Pending home sales rose sharply in May, with lower mortgage rates and increased inventory accelerating the market, according to the National Association of Realtors. First Time Home Buyers are still not buying as strong as preferred by most analyst at 27% of the contracts. Pending home sales is an indicator of where the market MAY be going so caution is advised. Western states are fairing better than most others.

March home value numbers are in and it doesn't look like Metro Phoenix will have another housing bubble. Even though home values rebounded as much as 65% in some valley areas. The medium priced home in March was $205,000 and holding steady. With home values and interest rates holding steady if you want to buy or sell, now's a good time to contact RooPho Realty.

To arrive at an "affordable" home price, follow the guidelines of most lenders. Allowed a total debt-to-income ratio of no more than 36 percent. And assume a housing payment-to-income ratio of 28% for a conservative estimate, and 33 percent for an aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college. ASSUMPTIONS: Assumed a 30-year mortgage term, annual property tax of $2000 and homeowners insurance of $500 for the metro Phoenix area. If you need help, contact me at RooPho Realty and I’d be happy to help.

Metropolitan areas with sales declines from a year ago include Boston (-23%), Fresno (-22%), Orlando (-18%), Los Angeles (-16%) and Phoenix (-13%).

It's estimated that home prices nationally are 3% undervalued in the second quarter of 2014 (2014 Q2), which is far from bubble territory.

Advice to first time home buyers or buyers getting back into the market after foreclosure or short sale; Be sure you can afford the house and don't expect a quick profit.

Rock-bottom mortgage rates moved even lower this week, hitting 4.12% for a 30-year fixed rate loan, according to Freddie Mac.

Thinking about buying a house? Start with this check list. 1. Decide how much you want to spend. 2. Check your credit report and score. 3. Find a lender to determine how much you can borrow. 4. Call RooPho Realty to start researching neighborhoods and what you can buy in your budget.