Tag Archives: buyer's market

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

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, 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!