Real Estate Information Archive

1)   It's been 20 years since I was in Phoenix. Are suburban homes in the $500K range availalbe. How old are they?

            There are plenty of homes available in the $500,000 range.  If you haven’t been to Phoenix in 20 years what you would have thought of as the outskirts of town has plenty of hustle and bustle.  I suggest contacting an agent, Joe Bourland and let me know what it is you are searching for in a home.  Local understanding will be a great help to you.

2) Is the Phoenix area considered a buyer's or seller's market?

            As a whole the Phoenix area is currently considered a buyer’s market.  The problem with that statement, though, is no one buys a market.  Meaning each home is seen on it’s individual merits and position within it’s local comparisons.  Some areas in Phoenix are seeing increases in values while most are heading in the opposite direction.

 
3)  What are the basic steps to selling a house? 

            The basic steps to selling a home are simple: decide you want to sell, find a buyer, agree to terms, sign some papers, move out.  The reality is that each of these steps have numerous steps in order to actually complete a sales transaction.  I have been involved in over a thousand transactions and no two are alike.

4) Do you think that Real Estate discounters are affecting the Real Estate market?

            Statistically, discount brokerage firms deal in a very small percentage of real estate transactions.  Real estate brokerages operate under a few different business models one being that of a low, sometimes upfront, fee.  As a former manager of a nationally ranked full service office, I know what it is like to balance a real estate office budget.  There is typically not a lot left over money piled around.  As for discounting, in order to sustain a profitable office brokers will either have to sell more homes which strains there resources or spending less on advertising, staff, etc to keep the doors open.  No one wants to do the job for free.

 
5) Can I purchase a decent home for around $500,000 and where?

            Beauty is in the eye of the beholder.  What might be decent for you might not be decent for Steve Nash.  As the Valley median home price is around $255,000, doubling that price should find most people decent comfort. 

6)  Why shouldn't a buyer use a discount buyers agent?

 

            More often than not, discount buyer agents are newer agents with less experience.  Not only are they less likely to understand the nuances of the real estate contract but are also less likely to know community information, have honed negotiating skills or be able to analysis a property.  Will discount brokers have a counseling session to find out more about what your wants and needs really are?  Then did they actually find properties that fit those desires saving you time and expense?  Are they aware what a Superfund site or fissure is and if the house you are looking at sits over one?  Could you have gotten the house for less money had the agent negotiated better on your behalf?  Did they recommend a quality inspector to find out the real pros and cons on the properties condition?  Were they available quickly or were they working there real job during the day?  Just like buying anything from a discount store after you get home you realize why quality costs more.

 
7) Why shouldn't a seller use a discount sellers agent?

            All real estate agents are not the same.  It has been a stereotype quality real estate agents have been stuck with for years.  A perception from the public is that an agent after taking a listing will do the three P’s: Put it in the MLS, Place a sign in the ground and Pray it sells.  In today’s fast paced world of expectations that just doesn’t work.  Buyer’s are more suffisticated then ever before and sauve agents have adapted to their needs.  Accurate information on pricing, neighborhood and city trends, proper staging, quality imaging are a few of the major points that full service quality agents use to differentiate themselves.

 As a former branch manager of a national top 10 Century 21 office and top agent at a Re/Max office, I know the behind the scenes efforts that go into getting a home sold.  Most real estate companies run on a very tight budget including heavy advertising to help sellers and gain clients.  Discount brokers just can’t compete with full service in regards to advertising dollars spent.  Also, full service agents are some of the most educated agents in the business.  Designations are extremely important as to an agent’s level of commitment to their chosen carrier.  I personally have invested thousands of dollars into additional education in real estate traveling from California to Washington to New York in a constant drive to stay on the cutting edge of real estate.    Who do you think would be more qualified to represent a seller?

1	1903	First Tour-de-France began
2	1867	First U.S. elevated railroad began in NYC
3	1863	Battle of Gettysburg ended
4		Happy 4th of July
5	1954	Elvis made first recording – “That’s Alright”/”Blue Moon of Kentucky”
6	1946	President George W. Bush’s birthday
7	1863	First U.S. military draft
8	1746	First American passport issued
9	1872	Doughnut cutter patented
10	1890	Wyoming became 44th state
11	1789	U.S. Marine Corps created
12	1859	Paper bag manufacturing machine patented
13	1969	Apollo 11 mission to moon was launched
14	1913	Gerald ford’s birthday
15	1869	Oleo margarine invented
16	1930	First World cup began in Uruguay
17	1775	First military hospital approved
18	1994	Crayola introduced scented crayons
19	1985	Christa McAuliffe chosen as 1st school teacher to fly the space shuttle
20	1976	U.S. Viking 1 landed on Mars
21	1636	National Women’s Hall of fame founded
22	1948	Author S.E. Hinton’s birthday
23	1829	Typograper patented
24	1911	Machu Picchu discovered
25	1946	First bikini shown at Paris fashion show
26	1908	FBI created
27	1953	Armistice signed ending Korean Conflict
28	1891	Hamburger created
29	1938	Dennis the Menace comic strip first appeared
30	1898	Cornflakes invented
31	1965	Author J.K. Rowlings birthday

1	1938	Superman comic strip launched
2	1924	Congress granted U.S. citizenship to all Native Americans
3	1851	First basketball uniform worn in game
4	1917	First Pulitzer Prize awarded: Journalism – 1, Letters & Drama -2
5	1917	10 million men began to register for military draft
6	1933	First drive-in opened in Camden NJ featuring “Wife Beware”
7	1912	U.S. Army tested 1st machine gun mounted to an airplane
8	1867	Frank Lloyd Wright birthday
9	1931	First showing of Donald duck cartoon
10	1682	First tornado ever recorded
11	1982	E.T. premiered
12	1939	National Baseball Hall of Fame opened
13	1966	Supreme Court ruled on Miranda Rights
14	1777	Stars & Strips adopted as official flag
15	1667	First human blood transfusion
16	1887	First commercial roller coaster opened on Coney Island
17	1775	Battle of Bunker Hill
18	1812	Was of 1812
19	1862	Congress abolished slavery in U.S. Territories
20	1819	First steamship crossed Atlantic 320 ton “Savannah”
21	1975	Jaws opened in theaters
22	1870	U.S. Justice created
23	1938	First aquarium opened
24	1947	First UFO sighted
25	1876	Custer’s Last Stand
26	1819	Bicycle patented
27	1922	Newberry Medal first awarded:  Distinguished American Children's book
28	1874	Labor Day became Federal holiday
29	1891	National Forest Service established
30	1936	“Gone With the Wind” published

Goodyear has only a few communities with no HOA so it is very likely that you will run into them. The least expensive HOA I know of is a small portion of Palm Valley at about $130 a year. A standard subdivision home will run about $120 a quarter. Other areas in Palm Valley, Estrella Mountain Ranch (now know simply as Estrella) and the adult community Pebblecreek start at about $70 a month but include recreational facilities.

During a short sale, the seller’s lender(s) accepts a discounted payoff to release the existing mortgage, i.e. the home sales for less then what is owed. In a short sale the lender has the right of refusal on any offer, even if the seller accepts.

These attempts at selling are typically difficult to complete and often overlooked by buyers. The uncertainity and length of time for most buyers does not fit there needs. Consider it a half court shot with the clock expiring.

In my experience in today's short sales, banks are taking 3-5 weeks to return a response to an offer. This is just to determine the contract price. After that, the typical closing process will take around 30 days with a new loan.

 

LOAN PAYMENTS AND IMPOUNDS.  You should receive your loan coupon book before your first payment is due.  If you don’t receive your book, the mailing address for your first payment willl be on your Note.

HOME WARRANTY REPAIRS.  If you have a home warranty policy, call your home warranty company directly for repairs.  You will need your policy number available when you call.

RECORDED DEED.  The original deed to your home will be mailed directly to you by the County Recorder, generally within two to three weeks.

TITLE INSURANCE POLICY.  Your title company will mail your policy to you in about two to three weeks.

 

PROPERY TAXES.  You may not receive a tax statement for the current year on the home you buy; however, it is your obligation to make sure the taxes are paid when due.  Check with your mortgage company to find out if taxes are included with your payment.  For more information on your Maricopa County property taxes, contact:

 

Maricopa County Tax Assessor:  602-506-3406

https://maricopa.gov/Assessor/

Maricopa County Treasurer:  602-506-8511

http://treasurer.maricopa.gov/office.htm

http://treasurer.maricopa.gov/taxguide/glossary.htm

 
 

Geri Fortune, Branch Manager

First American Title, Legends Branch

623-537-1608