Pinal county and Maricopa county Arizona—Prudential One Realty introduced the first Job Loss Protection program for real estate to Maricopa county and Pinal County home buyers and sellers. The HELP Program (Homeowner Education and Loan Protection) is administered by the Rainy Day Foundation and includes up to six monthly payments of $2,000 over a 24-month coverage period. That translates to $12,000 of protection in the event of an involuntary job loss. This program is only available from certified Prudential One Realty agents.
The unemployment rate in metro Phoenix is 8.7% and parts of Pinal County can be as much as 15% percent and expected to climb higher during the summer and fall. Everyone knows that it is a fabulous time to buy Arizona real estate right now. Prices are at or near bottom, mortgage rates are still historically low and the selection of properties in unprecedented. However, many potential buyers are still waiting on the sidelines because they are afraid they may lose their jobs. The HELP program featuring Job Loss Protection is specifically designed for these buyers,” said Prudential One Realty President and CEO Anthony Kamouzis. “The HELP program really provides two important components. First, the peace of mind from Job Loss Protection will allow many buyers to realize the American dream of owning a home in Arizona. Second, the education and personalized counseling available during the first two years will greatly increase the odds of the buyer staying in the home. Studies show most loan defaults occur in the first two years.”
The Homeowner Education and Loan Performance program is administered by the Rainy Day Foundation and marketed by becoming part of the Creative Alliances, LLC group. The HELP program featuring Job Loss Protection is available immediately through certified Prudential One Realty agents.
Job Loss Protection can help a home for sale stand out from the competition and give more buyers the confidence to purchase. The HELP program costs $500 and is funded by the seller at closing. The program applies to primary residences, second homes and single family investment properties.
Please see a “HELP certified” Prudential One Realty agent for additional details or visit www.pru1re.com for more information and direct links to our agents’ websites.
“Prudential One Realty is known for its leadership and innovation. The company was a natural choice to launch our program for Arizona, Phoenix areas, and Pinal County,” said Alan Pyles, founder/owner of Creative Alliances, LLC.
The Rainy Day Foundation is a non-profit 501 (c) 3 organization whose mission is to assist individuals in maintaining homeownership. The Job Loss Protection Program is part of the HELP Program, administered by the Rainy Day Foundation, which is intended to help buyers navigate the challenges of homeownership. The HELP Program provides voluntary financial and budget counseling to buyers via telephone and e-mail for the first 24 months following closing, as well as emergency counseling and grants to assist home owners during times of financial hardship.
Second Homes in Arizona and around the country Make Sense for Many in the Current Market
If you’re a late “Boomer” or a “Gen X” or “Gen Y’er,” you’re likely looking for a place to position assets given the extreme volatility of U.S. equity markets and paltry returns of money market instruments and other safe havens.
Arizona Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices across Arizona and record-low mortgage rates have created an historic buying opportunity for real estate including second/vacation homes. It’s a “ground floor” opportunity that comes with doors, windows, a roof and potential for many great moments and memories.
Long-term demand for second homes looks strong, as there are large numbers of people in the prime buying years for second/vacation homes. Late Boomers? There are roughly 40 million of these potential second-home buyers, and another 85 million between the ages of 30 and 49. For all, second homes suitable for play now and retirement later have significant appeal. All over Arizona, Maricopa county and Pinal County alike, people are buying their retirement home early.
U.S. vacation-home sales rose 8% last year to 553,000, according to the National Association of Realtors (NAR). Though well below a 2006 peak of 1.067 million sales, it represents the first gain in three years. Median price for a vacation home increased 12.6 in 2009, perhaps reflecting movement higher-end markets, said NAR Chief Economist Lawrence Yun.
How you use a second home is up to you, but if it’s something you’ve been considering, now is the time to get the information you need to make an informed decision. A qualified real estate professional can help guide you through financial considerations, assist you in finding the right community and even refer you to a resort property specialist for the destination of your dreams. Your real estate professional may be able to get you the information and advice you need to use the equity in your current home to finance the down payment on a second home, for example.
For many, a second home in a vacation or resort area can be an income property when not in use. With rental markets in Arizona in such demand, this is a very viable option to offset some costs. Once again, a real estate professional will help you consider property management options that can be a crucial financial factor as well as important to peace of mind.
Some of the best locations are not more than two to three hours away from major metropolitan areas by car or plane. For example, Bostonians gravitate to Cape Cod. New Yorkers favor the Hamptons. San Franciscans retreat to Lake Tahoe and Angelinos head for Palm Springs or Big Bear. Many people who live in the West also have second homes there. Yet, the biggest feeder market for second homes in the South are buyers from the Northeast, and many of them choose Arizona as their destination state of choice. Cities like Ahwatukee, Casa Grande, Chandler and Maricopa are some of the most sought out destinations, while bigger cities like Scottsdale, and Phoenix Arizona are still main attractions.
What makes a second home location ideal? Natural beauty is great, but don’t forget about cultural and social resources, as well as first-rate golf, tennis and other popular sports facilities.
Second homes are a discretionary purchase, and everyone wants to feel secure in their environment. That’s why gated and guarded residential communities will continue their appeal. And locations such as Sante Fe, New Mexico, and Pinal County Arizona, which are removed from most urban problems, continue to be attractive.
Nevertheless, you will likely get more enjoyment out of a property you can get to quickly and can use frequently. Since you know this area, chances are you’ll make a better real estate investment closer to home. And be sure to look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that Boomers can play in today and retire in tomorrow.
Once you’ve narrowed your search to two or three communities that fit your price range and lifestyle, make comparisons of price and sales activity. Your real estate professional can help you determine which communities are most sales-worthy at present, and which are more likely to continue to be.
There are many factors involved in selecting the right community for you and your family. Discuss your options with your real estate professional. This will provide the information he or she needs to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.
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