5 Outdated Real Estate Tips

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There are many real estate myths out there that need to be debunked! Here are five pieces of real estate advice to IGNORE:

1) MYTH: Spring is the best time to sell. FACT: The best time to sell is when you’re ready. Don’t rush a major decision when there are perks to selling your home at all times throughout the year.

2) MYTH: FSBO saves you money. FACT: Real estate agents are experienced and knowledgeable about home pricing. A good agent can help you get more ROI on your investment.

3) MYTH: Higher list price = higher offer. FACT: Pricing your home accurately will generate interest among the right buyers, and may even lead to a competitive bid and higher offer price!

4) MYTH: Open houses sell homes. FACT: Open houses can be a helpful tool, but your agent should have a broader marketing strategy that also includes social and digital marketing.

5) MYTH: The first offer is always the best offer. FACT: Lots of factors come into play here — contingencies, closing date, down payment amount. Review all the terms of every offer — don’t just pick the highest offer price.

Have more questions? Give us a call, we are here to help! Give us a call, we are here to help! Chris 480-754-9077 & Cheryl 480-754-9477

Mortgage Pre-Approval Letters

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A mortgage pre-approval letter is not a guarantee your loan application will be approved, but pre-approval at least shows the seller you mean business and are likely to secure the financing needed to seal the deal. Furthermore, some sellers require a pre-qualification or pre-approval letter before they will consider or accept your offer.

Depending on the mortgage lender you work with and whether you qualify, you could get a pre-approval in as little as one business day, but it usually takes a few days or even a week to receive – and, if you have to undergo an income audit or other verifications, it can take longer than that.
Mortgage pre-approval letters can last anywhere from 30-90 days, so it’s important to check with your lender prior to submitting any offers to make sure your letter is valid. The letter expires so lenders know exactly where your finances stand prior to buying a home.
Have more questions about mortgages? Give us a call, we are here to help! Chris 480-754-9077 & Cheryl 480-754-9477

Questions to Ask When Buying a Home With a Pool

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Spending the summer floating in your very own pool with a nice, cold drink in hand might be your idea of heaven. And if that’s you, having a pool might be at the top of your house’s must-have list! But there are some important questions you need to ask whenever you tour a house with a pool:

1. What safety measures do you need? Make sure you know what safety measures come with the house and what you’ll need to install afterward.

2. What is the maintenance? Some pools are super low maintenance, while others are not. Keep in mind that the size and type of pool will have a big impact on how much time/money you spend taking care of it.

3. Will home inspectors check the pool? As a feature of the property, it’s wise to make sure the pool is in good condition before you buy. When you’re hiring an inspector, make sure to ask if they check the pool–if not, try to find a pool inspector who can check it out for you.

Pools can add a lot of value to a house and make relaxing during the summer a breeze. With these questions in your back pocket, you’ll be able to make sure you get the right house with the right pool for you! Chris 480-754-9077 & Cheryl 480-754-9477

What to Know About Property Taxes

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First-time homebuyers, this ones for you! Property taxes are an important thing to consider when you’re looking at homes because they can add a lot of money to your monthly mortgage payment. The amount you pay in property taxes depends on the property value and where the property is located since each state and city has a different tax rate. If you have a mortgage, your property taxes are usually wrapped into your monthly payment. If you’ve paid off your mortgage or bought in cash, you are still responsible for paying the tax and the bill will usually get sent by mail. When you’re looking at homes, pay attention to the mortgage breakdown to see how the property taxes add up.

Have any other questions about property taxes? Give us a call! Chris 480-754-9077 & Cheryl 480-754-9477

3 Expert Tips on Making the Most of a Favorable Market

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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

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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

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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

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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?

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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

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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