Phoenix Homes for Sale

3 Steps for the Indecisive First-Time Home Buyer

adminphoenix — Sat, 22 Dec 2012 00:47:57 +0000

Coming to the decision to buy a home can be an exciting time for anyone. You can’t wait to have your own house, a backyard to garden, a kitchen to stock, a handful of rooms to decorate and a place where you can finally plant your roots in (so to speak). More often than not, a first-time home buyer’s beginning thought is the vision – the dream – of what their soon-to-be house is going to be like. Maybe a white picket fence, a man cave in the basement and large walk-in closets. Nice! But for those of us who aren’t millionaires or who don’t make six figures a year, the process from renting (or living with the parents) to owning a home can bring up some unexpected actualities. When you start getting qualified for a home loan, reality comes a knockin’ and you realize that the house of your dreams and the house you can afford are two very different things. This not only puts a dent in the vision – the dream – of owning your first home, but it can lead to extreme indecisiveness (as nothing you look at will now fulfill that dream you put in your head). Well, come back to reality with us and take a look at these three steps that any indecisive first-time home buyer should consider taking.

STEP 1 – Keep It Practical!
Yeah, ok, you can’t afford the house of your dreams right now, but that doesn’t mean that the house you can afford can’t grow to fulfill that dream one day! The best thing to do is start a simple and practical list of the necessities – the elements of a home that you can’t live without. For example, choosing a location close to work is a necessity, or, if you have a child then buying a home with two or more rooms is a necessity (a man cave is not a practical necessity).

STEP 2 – Only Consider Homes That Meet The Elements On The List
When you are meeting with your agent, be sure to communicate the list from STEP 1 and be sure to only look at homes that meet the elements, the necessities, on that list – don’t waste your own time!

STEP 3 – Look For The Diamond in the Rough – Realize Potential!
Just because you can’t afford what you thought was the home of your dreams, doesn’t mean that the house you buy can’t be made into the house of your dreams. When you are out viewing the potentials, keep an eye out for the diamond in the rough. Look past the minor cosmetic oddities of a home and see the potential behind it. Try to realize that the footprint of a house is more important than the colors on the walls or the type of flooring that the home currently has. Cosmetic elements of a home can be changed and a well-built house can turn into the home of your dreams with some patience, time and paint. (*Fingers Crossed* You’ll find a house with an unfinished basement that can be turned into your future man cave).

5 of the Biggest Mistakes Homebuyers Make

adminphoenix — Wed, 21 Nov 2012 20:18:56 +0000

Buying a home can be one of the biggest moments in a person’s life. For a first-time homebuyer, the task can be daunting and if you don’t research the proper information and consult with the appropriate professionals, you could be making detrimental mistakes. These mistakes can not only cause a world of stress and confusion, but can cut a big hole in your finances. So be sure that when you buy your home, you are not making any of those mistakes. Here are five of the biggest mistakes home buyers make.

MISTAKE 1 – Not Getting an Inspection:
Have you ever seen that movie, The Money Pit? It’s a pretty good movie but you don’t want to become the Tom Hanks character falling into a hole in your floor and stuck without running water. Forgetting or neglecting to get a house inspected could be a huge mistake. Hold your feelings to the side until after the inspection.

MISTAKE 2 – Being Unable to See Past The Green Fuzzy Carpet:
Well, maybe for your experience it might not be the green fuzz that the previous homeowners call a carpet, but it could be ugly wallpaper or a color of paint that you don’t like. When you are looking at homes that fit your most important needs (like location and number of rooms), try to get beyod the tiny cosmetic problems that wouldn’t cost you more than time and a bucket of paint to fix. No one is asking you to forgo a newer home for a fixer-upper (unless that’s what you’re in to) but try to not forget about the potential an “almost perfect” house can have.

MISTAKE 3 – Forgetting to Consider the Additional Expenses:
Owning a home is almost nothing like renting when it comes to the additional expenses. Are you looking to buy a home that happens to be in a community with an HOA? Then you better consider those HOA fees that you’ll have to pay each month. And don’t forget about homeowner’s insurance, property taxes and any other potential expenses you’ll be looking at. Basically, don’t max out the budget and then realize you have additional monthly bills to pay after you are already moved in.

MISTAKE 4 – Thinking You Can Afford Something Without Looking at the Details:
You’ve made the decision to buy a home, that’s great! But don’t forget to get the mortgage qualification and by the way, what the bank says you can afford and what you and your expenses say you can afford are two different things. Don’t forget about the most recent mortgage crisis everyone went through – don’t let that be you! Sit down and calculate every monthly and annual expense you pay and consider that total when deciding on what kind of mortgage you are able to pay – and as before, don’t overlook potential additional expenses. The next biggest favor you can do for yourself is keeping yourself (and your significant other) from looking at houses outside your price range.

MISTAKE 5 – Not Choosing to Hire an Agent OR Using the Seller’s Agent:
Everyone understands that you would like to keep the cost down, but regardless of the potential savings, you need to hire a real estate agent! Why, you ask? Well, real estate agents work in real estate for a living – they can not only forsee details that you need to keep in mind for the future, but they can help to negotiate, and help you with items and necessary procedures that you as a homebuyer may probably overlook or not even be aware of. Are you looking to buy a home and in need of hiring a real estate agent? Then contact us and we will help you with all your real estate needs: 480-788-7096 or fill out a Contact Form on our website.

Negotiating Tips for First-Time Home Buyers

adminphoenix — Mon, 15 Oct 2012 20:18:30 +0000

Set Your Priorities Early: Know what is really important to you as a home buyer and know what the home and contract terms are worth to you.

Know Your Local Environment: Ask your agent to provide local information to you such as the recent sold prices and average days on market for similar homes.

Get The Inside Scoop: Ask your agent about valuable transaction specifics such as if the sellers need to move quickly.

Solve Problems for All Parties: It is best to approach a negotiation as an exercise in problem solving with the aim of meeting the needs of all parties, as buyers have to consider banks, appraisers, property associations, etc.

Bond With Your Bank: Work in advance to make sure that your deal does not die at closing due to the financing falling through. Work with your agent and mortgage broker to secure a back-up plan.

Manage Your Mindset: Lean on your agent for objective support and try to be the least emotional as possible to avoid panic or caving in.

Learn The Negotiables: Find out what is within and without of each party’s control. Avoid haggling in areas that are not even negotiable.

Minimize Time Pressures: Plan and search early when possible, locate temporary rentals, develop a Plan-B for any last minute hurdles.

Act & React Quickly – Not Impulsively: Time is always of the essence, prolonged hesitation results in lost opportunities, and keep in mind that there are competing buyers and changing interest rates!

Preparing for a Home Inspection

adminphoenix — Fri, 07 Sep 2012 21:52:57 +0000

When selling your house, one of the best actions to take is to get a Certified Home Inspection done. Smart home sellers should know the condition of their home and should be prepared to acknowledge any deficiencies or concerns about the home as the majority of homebuyers will require such information. A home inspection can make or break the sale of a home.

The most important thing to do when preparing for a Home Inspection is to select a qualified, experienced and helpful inspector. It is recommended to hire an inspector that is a member of the American Society of Home Inspectors (ASHI). ASHI is North America’s oldest society of Home Inspectors and has over 6,000 members.
You should also be able to address common concerns and gather any home records to provide as well. A common concern expressed by homebuyers is the environmental issues regarding the home. Environmental concerns include:

- Radon: A naturally occurring, cancer-causing, radioactive gas that is colorless, odorless and tasteless. Radon can be found in the ground, groundwater, or building materials.
If your home was built before 1980, you should address these two following concerns:
- UFFI: Insulation that emits a toxic gas (banned in 1979).
- Lead Paint: Majority of homes built before 1978 are likely to have lead-based paint, which can cause lead poisoning.

Here is a list of other important concerns a homeseller should be able to address:
- Insects – Termites
- Wood Rot
- Odors – Find out the causes
- Stains – Find out the source of any staining
- Water Damage
- Clogged Gutters & Downspouts
- Carbon Monoxide – Get detectors
- Smoke Alarms – Test them
- Mold – Can be toxic!

A good Home Inspector should be able to cover all areas of the home, and some homeowners even recommend following the Home Inspector through the inspection to ensure the thoroughness of the inspection but to also have the opportunity to ask any questions and allow the inspector to guide you through the process. As far as the inspection goes, here is a helpful alphabetical list of areas that can help in assuring that each area gets inspected:

- Air conditioning, Appliances (both kitchen & laundry), Attics
- Basements, Bathrooms, Brickwork
- Carpeting, Closets, Ceilings
- Decks, Dehumidifiers
- Energy Efficiency, Electrical Work
- Fireplace, Floors, Fences
- Heating Systems, Humidifiers
- Insulation (Remember to check for UFFI!)
- Lighting (Interior & Exterior), Landscaping (Sprinklers, Garden)
- Plumbing, Pools, Ponds
- Staircase, Security Systems, Skylights, Septic System, Shades (Drapes, Blinds)
- Woodwork, Walls (Interior & Exterior, Wallpaper), Water Heaters

Remember to always consult a professional in anything that you may have questions or concerns about. Happy selling!

FHA mortgage insurance premiums are rising

adminphoenix — Sat, 10 Mar 2012 00:54:41 +0000

The Federal Housing Administration (FHA) is a United States government agency created in the 30′s to insure home loans. They charge an up front mortgage insurance premium to offset the costs associated with running the agency and to cover losses from loan defaults. For years the premium has been 1% of the loan amount but that will soon change. Starting April 1, 2012 the amount will increase to 1.75% increasing the average borrower’s monthly mortgage payment approximately five dollars.

This small change is not severe enough to “price” borrowers out of the market but it is a true increase in FHA mortgage expenses and if someone is planning on buying a home in today’s market it would benefit them to find one before the deadline. Borrower’s don’t have to close on their home before April 1st, 2012 but they must have a FHA case number assigned to their file before then otherwise they will be subject to the mortgage insurance premium increase.

If you have questions about the material contained in this article or other real estate subjects, email info@phoenixhousehube.com

Phoenix House Hub provides exceptional real estate brokerage and property management services. For help, email info@phoenixhousehube.com

Warren Buffet and rental homes

adminphoenix — Thu, 08 Mar 2012 17:49:52 +0000

Warren Buffet was asked again about his eventual successor as chief executive officer at Berkshire Hathaway. Although he provided no more information on the matter than he has in the past, he did discuss his top stock picks and said that the only investment opportunity that he currently liked better than stocks was housing. “It’s a very attractive asset class right now,” said Buffet, adding he would be happy to buy thousands of houses and take out low-rate 30-year mortgages on them if there was an efficient way to manage such a portfolio.

If you are reading this post on my website or media feed, I am confident that you are not a mega financial elite like Warren Buffet. But that isn’t the point. The point is that Buffet, one of the world’s most beloved investment tycoons and “American Dream” success stories, just shared with you an investment tip, INVEST IN RENTAL REAL ESTATE. So ask yourself, “how could his advice help you advance your financial success and achieve your investment goals”?

Rental properties in Phoenix are a bargain and interest rates are at historical lows. Now is the time to participate in what is perhaps a lifetime opportunity to acquire income property that will both cash flow today and appreciate in the future. Phoenix House Hub provides exceptional real estate brokerage and property management services. So act on Buffet’s tip and begin investing in rental homes today by calling 480-221-5449. info@PhoenixHouseHub.com or site PhoenixHouseHub

More details regarding Government refinance program H.A.R.P.

adminphoenix — Thu, 17 Nov 2011 18:43:40 +0000

The government has now released more details on their Home Affordable Refinance Program which is designed to allow more homeowners lower their monthly mortgage payments by taking advantage of low interest rates. The program is focused on helping homeowners that are current on their mortgage payments but are “upside down” owing more on their home than the current market value. Without this program there is little hope for these individuals to obtain the much needed refinancing and financial relief.

Here are some more details about the changes coming to HARP:

1. Borrowers must be current on their loan and have no delinquencies in the last six months. A borrower can be 30 days late, however, on one payment in months seven to 12 of the past year. Borrowers much have 20 percent or less of equity in their homes to participate.
2. Loans must be owned or guaranteed by Fannie Mae or Freddie Mac before May 31, 2009. Borrowers can see if Fannie Mae or Freddie Mac backs their mortgage by visiting www.freddiemac.com/mymortgage or wwww.fanniemae.com/loanlookup.
3. The revamped HARP program will begin Dec. 1, 2011, and run until Dec. 31, 2013. Participating in the program is voluntary for lenders.

To see more details on this program you can review my previous post on the program.

If you have questions about this program or want to refinance your underwater home, contact Royce Munroe at 480-221-5449 or Royce@PhoenixHouseHub.com

Fed properties hit the auction block.

adminphoenix — Thu, 17 Nov 2011 16:59:00 +0000

In an effort to curb costs the federal government is disposing of unneeded property including real estate. The President’s goal is to realize $3 billion in savings by October of 2012.

I looked over the site and saw some interesting items listed including a desert home in Ajo, Arizona that had a bid of $50, yes fifty dollars. The properties available are broad and have included vacant land, residential homes, warehouses, and even historic lighthouses. To review the properties available and possibly bid, visit the U.S. General Services Administration website for more information at http://realestatesales.gov

If you have questions about this program or Phoenix real estate, contact Royce Munroe at 480-221-5449 or Royce@PhoenixHouseHub.com

New refinance help for “underwater” homeowners

adminphoenix — Fri, 04 Nov 2011 22:06:48 +0000

If you own a home that is valued less than owed and you have stayed current with your payments then new program changes to the Home Affordable Refinance Program (HARP) may be of interest. Complete program details are not anticipated until November 15th, 2011 and operational availability with lenders until later in December. For now we know the following:

1. There is no limit to the loan to value ratio (it was previously maxed at 125%) as long as the loan is backed by Fannie Mae or Freddie Mac.
2. A full appraisal will not be required in all cases (not sure why this matters). Automatic valuations may be used in some situations.
3. Supposedly mortgage insurance providers have agreed to transfer coverage to the new loan. This is significant since previously homeowners with mortgages carrying mortgage insurance were not eligible for HARP benefits.

Unfortunately the cut-off dates for eligibility remain unchanged so if your loan was taken in June of 2009 or later you are still ineligible for the HARP program and it’s most recent changes.

If you have questions about this program or want to refinance your underwater home, contact Royce Munroe at 480-221-5449 or Royce@PhoenixHouseHub.com

10 ways to prep your home for sale using P90X

adminphoenix — Sat, 22 Oct 2011 20:59:47 +0000

By now you’ve seen the television commercials for P90X, right? Tony Horton and his sculpted comrades do endless pull-ups on the screen while you decide whether to order the DVD’s and change your physique or switch the channel and maintain status quo. Regardless of your fitness goals, if you plan on selling a personal residence then you need to follow the P90X motto – Decide. Commit. Succeed. Selling your home is an emotionally complex decision and unless you prepare properly the process will be inefficient and will not produce the results you are seeking. Follow these simple steps and you will realize home selling success.

1. Decide to disassociate yourself from your home.
• Say to yourself, “This is no longer my home – it is a house for sale much like a product on the shelf of a store.
• Let go of your attachment to the house and embrace the concept that in the near future it will no longer be your home.
• Envision yourself signing closing documents finalizing the sale and passing keys to the new owner.
• Say farewell to each room.
• Don’t look back rather forward with resolve.

2. Commit by de-personalizing your home.
• Walls and surface spaces covered with family photographs or heirlooms are a distraction to homebuyers. Pack these items so they can focus on your home and imagine themselves living there.

3. Commit by de-cluttering your home. Repeatedly ask yourself this question, “Have I used this item in the last year?” If not, you probably don’t need it.
• Be quick to donate or throw out.
• Clear your kitchen countertops and appliances of everything.
• Reduce the number of books on the shelves.
• Consider this process as a head start on the eventual pack-up.

4. Succeed by wowing buyers with organization. A neat home exudes a strong message of order and good repair.
• Alphabetize spice jars and neatly stack dishes.
• Reduce and organize the number of items stored in the pantry.
• Hang shirts buttoned and facing the same direction. Line up shoes.
• Pack up clothing that won’t be used during the current season.

5. Succeed by renting a storage unit.
• Less furniture in your home means more space for buyers to move about freely allowing them to envision their own furniture instead.

6. Succeed by removing or replacing items you will not leave.
• People want what they can’t have so store your inherited chandelier and hang the new one long before the buyer arrives and gets greedy.

7. Succeed by repairing minor items now.
• Service leaky faucets, toilets, and shower heads.
• Fix broken locks, doors, windows and drawers.
• Patch holes and repaint walls with neutral colors.

8. Succeed by making your home shine.
• Wash windows inside and out. Clean tracks and remove sunscreens.
• Re-caulk tubs and showers.
• Clean out the fridge and deep clean all kitchen appliances.
• Polish all metallic fixtures and mirrors.
• Frequently vacuum, dust, polish, and wax.
• Steam clean carpet, scrub grout, and replace air filters.

9. Succeed by scrutinizing your home’s interior show appeal.
• Stand in the front doorway. Does the home welcome you?
• Enter each room and be certain that it presents exceptionally well.
• Does the home appear that no one lives there? If so, perfect!

10. Succeed by gauging your home’s curb appeal. First impressions are everything and if a buyer won’t get out of the car, you’re sunk.
• Keep sidewalks swept and clear.
• Lawns, plants, and trees must be trim, green and clean.
• House numbers must be obvious and legible.
• The front door along with doorknob, doorbell, and doormat must all work and be clean and inviting.

Upon completion of these 10 steps for preparing your home for sale you may be exhausted (Man oh man a Chevy – where’s my little bucket?). If so, don’t dismay because your hard work will be rewarded. Soon enough you will be proudly showing off your impressive home to buyers like Tony Horton flaunting his chiseled abs. Selling your home quickly and for top dollar is key so making these changes will help you appeal to buyers and receive maximum offers.

To buy or sell real estate in the Phoenix area, contact Royce Munroe #480-221-5449.