One of the consequences of the housing debacle is that we’ve seen virtually no new home construction in the last 4 years, but while construction is at a halt, architects and designers are using this hiatus to explore new directions for the next building phase.

Green building is at the top of many minds. Think of green building and you think energy-efficient heating and cooling systems, but it goes way beyond that. There is a definite shift towards not-so-large eco-friendly houses that take into consideration the well-being of the people who live there. Homeowners are becoming more aware of how the toxic emissions from carpets, paint, flooring and furniture have been linked to respiratory and memory problems, and how some of the fire retardant chemicals that are applied to mattresses and upholstery have scientifically been linked to a laundry list of health woes. VOC's, or volatile organic compounds, emitted by finish materials are the culprits.

Evolving are new designs and new materials. A recent show on HGTV explored a house in Phoenix, AZ constructed from compacted dirt.

The use of sustainable materials is proliferating. The basic objectives of sustainability are to reduce the use of non-renewable resources, minimize waste and create healthy environments.

The use of natural materials and good ventilation assures the healthiest quality indoor environment. It will be interesting to see what the next round of building will bring to Fountain Hills, AZ.

If you have any questions about the state of the Fountain Hills real estate market, don't hesitate to contact me! I'd be happy to answer your questions. I hope to hear from you soon!

Erica West
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There are 235 single family homes on the market in Fountain Hills, AZ. 20% of luxury homes are distressed properties:

Price Range            Available            Foreclosures           Short Sales
$100-200K                  11                           4                           3
$200-300K                  34                           2                           6
$300-400K                  51                           3                          12
$400-500K                  21                           2                           3
$500-600K                  16                           0                           1
$600-700K                  20                           0                           0
$700-800K                  16                           0                           2
$800-900K                  10                           0                           1
$900K-1M                   10                           1                           1
$1M-2M                      34                           4                           3
$2M-3M                      10                           0                           1
$3M+                           0                           0                           0

Here is what buyers are buying on the Fountain Hills, AZ real estate market:

Price Range          Available             Foreclosures           Short Sales
$100-200K                 13                           2                            9
$200-300K                 21                           1                           14
$300-400K                  9                            1                            5
$400-500K                  3                            0                            2
$500-600K                  1                            0                            1
$600-700K                  1                            0                            0
$700-800K                  0                            0                            0
$800-900K                  2                            0                            1
$900K-1M                   1                            0                            0
$1M-2M                      1                            0                            1
$2M-3M                      0                            0                            0
$3M+                          0                           0                             0

If you have any questions about what is happening in Fountain Hills real estate, don't hesitate to contact me! I'd be happy to help in any way I can. Have a great day!

Erica West
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The inventory is rising. The trend seems to be changing.

Homeowners thinking of selling a home in Fountain Hills, AZ are feeling less threatened by the prices of the distressed properties. Recognizing that non-distressed properties, in general, sell for more than short sales and foreclosures, they are beginning to list their houses. There are 255 single family homes on the market, up from 231 in the beginning of November.

Note the comparison below that compares the AVERAGE price/sf. single family homes sold for from 9/01/2011 to 11/30/2011 in Fountain Hills, AZ:

Price Range                Non-distressed      High/low        Distressed
$100-$200,000               $113/sf.              $129/92           $104/sf.
$200-$300,000               $153/sf.              $164/86           $123/sf.
$300-$400,000               $139/sf.              $175/133         $113/sf.
$400-$500,000               $164/sf.              $183/118         $157/sf.
$500-$600,000               $160/sf.              $221/91           $135/sf.
$600-$700,000               $202/sf.              $204/200            none
$700-$800,000               $231/sf.               only one          $204/sf.
$800-$900,000               $204/sf               $227/181          $211/sf.
$900-$1,000,000            $183/sf.               only one             none
$1M- $2,000,000            $241                    $249/233            none

There can be a wide variation in square foot values. The high and the low are dependent on location, condition, size, amenities, (inside and outside), age, and desirability.

When you are ready to sell, hire an experienced Fountain Hills real estate agent who is a skilled negotiator, knows what brings value and knows the market.

Erica West
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There is a lot to think about when buying a Fountain Hills home, and often times home buyers forget that it's about more than just the price tag. Let your Fountain Hills Real Estate agent guide you through the process and make sure you're asking the right questions before making an offer.

Whether it’s a nest in a tree or a tunnel underground each one meets the lifestyle needs of its inhabitants. Home buyers in general know the basics of what they want, such as how many bedrooms and baths they want. But many do not explore enough beyond that.

The mistake so many buyers make is to not examine the functionality of a house before buying. It isn’t until after they move into their new home that they realize the house doesn’t quite work for them. That’s when the “dream list for remodeling” begins. Here are some questions to help you understand “how you live”. 

-Do you like to cook?  Is the kitchen functional for you?

-Do you eat together as a family? Can you sit together in the kitchen area?

-Is your bedroom a place to sleep? Or relax & read? Watch TV? Is the bedroom large enough?

-Do you spend a lot of time in the master bathroom? Is your master bathroom just functional or do you use it as a retreat? Is there a vanity?

-Where do you keep your linens and bedding? Is there a linen closet?

-In which room do you watch TV?

-Do you spend a lot of time outdoors? What outdoor activities do you do?

-Do you like to entertain? Is there room for formal dinner parties?

-When you entertain where do you gather? Indoors? Where? Outdoors?

-If you have children would you like to be able to watch your children while they are using the computer?

-Where do you keep your linens and bedding? Is there a linen closet ?

-How much storage space do you need? Is it where you need it?

-Where do you work on your computer? Is there a place for you?

-Do you like wide open spaces or small intimate areas?

-Do you prefer natural light or darker surroundings?

To avoid expensive mistakes consider the answers to these questions before buying your home in Fountain Hills. For more information about buying or selling a home and Fountain Hills Real Estate info, stay in touch with my Erica West Homes blog or contact me directly.

Erica West
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Homeowners, whether planning on selling soon, or whether simply curious about their current value  often research their home’s value online. Buyers, too, will research values online when zeroing in on a house. One of the most popular sites is   . They  call their values a Zestimate.  But is it dependable?

The answer lies in how they get the values. Zestimates are based on, among other things, a mathematical formula. Statisticians developed a model to determine home values by exploring how homes in certain areas were similar ( i.e., number of bedrooms, baths and a zillion other data points), then looked at the relationships between actual sales prices and  home details. These relationships form a pattern they used to develop the model.

How do they get the details?  It’s all public data and can be found online. So their values come from a mathematical formula and online information that may not, in itself, always be accurate. But what they can’t possibly take into account is the level of finishes inside, the topography of the lot, the views and the sensual & emotional appeal of a house, which basically means they cannot be trusted for accuracy,  often setting up unrealistic expectations, or they undervalue. Both can be harmful to the consumer.
It would be wiser to rely on an experienced expert Fountain Hills real estate agent for more accurate information.

Erica West
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  Price               Available    Foreclosures    Short Sales   
               
$100 - $200           13                 2                     5   
$200 - $300           40                 2                    12   
$300 - $400           44                 3                     9   
$400 - $500           25                 0                     3   
$500 - $600           19                 0                     2   
$600 - $700           18                 0                     1   
$700 - $800           12                 0                     2   
$800 - $900           11                 0                     1   
$900 - $1M            11                 2                     1   
$1M - $2M             31                 3                     3   
$2M - $3M             10                 0                     1   
$3M - +                  0                  0                     0   
               
  Price              Contracts     Foreclosures     Short Sales   
               
$100 - $200           16                  6                     9   
$200 - $300           14                  2                     9   
$300 - $400           13                  0                     6   
$400 - $500            5                   0                     5   
$500 - $600            4                   0                     1   
$600 - $700            2                   0                     1   
$700 - $800            1                   0                     1   
$800 - $900            3                   0                     2   
$900 - $1M             1                   0                     0   
$1M - $2M              1                   0                     0   
$2M - $3M              0                   0                     0   
$3M - +                  0                   0                     0   

If you have any questions about what's happening on the Fountain Hills real estate market, don't hesitate to contact me! I'd love to answer your questions. I hope to hear from you soon!

Erica West
Erica West Homes
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The weather is changing. As another season unfolds we continue to see hopeful signs of shifting winds. There is a rustling of consumer confidence. It appears we’ve fought through the worst of it.  Our Fountain Hills residential single family home market seems to have weathered the storms.

The end of October brings an increase in inventory, with 231 single family homes on the market. The increase is due in part to more short sales on the market.  There are forty this month, fifteen more than last month.

On the other hand, the number of foreclosures is dropping. There are twelve houses available, down from seventeen last month. Banks have not been rushing to foreclose. They are encouraging short sales because they lose less.

For the first time 19% of listed homes between $1,000,000 and $2,000,000 are distressed.

Comparing the last  3 years:
October 2009: 360 houses, 82 distressed
October 2010: 325  houses, 69  distressed
October 2011: 231  houses, 52  distressed

However, as the number of homes on the market decreases, the percentage of distressed property remains between 21%-22%.

Buyers continue to buy. There were 79 escrows opened in October. Thirty-four were short sales. Only eight were foreclosures. So long as the buyer activity continues, we are headed towards calmer weather.

If you want more information about the Fountain Hills real estate market, don't hesitate to contact me! As your Fountain Hills real estate agent, I am happy to help you in any way I can. I hope to hear from you soon.

Erica West
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One of the consequences of the housing debacle is lenders today are exercising extreme caution in approving a mortgage. Here are five things to be aware of :

1.    Income  Requirements. Mortgage  payment should not be more than 30 % of your gross monthly income.
2.    Maximum Debt allowed. Mortgage payments cannot exceed 45% of your gross monthly debt, including credit cards car and student loan.
3.    Credit score. Depending on which lender you use and the type of loan, you need a FICO score  somewhere between 620 and 660.  Even if your credit score is high enough to qualify, if you have any late mortgage payments, a short sale, a foreclosure or a bankruptcy in the last two years, loan qualifying could be difficult to impossible.
4.    Property  has to  appraise. If the property does not appraise, either  the seller can  lower the price to appraisal price, you can come in with the difference in cash or you can cancel the contract.
5.    Application problems. The days when lenders just took your word for it are long, long gone. Applications with incomplete or unverifiable information are doomed. Everything is checked and questioned.

Before you start looking for your Fountain Hills home, it would be wise to visit with a mortgage lender to be sure you can meet all the requirements.

Erica West
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At last! Someone who shares positive news about the near future and points to the last chance for buyers to see such low prices in their lifetimes.The good news comes from Dave Stevens, former head of FHA and the current President and CEO of the Mortgage Bankers' Association.  According to Stevens, there's sunshine on the horizon and it may be here sooner than anyone realizes.

Markets are local. Many states in the country did not suffer what Arizona, Nevada and Florida suffered. But the signs are beginning to show. Prices are beginning to stabilize in many areas and delinquency rates and foreclosure starts are down. Lack of inventory is widespread in many areas throughout the nation.There are markets where prices are beginning to rise. California is showing some surprising numbers.

While lack of inventory, once in a lifetime low interest rates, and bottom prices are the trifecta for buyers, lack of inventory, less foreclosures and delinquency rates, and buyer demand are the trifecta for sellers.

So long as interest rates do not go up, prices will begin to rise.

People who have been feeling stuck, waiting to sell, can begin to get on with their lives.

If you’ve been considering selling your home on the Fountain Hills real estate market, call me to learn what your market value is. There may be sunshine on your horizon.

Erica West
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Don’t believe everything you hear on the news. The news reports are screaming that no one is buying.

Check below to see what is happening in our Fountain Hills single family home market.

Here are the details of what is available and what buyers are buying.

Available Homes for Sale      Non-distressed           Foreclosures        Short Sales 
$100-200,000                            12                               4                         4
$200-300,000                            31                               5                         8
$300-400,000                            26                               1                         5
$400-500,000                            20                               1                         1
$500-600,000                            15                               0                         3
$600-700,000                            14                               0                         0
$700-800,000                              9                               0                         1
$800-900,000                            12                               0                         1
$900-$1m                                   7                               3                         1
$1m-$2m                                  24                               3                         1
$2m +                                        8                               0                         0

What Buyers are Buying?
Contracts in September           Total                   Foreclosures          Short Sales
$100-200,000                            13                            1                          10
$200-300,000                            18                            6                          11
$300-400,000                             8                             1                           6
$400-500,000                             7                             1                           4   
$500-600,000                             3                             0                           2
$600-700,000                             1                             0                           0
$700-800,000                             1                             0                           1
$800-900,000                             3                             0                           2
$900-$1m                                  1                             0                           0
$1m-$2m                                   1                             0                           1
$2m +                                        0                             0                           0

Fountain Hills is a unique and very desirable community. We are no longer the biggest secret in the Valley of the Sun. 

Erica West
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