50 year mortgages?? 😲

50 year mortgages were in the news this past week, after they were proposed by President Trump as one idea to help with housing affordability. I don’t think they will be a real thing, and even if they did I’m not sure it is a positive thing.

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Thanks for being here, have a great weekend!

3 car garage AND an RV gate, only 2 years old and in the heart of Goodyear, and its just $399k??

The home displays modern features throughout with a gorgeous white kitchen including an expansive island and energy efficient appliances. The home has beautiful flooring and is move-in ready. HUGE backyard is a clean slate to design your outdoor oasis. FHA eligible, this Hello Green Home presents a great opportunity for buyers looking for an affordable option in today's market.

See all the details & pics here.

Beautiful new construction home in Central Phoenix. Lots of design cues from MCM style homes, but all the benefits of a brand new home.

Midcentury lines at modern scale. This three bed two bath retreat has large entertaining spaces and built in function to match. Not to mention the party pantry, appliance galley, rooftop deck, mountain views, 1000 square foot covered outdoor space with fire feature, detached casita, climate controlled/oversized garage and NO HOA. It was all meant to be their forever home but it can be yours instead.

Check out all the details here.

Property listed by Drew Putnam with Econest, Inc.

Property listed byTyler Estes with Compass

There was a lot of buzz this past week about the idea of allowing 50-year mortgage amortizations. Nothing has been approved, but the proposal raises important questions about affordability and long-term financial impact, especially for homebuyers here in the Phoenix area.

The main goal is to reduce monthly payments. With higher interest rates and strong home prices across Maricopa County, stretching the repayment period is one way to make monthly costs more manageable.

Lower monthly payment: Spreading payments over 50 years can reduce the monthly cost and help more buyers qualify.
More flexibility for first-time buyers: It may open the door for renters or single-income households who are close to qualifying but not quite there.
Improved affordability in high priced areas: This could help buyers in places like Phoenix, Scottsdale and the Northwest Valley.

Much higher total interest paid: A longer timeline means paying significantly more over the life of the loan.
Slow equity growth: Most of the early payment goes to interest, so equity builds very slowly.
Greater risk of being upside down: A price drop could leave some owners underwater for longer.
Possible impact on home prices: More buyer demand could put additional pressure on prices.

A 50-year mortgage could be a useful option for certain buyers who need lower monthly payments to enter the market. For most people, the long-term cost and slow equity growth are important concerns to think through. Like any loan product, the key is understanding how it fits into your long-term plans.

If you want to talk about what this could mean for your goals in our local real estate market, I am always here to help.

Here are today’s national averages for Conventional 30 year fixed rate, FHA 30 year fixed rate & VA 30 year fixed rate loan programs, from Mortgage News Daily.

Both of my parents are from Grand Island, Nebraska, which has a population of 50,000, and is about 90 miles west of Lincoln, where I grew up. My grandfather was a home builder there, and he built a lot of single story ramblers in and around Grand Island. My dad remembers him building many homes in Riverside Acres, and while I can’t find who built this home on Stagecoach Drive, he remembers most of what he built looking very similar to this home that is currently for sale.

I can’t say I’ve ever had the thought of ‘should we move here’ in regards to Grand Island, but it is cool to see a house that was potentially built by my grandfather.

See all the pics & details here.

Last week’s trivia question was ‘What city is located in Tombstone Canyon?’

The answer was: Bisbee

Tombstone Canyon is the main road and historic district running through Bisbee. The canyon is lined with colorful hillside homes, old miners’ shacks, art galleries, and cafés that reflect Bisbee’s transformation from a 19th-century copper mining town into a quirky, artsy mountain community.

The Arrowhead Hiking Club is hitting the trails this week, on Saturday, November 15th at 8am, on the Sunrise Summit Trail in the Thunderbird Conservation Park.

We’ve added many new dates & trails to the calendar, check out the website to see where we’re hiking through January.

This club is meant for everyone, from seasoned hikers, to out of breath beginners like me. So if you want to hit the trail and enjoy the outdoors, check out our website at ArrowheadHikingClub.com or find us on Facebook.