Building a New Home or Buying a Resale?

 

SHOP SMARTER NOT HARDER-

Use a professional to help you answer these questions and provide the smoothest transaction possible.

Ask yourself these questions:

How much house can you afford?

What type of house do you want?

What do I need to get my financing in order?

How do I make the best decisions on my purchase?

Why do I need earnest money and what happens to my earnest money?

How does the seller prove the title is clear?

What does the title company do?

How do you decide what to offer?

What conditions will you include in an offer?

What is the difference between closing and possession?

What are closing costs and pre-paids and who pays them?

What are the loan charges? What are points?

 

Like all buyers before purchasing you have somewhat of an idea the things that you hope to find in your new home. Whether you have written a list or just have the list in your head, you have already considered such things as bedroom and bathroom count, garage space, if you are considering a single or multi-story home (or both), what features you want the home to include, location, perhaps schools if you have kids and much more.  Sometimes as you start looking your list may change or get altered due to what is available or what you can afford. Sometimes when looking you will see something that you didn’t know you wanted, or that you wanted and once you saw it wasn’t what you expected.

Builders are back strong in the market as players competing with the short sales, bank owned and traditional sale homes.  There is no guessing if you have the winning bid, you just get the home, if you qualify. They offer spec homes in many cases where the home is already started or ready to move in. You can even build from the ground up. They can offer a wide variety of upgrades and incentives to entice you to buy from them not to mention the home is brand new.  It has the new smell; brand new never lived in feel and you can truly call it your own. You can often put in your own choices of upgrades, flooring, fixtures, appliances and more. Whether it is a tract home or a custom you have some input as to what goes into your house and produces a home unique to you. Your likes and dislikes are considered and replicated.  You may feel you have a little more control of your purchase choices.

When buying resale you can pick from a variety of houses that are currently for sale in the marketplace. The Realtor Multiple Listing Service offers a large database of homes for sale in your location. It has up-to-date information on active, pending and recently sold homes, keeps track of price changes, and offers pictures and information to help you decide which homes to go view. There are short sales, foreclosures, traditional sales, lease purchase, rent to own, seller carryback homes and even land if you are considering building your own custom home. You may not find the exact home that fits your needs, but something close enough to what you want often at a great price that you can consider remodeling or altering at some point.

Just remember whether you are buying new, resale or For Sale by Owner it is a good idea to include your Real Estate Agent to help with your purchase. They are the industry expert. They work for YOU, on your behalf. The agent selling for the builder works for the builder, the agent listing the home for sale works for the seller, and the owner of the For Sale By Owner house is trying to get themselves the best price possible. Find a great agent to represent YOU!

seller advisory

Are you looking to sell in the next 30 days? The next few months? Or even considering selling sometime this year? You may want to sit down with a professional Realtor and devise a plan. The market is changing and if you are holding out for the right time to buy or to get that extra money due to the market increases over the past year you may want to make sure that you are fully informed on what the market holds in the future of 2013.
2012 proved that low inventory and a saturation of serious buyers were bidding up homes that hit the market. However, what you need to decide is what your motivation for selling really is to allow you to make the most informed decision about when to sell, how much to list and the reality of how long your house may be on the market before you see that check in your bank account.
Doing broker price opinions since 2008 and more heavily in 2011 and 2012 I have seen the changes in price and days on market. From March-Oct 2012 the prices of homes listed were at a constant climb and the days on market were under 30 for most homes out there. However, in recent months since about mid-Oct prices have not climbed as high and asking prices are a lot higher than most recent sold comps causing homes to be on the market at a more normal rate of 90-120 days verses 1-30 days.
The increase in days on market is often followed by an eventual price decrease in order to go under contract and in some cases more than one. So if you are wanting more money for your home and you are holding out to get it, just be prepared that the higher the price you ask the longer your home will probably be for sale and may even have to be reduced more than once to sell. If you are looking to sell in 3-6 months you may consider getting started with the process soon. The amount of price reductions before October was around 2% of homes on the market having to reduce their price to sell. Now it is up around 15% of the homes having to decrease price in order to go under contract.
For more information on the market or to get a free market analysis on your home contact me today.

How to buy a home - Avoid 10 most common Mistakes

HOW TO BUY A GREAT HOME… The Easy Way!

How to Avoid the 10 Most Common Mistakes.

 

Buying a home can be an overwhelming experience. You may encounter a roller coaster of emotions while searching for the right house to call home. For most of us, a home purchase is the biggest investment we will ever make. The emotions associated with purchasing a home can often cloud your judgment. Don’t worry! It will all work out.

Most people who purchase a home do not do much research before their purchase if they do any research at all. Doesn’t it make sense to make your choice after first being informed? But where do you get all the information you need? Don’t worry this little guide will help you avoid making the 10 most common and crucial mistakes.

 

1. Inspect, Inspect, Inspect- Although a home inspection is optional and typically paid for by the buyer, this money could be the most important $225-$425 you will ever spend! Order a home inspection by a professional. Go over the report thoroughly. Review the restrictions (CC&R’s), By-Laws, and Association Fees with your agent. Be comfortable that you can live with any rules and regulations placed on the property.
2. Imagine the Property Vacant-Your furnishings will be the ones filling this new home. Don’t let current beautiful features, furniture or disliked features or furniture sway your decision to buy the home or not, they will leave with the owner, and if buying a new construction remember there is a reason they are called “Model” homes.
3. Income + Lifestyle=Mortgage Payment- Sit down with your lender and real estate agent and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix ups. Don’t over extend yourself, or be able to have enough for incidentals or entertainment.
4. View Several Homes- See at least 10-15 properties with your agent. Don’t move too slowly but don’t move on the first property you see. With your agent’s help you should be able to view enough properties to get a good overall perspective of the market. When you find the right home for you all the legwork will be worth it.
5. Utilize Your Team- By aligning yourself with the right real estate professional you will have an entire team at your disposal. Utilize your lender, title rep and agent. They are all working hand in hand for your benefit. Explore all your options.
6. Be Colombo- Check out all the costs and expenses before your 10 day inspection period is up. Utilities, taxes, insurance, maintenance and homeowner association dues if applicable. A good agent will make sure all the utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order. Inspect the area, talk to your future neighbors. ASK LOTS OF QUESTIONS.
7. Do a Final Walk Through-Visit the property before closing to make sure there are no surprises. Be sure the property was in the same condition as when you wrote the contract on it.
8. Plan for Flexibility- Closing dates are not written in stone. Allow for flexibility and have a backup plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
9. If It’s Not In Writings, It Doesn’t Exist- All promises and discussions must be in writing! Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. A good agent will keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements.
10. Loyalty Breeds Loyalty-Be open, honest and up front with your team. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to find. Take the time to select the right team in the beginning and your home purchase will be pleasing and memorable experience.

       Leave it to a professional to help you have the smoothest experience possible.

Growing needs of Pinal County

As a resident of San Tan Valley area for the past 10, wait, almost 11 years, It seems like just yesterday we got our very own hospital and now we have 2 closeby, including the Florence Hospital that opened up in 2011.  2012 proved a record breaking year for baby births at the Banner Ironwood facility on Ironwood and Combs that opened in November of 2010.  By December 29th 1000 babies were born, and 50,000 patients treated at their emergency facility. With the continued growth in this area, home prices again are on the rise. If you are considering buying, selling or renting real estate in this fantastic community don't hesitate to call or email me for more information regarding changes in the market, home prices, rental statuses all your real estate needs.
Dani Miller
480-695-2010
Solutions Real Estate
"helping you find a house to call home"