Fountain Hills Luxury Housing Market Update
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Canadians, investors poised to cash in on Phoenix housing recovery
Canadians and institutional investors who bought homes in the Phoenix metropolitan area at the bottom of the market could be poised to start selling. The market has turned for several reasons, including exchange rates between the U.S. and Canadian dollars that have those north of the border looking to unload their properties. Read more
22417 N 79th Place
Located in a private gated enclave in Sonoran Hills, this beautiful home sits on a 1 acre lot and features resort-style amenities including cozy outdoor fireplace, heated pool and spa, sport court, putting green, built-in BBQ, fire pit, and grassy play area. From the moment you enter the private gated courtyard, you will notice the casual elegance of this Tuscan inspired home featuring a spacious living and dining room, family room with built-in niches and custom cabinetry, and gourmet kitchen with breakfast bar. The master bedroom is a nice retreat with sitting area and private access to patio and pool. All of this plus four additional ensuite bedrooms and a lounge area located in a separate wing make this a great family home! For detailed information including photos and virtual tour click 22417 N 79th Place and contact Michelle Sarocka at 602.616.4829 or [email protected]
Homeownership More Affordable Than Renting
Current renters spend roughly 30 percent of their household income on housing; home buyers spend about 15 percent of their monthly income on a mortgage payment for a typical home.
Spending a bigger piece of the income pie on rent makes it hard to save for a down payment.
Although 20 percent is a recommended down payment, the graph below shows that even assuming only 5 percent down and a 6 percent mortgage interest rate, the breakeven horizon is just short of four years, and rental costs are still remarkably higher than homeownership costs by approximately $300,000 over 20 years.
With 5% down and a 6% interest rate, the breakeven horizon is just under 4 years.
Exclusive Marketing Agreement Between Apple and Sotheby’s International Realty
Sotheby’s International Realty (SIR) has entered into an exclusive agreement with Apple to feature SIR banner ads in Apple’s new customizable built-in News app. The ads are expected to dramatically increase traffic to SIR.com the Sotheby’s International Realty website where people can search for homes. This is a huge benefit for sellers listing their home with Sotheby’s International Realty as it will increase the number of visitors to the site and the opportunity for the visitor to find the seller’s home. Sotheby’s International Realty will be one of 25 companies and the only company with advertisements in the Real Estate category.