

There is a lot of talk about how hard it is to get a loan today. While it is true that money was being handed out very easily in the past, it is not impossible to get a loan. If you have income, can put a down payment down on a home and have good credit there is no reason that you won’t qualify for a loan.

To speak with a qualified Arizona real estate agent, please contact Tony Marriott.  He can give you more information on Arizona property for sale and how to qualify for a loan.  The Tony Marriott Team can be reached at 888-577-6585 or by email.

A seller’s disclosure (or lack thereof) of problems with his Arizona home can bring up a slew of questions, that leaves a large grey area regarding the truth.  In today’s Arizona real estate market it is clear that many sellers simply want to sell their homes, and when they receive a contract all they want to do is see the closing come to fruition.  The desire to close can make a seller conveniently forget about issues that exist with the home, which means a buyer owes it to himself to seek out the truth.  What is the best way to find out what issues may exist with a home?  Hire a home inspector, and make sure the inspector has a solid reputation.

A home inspection can make or break a deal but it is extremely important for a Arizona home buyer to know what issues may exists with the contracted home.  Important issues like mold, a leaky roof, the presence of radon, termites and the like, can pose an inordinate amount of problems and facing them head on and clearing up the problems will benefit everyone in the long run.

Most states have disclosure laws, whereby homeowners must disclose any issues that exist.  However, finding out after closing that the seller did not disclose certain information ahead of time can lead to costly and lengthy legal battles.  Do yourself a favor, if you are buying your home examine it carefully before sealing your deal.

Click here to read an interesting article on disclosures from Financially Fit.

Tony Marriott, a respected Arizona real estate agent, can help you navigate any of these problems when negotiating to buy an Arizona home for sale.  Contact the Tony Marriott Team at 602-445-6299 or by email today to answer your questions, or to search for Arizona property for sale.

Buying a new Phoenix AZ home is a big step, and an expensive one at that.  After qualifying for a loan, locating a home and going under contract there are many questions to be answered regarding financing your new home.  One such question is how much money should be put down.  If you can afford to put down more than 20%, should you?

When purchasing a new Arizona home it can be beneficial to put down as little money as possible.  Having cash left over in your bank account can mean extra money for home improvements.  Less money down enables Arizona homeowners to maximize the tax benefits that come along with home ownership.  Mortgage interest and property taxes are deductible from a person’s state and federal income taxes.

On the flip side, paying more up front can save quite a lot of money over time by reducing the initial debt and therefore saving on interest payments.  Evaluating what makes more sense in your particular situation is a smart way to go.  Either way you will save, money on taxes or money on interest.  Of course not everyone has the extra money to ponder this dilemma, but if you do, having this choice can be good.

Tony Marriott, a Phoenix area realtor, can help you search for Phoenix homes for sale and help guide you on the best mortgage for you.  The Tony Marriott Team can be contacted at 602-445-6299 or by email for more Phoenix AZ real estate questions.

Thinking About Using Tax Credit Toward Buying Arizona Real Estate? Act Fast!

If you are thinking about using the extended and expanded home buyer tax credit to purchase an Arizona real estate this year, then you better act fast. 

The tax credit can be used on homes purchased by July 1, 2010, but the Arizona homes must be under contract by April 30, 2010.  What does this mean?  You have a little more than a month to locate your new home. 

The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:

• Homes must be closed by July 1, 2010, under contract by April 30, 2010.
• Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
• There are income restrictions, $125,000 for singles, $225,000 for couples.
• The credit is also affected by being single or married.  Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners.  Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
• The credit will need to be repaid if you sell your home within a time period of 36 months.

Remember, time is running out.  Contact the Arizona real estate professional, Tony Marriott, today to start looking for your new Phoenix or Scottsdale AZ home for sale if you intend on using the tax credit.  Tony Marriott can be contacted at 888-577-6585 or by email.