It can feel overwhelming to realize that you and your family might be on the brink of losing your home. You may have initially missed just one residential mortgage payment, but then another slipped by and before you knew it, the bank is threatening foreclosure. It is essential for Arizona residents to face the possibility of foreclosure - a lender taking over possession of a homeowner's home due to the homeowner's failure to make mortgage payments - head-on.
Property owners who owe more on their property than the property is worth may feel overwhelmed when trying to figure out their options. For many, the first step to take is to understand the many terms out there and what these terms mean. Arizona property owners may have heard the term short sale and may be wondering if a short sale can help them.
Despite the lower home sale numbers in most of the Phoenix area, one region of the housing market has actually seen an increase. Real estate transactions for multimillion-dollar mansions are occurring at nearly twice the rate of last year.
The Arizona real estate market has seen a rise in foreclosure rates after a recent lull. The increased numbers may result in more bank owned property purchases that could translate to good opportunities for homebuyers in the area but may be stressing more mortgagors than before.
With its warm weather and beautiful landscapes, Arizona is a great place to live. This has drawn many to the state, including individuals from other countries. In fact, across America last year, more than $92 billion in real estate was snatched up by overseas purchasers. The primary driver of such sales is wealthy Chinese, whose buying increased 72% last year with the mean purchase in excess of $590,000. Arizonans may be interested to know that much of these foreign purchases are occurring in their state.
As many Arizona residents are likely aware, house flipping is the act of buying a house or property with the intention of eventually selling it for profit. For many, this can be a potentially lucrative investment. However, it can involve many complicated logistics. Not only does an investor have to be aware of certain market trends, there are also often many legal complexities involved. Successfully navigating such real estate transactions often requires legal expertise.
The turnaround of the national housing market has been a long time coming and some people in Maricopa have been struggling to find the right time to buy new homes. Trends over the last few years indicate that now may be the right time for Phoenix-area residents to consider getting into the housing market.