Are You Ready for an Investment Property?

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Have you ever thought about buying an investment property? ​Investing in real estate is one of the best ways to build generational wealth, but as with most major investments, getting started can certainly be daunting in the beginning. Before purchasing your first investment property, here are a few things to consider:

-Financial situation. Are you financially stable, and can you afford the upfront costs of an investment property?

-Investment goals. Have you discussed your plans with a financial advisor? As with any investment, investing in real estate does carry some risk.

-Time commitment. Do you have the time to manage your property? Being a landlord can be time-consuming, so be sure you can dedicate the time to managing your property (or can hire someone who will).

-Pre-approval. As with any property purchase, you’ll need to go through the pre-qualification and pre-approval process with a reputable lender.

If you’re considering purchasing your first investment property, give us a call and we can discuss some options!

Is it Cheaper to Rehab or Build New?

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Many buyers are wondering if it’s cheaper to buy a fixer-upper or build a new home from scratch. If you’re in this boat too, here are some things to consider:

-If you can find a home with good bones for a good price, a fixer-upper might be just the thing for you. However, material and contractor costs are high right now, so rehabbing a house can take more cash than it used to.

-Building right now requires patience on top of cash. Because supply lines are still reduced and labor costs are rising, you have to account for extra costs and extra time needed to build, which bumps the average price of building to around $332,000. That said, building new can save you in maintenance costs since everything is new.

The best option for you depends on your location and your real estate goals. Give us a call, we are here to help! Chris 480-754-9077 & Cheryl 480-754-9477

How to Know When You’re Ready to Sell

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Here are a few things to consider when you are preparing to sell your home.

1) How fast are you willing to move? Although there are no guarantees that your home will sell quickly, don’t list it “just to see what happens” and then find yourself scrambling to find an Airbnb while you finish up your home search. If you are planning to sell, what is the next step? And are you ready to make a move if you get an offer right away?

2) What is your budget for a new home? If you’re selling – and especially if you’re selling for the first time – remember that you will be responsible for the costs involved with selling – including any necessary home repairs, closing costs, and moving expenses.

3) What will you need to do to prep your home for sale? If you’ve lived in your home for years and haven’t made any updates, you may need to do some minor renovations. Think about what you’re willing to change, and if you make all of these changes, if you’ll still want to sell or if you’d instead enjoy your updated home for a few more years.

Once you’ve considered all three, give us a call, and let’s get your home sold! Chris 480-754-9077 & Cheryl 480-754-9477

Scottsdale Celebrates the 4th of July!

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Be Red, White, and COOL at WestWorld of Scottsdale’s 4th of July Celebration!

★ Bull Riding is back for 2022!
★ Mutton busting for children
★ Mayor Ortega presents “The Canine Stars Stunt Dog Show” featured on America’s Got Talent
★ Live Performances of “We Don’t Talk About Bruno” from feature film Encanto and more!
★ Lively games such as the Cha Cha Slide, chicken dance, & more!
★ Balloon Artists and face painters!
★ Good old-fashioned cake walks ​
★ Parade of Heroes honoring outstanding community leaders in the fields of Safety, Fire Safety, Veterans, Neighborhood, Healthcare and Community
★ And of course, at the end of the night, the largest fireworks display in Scottsdale!

For 2022, WestWorld of Scottsdale in McDowell Mountain Ranch is excited to work with Scottsdale Community Partners. If you would like to leave a donation on their website, you could assist people in the local Scottsdale community with healthy food, emergency services, and more. DONATE HERE

For parking and details, visit: scottsdale4th.com

Ready to move to McDowell Mountain Ranch in North Scottsdale? Give us a call to preview homes for sale! Chris 480-754-9077 & Cheryl 480-754-9477

 

Very Proactive in Communication – 5 STAR REVIEW

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“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

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