It’s been a busy week! Seller Down Payment Assistance Programs were eliminated by legislation and signed by President Bush on July 30, 2008. July 31, 2008, bill H.R. 6694 was introduced and sponsored by U.S. Rep. Al Green (TX-09).

The bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation is co-sponsored by U.S. Representatives Gary Miller (CA-42), Maxine Waters (CA-35), and Christopher Shays (CT-4) and reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999.

Congratulations! WE DID IT. More than 32,000 Americans have called on Congress and the Bush Administration to preserve charitable downpayment assistance over the past year through phone calls, letters, and emails. They join a broad coalition of supporters, including the National Association of Homebuilders, the Labor Council for Latin American Advancement, and the U.S. Conference of Mayors, the Congressional Black Caucus, and the Congressional Hispanic Caucus.

If you haven’t yet, I still encourage you to visit www.getdownpayment.com and let your voice be heard.

Read More at Ameridream.org. Charitable downpayment assistance funded in part with seller participation has allowed homeownership to grow without using taxpayer dollars. To date, more than one million families and individuals have utilized this downpayment assistance, generating nearly $10 billion in home equity for those families. These working families qualify for FHA insured loans in every respect, but are unable to save the needed downpayment. AmeriDream has provided more than 250,000 gifts to aspiring homeowners, approximately 80% of whom were first-time homebuyers. AmeriDream also has helped educate 60,000 homebuyers through homebuyer education courses, helped 1,200 homeowners retain their homes when confronted with mortgage difficulties, and committed over $30 million to affordable housing development in local communities.

What’s IN and What’s OUT
Understanding the current trends and requirements of today’s home buyer may help you stage your home better for sale. Consider these new up and coming styles to make your home updated, fresh and desirable to those looking to buy a new home.

What’s In

Outdoor Living. Patios, balconies and courtyards are now considered an extension of the home and are viewed as another room in the house. Fireplaces, outdoor kitchens and comfortable outdoor accents and furniture are more popular than ever.

Fully Concealed Appliances. The cabinet fronts and wood-printed covers for the fridge aren’t enough. Appliances are now hidden behind hinged doors.

Copper and Bronze Tones. The shimmery metallic finishes are being replaced with softer shades. The built-in refrigerator, oven/stoves, etc.. are outfitted with copper and bronze tones bringing warmth to metallic finishes.

Bathroom Suites. Bathrooms are now multi-functional. We’re seeing flat screen t.v.’s, mini fridges, wine fridges, and cappuccino makers! This room will soon have all the funcationality of the entire home!

Freestanding Bathtubs. The claw foot tubs, oversized soaker tubs, or ‘bath thrones’, have replaced whirlpool baths as the new must-have bathroom piece.

Pet Showers. Clean pets mean clean homes. Who wants to mess up a bathtub when this feature can be added to a garage or outdoor patio area?

What’s Out

Living Rooms. This unused room is ceasing to exist. Some floorplans that have the ‘living room’ space are being turned into game rooms. People are opting for the great room more and more. They’d rather have space in other areas (such as that bathroom suite!)

Cathedral Ceiling Heights. The absurd look and wasted space of 20 ft ceilings in 12×10 rooms is finally wearing on buyers.

Tiny Balconies. Since outdoor living is becoming an extension of indoor living, tiny balconies with room for one chair are worthless.

McMansions. Less is more. Along with the ceiling height, people are not looking at castle size homes like they used to.

With fuel costs rising and a focus on the environment, homeowners have completely redefined the “dream home”. High ceilings, huge houses and wasted space just aren’t a priority. Saving energy, functionality and warmth are taking a front seat!

Venetian Condominiums in Scottsdale Ranch
$189,000
1076 sq ft
2 bdrm/2 bath

Terrific end unit located in the Venetian II condo conversion. Neutral colors. Newer appliances in kitchen. Light and bright living room highlighted by a tiled fireplace. Patio off great room. 2 bedroom split arrangement. Great Location… Great Amenities… Condo located across the street from Mercado at Scottsdale Ranch. Close to the senior center, tennis and park. Schools nearby. Buyer to verify sq ftge/schools. Conversion includes patio/garage.

The House and Senate just passed the 300 Billion Dollar Assistance Bill that will help current homeowners facing foreclosure if they meet certain criteria. Did this Assistance bill come in to little to late? What about Victims of foreclosure already that would have been able to meet the criteria but lost their homes already? Who is to take responsibility for this Foreclosure Mess?

They’re rewarding bad decisions and punishing the people who did NOT contribute to the demise of the real estate market by taking away the Down Payment Assistance programs. And, who’s going to pay for it? WE ARE -the TAX PAYERS! So, not only am I making my mortgage payment on a house I overpaid for and I’m losing the value of my property, but now I have to pay to bail out my neighbor? At the risk of sounding like Denise Richard’s potty mouth, ARE YOU %@!*%$@! KIDDING ME???!!!

So, you’re saying that this is the American Dream? Julie Smith bought a house at $600,000 and is making her payments on time every month and can afford her home because she put 20% cash down. Julie’s next door neighbor squeaked into their home with no money down and now they can’t afford their monthly payments…along with 3 other neighbors. So, the four neighbors get bailed out and the values of the homes in the neighborhood have gone down. Meanwhile, the one homeowner who got into her home legitimately (Ms Smith) is still making payments on a $480,000 loan when her neighbors who live in the same floorplan are making payments on a $250,000 or so loan ?

What happened to the principle we’re taught to raise our children with: Reward good behavior, don’t bribe the kid with candy for not repeating bad behavior? Isn’t that what we’re doing? There are consequences for our actions. If certain people are given a “get out of jail free” card, then ALL of us who purchased a home in 2005 should get that same card.

What they should be doing is keeping the DPA programs. They’re punishing the WRONG people! The ones who are keeping our economy going are now being swiped of the opportunity if they don’t have $10,000, $20,000 or more sitting in a bank account.

The question SHOULD be: Why are they taking away a program that allows people who are well qualified with lengthy job history, good credit scores, and good income-to-debt ratios but don’t have a huge chunk of cash sitting in their bank- from buying the surplus of homes that are sitting on the market for sale? There is a big market of first time home buyers, people who are recovering from life changes such as divorce, and multi-cultural US citizens who are buying the inventory. A large percentage of this group does not have enough cash to cover the entire down payment and closing costs.

The question SHOULD be: Why weren’t the appropriate lending guidelines in place to qualify these buyers who are defaulting? If these guidelines are now in place, then why not let the people who do qualify get down payment assistance from the seller who is willing and able to offer it?

We should be focused on that point, not bailing out the people who caused this mess. I was raised with the principle that there are consequences for our actions, whether good or bad.

Instead, go to GetDownPayment.com and click TAKE ACTION NOW to submit a plea to your congressperson to keep the DPA and the American Dream alive.

Otherwise, who will buy the homes on the market? Investors and people with $20,000 sitting in a bank account? If you’re a seller, that certainly LIMITS your buyer pool! Not to mention…the investor will severely low ball the offer price as much as $100,000 below asking price (after all, that’s what makes it an INVESTMENT, right?!).

If you’re thinking of buying real estate, you better start saving…for the next 2-5 yrs or so! And, then, you’ll most likely have missed the BEST buying opportunity in real estate in YOUR lifetime.

They’re adding to the decline of the economy and real estate market by PROHIBITING buyers who are ready, willing and able to purchase a home from doing so if they don’t have $10,000-30,000 or more sitting in a bank account.

I, personally, am helping several buyers who are well-qualified to get into a home, using this program because they simply don’t have the cash sitting in a bank account for the full down payment. Don’t get me wrong -it takes a huge amount of effort on my part to find the right home that will appraise at the purchase price and has a seller willing to contribute up to 6% (or more) of the sales price to the buyer’s down payment and closing costs, BUT I’m doing it and it’s selling homes. I’m willing to earn my paycheck ….and see the happiness of someone who’s getting the keys to their very first home…and it’s not at an inflated purchase price!

”…I’m just saying…”
Kelli Grant, Residential Realtor TRYING to help dreams come true

The response you posted regarding “Will the 300 Billion Dollar Assistance Bill Passed by the House and the Senate Help the Current Real Estate Market?” was very insightful.- Alexander Bermudez, www.Classic-Apartments.com

Recently, realtors and industry experts gathered to showcase neighborhoods in central and east Phoenix. It appears that home buying and selling is strong in specific neighborhoods, such as the area between 35th and 40th streets, from Oak St. to McDowell. Homes have consistently been selling for about 97 percent of value.

With gas prices soaring to an all-time high, people are focused on living closer to work.

The foreclosure and mortgage crisis dominate the news. Andrew Waite, author of ‘Where to live in Phoenix’, confirms that 94.6 percent of all mortgages are current. And, with certain neighborhoods still doing well, it’s really not accurate to blanket the entire valley with the same negative stats.

Phoenix, the ‘Valley of the Sun’, has always been very neighborhood-centric. The recent housing market highlights how individual communities within one city have their own lifestyle and characteristics.

In the last Neighborhood Advisory Council meeting in Sonoran Foothills, the Community Manager pointed out how we can be proactive in taking control of our neighborhood. Developers and home builders market new communities using enormous marketing budgets. Once the community is turned over to the homeowners, we can still make an impact.

I guarantee each neighborhood has several resident realtors and mortgage brokers. I, for one, am looking forward to marketing my neighborhood as an attractive place to live with all of our surrounding beauty and amenities! I don’t think it’ll happen right away due to simple geography, but as more businesses are built nearby –the better it will get.

For accurate neighborhood housing stats, contact your neighborhood Realtor, Kelli Grant.

2 Bdrm/2 Bath Condo for Sale at 52nd St/Thomas
810 Sq Ft
$115,000 - PRICED TO SELL!
Centrally located to all areas of the valley.

First Time Home Buyers or Great Investment Property. 2 bedroom -2 bath condo has tenants in place until 6/30/2008. The carpet was replaced in 2006 along with a fresh coat of paint. This unit has updated appliances. The two bedrooms are very large and spacious. Conveniently located next to Scottsdale on 52nd Street between McDowell and Thomas….easy access to entire valley!

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4 Bdrm/3 Bath House for Sale in Rio Verde
2,883 Sq Ft * Built in 2004
$579,000 - PRICED TO SELL!
Rio Verde Dr. (Dynamite)/144th
Visit Property Web Site
Gorgeous mountain views and preserve. Swimming Pool/Spa is a ‘Spool’. Outdoor firepit. Granite counters, travertine, view deck. This beautiful home is surrounded by the stunning natural landscape of the desert that Arizona is known for.

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2 Bdrm/2 Bath House for Sale off I-10 in Phoenix at Cypress Landing!
1206 Sq Ft * 2002
$115,000 - UNDER MARKET and PRICED TO SELL!
6646 W Nez Perce St. Phoenix, AZ — I-10/67th Ave

Large backyard with side yard and RV Gate. Great starter home or investment property. Within minutes of the I-10 freeway.

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2 Bdrm/2 Bath Condo for Sale in Salida Del Sol!
1298 Sq Ft * 2002
$239,000 - UNDER MARKET and PRICED TO SELL!
16801 N 94th St. #2044 — 101/Bell Rd

Spectacular mountain views from living room, bedroom and balcony! Desirable Scottsdale Area convenient to shopping, dining, entertainment, night life. Within 5 minutes of the 101 freeway. 2 bedroom split floorplan is perrfect for office or roommate.

Call Kelli Grant to see this excellent property for sale! 602-799-5420