Phoenix Metro Real Estate and Community News

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

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

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

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.

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!

Along with being an Associate Broker & Realtor®, I am a specialized SRES Certified Realtor, let me help you with your next Senior home sale or purchase. Give me a call at 602-753-0177

Contact us at 602-753-0177 

Over the past year, homeowners have gained an unprecedented opportunity to win big by selling in today's housing market.

Call us today at 602-753-0177 to discuss your options!

In the last few years, more clients are coming to us to discuss real estate needs for their aging parents. Nicknamed the “Sandwich Generation,” they are usually in their 40s or 50s and care for their aging parents while supporting their own family. They are literally sandwiched between the needs of their growing kids/family and the needs of their aging parents.

Aging parents may be affected by number of new health issues and memory issues such as Alzheimer’s. With these issues sneaking up on Mom and Dad, our parents become less able to manage their day-to-day activities that were routine just a few years ago. As most young families are focused on raising their family, the sudden needs of their parents are quite surprising and can be a huge burden to manage in addition to the growing family.

A few years ago, my team received an introduction to working with a senior client moving from a single-family home to an assisted living community. Unfortunately, our senior client had significant health issues and the home needed extensive work. The roof, flooring, paint, and landscaping all needed to be addressed prior to selling the home. While addressing these issues took longer than normal to correct, the family sold the home for about 10% higher sales price than if they had ignored the issues. If they had sold directly to an investor, they would have netted far less from the sale of the home.

Jamie Thompson is designated as a Senior Real Estate Specialist (SRES). The SRES is rigorous education focused on developing and understanding of needs of the 50 plus demographic. The SRES Council is known to have knowledgeable, passionate members that serve consumers in the 50 and older market. Our selling process helps seniors downsize, clear the home, address the condition of the home, and prepare the home for sale. We take pride in protecting our seniors and working for the best outcome, no matter the situation. Our goal is to enable our senior clients to sell their homes for the best possible price.

Do you want to learn more? Contact us at (602) 753-0177 

It's a great time to sell your house. Let's connect to make sure it's ready for success on the spring market. 602-753-0177

#timetosell​ #springcleaning​ #housingmarket