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Judy Proctor

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Home Equity Loans

by Judy Proctor

            According to Realty Trac, a national real estate data firm, home equity loans are up 28% in Phoenix from last year.  Hmm, what does that mean? Are homeowners choosing not to move but rather making improvements to their homes?  Home improvement is usually good if you choose what will improve a home's value and not just the your personal taste.  Let's face it folks, the average person stays in a home 5-7 years and you want to make sure your updates are going to be something the next buyer can live with or change easily like paint.  Since the homeowner is tapping into their equity for these projects, it is a good sign that the metro Phoenix's housing market has recovered for many owners. 

            

Should I Buy a Home Now?

by Judy Proctor

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall down the road, while others are convinced that home prices will go up.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have fluctuated, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, a one point rise in interest rates could cost tens of thousands of dollars over the life of your mortgage!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates while they are still available.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

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Judy Proctor
HomeSmart Elite Group
13166 W. McDowell Road, Suite B
Goodyear AZ 85395
602-980-5509
Fax: 602-733-5527

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