3 Expert Tips on Making the Most of a Favorable Market

Good news: whether you’re thinking about buying or selling, there is still plenty of time to take advantage of the low-interest rates and high buyer demand. While sellers are positioned slightly better than buyers with the demand for homes higher than the supply, there are still some complexities involved in getting to the closing table. Here are a few things that we want you to keep in mind to help you make the most of the real estate market, whether you’re entering it as a buyer or seller:

1-Start the process as early as you can to allow for the unpredictable. For buyers, that means having a pre-approval letter in hand before you start house hunting. For sellers, be sure to meet with a real estate agent a few months before you want to sell so that you can develop a game plan.

2-Speaking of game plans, it’s important to have one if you’re buying or selling. If you’re buying a new home, decide what you are willing to compromise on. If a backyard, garage, and fireplace are non-negotiable, will you settle for a smaller kitchen and no extra bedroom? If you want to sell your home and buy a new one, remember that the market is competitive for buyers. I’ve seen home sellers list their homes, only to be unable to find a new one. Do you have a contingency plan in mind, whether it’s a short-term rental or staying with family?

3-Finally, think about what you will do if you find yourself in a multiple offer situation. As a buyer, are you comfortable offering over asking? Including an escalation clause? How much earnest money are you prepared to offer? As a seller, think about whether you’re going to take the highest offer or if you’ll consider other benefits like a fast closing or lease-back until you find a new home?

These are all questions we can help you answer during our initial consultation. If you’d like to start planning your real estate goals, give us a call! Chris 480-754-9077 & Cheryl 480-754-9477

Inspections VS Appraisals

Inspections and appraisals might seem similar, but they play very different roles in the home closing process. An appraisal determines the fair market value of the home. An appraiser will walk through the property and take a general assessment of the home. They then use their report and comparable sales to determine the property’s fair market value. Lenders require appraisals to make sure that the home is worth the mortgage amount. They don’t want to lend money on something worth less than the mortgage. An inspection is an in-depth look through the home to determine its condition. An inspector will go through the house, test all of the major home systems and then create a report with recommendations on repairs and concerns. If you’re buying with cash, you don’t have to do either. But it’s still worth the time and money to get them done to make sure that you’re putting your money into a safe investment.

Finance Tips For Home Buyers

In a real estate competitive market, it’s a good idea to get a fully underwritten mortgage pre-approval before you start your home search. Oftentimes home buyers get pre-qualified for a home loan before they get pre-approved. A pre-qualification is essentially a verbal estimate of how much you can borrow from a lender. But going one step further by getting a letter indicating that you’ve been fully vetted and pre-approved for a loan can help your offer stand out in a multiple bid situation. Being pre-approved sends the message to the seller and seller’s agent that you’re a serious buyer with the credit and finances necessary to obtain a mortgage loan. In a seller’s market, this can give you a competitive edge over other home buyers who only have a pre-qualification. And don’t forget, if you have questions about getting pre-approved we can connect you with a trusted lender for an initial discussion.​

What to Expect When Shopping For a Home This Spring

It’s true that home inventory remains low and demand continues to be high this spring. Though we’re not sure when the real estate market will even out, we do know that if you plan to buy a home this spring, the key to an accepted offer is to prepare and plan in advance. 

Here are a few things that you can expect from the market these next few months: 

-Low inventory will continue to be an issue. Many sellers are not listing because they don’t know where to go, or due to job uncertainty. It’s more likely that we will continue to see seasonal shifts in inventory as we approach the summer/fall. 

-Mortgage rates and home prices may inch up further. Rates are still low but have been creeping higher. While buyer demand remains strong, sellers are often receiving multiple offers and entering bidding wars which drive up home prices, too. 

-Downtown areas are seeing renewed activity. Although people sought larger homes and outdoor space in response to the pandemic in 2020, urban real estate markets are beginning to pick up again. Even in New York, once the epicenter of the coronavirus, contracts are up and homeowners are seeing signs of market rejuvenation. 

-You might have to get creative. The highest offer isn’t always the best offer. When we work together to find your dream home, we’ll help you get pre-approved, craft a competitive offer and bring everything I have to negotiations. It might not happen on the first or second try, but we will stick with you until we can say our favorite words: “you got the house!”

What’s Driving the Housing Demand in 2022?

Why is it so hard to find a home to buy? That’s been the question on most home buyers’ and sellers’ minds for the past year. ​ Several have contributed to the low supply and high demand for homes over the past year:
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1- During Covid, many people were forced to stay at home. This influenced them to start looking for new homes with better amenities. ​​​​​​​​​​​​​​​​
2- Usually, new construction helps supply meet demand in the housing market. But with the spike of demand post-Covid, new construction could not keep up. Supply chain issues hindering construction companies from receiving the materials needed to stay on schedule only added to this problem. ​​​​​​​​
3- Due to the low mortgage rates, many homebuyers are purchasing their second home, so they are not generating new listings. ​​​​​​​​
​​​​​​​​4- In highly competitive markets like this Phoenix-Metro, homeowners are hesitant to list their property before being under contract on their new home.​​​​​​​​
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But don’t let these factor sway you from house hunting…we offer unmatched service to find your next dream home, despite the current challenging real estate market. Call us today to get started! Chris 480-754-9077 & Cheryl 480-754-9477

10 Tips for Writing a Great Purchase Offer

10 Tips for Writing a Great Purchase Offer in A Seller’s Market:

1-Submit a pre-approval letter with your offer.
2-Write a friendly offer. Don’t include demands with your offer that are likely to irritate the seller.
3-Put your best foot forward – simply put, write your very best offer!
4-Put down a healthy earnest money deposit. A larger earnest money deposit shows you are serious.
5-If you can pay “all cash” for a home, say so. This lets the seller know that your transaction is not dependent on receiving loan approval, which makes you a more attractive buyer.
6-Many standard real estate purchase contracts give the buyer a set number of days to perform inspections before the buyer is required to proceed with the transaction. If the default in your purchase contract is 17 days, try shortening that period to 10 days.
7-If feel comfortable risking your deposit, you might want to consider waiving contingencies such as those for loans, appraisals, or inspections.
8-Write a seller letter.If the seller has eight offers on the table, but your offer includes a letter that is personally handwritten by you, your offer will stand out.
9-Offer to close quickly. Unless there are extenuating circumstances, many sellers prefer to close within 30 days or fewer. If you can offer a 21-day closing time frame, for example, that might give you the edge you need to beat out the competition

.…and last, but not least…

10-Hire us as your Real Estate Agents! Chris 480-754-9077 & Cheryl 480-754-9477

Beautiful Upgraded Grayhawk Home

Beautiful Upgraded Grayhawk 4 bed 2 bath 1 level home! Travertine and plank wood floors throughout, new granite counters, new tile backsplashes, stainless steel appliances, white cabinets, new matte black hardware, newly painted, and a very bright and open floorplan. New water heater. Large grassy backyard and large covered patio with North-South exposure! Walking distance to elementary school and playground. Lots of local amenities including golf, dining, shopping. Super easy access to 101 freeway.

7839 E NESTLING WAY, Scottsdale, AZ 85255

Call today to schedule your private showing! Chris 480-754-9077 & Cheryl 480-754-9477

 

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Finding All the Homes For Sale

Searching for a new home can feel like a daunting task, especially in the current Summer of 2021 market, but don’t let that deter you. There are more homes for sale than you may see at first glance, so be sure to take all 4 steps listed below to ensure you have seen ALL the homes for sale to find your next dream home!

Step #1 The Usual Suspects: Zillow, Trulia, and Realtor.com

The first place most home buyers begin to search is online with Zillow, Trulia, and Realtor.com where you search for current listings, coming soon listings, as well as pre-foreclosures…but don’t stop there!

Step #2 rDigz.com: Where Top Teams List Homes First

Download the rDigz app! The rDigz app not only has current and coming soon listings, it also gives a sneak peek preview of homes not yet listing on the market.

Step #3 Ask Top Listing Agents For Upcoming Inventory

Reach out to top listing agents in the area you are searching for. Local top agents meet with new sellers every week. These new sellers are often at least a couple weeks away from being ready to list their home for sale so they are not available to see on any searches yet. These are called “off market properties” that only their listing agent knows about.

Step #4 Ask Chris and Cheryl to Dive into Your Preferred Neighborhood

Chris and Cheryl will go above and beyond to find homes for sale in your preferred neighborhood. This may include mailing letters of interest to an entire neighborhood, or even personally knocking on doors in the neighborhood letting homeowners know there is a buyer for their home if they are considering selling.

When you’re ready to sell or buy your next home, call Chris 480-754-9077 & Cheryl 480-754-9477!

 

Proactive in Communication – 5 STAR REVIEW

“I recently listed my townhouse with Cheryl and Chris and had a very good experience. Cheryl was very proactive in communication and helpful meeting with the inspector and contractors for the minor repairs. We were out of town and couldn’t have had such a seamless sales process if it wasn’t for Cheryl. Cheryl and Chris listed our house and also found the buyer. They worked as a team to represent both parties throughout the sale. I would recommend them for your real estate needs.”

-ZILLOW 5 STAR REVIEW

Tips for Choosing a New School

Looking for a new school for your child can be as overwhelming as buying a new home. Whether looking at public or private schools, there are several ideas to consider when finding the right fit for your child and your family.

Take a Tour of the School
When looking for a new home you don’t just drive by each home, likewise don’t just just drive by potential schools. Call and arrange to tour the school and observe a classroom. You want to see students who are genuinely engaged, not wasting time or bored. Schools should be relatively noisy places, it’s okay for classrooms to have talking and movement as long it is directed toward a learning goal. Take time to observe how teachers and administrators interact with the students and vice versa. Notice if student work is on display, no matter the grade level, it means that place is about kids and their work.

Look for a Place Where You Feel Welcome
Good schools should welcome parents as volunteers and visitors. The principal should be someone you feel comfortable talking with if there’s a problem. Ask about parent volunteer opportunities available throughout the school year.

Think Long Term
Remember your first-grader will be heading to middle school before you know it. Unless you plan on moving soon, also check out the middle and high schools in the district. If the upper-level schools in your prospective district are about kids doing great work, they’ll likely be a good fit if you like the elementary school.

Visit the School Community
Go to a school board meeting for information about the district. Notice if parents there because their children are being honored or are they there because of a problem? Likewise, attend a PTA or PTO meeting and talk with the parents there. Most parents are open to share school challenges and successes. Also consider the makeup of the students. Chances are if you choose a neighborhood school, you’ll find some similarities between your kids and their classmates, because there are probably similarities between you and your neighbors. Yet a school that has a diverse student body also offers benefits. Even if the school isn’t as diverse as you would like, after-school activities like sports and music give them a chance to interact with students from different backgrounds.

No matter how wonderful the school is, it’s natural to have some butterflies on the first day in a new school. Just like it takes time for a new house to feel like home, it takes time for kids to settle into a new school.