Intel is laying 560 employees on May 31, 2016. Total 312 jobs eliminated in its Chandler R&D and 248 jobs are in its Ocotillo fabs. The ripple effect that creates new jobs when industries hire up, also results in job losses when the industries lose workers. More than 2,200 jobs are at risk in the East Valley alone.
Mortgage rates barely nudged in Freddie Mac’s latest Primary Mortgage Market Survey, with mortgage rates remaining near the lowest level of the year and the lowest level in nearly three years, as the chart below shows.
The 30-year fixed-rate mortgage averaged 3.59% for the week ending April 21, up from last week’s when they averaged 3.58%. A year ago at this time, the 30-year FRM averaged 3.65%.
In addition, the 15-year FRM this week came in at 2.85%, down from last week when it averaged 2.86%. In 2015, the 15-year FRM averaged 2.92%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.81% this week, falling from 2.84% a week prior. A year ago, the 5-year ARM averaged 2.84%.
“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize. As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59%,” said Sean Becketti, chief economist, Freddie Mac.
“The release of March’s existing-home sales report, which shows monthly growth at 5.1%, suggests homebuyers are taking advantage of low mortgage rates as the spring homebuying season gets underway,” Becketti added.
Median Lease: $1,300 – Increase from $1,250 previous month.
Average Lease: $1,440 – Increase from $1,412 previous month.
Avg. Days on Market: 26 – Decreased from previous 31 days.
Rent Check Quotient™: 3 : 10 – Decreased from 2 : 5 last month.
Closed Rental: 2,184 – Decreased from previous 2,351 homes.
Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.
Cap rates and Cash on Cash are still above 4.65%, It’s still good time to ACT!
Many buyers today want move-in-ready homes and will quickly eliminate an otherwise great home by focusing on a few visible flaws. Unless your home shines, you may endure showing after showing and open house after open house — and end up with a lower sales price. Before the first prospect walks through your door, consider some smart options for casting your home in its best light.
1. Have a Home Inspection
Be proactive by arranging for a pre-sale home inspection. For $250 to $500, an inspector will warn you about troubles that could make potential buyers balk. Make repairs before putting your home on the market.
2. Get Replacement Estimates
If your home inspection uncovers necessary repairs you can’t fund, get estimates for the work. The figures will help buyers determine if they can afford the home and the repairs. Also hunt down warranties, guarantees, and user manuals for your furnace, washer and dryer, dishwasher, and any other items you expect to remain with the house.
3. Make Minor Repairs
Not every repair costs a bundle. Fix as many small problems — sticky doors, torn screens, cracked caulking, dripping faucets — as you can. These may seem trivial, but they’ll give buyers the impression your house isn’t well maintained.
4. Clear the Clutter
Clear your kitchen counters of just about everything. Clean your closets by packing up little-used items like out-of-season clothes and old toys. Install closet organizers to maximize space. Put at least one-third of your furniture in storage, especially large pieces, such as entertainment centers and big televisions. Pack up family photos, knickknacks, and wall hangings to depersonalize your home. Store the items you’ve packed offsite or in boxes neatly arranged in your garage or basement.
5. Do a Thorough Cleaning
A clean house makes a strong first impression that your home has been well cared for. If you can afford it, consider hiring a cleaning service.
If not, wash windows and leave them open to air out your rooms. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Wash light fixtures and baseboards, mop and wax floors, and give your stove and refrigerator a thorough once-over.
Pay attention to details, too. Wash fingerprints from light switch plates, clean inside the cabinets, and polish doorknobs. Don’t forget to clean your garage, too.
Courtesy of Houselogic.
© Copyright 2016 NATIONAL ASSOCIATION OF REALTORS®
Per Forbes, the top 11 cities for working parents are…
- Gilbert, AZ
- Plano, TX
- Chandler, AZ
- Fremont, CA
- Irvine, CA
- Garland, TX
- El Paso, TX
- Lexington, KY
- Chesapeake, VA
- Mesa, AZ
- Scottsdale, AZ
For more information about how Forbes came up with this list, click here for more information.
If you don’t know yet…
- Arizona is the 2nd Fastest Growing State in the US
- Phoenix is the 6th Largest City in the nation
- Greater Phoenix is the 12th Largest Metropolitan in the US
- Population of 4,489,101 per 2014 Census Bureau
- 24th Busiest Airport in the world
- 10th Busiest Airport in the United States
Some of the major employors here in the metro Phoenix area are…
- Banner Wealth
- Wells Fargo
- American Airlines
- Bank of America
- American Express
- General Dynamics
- Dignity Health
- Southwest Airlines
- State Farm
- General Motors
According to the latest data from Scottsdale-based research firm RL Brown Housing Reports, new home sales are up around Phoenix area and builders continue to take out more permits for new construction compared to last year.
RL Brown’s February numbers show there were 980 new home sales in the Phoenix market last month. That’s a 38.2 percent jump from the 709 new homes sold in February 2015.
For the year, there have been more than 1,700 new homes sold — up 29 percent from the first two months of 2015.
The median new home price this year is just over $304,000, up 3.1 percent from last year.
Builders also continue to take out more permits for new home construction. They took out 1,380 permits in February, up 32.4 percent from last February, according to RL Brown. New home permits are up 43.2 percent for the year (2,637 vs. 1,841 permits taken out in January and February 2015.