Phoenix/Scottsdale Real Estate Market August Update- July 2017 Stats

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Here is the Monthly Real Estate Market Report for July 2017, which shows 8,008 homes sold in the month of July compared to 7,778 homes in July 2016. This is a 2.9% increase for the number homes sold year over year. And the average sale price is up 8.1% year over year, while the amount of listed homes is down by 11.4% to 17,490 from 19,723 in July 2016. Demand continues to remain strong even during the slower Summer months, and the supply of listed homes continues to fall, with the average days on market down 9.8% from July 2016 to just 65 days. (Click on the link below or the image to view the full Market Report)

Click here to see the full July 2017 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 if you’re thinking about buying or selling a home, as the strong market now is good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and helpful articles.

 

Challenges To Overcome When Buying a Home

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Scottsdale Home photoPurchasing a home can be a stressful experience, whether you’ve been through the process before or not. However, you may not realize the many different legal issues you might want to keep in mind when you get ready to purchase a home. There are a lot of potential scenarios and problems you may encounter during the process of buying your home, so it pays to know a little bit about the possibilities before you ever make your first offer.

Required Home Inspections

Understand that you are required by law to have a home inspection performed before you can purchase a home. Your seller should understand this as well, but always pay close attention to ensure that this crucial and legal step in the buying process is getting taken care of. Depending on the type of contract and mortgage you’re working with, you may be able to add a clause that states you can withdraw your offer if the home inspection turns up anything too significant, such as foundation or roof damage.

Backing Out on a Rent to Own

Unfortunately, buying a rent to own home is challenging from a legal perspective. The contract must be drawn up in a specific way to ensure that your seller cannot back out from this agreement. Otherwise, you may find yourself renting for years only to find that the seller decides to sell to someone else in the end.

Paying Property Taxes

Property taxes are a part of buying a home that many first-time homebuyers don’t know about or forget about altogether. You should always be prepared to pay your property tax bill when it’s due. If you don’t, you’ll run the risk of having your home repossessed, so make sure you have plenty of extra funds set aside to take care of this crucial payment before you ever purchase your home in the first place.

Problems After Moving In

Moving into your new home and finding that it’s not everything you thought it was can be disheartening. If the problems that arise specifically have something to do with the contract, you may be able to pursue legal action to get the previous owner to help pay for the repairs, as this could fall into the category of false advertising of the home. However, in most situations, you’ll be responsible for paying for these repairs. If the included refrigerator that came with your home goes out the next day, for example, this is the responsibility of the buyer and not the seller. It is always recommended that yo obtain a home warranty policy, at least for the first year of residence.

Key to a successful transaction and positive home buying experience is choosing an experienced, diligent realtor who will look out for your best interest.  We are local area experts, contact us if you are considering purchasing a home.

 

Phoenix/Scottsdale Real Estate Market July Update- June 2017 Stats

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Here is the Monthly Real Estate Market Report for June 2017, which shows 9,569 homes sold in the month of June compared to 8,969 homes in June 2016. This is a 6.7% increase for the number homes sold year over year. And the average sale price is up 6.1% year over year, while the amount of listed homes is down by 12.7% to 17,809 from 20,404 in June 2016. Demand continues to remain strong, and the supply of listed homes continues to fall, with the average days on market down to just 62 days. (Click on the image below to view the full Market Report)

Click here to see the full June 2017 Market Report & Statistics

Give us a call or text us at 480-754-9477 or 480-754-9077 if you’re thinking about buying or selling a home, as the strong market now is good for both buyers and sellers, or if you have questions about this information. And don’t forget to explore our website AzDreamHomesScottsdale.com to see Scottsdale area homes and helpful articles. Talk to you soon.

Imperative Home Inspection Repairs

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estate gate photoMost home inspection will reveal a list of things that need repairs and/or replacements and this is where the second round of negotiations begin.  If you are not buying a brand new home, the home will most likely need some cosmetic touches but this is not where your focus should be. Sellers are usually willing to at least make some changes or improvements to the condition of a home before they sell it, and as long as you feel like you’ve got some bargaining power in terms of your offer, it’s a good idea to see if the seller will take care of at least a few of the problems that your home inspection has shown. Below, you’ll find a list of some of the most common issues you should ask about.

Infestations: Whether you’re talking about termites, rats, bats, squirrels, or any number of other creatures or insects that could be infesting a home, if your home inspection returns results of any type of infestation or pest problem, you can request that the seller take care of this before the home is sold. Although some sellers will be unwilling to do so, most will realize that they probably won’t be able to sell the home until this problem is resolved anyway.

Mold or water damage:  Mold and water damage are both major issues that your seller should be willing to fix before the home is sold. Some types of mold are much more dangerous than others, and if possible, it may be a good idea to find out if the mold in the home is of a dangerous variety or not. Either way, it’s best if you can talk the seller into repairing any water leaks or cleaning up any mold before you sign.

Structural issues:  If the roof or foundation of the home are seriously damaged, you can request that the seller fix these problems before you buy. In some cases, if a home inspection turns up these kinds of problems, the seller may choose to re-list the home on an as-is basis instead, rather than having to fix the structural problems going on. Some sellers, however, will be happy to fix the problems before they sell.

Lead paint and radon levels:  If a home inspection shows high levels of radon or lead paint present in any part of your home, your seller should be notified and you should absolutely request that this be resolved. Although sellers are not required by law to fix either of these problems, they are required to disclose lead paint if they know about it beforehand. Many sellers don’t realize their home has lead paint, and most are willing to take care of it when a home inspection shows that is is present. Radon mitigation is almost always something the seller will need to cover before a home can be sold.

Are you looking to buy a home in the east valley?  Fill out this form and create a custom home search based on your own search criteria. 

Requests To Avoid From Your Home Inspection

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pool photoWhen it’s time for you to buy a home, you probably already know you’ve got a home inspection coming up in the near future. It’s very important to get a home inspection done before you finalize anything in the home buying process, but just because the inspection turns up some problems, that doesn’t mean you have to rely on the seller to solve all of them. Check out the list below to help you figure out which home inspection issues you can take care of yourself instead of risking losing the home of your dreams by asking the seller to do it for you.

Cosmetic issues in the home or yard:  No home is going to look perfect when you buy it, especially if it’s been lived in previously. It’s unrealistic to expect the seller to take care of cosmetic problems, especially if those problems are subjective. Even if it’s something everyone agrees on, such as paint that’s chipping badly on the exterior of the home, plan to take care of this yourself.

Removal of external buildings:  If you buy a home that has sheds other small external buildings on the property, you usually shouldn’t talk to the seller about removing them before you buy. In some cases, the seller will be fine with it, but in a seller’s market it’s usually best to assume you’ll need to take care of this on your own.

Outlets that don’t work:  There are usually outlets in older homes that don’t work, but this is something you can take care of yourself after you purchase the home. This isn’t something to get hung up on when you’re trying to make a deal with the seller, especially since it’s a low-cost fix.

Concrete floor cracks:  Cracks in concrete floors or sidewalks are to be expected, especially if you’re looking at an older property. As long as there are no cracks in the walls, you should have no issues going on if you see concrete floor cracks. Always have a home inspection to determine if there are any structural issues you need to know about.

Repairs under $100:  Even a home that’s only a few months old probably has something going on that could stand to be fixed or upgraded, but if you’re trying to get your seller to take care of little things under $100 per repair, try taking a step back. Think of it from the seller’s perspective. Would you want to deal with a buyer who is making a lot of unnecessary requests before signing?

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What to Consider when Buying a Home for Children

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community park photoBuying a home for adults is a little bit different than buying a home with kids in mind, and when it comes to choosing the perfect home for the younger members of your family, there are a few things you need to keep in mind. While there are plenty of aspects to consider when purchasing your home, whether it’s your first time or you’ve been through the process before, the following hints should help you narrow down your choices a little more easily based on the needs of your kids.

School District:  It probably goes without saying, but one of the most important factors in choosing a good home for children is the school district in which the home is located. You will want to do a lot of research about the schools your child or children will be attending if you purchase a specific home. You’ll probably want to spend some time looking into this before you ever even put in an offer, but know that you’ll need to work quickly to avoid the home you’re interested in being purchased before you have a chance to research the area.

Safe Location:  Is the home in a safe location with walkable streets? Are their clear, well-kept sidewalks in the area, or would your children potentially have to walk in the road if they go outside in your area? Are there parks within walking distance? Is the home on a busy road, or is it in a pretty quiet neighborhood? Are there businesses in the area, and if so, are they safe and family-friendly businesses? There’s a lot to think about when it comes to the location of your potential new home, so take your time and check out the area.

Backyard:  Kids and adults both are sure to be interested in homes that have larger backyards, and if you’re a parent hoping to ensure the safety of your children, a fenced backyard is always the way to go. Even in a safe neighborhood, it’s safer to let your children play in a fenced backyard than in a front yard, so you’ll want to choose a home that is either already fenced or can easily be fenced shortly after you move in.

Stairs or No Stairs?  The decision to buy a home with or without stairs largely depends on the age of your children and whether or not you plan to have any more. Of course plans can always change, but if your children are old enough to walk up and down stairs without risking a fall and you aren’t planning on having anymore, then a home with stairs should be fine. However, if you have toddlers and babies in your family, you may want to choose a home without stairs for safety purposes.

We are local area real estate experts in the east valley .  Click here to learn about neighborhoods and view homes for sale listings. 

Five Things to Consider when Buying a Foreclosure

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Scottsdale home photoBuying a foreclosure isn’t the same as buying any other type of home, and it comes with its own challenges and hurdles you might encounter during the process. With that said, however, it doesn’t have to be as complicated as it might sound, and with the right information to back you up, you should be able to work through the process successfully. Check out the list of tips below to give you a few things to consider when you’re thinking about buying a foreclosure, whether this the first time you’ll be going this route or you’ve done it before.

  1. You will not be able to negotiate:  Most of the time, the bank is the one selling a foreclosed home. Because the home is owned by the bank and they want to make back what they can as quickly as possible on it, they aren’t going to be interested in negotiating with you on the price. Every now and then, you may be able to get a slight reduction in the price, especially if the home has been on the market for a long time. However, for the most part, you should expect to pay the asking price for a foreclosed home.
  2. You’ll be buying your home as-is: For many of the same reasons why the bank is going to be uninterested in haggling with you on the price of the home, they’re also not going to want to make any repairs to it before you purchase it. They simply want to sell it as-is, which means you’ll need to be okay with the condition of the home before you ever purchase it. That’s not to say you should skip having a home inspection done before you finalize everything, but keep in mind that this inspection is mostly going to be for your own benefit and you won’t be able to request any changes based on its findings.
  3. You’ll need a pre approval letter from your lender before you can buy:  Whether you’re borrowing from your bank or from another lender, the bank selling the foreclosure is going to want to see proof that you’ve been approved for a loan before you can finalize the buying process. Basically, they don’t want to end up selling the home to someone who can’t afford it, and they also don’t want to waste time trying to sell it only to find out, in the end, that you can’t buy it for one reason or another.
  4. You probably want to work with an agent who understands foreclosures:  Unless you’ve already been through the process of buying a foreclosure in the past and feel pretty confident about it, you need to work with a real estate agent who knows what they’re doing. An agent with experience in foreclosures will know all about the ins and outs of the process and will be able to help you streamline it as effectively as possible. You’ll be much more likely to be successful with your purchase when you go through an experienced agent.

The housing market is hot this year and there may not be many foreclosed homes on the market.  We are local area experts in Scottsdale and Paradise Valley are.  We can find a home that meets your need and budget.

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Mortgages: Fixed or Floating?

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buying process people photoAlthough there are a lot of different variations on the types of mortgages available when you’re buying a home, they all boil down to two different kinds: fixed and floating. If you hear these terms when you’re doing your home shopping, you may start to wonder what they mean and which one is best for your needs. A firm understanding of the difference between a fixed mortgage and a floating mortgage can make a huge difference when it comes time to talk numbers with your bank, lender, or financial advisor.

Floating Mortgages:  These types of mortgages are also known as adjustable rate or variable rate mortgages. All three of these terms mean the same thing: a mortgage with an interest rate that can change over time. The benefit to choosing a mortgage like this one is that the initial rate is usually going to come in quite a lot lower than the standard market rate at the time you apply for the mortgage. However, as the years go on, the rate may fluctuate. Eventually, the rate will end up higher than the standard rate was at the time the mortgage was issued, which means you’ll be paying more than you would have in the end with a fixed rate mortgage.

This type of mortgage is really only a good choice if you absolutely can’t afford the standard market interest rate at the time of the mortgage but are certain you will be able to afford a higher rate later on down the line. You will be told up front at what time you can expect your rate to increase, but you may not always know how much it’s going to increase to ahead of time.

Fixed Rate Mortgages:  A fixed rate mortgage has an interest rate that never changes. Initially, the rate may be a little bit higher than it would be with a floating mortgage, but it will never change even if the market standards go much higher in a few years. These are usually considered the better option for most homebuyers because they are easy to understand and make it easy to budget the mortgage into the monthly and yearly household economy. There is usually some variance in the length of time that these mortgages last, and they can be anywhere from 15 years to 30 years in most situations.

If a fixed rate mortgage goes for 30 years, a good portion of that will be dedicated solely to paying off interest. This may sound bad, but for homebuyers who can fit the monthly mortgage payment into their budget without trouble, there’s not really much of a downside to it. A fixed rate mortgage is almost always the better option, but higher interest rates can make it difficult to quality for one of these mortgages.

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Summer Festivals Not to Miss in the Valley

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When summertime rolls around in the Valley, you may find yourself wondering what you’re going to do to pass the time. Luckily for you, there are plenty of great summer festivals that are just around the corner. You’re sure to find something you love to do among the excellent festivals that take place in and around the Phoenix area.

  1. Red, White and Boom – This is the annual fireworks celebration held in Phoenix every year. This is a huge event with a massive turnout, so plan to get there early and stay late for the exciting fireworks show! This festival doesn’t always take place directly on the Fourth of July, so be sure to check the schedule and find out when it will be going on.
  2. All American Festival – In Peoria, this festival kicks off the summer and offers lots for kids and adults both to take part in. Participate in a food eating contest or just stick around for the fireworks at night. This is a good old-fashioned Fourth of July festival that’s sure to please the whole family.
  3. Glendale Summer Band Concert Series – Do you love music? Who doesn’t? At this concert series, you can hear some of your favorite bands and maybe even discover some you’ve never paid attention to before, too. This concert series goes all summer long, so check out the schedule to plan your next night out.
  4. Scottsdale Art Walk – This is technically a weekly event and it doesn’t happen only in the summertime, but it deserves a mention because it’s a great chance to take a stroll and enjoy looking at beautiful works of art from local artists, too.
  5. Carnival of Illusion – This is a unique performance that’s based on old Vaudeville routines and is sure to surprise and delight adults and kids both. It’s shows once or twice per summer in Phoenix, so don’t miss it.
  6. Warped Tour – While you’re experiencing all the sights and sounds of summertime, don’t forget to catch Warped Tour when it hits Phoenix. This is a popular tour, so be sure to pick up your tickets ahead of time if possible.
  7. Arizona Community Short Film Festival – If you love short films or just like to support local artists, head to this annual event in Phoenix to get your fix. You may discover something about your own creative side while you’re there, too.

Click here to learn about Scottsdale homes and neighborhoods

 

Why Use A Realtor When Buying A Home?

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North Scottsdale home photoBuying a home can be a difficult time and may pose a significant challenge if you’ve never been through the process before. But even if you feel like you’re an experienced pro at the process, there may be a few ins and outs you aren’t aware of. When it’s time to buy your next home, don’t hesitate to look for a good realtor to help you out. You may be surprised what a difference a realtor can make.

Experience:  Realtors know a lot more about what a home is worth than you might, even if you’ve been shopping around for a while. Although you may always be willing to pay above the value of a home if you find one you can’t live without, it’s also a good idea to have someone along who can help you keep a good head on your shoulders about the price.

Negotiation:  A realtor’s experience can go a long way toward help you with the negotiation part of the homebuying process. The realtor can work with the seller’s realtor to help you find a price that works well for you, but your realtor can also help you catch repairs that may need to be factored into the final price. If you want these repairs to be taken care of before the home is yours, a realtor can help there, too.

Access:  When you’re buying a home, you have to wait until the listings show up on web sites before you can choose the ones you want to go take a look at. When a realtor is helping you, however, you’ll have access to listings as soon as they hit the market. Your realtor can help you schedule appointments to view homes that aren’t widely publicized, which may help you find something you never even knew existed.

Paperwork:  Last but not least, your realtor can help you make sure all your paperwork is filed correctly and in a timely fashion so you don’t miss any important deadlines. Sometimes, the homebuying process can be held up or may fall through altogether if you make just one mistake on your paperwork. With a realtor to double check everything, this is a lot less likely to happen.

Having a realtor as part of your homebuying process may seem unnecessary, especially if you’ve ever purchased a home before, but it always pays to have someone who knows what they’re doing on your side. Your realtor will work with you to find the perfect home to suit your needs and make you happy for many years to come.

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