Real Estate Terms Every First Time Homebuyer Should Know

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chair with dog photoWhen your buying your first home, it’s a big, exciting step.  But, it can also be overwhelming to try to understand the process and all the real estate terminology thrown your way.  Buying your first home should be a great experience, and one way to make that happen is to educate yourself as to what some of the words your agent and mortgage broker will mention mean.

Adjustable Rate Mortgage

An Adjustable Rate Mortgage means that your interest rate will fluctuate throughout the life of your loan. Usually, this type of mortgage has a lower interest rate initially but can go up or down depending on different factors. Adjustable Rate Mortgages are typically meant for short term ownership.

Fixed Rate Mortgage

With a Fixed Rate Mortgage your interest rate will be locked in for the duration of the repayment period. If you plan on owning the home for longer than five years a Fixed Rate Mortgage can be your best option.

Earnest Money

Also known as a “good faith” deposit, Earnest Money is a deposit made by the potential buyer to show they are serious about buying the house. These funds are held by a neutral party and typically put towards closing costs or your down payment at the time of closing.

Contingencies

A contingency is a condition that must be meant before a contract is legal. It is meant to protect the party from liability if certain conditions are not met. One example would be when a buyer specifies that a contract is not binding until a satisfactory home inspection is completed by a reputable home inspector.

Origination Points

Origination Points compensate a lender or loan officer for evaluating, processing and approving your mortgage loan. A point is 1% of your loan amount. Origination point fees are paid at closing.

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Why Residents Love Fountain Hills

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fountain hills backyard photoIf small town charm is what you’re looking for, Fountain Hills is the place to be! Fountain Hills is a beautiful, safe and quiet community, and is just a short drive away from Phoenix. Ask around, and residents will tell you there are plenty of reasons to love Fountain Hills! Here are just a few reasons you and your family should consider calling Fountain Hills home. 

Great Schools

Fountain Hills has a great school district, with outstanding academic and extracurricular programs. In Fact, according the school district’s website, Fountain Hills was ranked in the top 5% of U.S. News & World Report’s 2016 Best High Schools. 

Saguaro Lake

If your family loves the great outdoors, you’ll find no shortage of beautiful scenery and outdoor adventure in and around Fountain Hills. Saguaro Lake is just twenty minutes from town, and is a popular spot for boating, fishing, picnicking and so much more. You may even be lucky enough to see a bald eagle or desert mountain sheep!

Arts & Culture

With over 150 pieces, Fountain Hills is home to one the largest public collections of art in Arizona! The town offers docent-led, self-guided and private art walk tours. Experience all the beautiful artwork including statues, painting, murals and photography.

There are many more reasons to name… a lot of homes have gorgeous views of vistas and mountains.  It’s a serene and beautiful community with a small town feel that is within a short drive to Scottsdale’s finest shopping and dining.  Cheryl and I are local area real estate experts in Fountain Hills.  We can find you a home that fits you needs and lifestyle.  Just give us a call! 480.754.9477 or 480.754.9077

Click here to learn more about Fountain Hills and view homes for sale

 

Living in Scottsdale: Summertime Family Fun Activities

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Summer break is winding down and people look for things to do locally.  This is a good time to get the whole family together and explore your community before school starts up again. It may be hot, but there’s tons of fun to be had in Scottsdale during the warmer months. From community events to desert adventures, we’re sharing our favorite Summer activities in Scottsdale!

Scottsdale ArtWalk

Scottsdale ArtWalk is a long-standing tradition in the community. The ArtWalk takes place every Thursday from 6:30pm – 9pm, in Downtown Scottsdale’s art district. The event gives everyone the opportunity to explore local galleries and artists, while enjoying refreshments, music, carriage rides and more.

Shopping

There’s no shortage of great shopping in Scottsdale, and it’s a great way to beat the heat while finding something special!  Explore local boutiques in Old Town, popular department stores in Scottsdale Fashion Square or unique gift shops in Cave Creek and Carefee. Plus, there are fabulous restaurants around the city to grab a bite in between stores!

Outdoor Adventure Scottsdale

The Northeast Valley has plenty of trails for every fitness level to explore the breath-taking Sonoran Desert. Popular trails include Pinnacle Peak Park and the McDowell Sonoran Preserve.  Horseback riding is another fantastic summertime activity the whole family is sure to love. MacDonald’s Ranch offers guided horseback rides that let you experience the beauty of the Sonoran Desert in an unforgettable way. Go early in the morning.  Don’t forget to wear a hat and bring plenty of water!

Scottsdale Library

The Scottsdale Library hold numerous events during the summer for both children and teens. It’s a great way for you to meet other families in the area and make new friends! Visit the Scottsdale Library website to see a full list of upcoming events.

There’s a ton of things to do all around the valley.  Keep checking our blog as we share tips and info for locals and visitors.

Click here to learn about Scottsdale Neighborhoods.

Phoenix/Scottsdale Real Estate Market July Update – June 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for July 2018, which shows 9,224 homes sold in the month of June compared to 9,569 homes in June 2017. This is a 3.7% decrease for the number homes sold year over year, which is being driven by the lowest inventory of listed homes in the last 5 years. And the market remains strong with the average sale price is up 8.4% year over year, while the amount of listed homes is down by 12.1% to 15,671 from 17,809 in June 2017. Demand continues to remain strong into Summer even with activity constrained by lower inventory. The average days on market is down 9.7% from June 2017 to just 56 days!

Click here to see the full June 2018 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 this Summer, as the strong market continues to be 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. – Chris & Cheryl Park

Unique Restaurants Throughout The Valley

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food festival photoThe Valley Of The Sun is home to many restaurants – from posh rooftop dining, patios overlooking scenic golf courses, old cowboy steakhouses to multiple ethnic eateries.  On weekends, Cheryl and I enjoy scoping out unique and interesting dining experiences.  Here’s our favorite list:

The Hangar Café

This Café is very close to the Chandler Municipal Airport and as such offers customers an eat and view airplanes taking off or landing.  Not only is the view unique, the food is delicious! The restaurant is known for amazing homemade comfort breakfast and lunch meals.
Hangar Cafe
1725 E Ryan Rd, Chandler, AZ 85286

Rustlers Rooste Steakhouse

Rustlers Rooste is one of the oldest restaurants in Phoenix. This popular restaurant which began operating in 1971 is a family-owned Cowboy-themed steakhouse and bar with a banquet hall. The restaurant is seated at the top of the South Mountain, giving customers a gorgeous views of Phoenix’ skyline.  There’s plenty of entertainment, portion sizes are very generous.  It’s a great place to take your out of town visitors.
Rustler’s Rooste
8383 S 48th St, Phoenix, AZ 85044

Organ Stop Pizza

If you are looking for and oddity, Organ Stop Pizza is the place to visit. The family friendly restaurant has been open since 1972.  The restaurant is open all week for dinner only and is notable for having the largest pipe organ in the world, the Wurlitzer pipe organ.  Besides pizza, they also serve salads, desserts, and sandwiches.
Organ Stop Pizza
1149 E Southern Ave, Mesa, AZ 85204

Noble Eatery

For the best-baked foods, Noble Eatery in Arcadia is our top choice and you’ll find many locals visiting this bakery every day of the week.  They use old European techniques and recipes for their bread and pastries using organic, GMO free flour abd sea salt.  The menu includes sandwichens, soups, salads and changes daily.
Noble Eatery
4525 N 24th St, Phoenix, AZ 85016

Compass Arizona Grill

This restaurant is located at the top of the Hyatt Regency Hotel and offers customers a good place to view downtown Phoenix and the surrounding mountains. This posh launch/restaurant is unique for its 360-degree movement and is not really family friendly.  It’s a great place for a romantic dinner or to celebrate a special occasion.  The menu is American southwest cuisine with local flavors and ingredients. All tables have fantastic views of downtown Phoenix.
Compass Arizona Grill
122 N. 2nd Street, Phoenix, AZ 85004

The Yard

The Yard is a collection of outdoor restaurants and gets its name from the backyard aura of the patio. The restaurants serve several delicacies including contemporary ones and include a complete bar. Popular restaurants here include Barrio Urbano and Culinary Dropout. Perfect place for larger group to meet for happy hour and a fun night out.
Culinary Dropout – The Yard
5632 N 7th St, Phoenix, AZ 85014

There are many more we want to write about but this is a good start if you are lookin for ideas to try something new and unique.  We love living and working in Scottsdale.  Let us know when you are looking to move to the northeast valley.  We will find a home for you that meets your needs and lifestyle.

Contact Chris and Cheryl

 

Popular Architectural Styles in Arizona

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Arizona is home to many building architectural styles which are influenced by the various cultures that populated Arizona many years ago.  Scottsdale has some noteworthy popular building styles: from Native Indian inspired adobes, Mediterranean style to modern mid-centtury homes that are currently growing in popularity.  Following is an overview of some popular building styles you’ll find throughout the valley:

Contemporary Style

Contemporary homes are increasing in popularity and you’ll find many new constructed and remodeled homes throughout the valley.  Contemporary homes are characterized by open spaces, vaulted ceilings, large windows, untextured walls and simple/minimal styled kitchen and bathrooms. Homes of this style are often built to be environmentally friendly while also using some of the latest home technology to provide comfort. Common materials used in contemporary homes are flat panel wood, glass, steel and compliments mid-century styled furnishings and neutral colors.

Spanish Colonial/Santa Fe Style

Spanish Colonial Style  is very common is Arizona and typically has smaller windows, flat roofs, orange, reds and blue themed tiles and Saltillo tiles.  Many homes have arched doorways and natural wood beams throughout. People often choose wrought iron chandeliers and southwestern styled furnishings, rugs and decorations. The Santa Fe Style is a traditional Southwestern style owing to the warm climate of the region.

Mediterranean Style

One of the most popular architectural styles in Scottsdale area at large is the Mediterranean style homes. Mediterranean styles are also called “Spanish modern” styles as they owe their roots to the homes found in the Mediterranean countries of Spain, Greece, Italy, and France. A Mediterranean style home is characterized by large, arched windows and ornate columns outdoors and realistic, warm color schemes and sand-textured walls.

Ranch Style

Long, L-shaped one-story buildings with inspiration from the Old West are the hallmarks of Ranch-style homes. A lot of the furniture in these homes is made of leather  with the floors totally covered with carpet. While the fireplace may be made from piled bricks, it is easy to move from one end of the house to another due to the openness of the design.

Pueblo Revival Style

This style owes its roots to the homes of the Pueblo Indians during the 8th century. They grew in popularity in the early 20th century. The homes which are also called “Adobe-style” are characterized by the sloping roofs and earthy materials or adobe, which are used in building them.

Tudor Revival Style

Another popular architectural style is the Tudor Revival style. However, they are not so many in the urban regions of the area. These homes are a reference to the English royal architectural style of the Tudor families in the middle-ages. These homes are characterized by their high-pitched roofs and large chimneys.

Spanish Revival Style

The Spanish Revival style or Hacienda-style homes are also common in Scottsdale. Some of the main materials used in making these buildings include tile, stucco, clay, and iron. The homes are also characterized by the exposed beams and multiple arches.

What is your dream home?  Let us know!  We are local area experts and can find the type of home that meets your needs and lifestyle.

Contact Chris and Cheryl

Phoenix/Scottsdale Real Estate Market June Update – May 2018 Stats

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Here is the Phoenix/Scottsdale area Monthly Real Estate Market Report for June 2018, which shows 10,097 homes sold in the month of May compared to 9,797 homes in May 2017. This is a 3.0% increase for the number homes sold year over year, and first time 10,000+ homes have sold in a month in more than 5 years. And the average sale price is up 9.6% year over year, while the amount of listed homes is down by 12.9% to 16,245 from 18,649 in May 2017. Inventory of listed homes is still well below last year at this time, and demand continues to remain strong going into the Summer months. The average days on market is down 18.6% from May 2017 to just 57 days!

Click here to see the full May 2018 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 this Summer, as the strong market continues to be 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.

Free Summer Activities in Phoenix

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got water signSummer is around the corner and there’s always something happening in Phoenix to keep you busy! One of the great things about our region is the variety of outdoor activities that are mainly free and are great if you’re on a budget. 

We’ve rounded up our favorite free activities to take advantage of this summer. 

Camelback Mountain Echo Canyon Recreation Center

With miles of hiking trails and a variety of views, this somewhat challenging trail is great for hiking-enthusiast looking for a summer adventure.  It’s best to go early, right after sunrise.  Don’t forget to bring LOTS of water, sunscreen and a hat.

Phoenix Art Museum 

You might not know that one of Phoenix’s most popular cultural attractions is free every Wednesday evening, from 3-9 p.m. Stop by and check out the latest exhibit and get your fill of art history. 

Mesa Arts Center

This 212,000-square foot arts center is one of the largest in the state, and free to attend. They host performances, have art galleries and offer one of a kind installations. While performances cost money, walk around the area and check out the art gallery!

Arizona Capital Museum

For the history buff, take a trip to the Arizona Capital Museum to get a picture of Arizona’s early statehood. World War II buffs can browse a USS Arizona display and see artifacts specifically curated from Arizona in WWII. 

Smith Mountain Park 

In the largest municipal park in the world, these crisscrossing trails offer a spectacular view from Dobbins Lookout Point at 1,200 feet. From there, check out Happy Valley and go through Spring Mountain Park.

Apache Trail

Looking for a road trip in your own backyard? Check out Apache Trail. One of the most scenic drives in Arizona, it features scenic stops and great desert life along the way. Don’t forget to check out Goldfields Ghost Town for a spooky tour in Arizona’s gold rush land. 

Arizona Summer Survival Tips

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hot air balloon photoThe average temperature in the summer months of Phoenix reaches triple digits — meaning, it’s hot! If you’re experiencing your first summer in the valley, you might be surprised to see temperatures get to 110 degrees and higher!

While the heat can put a damper on some outdoor activities, there are great way to beat the heat and stay cool during the summer. 

Drink lots of water

  • It might seem basic, but with temperatures that high your body needs as much water as possible. If you’re going to be outside for any period of time longer than 10-15 minutes, make sure to bring extra water to ensure you stay hydrated and cool.

Be aware of heat stroke

  • If you’re outside enjoying the weather, watch out for symptoms like muscle cramps, headaches, heavy sweating or nausea. These can be signs of heat exhaustion or heat stroke. If you have to be outside, make sure to wear light colored clothes, have lots of water and put sunscreen on.

Even at night, Phoenix is still hot 

  • Just because the sun sets doesn’t mean it cools down! Evening temperatures can still stay in the 80’s and 90’s. If you’re looking for a cooler setting in the evening, you’ll have to leave the Valley and check out places like Lava River Cave in Flagstaff. 

Don’t forget about the car

  • Your car interior can reach 150 degrees fast. Always double check to ensure pets and children are out of the car, and make sure to get your car checked regularly. Batteries can die much easier with extreme temperatures, so if you notice issues, check as soon as possible to avoid larger issues. 

Phoenix heat is no joke though. Make sure to follow these basic tips when you’re out and about in the summer to stay safe and have fun.  Despite the heat, summer in Phoenix can be a great time to enjoy water activities and events. Stay cool and enjoy the Valley of the Sun in the summer!

Are you looking to move to Scottsdale or surrounding areas?  Click here to learn about homes and neighborhoods by map.

How Seasons Affect Real Estate Activity

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Scottsdale home photoWhile you might not realize it, there is an ideal time to buy and sell real estate. You might have heard the phrase that when the weather cools, so does the real estate market.  This does not necessarily apply to the Valley Of The Sun. The season you chose to sell your home can have a huge effect on the price you get for your property — in some cases, it can affect It up to 10 percent. 

If you’re looking to buy a home, because of supply and demand, you might have better luck on the “off” seasons where, granted, there is less inventory, but there is also less competition in terms of other buyers.  Don’t let the notion of buying in the offseason keep you from looking!  By choosing a different time to buy, when everyone else is not buying, you can find the house of your dreams and save money in the long run too. 

Understanding how seasonality works in our market can help you get the most money for your home. If you’re a seller, selling your home in peak market is likely to bring more buyers and potentially more money.  Meanwhile, buying a home in the off market can save you money and hassle. With the holidays around November and December, the Phoenix real estate market also tends to slow down as people are traveling and focusing on families. 

But the best time to buy and sell your home in the Valley is in the cooler months of January and February into late Spring. These months often see an influx of people coming in to town from other regions. These people are often relocating or looking for a second homes. With the temperatures more bearable, it’s a great time to be out and about looking for homes. During these months, the average temperature in Phoenix is around the mid to low 70s!

On the other hand, cities on the East Coast are often busiest during the Spring and Fall. In September, the housing market begins to gradually decline, with February being the least busy month of the year for real estate. The National Association of Realtors reports every month home sales for the previous month, showing that in February, sales drop 7 percent. 

Currently, Phoenix is seeing a very active market, with homes priced under $500K moving quickly all year round as interest rates are low and we are still growing.

If you are looking to buy or sell, contact us. We provide advice on the best time to sell. With an expert opinion, you’re much more likely to get the dream home you’ve been looking for. 

Contact Chris and Cheryl

Scottsdale Market Stats

  • 1727,1598,1486,1469,1590,1802,1940,1864,1946,2185,2253,2269
  • 772,693,604,685,794,851,637,474,1074,870,887,877
  • 754,717,477,541,443,429,437,409,391,523,583,687

Information is deemed to be reliable, but is not guaranteed. © 2024