All posts by sherrisueproperties

Buying, Uncategorized

HOW TO FIND THE BEST REAL ESTATE AGENT FOR YOU IN A NEW CITY

The best Real Estate Agent may not be the one with the most reviews!

Good fortune is what happens when opportunity meets planning.”

Thomas Edison
Check Out my Podcast on How to Find the Best Real Estate Agent for you in a New City!!

Some Questions to Think About Before You Call A Real Estate Agent!

  • What price point do I want to be in?
  • Do I want community living or single family home?
  • Do I want or not want a pool and/or spa?
  • Do I want it to be super walkable?
  • How close to Restaurants and Shopping?
  • How close to friends, family and/or work?
  • HOA or no HOA

You want to figure out what your ideal home would be like! You may not get 100% of what you are looking for, but you have a better chance of finding it if you are more specific than a 3 Bedroom/2 Bath in the City. You want to be able to articulate the most ideal scenario. When it comes to price point you want to be in a range and when looking exceed the range a little in case you are able to negotiate a lower price.

Some Questions to Write Out Before Interviewing Real Estate Agent!

  • What is the temperament I would prefer in an agent?
  • Are they available to block out a day or two at a time to show when you are in town?
  • Will they do FaceTime previews with you while you are out of town?
  • Have they had out of town Buyers before?
  • What did they find to be the most challenging?
  • Do they feel the Buyers enjoyed the experience?
  • What will be the driving arrangements when you are in town?

Working with out of town Buyer’s takes some organization! The schedule needs to encompass timing limitations and possible new home build hours, possible traffic, breaks in between to eat and drink, etc. it takes a lot of flexibility as well. So you want an agent that seems like they are up to the task and hopefully have done it successfully before.

Here are some ideas on how to find the right Real Estate Agent for you when you are moving to a new city!
Buying, Uncategorized

Are Higher Interest Rates Good For Buyers?

It may seem paradoxical but it may be true!

“Buy land, they’re not making it anymore”

Mark Twain
See how higher interest rates allow some buyers to buy that otherwise would not be able to when interest was low! Check out my PODCAST!

Some little known positives about higher interest rates!

  • Buyer’s have less competition to buy a home
  • Seller’s more likely to accept a contingency
  • Seller’s less likely to ask for an Appraisal Guarantee
  • Seller’s more likely to pay Closing Costs
  • Seller’s less likely to ask for Post Possession
  • Buyer’s have more homes to choose from

When Interest rates are low, everyone is buying, including cash buyer’s…why? Because they aren’t earning money keeping it in the bank, and the real estate prices are historically going up in a low interest rate market, so it’s a win-win for cash buyers to buy. This trend reverses itself when real estate prices go down substantially, and then those investor’s with cash start buying again when the sentiment is that the real estate market has hit a bottom. Investor’s tend to stay out when the market is stable and interest is high.

What it was really like when interest rates were low…

  • Seller’s receiving multiple offers on the first day!
  • Seller’s only taking offers for 24-48 hours and only if you saw the property!
  • Seller’s asking to stay in the property after closing for free for up to 6 months!
  • Buyer’s offering sometimes 25% or more over list price and then guaranteeing the Appraisal Gap before even knowing what it would appraise for…
  • Seller’s laughing at a contingency offer and then tossing it in the trash
  • Seller’s dictating everything from title company, buyer paying all closing costs (including those normally paid by seller’s), and when closing would be, denying homewarranties…
  • SELLER’S ARE IN CHARGE WHEN INTEREST RATES ARE LOW!

Here are some ideas on getting the Seller to help reduce your interest rate!!

Buying, Uncategorized

BUYING A HOME WHEN YOU HAVE PETS

Why our Pets have a big impact on the next home we buy!

“A pet is a part of the family, no matter what anyone else says”

Me
Know your pet lifestyle! Check out my PODCAST!

QUESTIONS TO ASK YOURSELF WHEN YOU ARE BUYING A HOME

  • If I don’t have a pet today, will I maybe want one in the future?
  • If I have one pet today, will I maybe want more than one in the future?
    • What type of pet would I want in the future and what would the adult size be?
  • Have you considered the various factors of your pet like
  • Have you considered the various factors of your pet like

HAVE YOU CONSIDERED THE VARIOUS FACTORS?

  • Where would the relieve themselves (inside options?)
    • Where would we go for walks
    • Are there other similar pets to play with
    • Do they need room to play on their own outside or is direct supervision OK?

HOA’s and other Rules

Unfortunately, when you live in a Condo and/or have an HOA there can be restrictions on the type, height, weight, and other limiting characteristics for the type of pet you may have. I actually came across and HOA that said NO Birds. In the end it wasn’t worth the fight with the HOA, it was just easier to move on and buy another home. But, if pets are a big part of your life, you may want to consider a NON-HOA home for your next purchase. You will however, have to abide by the City rules, mostly related to leash laws and noise rules and regulations. So think through your pet plans before finding yourself in a tangled web of fines and/or litigation.

Puppies now, but not for long…things to think about with your next move!
Buying, Uncategorized

Condo Life

Why Condo Life is Fun! (and when)

“The secret to success is getting what you want. [The secret to] happiness is wanting what you get.”

Dale Carnegie
Scottsdale Arizona Camelview Optima

Check out my Podcast on “Condo Living”

The Pros of living in a Condo!

  1. Socialization with neighbors
  2. Possible walkability to restaurants
  3. Not responsible for things like landscaping, pool maintenance, outside storm issues

    The Cons of living in a Condo!

    1. Pesky neighbors
    2. No private yard
    3. HOA Fees that may increase or have assessments due to underfunding or under accounted for expenses

    What makes an awesome Condo!

    1. Concrete or sound proofing walls, floors, and ceilings
    2. Lot’s of areas for gatherings, BBQ Grills, Outdoor Patio’s, Pool & Spa, Indoor Clubhouse, walking paths, dog runs, and rooftop entertaining. (Think options!)
    3. An HOA that is financially sound and well run and financials that seem strong. A steady increase in HOA dues and not a jump. Surprisingly, those HOA’s that charge a fee when there is a sale and those funds go into the improvement of the building, are also a good sign.
    4. Walk-ability to whatever you love! If you love baseball then maybe a Condo that is right next to the Diamondbacks Stadium is for you. If you like Shopping then a Condo next Scottsdale Fashion Square may be your ideal condo. Or maybe you are a Capital Grille fanatic (like me) there is a condo within walking distance of there, too!
    Buying, Sell, Uncategorized

    Low Appraisal! What are your options?

    It is not as simple as you think…

    We are what we repeatedly do.

    Excellence, then, is not an act, but a habit.

    Aristotle
    What goes into an Appraisal

    Check out my Podcast on “What to do with a Low Appraisal”

    If you are thinking that your only options on a low appraisal is to agree or get out, then you would be sadly mistaken! There are a lot of different options that I would consider (and so have my clients) as a win/win on a low appraisal. Let’s consider some scenarios:

    1. Scenario 1-The Appraisal Is Just Not Making Sense! So you look at the details and the bedroom count is wrong, the square footage is wrong, the contract price you agreed to is wrong, the Loan Type is wrong (FHA instead of VA or Conventional), the comps are in an area so far away in another city that you are wondering what the heck is going on with this appraiser!! First of all go through everything in detail and make detailed notes and gather your back up to prove your side. Sometimes, an appraiser is going so fast that they miss a Counter Offer or maybe there is a discrepancy in the listing and the county records on the square footage or they just get your file confused with another. Stay calm and request a reconsideration and document all of your findings without using the words “the appraiser was wrong”. Saying the appraiser was wrong will not get you anywhere and they will read everything you submit. So start by saying that you appreciate the time and effort they have put in for your appraisal, but that you noticed that the Contract Price was for $725,000, however, the Counter Offer #3 notes the Contract Price agreed upon as $750,000. Or that you noticed that the loan was for a FHA loan, however, the Buyer will be getting Conventional financing. You get the idea, the more nuanced you can be, the further it will get you.
    2. Scenario 2-The Renegotiation! So you have looked through the appraisal and either you agree with the appraisal or the time needed to get a reconsideration done isn’t enough to close on time, or you tried the Reconsideration to no avail; Now is time to Renegotiate! Have the Seller Offer to buy down some of the interest and ask the Buyer to put the down payment partially to the under appraisal portion of the home. This option can be done in conjunction with coming down on price as well, but first find out how much buying down the maximum amount of interest will cost and provide in a return on investment. You must know this FIRST before negotiating a further buy down. If an agent tells you otherwise, ask them about their previous experience doing this, my guess is never or they wouldn’t try to get you down on price first.
    3. Scenario 3-Commissionectimy! So sometimes a buyer is only putting the minimum amount down and there isn’t anything that can be done to lower the interest. In addition this works on smaller appraiser issues like $5,000 or so. What I do is tell the Buyer’s agent that I am willing to match them dollar for dollar in reducing the commission to get the deal done, then depending if there is a short fall ask the Seller for the difference. A Seller will be impressed that the two agents are already doing their part to make the deal happen.

    So in summary there are a lot of options and they are NOT mutually exclusive. I have done all of these on just one home in some cases and got the deal done! Sometimes, only 1 or 2 of the options get it done, and sometimes both parties have to part ways…but before you do that give it your best shot to get past a low appraisal!!

    Buying, Uncategorized

    Is it a Buyer’s Market? Not Quite…

    We appear to be in a Balanced Market!

    Never Judge Your Clarity by Someone Else’s Response

    Starting Over the TV Series

    Check out my Podcast on “Balanced Real Estate Market! What is that?”

    Right now we are all hearing that buying a home just isn’t possible, interest is too high, prices are too high or too low, the economy is bad, who knows what will happen in the future…So there may be some truth to all of these statements, but there are work arounds!

    So when interest rates go up, lending tends to not be as tight, it’s the old supply and demand. Also, Seller’s are more apt to help buy down the interest in a Balanced Market! This is an awesome trend that is going on right now. Talk to your Lender about this one before you put in an offer to see what the maximum amount a Seller can contribute to you!

    So prices being too high or too low, may not really be an issue if you are selling a home and buying a new one. In addition, Seller’s are more inclined to accept your contingent offer in a Balanced Market, giving you time to get your current home sold. But, be prepared to be a Seller who knows how to sweeten the pot for the right Buyer.

    So the economy is bad and who knows what will happen in the future…so some day prices will go back up and the economy will get better. History tells us that there are ups and downs in real estate, but except in very rare cases is a home purchase deemed to be worthless, even if it’s only worth the land due to some unforeseen condemnation.

    So if you are in the market to change your home, don’t be afraid, there are deals to be had and Seller’s are more reasonable than they have been in the last couple of years.

    Watch this short Video on the New Balanced Market!
    Buying, Sell, Uncategorized

    Ideal Agent

    What makes the Ideal Agent? Money or Attributes?

    “Never do or don’t do anything because of FEAR”

    Author 7th Heaven Episode Unknown
    Question everything you want to know from an Agent!
    Click the link above and Checkout my Podcast!!

    So when you are considering an Agent to help you in your next real estate transaction, what do you think is important to you? Write those traits down and then put them in order of importance. When you write down your order of importance, go from top to bottom and ask this question, “If this was the only attribute that they had would that be ok?” Probably not, but let’s put them in a group. Then look at the list again from bottom to top and ask this next question, “If this was the only attribute that they did not have would that be ok?” This will obviously garner a different result. You will soon find what is truly important to you!

    What do I think is the top attribute? For me, I think communication a) Timing–maybe you have a job and you can only talk after 7pm does your agent understand that? b) Method–So you are super busy and you prefer texting but your Agent wants to email all the time and you daily get hundreds of emails so you don’t see it. c) Content–Is the information you need done concisely or is there a story every time.

    Buying, Sell, Uncategorized

    Why you will love working with me!!

    You will LOVE working with me!

    “You don’t know what you don’t know!!”

    —Isn’t this the truth in so many things!!

    by Unknown

    Let my experience help you know what you don’t know! There is so much that goes into buying and selling a home that the average person would not know all the issues involved in the contract, deadlines, rights, and remedies. Watch this video and I will give you the highlights of working with me…

    Buying, Uncategorized

    Multi-family Housing

    Watch this 3 Minute Video On Multi Family Housing!

    WHAT IS A MULTI FAMILY HOME?

    Duplex, Triplex, and Fourplex are the Multi Family Home that act like a Single Family Home for lending purposes as long as you live in one of the units! You get the added bonus of Rental Income.

    Multi Family Home Just Bought

    LOOPNET OR CONTACT YOUR REALTOR®

    But, where do you find these properties? Not always where you would think? LoopNet is a good source to start, so is letting your Realtor® know that you are interested in Income Producing property that you can also live in!!

    Call me to discuss your options and your investment strategies!! Also, we can go over the questions you will want to ask your CPA before making any investment purchases.

    Listen to my podcast here!!
    Sell, Uncategorized

    How to Sell During the shiny penny stage!

    2 Comments
    Do you know what the Shiny Penny Stage is?

    It used to be that 30 days on market was the mark of a stale listing…get this NOW it is 7 DAYS!!!

    LISTEN TO MY PODCAST ON HOW TO SELL DURING THE SHINY PENNY STAGE

    There are so many things that need to be done before you list that will make sure that you are sold during the Shiny Penny Stage!!

    1. Clear out all the items you don’t need
      • If you need to give away or toss items do that before you list!
    2. Be sure to refold and organize your closets
      • If it is not in season, box it up and store it offsite or in the garage!
    3. Make your home picture perfect–at ALL TIMES!!
      • Take your phone out and photograph your entire house and see what others are seeing (we tend to overlook things, that others won’t)
      • Look at your outside as well!! Act like you are a prospective Buyer and see what they might see!
    4. Be careful about smells!!
      • Go outside breath the fresh air and then walk into your home, what do you smell?
      • It should smell pleasant and no pet smells
      • Neutral scents are Vanilla (year round) and in the Winter Cinnamon
    We All Want to Get the Deal Done at the Right Price!!

    Pricing your home can seem daunting, but it doesn’t have to be. The most important thing to know is what is your bottom line and then talk with your agent to figure out how to get there.

    lISTEN TO MY PODCAST ON HOW TO SELL DURING THE SHINY PENNY STAGE
    set up a time to discuss getting Sold during the shiny penny stage!!