Chris & Shannan's Real Estate Insights!

Oct. 12, 2017

3rd Quarter Market Report

Overall the market continues to improve.  Depending on the area of town, certain areas have more appreciation than others.

The average sales price is up 14.17% in the past 12 months and the median price is up 16.24%.  The inventory hit a low 3338 units in July, which we haven't seen since about February of 2005.  It has been increasing every month since.


Get our entire Market Update HERE

Posted in Home Ownership
Oct. 10, 2017

Equifax Data Breach

The Equifax Data Breach is a huge issue!  We immediately put out a special newsletter to our past clients alerting them to the issue.  We checked ourselves on the Equifax site and it did indicate that our information was breached.
 

 Equifax (one of the big 3 credit reporting credit bureaus) had a major data breach in May and July.  They just announced it to the public in early September.

More than 143 million person’s records were exposed to include social security numbers, birth dates, addresses, driver’s license numbers, credit card numbers, and other information.

This information makes it easy for criminals to commit identity theft.

 

Some of the things a criminal can do is:

 

1.  Stealing your tax return and attempting to steal your refund

2.  Use your information to get health care, which may result in medical collections and their information can be mixed with yours.

3.  Giving your information to the police when they get arrested and creating a criminal record for you and might get you put in jail or prevent you from getting a job.

4.  Filing bankruptcy in your name or transferring deeds of property you own.

So What Can You Do?
 

 You can check out the site http://www.equifaxsecurity2017.com website – enter your last name and last 6 of your social to see if you might have been impacted, or

Call them at 866-447-7559

 
Equifax is offering free credit monitoring for up to a year.  However, with this data breach, your risk may be for many many years into the future.
 
Other services providing credit monitoring include http://www.identifyforce.com,   color: #2baadf;" href="http://www.protectmyid.com/">http://www.protectmyid.com, and Lifelock.

 

There has been some debate over 'Should you freeze your credit'?  This takes you contacting each of the three credit bureaus and paying a small fee to each.  This would prevent any new accounts being opened up and may prevent headaches down stream if someone does open up new credit.  The problem is that if you need someone to look at your credit, like a new or existing creditor, you must re-contact each credit bureau and pay another fee to lift the freeze then pay another fee to reinstate the freeze.

 

To freeze your credit:

 

Equifax:  1-800-349-9960  or visit freeze.equifax.com

Experian:  1-888-397-3742  or visit www.experian.com/freeze

Transunion:  1-888-909-8872  or visit freeze.transunion.com

 

 

Posted in Friday Update
Sept. 25, 2017

New MLS Area Map

With the recent upgrade in the MLS system - new MLS areas have been added and some boundaries have changed.  This is the current map.  Use these boundaries to adjust the search for your desired areas.

New MLS Areas

Sept. 20, 2017

FHA Loan Rules on Shared Wells

Here are the new basic rules for homes to qualifiy for FHA that have a shared water well:

 

“The Mortgagee must confirm that a Shared Well:

  • serves existing Properties that cannot feasibly be connected to an acceptable public or Community Water supply System;

  • is capable of providing a continuous supply of water to involved Dwelling Units so that each existing Property simultaneously will be assured of at least three gallons per minute (five gallons per minute for Proposed Construction) over a continuous four-hour period. (The well itself may have a lesser yield if pressurized storage is provided in an amount that will make 720 gallons of water available to each connected existing dwelling during a continuous four-hour period or 1,200 gallons of water available to each proposed dwelling during a continuous four-hour period. The shared well system yield must be demonstrated by a certified pumping test or other means acceptable to all agreeing parties.);

  • provides safe and potable water. An inspection is required under the same circumstances as an individual well. This may be evidenced by a letter from the health authority having jurisdiction or, in the absence of local health department standards, by a certified water quality analysis demonstrating that the well water complies with the EPAs National Interim Primary Drinking Water Regulations;

  • has a valve on each dwelling service line as it leaves the well so that water may be shut off to each served dwelling without interrupting service to the other Properties; and

  • serves no more than four living units or Properties.”

July 12, 2017

2nd Quarter Tucson MLS Market Report

Here is our

2017 2nd Quarter Tucson MLS Market Report  

 

 

Overall - prices are up and inventory is down.  See the report for more information!

 

Click HERE to See The Report

June 29, 2017

Home Loan Application Checklist

Home Loan Application Checklist

The thought of applying for a mortgage can be intimidating. In the past, the process was a complicated one. But mortgage companies have streamlined the process to make the application process easier. You may not need paper copies of everything since some mortgage companies can gather information electronically with your permission.

Personal information to gather would be to verify income, debts, credit score and assets. Of course, include a sales contract on the property to be acquired.

Download the Home Loan Application - CLICK HERE

June 12, 2017

Family Housing Resources Has Down Payment Assistance Funds Available

FHR has reserved its current allocation of WISH Funds

They still have HOME funds for 3.5% up to $3,700,

Which requires class prior to signing a contract

 

You must attend class and make appointment for counseling/eligibility

So they are ready when WISH funds become available later in the year

CLICK HERE for more information

June 2, 2017

Qualifying for Self-Employed Individuals

Qualifying for Self-Employed Individuals

 

Most loan programs require 2 years of self-employment for income from the business to be considered long-term and stable. Some exceptions do apply. These exceptions are most likely to be in the conventional, conforming loan programs rather than jumbo loans.

 

Individuals that have previous background in the same field of the newly established business may be able to get through the lending system with less than two years of self-employment.  For example, individuals who go from a W-2 position with their employer to a 1099’s position with the same employer may be able to demonstrate long-term and stable income with less than 2 years of self-employment. Professionals that move from employee to self-employed in the same line of work may be able to qualify with 1-2 years of self-employment.

 

These exceptions are made on a case by case basis so consult your lender.

 

May 26, 2017

Chris Pendleton & Shannan Marty - Accredited Better Business Bureau Real Estate Agents

Chris & Shannan are proud to announce that they are now Accredited Better Business Bureau Real Estate Agents!

Posted in Reviews
April 28, 2017

FNMA Eases Qualifying Rules on Student Loan Debt

FNMA Eases Qualifying Rules on Student Loan Debt

Student loan payments, even if deferred, are still counted in the debt ratio for mortgage qualifying. Previously, FNMA required 1% of the balance as a qualifying payment monthly.

FNMA will now allow the payment reported on the credit report to be used in qualifying. If the payment is 0 or not reported on the credit report, then lenders are required to use 1% of the balance or a fully amortized payment. This will make qualifying easier for may consumers.

Posted in Uncategorized