Phoenix Metro Real Estate and Community News

You’ll find the Thompson Group blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 15, 2021

Quick and Easy Ways to Dress up a Home’s Exterior

attractive front porch

A home that shows exceptionally well helps arouse the prospective buyer’s emotional desire to buy quicker and at a higher price. First impressions count! That’s why neat, clean homes get snatched up and others just sit on the market.  Builders of homes in the Phoenix Real Estate market spend 1000’s of dollars to stage a model home properly. They do this for good reason. Buyers will buy the perceived value of the property...the image and feeling that they get from experiencing the property.  

Stand across the street and look at your home from a potential buyer’s viewpoint. Next, go to the corners of your back yard and look at your home with the critical eye of a buyer. Consider the following: 

  • The buyer’s strongest first impression of your home is with the front outside entry and door. Make this area fresh and inviting with plants, flowers, and as needed, fresh paint. Make purchases which enhance the appearance of your home—large planters, new entry mats. You can take these items with you to your new home!
  • Is there ‘clutter’ in the front or back yard? Debris, leaves, dead branches, old swing sets, broken lawn furniture? Pick up tools and toys from the yard. Put garbage cans in the garage and shut the door. Are there too many cars parked in the front or driveway?
  • Is the lawn trimmed, edged, weed-free, and fertilized? Edge between your lawn, drive, and walkways.  Are the flower and shrubbery beds pruned, free of debris, and fresh looking? Do they need fresh mulch or plants? Repair cracks and pull weeks from walkways and the driveway. If you are an absentee seller, make arrangements for lawn care.
  • Is the exterior paint fresh? Hose it down to remove dust and cobwebs. Touch up or repaint as needed. The expense of repainting has an excellent return on the dollar.
  • Are all outside systems working? Is the sprinkler system functioning properly? Have the cooling and heating units been serviced?

Selling your Phoenix, Arizona home isn’t a single event – it’s a process. And part of that process is getting your home itself prepared to sell. As you prepare to put your home on the market, make sure to pay close attention to how your home is prepared to show – it can make all the difference in the world.

The Thompson Group is well versed in home presentation and can help you get your home ready to sell. In today’s market there are thousands of Phoenix Homes for Sale. If you don’t want to be just another home on the Phoenix MLS, give us a call today and we’ll help you stand out from the crowd. Contact us at MyAZHouse.com or 602-753-0177 to get started!  

 

Posted in Home Selling
Aug. 17, 2021

Marketing Your Home’s Location!

Marketing Home Location

The name of the game in real estate is location. Some say, “location, location, location” because it is so important. When preparing a home for sale, often you are dealing with a whole lot of logistics and people. Managing painters, landscapers, handymen, stagers and photographers takes up time and agents often overlook marketing location. Many buyers are new to the area and have lots of questions about location of your home. If buyers can get excited about the location of your home, then they will make better offers! 

Great amenities around your home may include award winning schools, shopping centers, specialty stores, movie theatres, restaurants, community parks, community pools, and great freeway access. The more you and your agent can present to a buyer, the better.  

Another factor in a location is proximity to great employers. If your home is near big employment centers or big employers are moving into the area, then those can be great avenues for marketing your home. Buyers prefer shorter commutes, so there should be a plan to any job seekers in your area.

There can also be negatives to your location. There may be issues with the local schools, extra commute times to work or proximity to harmful noisy roads. Rather than ignore the negatives, it is important to address and come up with solutions that will work for the buyer. While fixing some location issues is not possible, it is usually possible to find alternate solutions to satisfy a buyer.

Summing up, one of the most important skills a real estate agent will bring to a seller is the ability to market location. Do you want to learn more? Contact us at www.MyAZHouse.com or 602-753-0177 today!

 

Posted in Selling Your Home
July 16, 2021

Experience Matters – Questions to Ask Before Selling

Woman with questionsOur clients have presented us with many unique situations when selling their Arizona Homes. Whether moving out-of-state to take a new job, hoping to buy a bigger home with a pool, needing to be in a new school district, or looking to downsize to a home that is more manageable, our clients all had something very important in common. Each had future plans – plans that depended heavily on how the logistics of the sale were handled and the financial results of the sale. 

Marketing and Selling Homes is Serious Business. 

A well planned and executed sale of a home allows the homeowner to move forward with their next phase of life. However, mistakes may cost thousands of dollars and hours of stress when escrows are canceled. Nothing may be more important in the transaction than the knowledge and experience of the agent giving you advice. So, here are a few good questions for you to ask your agent:

  • What do you know about the area? At times, knowledge of the area can be the key to selling a home. Buyers that are new to the area need to know information about schools, movie theaters, shopping and more. An agent who lives in the area can help buyers identify how they will enjoy the area – and many times, the home will sell quicker.
  • How do you market my home? Believe it or not, some agents think that ordering a “for sale” sign and putting your home in the multiple listing service (MLS) is how to sell a home. This is only the beginning! Great agents should be able to deliver to you a written marketing plan tailored for the Phoenix Real Estate market along with success stories from using that plan. 
  • How much are the costs of selling my home? In order to plan for the future all homeowners with Phoenix homes for sale need to know the amount of money they will have after the sale of the home. Great agents should be able to estimate the cost of real estate commissions, title fees, loan costs, repair costs, and property taxes. 
  • When will the buyer’s loan be approved? Without loan approval, the sale of the home cannot close escrow. In tracking a lender's process, a great agent should know how to use the LSU (Loan Status Update) form, what “PTD” conditions are, and what is the time needed for a lender to get loan documents to title after full loan approval. Being able to track the lender's progress is essential for a seller to know whether they will close on time or not.
  • What is breach of contract and how do you handle this? In the Arizona purchase contract, the seller is unable to exit the contract while the buyer retains over five exits from the contract. However, if the buyer is in breach of contract, then the seller may exit the contract. Breach of contract occurs when the buyer takes actions that are contrary to the written contract. This is a serious situation that experienced agents should have a plan to handle. 

Do you want to learn more about how to make your home-selling process go smoothly? Contact us at www.MyAZHouse.com or 602-753-0177.

 

Posted in Home Selling
June 11, 2021

Selling for Top Dollar – Getting Tons of Exposure

Selling house for top dollar

The day is here! You need to sell your home. The next steps are to find a real estate agent familiar with the Phoenix MLS, put your home on the market and negotiate a contract. The number 1 rule in selling your home is to get your home tons of exposure. The more exposure you get for your home, the more potential buyers and the faster the sale and a higher sales price for your home. Seems simple, right? Here are a few things to consider when going to market.

Focus Local and Worldwide. Recently, our team got a call from another state about one of our listings. The buyer who happened to have cash for a purchase found one of our listings on the internet. Unable to find a local Phoenix Real Estate agent the buyer called us directly to purchase the home. The buyer said, “Your home is beautiful.” While our seller took credit for the beautiful home, we took great pride in showcasing the home with our elite marketing plan.

Focus on the Internet. The internet has huge potential to market our listings, but also is very risky. While allowing agents to showcase a home’s best features, the internet can also make a home look very bad. Dark pictures, pictures of small rooms, pictures of the commode, and even the lack of any pictures will dissuade buyers to not look at your home. The presentation of a home over the internet should entice a buyer’s interest to see more of the home by scheduling a showing.

Focus on the Phoenix MLS. The Phoenix MLS allows home owners and agents to add lots and lots of features. Important upgrades like granite counters, RV gates, energy efficient upgrades, cul-de-sac lots, vaulted ceilings, etc are very important to buyers. Many buyers and buyer’s agents will search for these important upgrades on the internet and the MLS database. Every time a buyer searches for features, and finds your home, the buyer is likely to want to see inside your home.    

Don’t Forget Traditional Advertising. With iPhones, tablets, and many other tech devices, it may be easy to forget the traditional advertising. However, traditional advertising is still very successful for attracting buyers. Newsletters, Just Listed Notices, and color flyers are still huge for getting the attention of buyers. While younger buyers under the age of 30 will start their search for a home on the internet, many older buyers will start their search with the newspaper or from items received in the mail. On a daily basis, many Phoenix homes for sale can be found in the local paper.

A great marketing plan includes aspects of all these items and any other ways of getting buyers to see your home.  Remember, the name of the game is exposure, exposure, exposure. Do you have more questions? Do you want to learn more about this or other ways to get the most money from the sale of your Phoenix Arizona Homes? 

We can help!  Contact us at (602) 753-0177 or info@ThompsonGroupAZ.com   

 

Posted in Selling Your Home
June 1, 2021

Contact us today to find your dream home.

Give us a call at 602-753-0177 to see how we can help you find your dream home!

Posted in Buying a Home
May 13, 2021

Signs My Home Will Close On Time

A seller put his Phoenix, Arizona, home on the market to move out of state. A buyer viewed the home and found it to be perfect for their growing family. The buyer and seller negotiated a contract to sell the home. The buyer completed inspections and found a few repairs. The seller boxed up a lifetime of memories and loaded the moving truck! The home selling process appears to be going very smoothly… but wait! Will this home close on time, or are there problems ahead? Here are a few indicators to look for: 

Buyer Qualifications Reviewed – When a buyer writes a contract to purchase a home, the buyer should present a list of pre-qualifications with the contract. In Arizona, there is a standard Pre-Qualification form that should be completed by the buyer’s lender. This form is loaded with information about the perspective buyer. Important are items that the lender requires from the buyer in order to start and complete the loan. Completing these items sooner will allow for a quicker close – overlooking them will certainly slow the process. How these items are managed is a clear indication of whether the home will close on time or not.

Appraisal Complete – The appraisal should be ordered within the first few days of an accepted contract. While there is no hard and fast rule for completion of the appraisal, all parties agree that the sooner the better. The appraisal should be good news, but there could be bad news lurking. Certainly, when the buyer's financing depends upon completion of the appraisal, a good sign that the closing of the home will occur is completing this important step.

Loan Package Submitted to Underwriter – Another big step for every home purchase is submitting the loan package to the underwriter. Included in the loan package is the title report, the completed appraisal, terms of the loan, the buyer’s application, and a bunch of documentation that none of us think about on a regular basis. The underwriter reviews the loan package for a few days and generally will give loan approval with prior to document (PTD) conditions. If this step is completed early enough in the escrow process, clearing the PTD conditions should not hold up the closing day. However, at times, the PTD conditions may require documentation not readily available, thereby delaying the closing date

Don’t Forget About the Home Owner Association (HOA) Disclosures! – While the Arizona contract calls for delivery of all HOA information to the buyer, state law allows HOAs 14 calendar days from the time of the request to delivery to provide all necessary information. Normally, the title agency involved will make the request for HOA documents early, after contract acceptance. However, delivery of these documents to the buyer may not happen for some time and the buyer receives 5 days to review the HOA documents. While review of HOA documents should not hold up a typical 30 day COE, it may delay shorter escrows.  

Buyer Loan Docs to Title – A great sign! No matter how choppy the last few weeks may have been, delivery of buyer loan docs to title is a sign that the closing will occur in 3 days. All parties will be in a hurry to complete the last tasks of the transaction and there may be some extra drama and stress. However, be assured that closing of the home generally happens for most Phoenix Real Estate transactions.

Short Sale Exception – If you are purchasing a short sale transaction, the seller’s bank may delay the closing date for 1-3 business days in order to approve the final settlement statement. While very annoying to all parties, this is a necessary extra step for most short sales. Some listing agents and title companies are proactive here and initiate the bank approval early. If so, then you have a sign that closing will happen on time!

Do you want to learn more about how to make your home buying or selling process go smoothly? Want to know more about Phoenix homes for sale? Our knowledgeable Phoenix, AZ Realtors can help find the gems in the Phoenix MLS as well as make sure that your sale goes as smoothly as it can. 

Contact us at www.MyAZHouse.com or (602) 753-0177

 

Posted in Selling Your Home
April 14, 2021

Home Remodel Pricing Strategy

Many of my clients consider remodeling a home prior to selling the home with the hope of getting a higher price. Picking out new flooring, paint, fancy new counters for the kitchen and other upgrades for your home is a lot of fun.  Upgrades in your home will also allow your home to sell quicker. Before you begin, you may want to consider what your home may sell for and what the appropriate budget for your project will be.

When I look to purchase and remodel homes, I look for properties that one might consider a “diamond in the rough.”  Generally, a home that is 20-30 years old needs a facelift to look trendier and more modern. Buyers generally like these older homes, if the interior is updated to reflect the current housing trends. As I put together a budget to renovate the home, I consider:     

  • Appraisal - What is the highest potential appraisal value of my home? Even when a seller sells a home above the market value, if the lender’s appraiser will not support the sales price value, the home will only close at a price the appraiser will support.
  • Comparative Market Analysis - Most real estate agents are able to perform a comparative market analysis (CMA) when a current appraisal is not available. A comparative market analysis should give an accurate idea of how a home stacks up against comparable sales within a mile radius of your home. All comparable sales used should be no older than 6 months to give a correct approximation of the current market.
  • Pending Home Sales Pending Listings - Homes that are currently under contract waiting to close escrow may indicate where the market is headed. If pending properties are selling for less than previous closings, then the market is declining.  If pending properties are higher than previous sales, then the market is appreciating.
  • Neighborhood Competition - What do the recent sales in the neighborhood reflect? How many homes are currently active in the area? If other sellers are renovating homes prior to selling, then top market price is probably in place. If the owners are not renovating before selling, then the top market price for a renovated home is likely higher than recent sales.  
  • Remodel Costs - When you feel comfortable with what the top market price is in your area, consider establishing a budget for your project. Picking out all the upgrades is fun, and you could easily overspend on the project. Keeping your remodel costs close to your designated budget will allow you to recoup your costs when you sell. 

Do you want to learn more about renovating your home before your sell? Contact us at (602) 753-0177 or www.MyAZHouse.com

Posted in Home Selling
April 14, 2021

4 Ways to Be Ready for a Bidding War

In today's competitive market, the average home for sale receives multiple offers. Let's connect to make sure you're fully prepared as a homebuyer for a potential bidding war. #biddingwars #buyingahome #realestatetips

 

Posted in Market Updates
April 7, 2021

Existing-Home Sales Housing Snapshot - February 2021

February 2021 brought 6.22 million in sales, a median sales price of $313,000, and 2.0 months of inventory. The median sales price is up 15.8% year over year, and inventory is down 1.1 months from February 2020.

Posted in Home Selling
April 1, 2021

We're Your Official Cloud City Realtor!

We are proud to announce that we are the official Realtor for the new Cloud City installation that will be built above the Phoenix skyline. We are currently taking pre-applications and spots are filling fast!

Posted in Community News