Some markets like Phoenix are experiencing bidding activity on short sale and foreclosed homes. I have seen this first hand in showing and writing contracts for multiple clients. Homes are still low in prices similar to what we saw in 2001. Do we see these bidding wars as a sign of turn around in the market or just that the "good ones" are few and far between and therefore desirable by many?
I have definitely seen the market activity increase over the past few months. Right now may be the best time ever to buy that new home! Low housing costs compared to income generation have an extremely favorable ratio at this time and while interest rates are still low you may find now IS the most desirable time to buy or upgrade your home.
If you are waiting around to buy until the market hits bottom-- I think such market conditions such as bidding wars where I have seen up to 14 contracts on one property, prove if you wait any longer it may just be TOO LATE! If you factor in that prices may still drop a little more, but on the chance that interest rates go up, your "deal" will long be history.
For information on the top 10 HOT buys in the area you are looking call The Jen Team for more information.
Wednesday, June 17, 2009
Monday, June 8, 2009
Steps to take when buying a home
Here are a few things that you may want to consider when purchasing a new home.
RESEARCH your potential Neighborhoods
This is extrememly important if you are going to be in an area for a few years or more. You want to like, if not love where you live!
Become the detective in the neighborhood, talk to neighbors find out how they like living there. Research the schools in the area, even if you don't have children, if there is a good school in the area then the resale value of your home will likely go up, than in a neighborhood where a school does not rate as high.
Check out the school information on our website at www.jenteam.com
Look at more than one house!
Even if you fall in love with the first house you set foot in, make sure you do a little comparing to know you are really certain it is the house for you. (Unless your agent told you that the area homes are getting bought up fast, then put your offer in and research it in the 10 day inspection period, to avoid loosing it)
Compare the house and neighborhood, the size, the ameneties that it has and what features may increase your property value.
Invest in a PROFESSIONAL Home Inspection
This is really important, it may uncover underlying costs that you might have right after move-in or down the road that can not be seen on the surface, or by Uncle Frank who was a contractor 15 years ago. A truly good home inspector will have the knowledge to tell you what problems are pressing and which are easily fixed.
Then once a list is compiled this will help you determine if you still want to purchase that house or not. A $300-$450 investment to find out about a house far outweighs your overall investment of thousands of dollars in repairs down the road.
Get a Home Warranty!
Make sure your agent asks for seller to pay for home warranty, in the case of some bank owned or short sales that will not pay for buyers warranty coverage, I seriously urge you to buy this for yourself. $350-$500 is nothing when your A/C compressor blows and you are faced with a $800-$2000 bill. Yes, it is sometimes like car warranties, you may buy and never need it, but I'd rather be safe than sorry.
Buy Within Your Means
Many of us can qualify for home loans that are beyond our real means of living. Don't max yourself out. Make a list of your needs, put your wants second. I have seen too many people buy a home at their max thinking that they will get a raise the next year, or that they can stop doing dinner and movies. It really never works like that. Jobs these days are unpredictible and the likelyhood that we want to sacrifice going out on the town or taking trips or buying things to get the house we want is usually a front we put up for ourselves to convince ourselves that we can stick to that.
Be wise!
Stay in tune with yourself, accept your friends advice and recommendations, but stick with the professionals, your agent, your lender and your home inspector and remember, they are experts in their fields, your friends are not. Your professionals have had schooling and experience which give them the knowledge they need to give you the facts that allow you to make the right decision for you.
RESEARCH your potential Neighborhoods
This is extrememly important if you are going to be in an area for a few years or more. You want to like, if not love where you live!
Become the detective in the neighborhood, talk to neighbors find out how they like living there. Research the schools in the area, even if you don't have children, if there is a good school in the area then the resale value of your home will likely go up, than in a neighborhood where a school does not rate as high.
Check out the school information on our website at www.jenteam.com
Look at more than one house!
Even if you fall in love with the first house you set foot in, make sure you do a little comparing to know you are really certain it is the house for you. (Unless your agent told you that the area homes are getting bought up fast, then put your offer in and research it in the 10 day inspection period, to avoid loosing it)
Compare the house and neighborhood, the size, the ameneties that it has and what features may increase your property value.
Invest in a PROFESSIONAL Home Inspection
This is really important, it may uncover underlying costs that you might have right after move-in or down the road that can not be seen on the surface, or by Uncle Frank who was a contractor 15 years ago. A truly good home inspector will have the knowledge to tell you what problems are pressing and which are easily fixed.
Then once a list is compiled this will help you determine if you still want to purchase that house or not. A $300-$450 investment to find out about a house far outweighs your overall investment of thousands of dollars in repairs down the road.
Get a Home Warranty!
Make sure your agent asks for seller to pay for home warranty, in the case of some bank owned or short sales that will not pay for buyers warranty coverage, I seriously urge you to buy this for yourself. $350-$500 is nothing when your A/C compressor blows and you are faced with a $800-$2000 bill. Yes, it is sometimes like car warranties, you may buy and never need it, but I'd rather be safe than sorry.
Buy Within Your Means
Many of us can qualify for home loans that are beyond our real means of living. Don't max yourself out. Make a list of your needs, put your wants second. I have seen too many people buy a home at their max thinking that they will get a raise the next year, or that they can stop doing dinner and movies. It really never works like that. Jobs these days are unpredictible and the likelyhood that we want to sacrifice going out on the town or taking trips or buying things to get the house we want is usually a front we put up for ourselves to convince ourselves that we can stick to that.
Be wise!
Stay in tune with yourself, accept your friends advice and recommendations, but stick with the professionals, your agent, your lender and your home inspector and remember, they are experts in their fields, your friends are not. Your professionals have had schooling and experience which give them the knowledge they need to give you the facts that allow you to make the right decision for you.
Sunday, June 7, 2009
Private Country Club in East Valley
So I checked out the New Encanterra Country Club in the East Valley. A private country club in Queen Creek you say? Really? Yes, and it is AMAZING. You can have it all. The Scenery will take your breath away. The homes are GREEN and Extrememly Energy Efficient (one resident received a SRP bill for $1.75!) The Golf is incredible, the homes are stunning, the amenities are endless. Active Adult you ask, why no! Do you still have kids in school but are looking for this lifestyle? Are you retired but not yet 55? Are you looking for somewhere for your parents to retire? You can have it all here. Superstition Mountain Views. Resort Style Pool. 42,000 square foot activities center. Homes from 1400-4000 square foot, golf cart gargages, starting at 205K. Let me know and I can arrange your private tour. Or you can pick the stay and play package for Only $199, 4 day 3 night. Contact Dani for more info.
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