We Have Moved

SEE US AT http://searchphoenixarizonahomes.com/

Competing With Lender Owned and Short Sales in Today's Real Estate Market

If you are a "traditional" seller trying to sell a home in the Phoenix Arizona area, you already know that this an extremely challenging time. So what can a "traditional" seller do to successfully market their property and remain competitive with foreclosures and short sales in the neighborhood:

1. Price the home appropriate to where your specific market is currently selling. Your Realtor can provide you with good comparative sales data for your area. Price your home according to those which have sold only.

2. Many foreclosed and short sale homes aren't in good repair, so be certain your home is in tip-top shape.

3. Most foreclosures or short sales are being sold "as-is". It is a good idea to get your home inspected before putting it on the market so you will know what challenges you may face. You can fix problems in advance and a buyer feels very comfortable knowing in advance the condition of a house they will make an offer on.

You can also offer a home warranty and termite inspection certificate. Most bank-owned properties are vacant and cold. Make certain your home is clutter-free, clean and appears inviting. Who is likely to buy your house? Appeal to that demographic. When someone falls in love with a home they cannot get it out of their head. Make sure it is your house they feel that way about! Overpricing your home in the current market will cause it to sit unsold for a long time and consequently delay any move you anticipate making, indefinitely. As in all housing markets, price and condition are paramount!

Today, you must win the price war and the beauty contest! More than ever before, acquiring an experienced Real Estate professional, will pay dividends in assisting you in getting your home SOLD. If you, friends or family is considering buying, selling or renting a home in the Metro Phoenix area, I would love to hear from you!

Arizona Realtors, providing service in the Metro Phoenix area including Chandler, Gilbert, Tempe, Mesa, Maricopa and Queen Creek. Whether buying or selling your home we provide the service that you deserve with cutting edge technology. We are Certified Short Sale and Bank Owned specialists. We provide free Arizona MLS search and free relocation information. Whether you are a first time buyer, investor, relocating to Arizona or a seasoned home buyer we are your top choice for Phoenix Realtors. http://www.RalphandTricia.com

More than ever you need a Competent Realtor

The homes for sale in Arizona's real estate market are primarily foreclosures, which means they are owned by the bank, or an increasing number are short sales. Short sale properties are still owned by the homeowner but for various reasons they have to sell and they owe more than current market value. Either way if you want to buy a home you need to have a Realtor that is familiar with the complexity of dealing with the banks.
The same applies for home sellers. We are certified with the SFR designation (Short Sale & Foreclosure Resource). In fact the bank won’t even deal with you on a short sale if you don’t have a Realtor. If you are in the position of wanting to sell a home that has equity you will need a Realtor that knows how to compete against the “distressed” market.
Choosing the right Realtor to work with has never been more important. If you or anyone that know is considering buying or selling a home we would be glad to discuss their options with them.

Six Mistakes Homebuyers Make

You've determined that you're ready to buy a home. You've saved enough for a down payment, you've been searching for properties, and you're ready to make your dream a reality. Buying a home is an exciting process; however, if you're not careful, it can turn into a nightmare. Here are 6 common home buyer mistakes to avoid.
1. Not Budgeting Properly
It's easy to overestimate what you can afford. Although owning a home may be a better investment than renting, it's not necessarily going to be cheaper. Take a good look at your income and expenses for a few months before determining what you can comfortably afford. Make a budget sheet using Microsoft Excel or any other budgeting software. List all your income as well as every single expense, including food, gifts, and even haircuts. Keep in mind any emergency expenses as well.
When budgeting, don't forget about hidden costs including closing costs, homeowner's insurance, property taxes, HOA fees, and décor and furniture to fill your new home.
2. Neglecting your Credit Report Prior to Getting Approved
Your credit score can be either helpful or detrimental to your loan process. Getting a full credit report from all three credit reporting agencies - Experian, Equifax, and TransUnion - before applying for your home loan will not only let you know how credit-worthy you are, it can lead you to possible reporting errors. One study found that as many as 25 percent of credit reports have damaging errors.
3. Not Getting Pre-approved for a Home Loan before Searching
Most sellers prefer bids from prospective buyers who are already pre-approved for a home loan. Being pre-qualified and pre-approved are different. Pre-qualification is usually the unofficial process of informing a lender of your credit status, income, and debt. The lender can usually give you a ballpark figure of what type of loan they may offer. Pre-qualification is based on your word alone and doesn't hold much weight with sellers.
Pre-approval is the verification of the information you provided to the lender. This process will give you a better idea of how much the bank will loan you. Getting pre-approved can get you a step ahead other potential bidders that have no pre-approval.
4. Skipping the Home Inspection
You love that old fixer-upper, but skipping the home inspection can cost you as much in repairs as the cost of the home itself. The home inspection should include the overall foundation and structural features of the house, the roof, walls, plumbing, the presence of mold, pest infestations, heating, air conditioning, appliances, and the electrical system. Also, ensure that your inspector is certified with the American Society of Home Inspectors.
5. Picking the wrong neighborhood
You've found a home you love, but do you know what happens in the neighborhood after dark? Do you know the crime rate? What is the traffic like during rush hour? How is the school district?
Knock on your potential neighbors' doors, and don't be afraid to ask questions. Call the school principal, or talk to parents who are waiting to pick up their kids after school. Read the local newspaper to learn more about the community. There are many real estate blogs and community websites on the internet so before buying the home, check out the neighborhood.
6. Using a Bad Real Estate Agent or No Agent
You want a real estate agent who understands your needs and limitations and will work for you and look out for your interests. Get references from friends, family, co-workers, and neighbors. Consider interviewing a few different agents to find out about their activity and experience in your area.
It's definitely possible to buy a home without the help of a professional real estate agent, but realtors have access to all the homes on the market through the multiple listing service (MLS). Unless you are in the real estate business yourself, you'll likely not have any access to the MLS in your area. Real estate agents spend their time sifting through listings, making appointments to show homes, meeting with inspectors, and helping you create a comparative market analysis to determine proper pricing.
The real estate agent you choose could be the greatest asset or biggest obstacle to finding your dream home. We can be found at www.RalphandTricia.com

Pre approval VS Pre qualifacation

A mortgage pre-approval is not the same as a mortgage pre-qualification. Many people confuse the two terms. A mortgage pre-qualification is the first step to getting a mortgage pre-approval.
During the mortgage pre-qualification process, a mortgage lender will evaluate your financial status based on information you give over the telephone or internet. It does not usually require an application fee or require you to substantiate income and expense claims. The lender will determine how much you are likely to be able to afford for housing. It is important to be completely honest with your lender and yourself during this process.
A mortgage pre-approval is more formal. It will require fees including an application fee and a credit report fee. You will be asked to provide documents to verify employment or other forms of income. The mortgage lender working on the mortgage pre-approval will pull your credit reports and review your credit history. Mortgage pre-approval is a better guarantee of your eligibility than a mortgage pre-qualification.
Mortgage Pre-Approval Gives You Bargaining Power
Home shoppers are often disappointed when they are turned down for a loan. Home sellers suffer too when their intended buyer is not able to secure a loan. Sellers are wary of buyers who may not qualify for a home loan. A mortgage pre-approval will give you bargaining power.
Our company has a vast network of lenders and other real estate transaction support services. If you buying your dream home in the Phoenix Arizona area Contact us today for help getting pre-approved for a home loan.

See us at http://RalphandTricia.com for all your Arizona Real Estate needs

Federal Housing Administration (FHA) loans are not loans at all.

It's a bit of a misnomer, since Federal Housing Administration (FHA) loans are not loans at all. What they do is insure loans so that lenders can offer mortgage assistance to people who:
* Have fair or poor credit
* Have a low down payment (must have at least 3.5%)
* Have undergone bankruptcy
* Have been foreclosed on
Essentially, the federal government insures loans for FHA-approved lenders so that lenders reduce their risk of loss if they lend to borrowers who could default on their mortgage payments. The FHA program has been in place since the 1930s to help stimulate the housing market by making loans accessible and affordable. Traditionally, FHA loans have helped military families who return from war, the elderly, handicapped, or lower-income families, but really, anyone can get an FHA loan - they are not just for first-time home buyers.
What are the advantages of FHA loans?
An FHA loan is the easiest type of real estate mortgage loan to qualify for because it requires a low down payment and you can have less-than-perfect credit. Also, because FHA insures your mortgage, lenders are more willing to provide loans. Another advantage of an FHA loan is it's assumable, which means if you want to sell your home, the buyer can "assume" the loan you have. FHA loans can be used for a home purchase or a refinance.

New terms in Real Estate

REO, Short Sale, Foreclosure..are all common words in the Phoenix Real Estate market . Scary terms to all homeowners these days. The economic woes have caused numerous homeowners to lose their homes. It is a tragedy in our Nation that has contributed further to a declining economy. Is there a bright side?
Survivors will refine their business models to include services that directly relate to corporate Clients, including asset managers, Financial Institutions, and BPO Providers.
In addition, the surviving Real Estate Agent will also provide solid advice to homeowners that are struggling to maintain ownership or sell their home and realize the best return on their most important investment. That solid advice will now include discussions about many potential options:
• Foreclosure
• Short Sale
• Market Value
• Budgeting
• Home Loan Modification
The Realtor must be equipped to add value to these discussions. If a Real Estate Agent is not educated in all the above subject-matter, that Agent does not have the necessary tools to survive, much less thrive in today's marketplace. While none of us wanted to "specialize" in foreclosures, the consumer will continue to demand services that fit their needs in an ever-changing environment.
Real Estate Agents should be prepared to have these emotional discussions with homeowners, allowing the homeowner time to consider all of their options, digest the reality of their decisions, and set a future date to solidify their plans. If you need to become more educated in any of the above topics, whether you're a homeowner, Realtor, Asset Manager, REO Provider, or a potential buyer, please don't hesitate to ask me. I will share any and all of the above knowledge so that we can provide the best possible service to our Town, County, State, and Country.
While competition is fierce, together we are stronger. The sharing of information is not the same as losing information or giving up trade secrets. The more people that are very firm in their resolve to assist in these difficult decisions, the better.

Beware of Cap and Trade

The United States House of Represenatives has recently passed a "Cap and Trade Bill", HR 2454 that critics charge is so large & long that few if any Congressmen could have read or realize what is actually in the bill. Now that it's passed, we do.
Foremost it is a tax with an annual cost to the average American family four of $6800.00 according to the Congressional Budget Office.
Secondly, it cedes to the EPA the constitutional right of home owners to sell their own home. Every home will need a label ( read license like an automobile). Estimated cost to receive your "label" is $200.00.

To receive your "label" you must apply to an EPA Administrator to have your home inspected. When granted and inspected, the inspector will measure the efficiency of your home for water and energy usage. Wiring, air conditioners, refrigerators, stoves, lighting, ducts, toilets, faucets, washers, dryers, furnances, etc. will be inspected and noted. Roofs, insulation, windows. etc. are also in play.

Then to sell your home, you must receive permission from the EPA. The EPA will then look at your "label" and tell you what you must retofit in your home to bring it up to current EPA standards. This could well be more expensive than the home is worth. Air conditioners are thousands of dollars as are roofs, insulation, appliances, furnances, etc. Should you attempt to bring your home into compliance, you will have to apply for permission again with no guarantee that all your work and expense will qualify your ability to get permission to sell. You might get a different inspector, the standards may have changed. Critics worry that an inspector could well investigate political affilliation before granting "label" and permission to sell.

If lower income families are helped financially in this process, and they will be, this will be the largest transfer of wealth this country has ever seen.
Fixer uppers will no longer be available to the young, investors, or first time buyers.
The consitutionality of this bill seems suspect and the Senate has yet to take up the measure, but I would urge everyone reading this blog to contact their Senator in opposition to this bill.

Your Arizona Realtors

Your Arizona Real Estate Connection: Take a Walk to higher Home Values

Take a Walk to higher Home Values

Homes in "walkable" communities are becoming more and more popular, according to an August 2009 study released by CEOs for Cities. Not only are they more popular, homes located in these urban areas are showing a marked increase in value.

The study, entitled, "Walk the Walk," concludes, "More than just a pleasant amenity, the walkability of cities translates directly into increases in home values." CEOs for Cities defines walkable neighborhoods as "those with a mix of common daily shopping and social destinations within a short distance."

The study maintains houses with "above-average levels of walkability" sell for a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.

The Walk the Walk study turned defining a community's walkability into a fine science and explores the connection between home values and walkability as measured by a Walk Score algorithm and other mathematical and scientific equations and controls.

Bottom line: People like to walk and more people are creating designer lifestyles that allow them to live without a car. They want to walk to stores, schools, parks and to places that provide them with the services they need. And, they are willing to pay.

"The property value premium for walkability seems to be higher in more populous urban areas and those with extensive transit, suggesting that the value gains associated with walkability are greatest when people have real alternatives to living without an automobile," the study said.

The study's measure of walkability focused on the benefits of walking along with better accessibility in general.

The report concludes, "This research makes it clear that walkability is strongly associated with higher housing values in nearly all metropolitan areas. The choice, convenience and variety of walkable neighborhoods are reflected in housing markets and are the product of consumer demand for these attributes."

As the nation watches the housing market with baited breath, it's good to know people are still looking to a bright future and focusing on ways to increase home values through research and without speculation.

CEOs for Cities -- a national cross-sector network of urban leaders from the civic, business, academic and philanthropic sectors - is calling for urban leaders to pay close attention to walkability "as a key measure of urban vitality and as impetus for public policy that will increase overall property values - a key source of individual wealth and of revenues for cash-strapped governments in a tough economy."

Visit our sites at www.RalphandTricia.com & www.chandler-gilbertazrealtor.com