The Ten Most Commonly Asked Questions in Home Buying

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1. I’m Ready to Buy a Home. What’s the First Step?

While attending open houses is much more exciting than filling out paperwork, the first step a homebuyer should take is getting pre-approved for a loan. This helps you determine how much house you can afford and set a firm budget. To submit and offer to a Seller, you will need to be preapproved.

2. How Does My Credit Score Impact My Home Loan?

When determining how much home you can afford and whether you are eligible for a home loan, a lender will look at your credit score Typically, you need a score of 580 or higher to qualify, but it is recommended to have a 620 or higher. The higher your credit score, the better lending terms you may be eligible for. There are ZERO down home buying programs with a 620 score and higher. I can help you, just ask!

3. How Many Homes Should I View?

There is no right or wrong number of homes you should view before making an offer. Some people find their dream home on day one while others house hunt for months. View as many as it takes to find the home that fits your needs.

4. How Do I Search for a Home?

Start by viewing MLS listings on a real estate database, and ask me to set you up so you can search just like a Realtor on the mls. Narrow down the results by searching for homes within your price range and with the desired number of bedrooms and bathrooms. Your real estate agent can also research homes and make recommendations based on your criteria.

5. How Safe is the Neighborhood?

No one wants to live in a dangerous area, but your real estate agent can’t help you with this question. Due to the Fair Housing Act, a real estate agent cannot answer questions regarding crime statistics. Before starting your house hunt, research crime data for the cities and neighborhoods you are considering. As your real estate agent, I can send you demographic and crime reports, just ask!

6. How Much Do Real Estate Agents Charge?

Typically, you aren’t paying a real estate agent to help you find your dream home. A home seller pays their real estate agent a percentage of the home sale price, and that agent pays the buyer’s real estate agent for bringing in the buyer.

7. What Home Service Companies Are Available?

As Internet providers and home service companies vary by location, it is important to know what options are available and how to compare and save money on cable, satellite, or Internet services in your new area. Your real estate agent can also help you research your options.

8. What Should My Down Payment Be?

There are plenty of zero down programs or down payment assistance propgrams available. If you are looking to put money down, thats great….While it depends on the type of loan, most mortgage lenders require at least a 3-percent down payment, and FHA loans require a minimum of 3.5-percent down. The percentage you are required to put down will depend on your credit history, the type of property, and several other factors. In 2014, the average down payment was 14 percent.

9. How Long Does the Home-Buying Process Take?

The process varies significantly and depends on the state in which you are buying and the type of property you are purchasing. Once the seller has accepted your offer, it takes an average of 19-30 days to close. FHA and VA loans can take a few additional days, and short sales are notoriously slow, taking an average of 90 to 120 days to close.

10. How Will My Home Purchase Affect My Taxes?

There are a number of tax benefits to buying a home, but filing your taxes can be a lengthy process if you aren’t used to itemizing. You can deduct your mortgage interest payments, as well as property taxes, points paid at closing, interest on home equity loans, lines of credit, and other items. A tax professional can help you decide what to itemize.

Buying a home for the first time can be overwhelming. Working with an experienced real estate agent can help you navigate the world of real estate and address your questions.

As soon as you consider making a purchase, reach out to me at 480-570-0220, I’m here to help navigate the process and make it as smooth as possible. I can even put you in contact with a loan professional who will spend about 10-15 minutes talking with you and get you all set! Looking forward to hearing from you!

 

Kelley Carter

Cellular: 480-570-0220

www.kelleysfinehomes.com

Creating real value in relationships, property and places

Click here to see what your home is worth now

Top Five Tips to add $10,000 to your Property Value, by Kelley Carter

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1) FRESH PAINT

Nothing says “Ready to Buy” like a home that has been newly painted! Smudges, scuffs, chips, dark or dated colors will set a negative tone for buyers. Neutral colors are good, but they come in a variety of warm and cool, tan and grey values so get some professional tips prior to painting. Cool grays add a nice modernizing touch while outdated indoor faux finishes scream 1990’s for today’s buyers. This is particularly important for the main floor and Master Bedroom/Bath.

2) INSTALL NEW CARPET

Paint and carpet is to a new house as tires are to a used car. Putting new tires on a car doesn’t make the car worth more than its market value. Same with paint and carpet in a house. Used car buyers expect tires on a used car to have reasonable tread left … unless it’s offered at a discount. Same with paint and carpet in a house. It’s maintenance.

3) DECLUTTER AND CLEAN

It’s only natural for homeowners to accumulate “stuff” when living in their home. Clearing out boxes, clothes, extra furniture, toys and personal items will visually enlarge areas to look attractive and spacious for potential buyers. It is common practice to declutter and removed extra items from your closets to give an expansive look. Once accomplished, doing the cleaning yourself or hiring professional house cleaners will be the finishing touch for successful showings and Open Houses.

4) STAGING YOUR HOME FOR MARKETING PHOTOS

Although a well-presented home is a MUST for actual showings, you need to stage prior to that for the photos that buyers will see first online. Light and open, crisp and fresh, these HDR photos will be the catalyst that brings buyers through your door. Need help? Hire Karol Eggbean, a professional Staging Consultant!

5) PLANT A GARDEN

Curb appeal is the first impression that potential buyers will see when they pull up to your home. Embrace your entryway by arranging potted or planted flowers, that will say “Welcome” by adding color, charm, and beauty to your home!

Prior to listing your home for sale, I provide many services to enhance the listing price of your property. Please reach out to me at 480-570-0220, for a complementary sellers consultation and to find out what your home is worth.

Kelley Carter, www.4saleArizona.com

 

10 Home Selling Tips that will bring you top dollar

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Selling Secret #10: 

Pricing it right
Find out what your home is worth, then shave 15 to 20 percent off the price. You’ll be stampeded by buyers with multiple bids — even in the worst markets — and they’ll bid up the price over what it’s worth. It takes real courage and most sellers just don’t want to risk it, but it’s the single best strategy to sell a home in today’s market.

Selling Secret #9: 

Half-empty closets

Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.

Selling Secret #8: 

Light it up
Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sell-able.

Selling Secret #7: 

Play the agent field
A secret sale killer is hiring the wrong broker. Make sure you have a broker who is totally informed. They must constantly monitor the multiple listing service (MLS), know what properties are going on the market and know the comps in your neighborhood. Find a broker who embraces technology – a tech-savvy one has many tools to get your house sold.

Selling Secret #6: 

Conceal the critters
You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everybody is a dog- or cat-lover. Buyers don’t want to walk in your home and see a bowl full of dog food, smell the kitty litter box or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the critters to a pet hotel for the day.

Selling Secret #5: 

Don’t over-upgrade
Quick fixes before selling always pay off. Mammoth makeovers, not so much. You probably won’t get your money back if you do a huge improvement project before you put your house on the market. Instead, do updates that will pay off and get you top dollar. Get a new fresh coat of paint on the walls. Clean the curtains or go buy some inexpensive new ones. Replace door handles, cabinet hardware, make sure closet doors are on track, fix leaky faucets and clean the grout.

Selling Secret #4: 

Take the home out of your house
One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.

Selling Secret #3: 

The kitchen comes first

You’re not actually selling your house, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of it is that you’ll probably get 85% of your money back. It may be a few thousand dollars to replace counter-tops where a buyer may knock $10,000 off the asking price if your kitchen looks dated. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Use a neutral-color paint so you can present buyers with a blank canvas where they can start envisioning their own style. If you have a little money to spend, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.

Selling Secret #2: Always be ready to show

Your house needs to be “show-ready” at all times – you never know when your buyer is going to walk through the door. You have to be available whenever they want to come see the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.

Selling Secret #1: 

The first impression is the only impression
No matter how good the interior of your home looks, buyers have already judged your home before they walk through the door. You never have a second chance to make a first impression. It’s important to make people feel warm, welcome and safe as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. You can typically get a 100-percent return on the money you put into your home’s curb appeal. Entryways are also important. You use it as a utility space for your coat and keys. But, when you’re selling, make it welcoming by putting in a small bench, a vase of fresh-cut flowers or even some cookies.

Looking for the ideal price ​or for more ideas before you list? Call or email a member of our Team. The Agency Group, at HomeSmart Elite is looking forward to working with you!

www.4saleArizona.com

480-570-0220

Metro Phoenix Real Estate Market Update ~ July 1, 2016-October 1 2016

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Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone down by 328 units over the last quarter. As of October 1st we sit at 20,234 actives all property types. Sales are at 7,140 for the last 30 days (October 1st), down by 1908 units since July 1st! We are currently sitting at a 2.8 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the Quarter before as of October 1st, 6175 vs. one quarter ago at 6,903. Traditionally,  3-4 months of supply indicate a balanced market. September re-sales and new sales in Maricopa County were 8,798. In July they were 8,796. September of 2015 was 8,160 this is a 8% increase in year over year. September 2016 was the largest September unit sales month since 2006!

Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. The total absorption rate is 29%. Certain areas of town have higher absorption rates, they are:

• South East Valley 40%
• Northwest Valley 41%
• Southwest Valley  33%
• Peoria and Glendale 41%
• Ahwatukee 31%
• Desert Ridge 32%
• Apache Junction 32%

Median Price: The median price in Maricopa County for September 2016 was $242,925.  July 2016 it was $235,000.  In September of 2015 it was $222,812 for an 9.0% increase!!!! In September 2010 it was $129,760 and in September 2005 it was $252,000!

Real Estate is a great investment! Median Prices have risen by 105% since August 2011 which was the bottom of the Market!

Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment.  There was a 6% absorption rate for the last month. There were 89 properties in all of the MLS were sold for more than $1.0 million.

MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)

• South East Valley: 2.5
• Northwest: 2.4
• Paradise Valley: 12.8
• Luxury ($1mil+): 17.0
• Southwest: 3.0
• Peoria/Glendale: 2.5
• Camelback Corridor: 3.7
• Cave Creek: 5.0
• Ahwatukee: 3.3
• Scottsdale: 5.6
• Apache Junction: 2.9
• Fountain Hills: 6.6
• Buckeye: 3.3
• Desert Ridge & Tatum Corridor: 3.1

Preparing your Home to look its Best

For the next several weeks I will post various articles on how to successfully bring your home to tip-top shape! Here is the first of the articles and I hope that you find them to be useful. If you have questions as always, please reach out to me at 480-570-0220 or by emailing me at Kelley@kelleysfinehomes.com

Repair Walls to Give Rooms a Fresh Face

Sooner or later you’ll repair walls that make rooms look worn out. Erasing dings, dents, and scuffs is an easy fix. We’ll show you how.

Repair walls filled with dents, dings, and scuffs, and you’ll make rooms look young and fresh and maintain the value of your home. Fortunately, repairing walls is a good weekend warrior project. Here’s how to fix your home’s face in a hurry.

Patch Drywall to Smooth Walls

A putty knife, spackle, or joint compound can repair wall damage that ages a room.

Dents and dings: A quart of spackle ($11) and a putty knife can fill dozens of small wall indentations. Spackle adheres to painted walls better than joint compound, though it takes a bit longer to dry. Cut wall repair time by thoroughly wiping away excess spackle.

Fist-sized holes: Joint compound is your best bet when covering the mesh or drywall patches that cover big holes. You’ll need at least two thin coats of compound and fine grit sandpaper to blend repairs into the rest of the wall.

Nail pops: Nail pops travel in packs: Rarely do you see just one. To repair walls pocked with pops, hammer the popped nail back into the wall or pull it out with a needle-nose pliers; refasten the drywall to the nearest stud with a couple of screws, then fill dents with two or three coats of joint compound. Sand until smooth and flush with the rest of the wall, then repaint.

Remove Marks for a Clean Start

Microfiber cloths are little miracles that erase the evidence of a childhood well spent, drawing on and caroming off walls. To get rid of scuff marks and fingerprints:

• Spray an all-purpose cleaner onto the cloth (never directly onto walls to avoid drips) and swipe the scuff. (Test a hidden spot to make sure the cleaner doesn’t take off paint with the mark.)

• Pour a little dish soap onto a damp cloth and wipe the mark.

• Dip a sponge into an earth-friendly and slightly abrasive paste of dish soap, baking soda, and water, and gently scrub grime.

• To repair walls decorated with crayon marks, dab toothpaste onto a towel or toothbrush and scrub marks.

• Use a Mr. Clean Magic Eraser ($3), the best instant wall cleaner around. Wet and wring the eraser before attacking scuffs.

Touch Up What You Can’t Wipe Out

Prepare for inevitable touch-ups by keeping leftover paint or at least recording the paint number and/or formula (paint names change). Don’t have the original? Scrape off a little and ask your paint store to match it.

For touch-ups, use the same type of brush or roller the original painter used. Feather the paint from the outside borders in.

If touch-ups stand out, paint the entire wall, making sure to paint corner to corner and avoid splatters onto the ceiling and adjacent walls.

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You want to Buy a Home….Now What?

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1. Don’t buy if you can’t stay put.

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Begin working with me, a Full-Time Real Estate Agent who will lead you in the right direction.  

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. A responsible, experienced agent, will have your interests at heart and can help you with strategies during the bidding process. https://www.kelleysfinehomes.com

4. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

5. If you can’t put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

6. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

7. Buy in a district with good schools.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. http://www.greatschools.org is a great place to begin.

8. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Once your offer has been accepted you will have a 10 day (depending on your state) inspection period.  Use it.. Obtain a home and Termite inspection. Getting these out of the way in the beginning of the 10 day inspection period will allow you enough time to obtain further contractor quotes if something (and it always does) is reported by your qualified Inspector. His or her job will be to point out potential problems that could require costly repairs down the road.

If you have any other questions, I’m here to help. Please let me know what sector of real estate that you are interested in and any questions that you may have. I can be reached at 480-570-0220 or by visiting my website which is http://www.kelleysfinehomes.com

Mid-October Maricopa County Real Estate Market Update

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Active Listings and Sales: Total active listings, (with no UCB/AWC) have gone up by 641 units over the last month. As of October 3rd we sit at 23,851 actives all property types. Sales are at 6368 for the last 30 days (October 3rd), down by 54 units from one month ago! We are currently sitting at a 3.7 months of supply, (based on Active listings with no UCB/AWC). Pending sales are down from the month before as of October 3rd, 5524 vs. one month ago at 6116. Traditionally,  3-4 months of supply indicate a balanced market. September re-sales and new sales in Maricopa County were 6930. In August 2014 they were 7203 .  September 2013 was 7084 this is a 2 % decrease in year over year.

Absorption rate: Absorption rate is the percent of sales that are sold each month of the inventory. A higher percent means that inventory is moving at a faster rate, and thus is a Seller’s market. Certain areas of town have very high absorption rates, they are:

• Northwest Valley 32%
• Peoria and Glendale 30%
• Apache Junction 30%
• Southeast Valley 31%

Median Price: The median price in Maricopa County for September 2014 was $206,000 in August  2014 it was $209,490.  In September of 2013  it was $200,000 for a 3% increase!!!! In September 2008 it was $187,000 and in September 2002 it was $149,500!

Luxury: The Luxury Market of $1.0 Million and above continues to be the lowest absorption rate of any market segment.  There was a 6% absorption rate for the last month. There were 69 properties in all of the MLS were sold for more than $1.0 million.

MONTHS OF SUPPLY (with AWC/UCB listings) (Single Family Only)

East Valley: 3.3

Northwest: 3.1

Paradise Valley: 13.3

Luxury ($1mil+): 17.8

Southwest: 3.6

Peoria/Glendale: 3.4

Camelback Corridor: 3.9

Cave Creek: 4.9

Ahwatukee: 4.3

Scottsdale: 5.7

Apache Junction: 3.3

Fountain Hills: 8.9

Buckeye: 5.2

Desert Ridge & Tatum Corridor: 3.5

Looking to buy a new property or sell the one that you are in? I can help!.

Reach out to me at 480-570-0220 or by visiting http://www.Kelleysfinehomes.com