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

Cheryl Was Readily Available For Us

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“We are so thankful to Cheryl and the Sibbach team for helping us purchase a home in this unprecedented real estate market. Cheryl was readily available for us throughout the process. She is always very patient and never high-pressure. Her experience in the field gave us great confidence in her ability to close the sale. We would gladly recommend both Cheryl and the Sibbach team and will continue to use them for future real estate purchases. Thank you all very much!”

-ZILLOW 5 STAR REVIEW

Chris Has Superb Communication Skills – 5 STAR REVIEW

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“Chris helped me with two transactions. I was especially impressed with his knowledge, expertise, and professionalism. His pleasant manner, attention to detail and complete follow through helped move us forward. He also maintained contact at critical junctures and has superb communication skills.”

-ZILLOW 5 STAR REVIEW

 

Cheryl Was Encouraging Every Step – 5 STAR REVIEW

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“Cheryl Park is the best realtor we could ask for. We worked with Cheryl previously and happily chose to do so again. She is experienced, knowledgeable, and very patient! In the process of selling our home, she was helpful and encouraging every step of the way. We needed to make repairs in short order and she helped us to coordinate that all smoothly. Her guidance and expertise made the stress of selling much more manageable. We are so thankful for you Cheryl! And thank you also to the Sibbach team for helping to evaluate the house to sell, coordinate the staging, keep us apprised of open house feedback, and closing the sale promptly. We highly recommend Cheryl and the Sibbach team for selling your next home. They are wonderful!”

-ZILLOW 5 STAR REVIEW

5 star review

10 Reasons to Work with a Local Realtor

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-Local Realtors will know why some homes on the same street are worth more than others.

-They can determine accurate prices on specific homes in the neighborhood.

-They may know who previously owned homes in the neighborhood, and why they sold them.

-They know which streets in a neighborhood are more desirable than others.

-They know the listing agents in the area and can negotiate with them and get the inside information.

-They can advise you on which agents take overpriced listings and which take listings at market value.

-They can refer you to local home inspectors, and they know if there are any inspections that should be performed that are specific to the area.

-They know about homeowners associations that may be in the neighborhood, and what their rules and regulations are.

-They know what attributes a buyer in that neighborhood should be seeking.

-They know what you need to know before you even have to ask! 

When you are ready to sell or buy your next home, give local real estate experts Chris and Cheryl a call! Chris 480-754-9077 & Cheryl 480-754-9477!

Phoenix is Fastest Growing City in U.S. for 5th Year in a Row

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This past year, Phoenix welcomed 25,194 new residents, this is slightly below the 10-year average of 25,912. Phoenix continues to take the largest share of Maricopa County’s population growth, with nearly four of every 10 new county residents choosing to live in the city of Phoenix. Maricopa County added more population than 36 states. Phoenix’s population growth also exceeded Austin, Texas, and Denver, Colorado, combined growth numbers.

The U.S. Census Bureau’s 2020 estimates reports that Phoenix’s population of 1.7 million and has added more new residents than any other city. Phoenix is still the fifth-largest U.S. city behind New York, Los Angeles, Chicago and Houston. Population losses in Chicago and Los Angeles were about the same amount that Phoenix gained, according to the Census. Phoenix leads the country in 10-year pollution growth by adding almost 260,000 people since 2010.

Queen Creek topped Arizona in percentage population growth (10.0 percent) with its population jumping from 55,000 in 2019 to 60,097 in 2020. That placed the town with the seventh-fastest growing percentage in the U.S. Buckeye was second in Arizona with a 7 percent growth rate. Tucson remains Arizona’s second largest city with its population growing 0.8 percent to 553,571, a gain of 4,610 people. Mesa had a 1.9 percent growth, with a current population of 528,129.

The next three most-populous Arizona cities are Chandler (265,398, up 1.6 percent), Scottsdale (262,647, also up 1.6 percent), and Gilbert (257,658, up 1.4 percent). In terms of percentage growth after Queen Creek and Buckeye, Marana and Casa Grande both grew 4.5 percent, and Maricopa and Goodyear both grew 4.4 percent.

Are you ready to move to Phoenix, or know someone who is ready? Have them give us a call to find their new home in the Valley of the Sun! Chris 480-754-9077 & Cheryl 480-754-9477

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