Category Archives: Home Buying

What to do with Infamous Crime Houses?

I have been reading a few articles this week regarding the fate of some infamous houses where gruesome crimes took place. In light of the recent arrests of Ariel Castro and his brothers in Cleveland I discovered several other high profile crime houses and school buildings have been demolished:

Another house in Cleveland where serial killer Anthony Sowell killed 11 women over a period of several years was demolished in 2011.

30 years ago in Chicago the house where John Wayne Gacy killed at least 33 young men was demolished.

Recently, one of the buildings at Sandy Hook Elementary had passed a vote to be demolished and rebuilt.

Columbine High School replaced the library where most of the school shooting murders occurred.

To me this seems like an opportunity to help the victims of these crimes. Why not render these houses unlivable (which most are after evidence is removed) and sell them to an investor who would be forced to rehab the property in order to sell it? Use the proceeds to support the victims.

I know there will always be a good case for both arguments and I suppose there are a lot of peripheral factors to consider (who would want to live there?). But if these homes had to be rehabbed, had equity and the victims could benefit from it, why not give it a try?

Of course, the school shootings would not apply to this issue. But maybe there is another solution for schools to help victims benefit as well.

Your thoughts?

 

Let’s Talk Real Estate- Apps

Whether you are looking to buy or sell real estate, keeping your finger on the pulse of the market has never been easier. With technology ever evolving real estate consumers can have instant access to a plethora of real estate tools right on their smartphone. What tools do I speak of? Apps, of course.

Here is a sampling of real estate apps I have downloaded on my iPhone 5- Bankrate Mortgage App (daily interest rates), Mortgage Calculator, New Home Source, Behr Color Smart App, Realtor.com, Zillow (not a fan of Zillow, but hey, why not), Houzz (for great decorating ideas), ARMLS (Realtor MLS), Shea Homes, Redfin, to name a few. Having a Twitter app and following @myrealestatecop is not a bad idea either (wink, wink).

It amazes me how much information is right at my fingertips. If a client asks me about the daily interest rate I simply pull up the Bankrate app and tell them the overnight national average. If I am asked what a mortgage payment will look like on a 250K home with 20% down I go right to my mortgage calculator app (don’t forget to add insurance and taxes!). I can also search the MLS, coordinate colors and get design ideas on the spot.

These great real estate tools are available to everyone, so why not start using them? Make sure either you or your real estate agent is tech savy so you are not missing out on these great sources of information.

 

Mortgage Rates to Remain Low in 2013?

With new home sales up around 20% for 2012 there is a growing uncertainty mortgage rates will remain low throughout 2013. Recently, Freddie Mac has forecasted rising mortgage rates for 2013, but there is optimism rates will not rise above 4 percent.

It’s clear the housing market is recovering throughout the country as consumers are willing to spend on real estate. New home build permits are on the rise and foreclosures are down.

Despite statistical data and real estate trends, no one has a crystal ball to forsee what the economy will do in 2013. My suggestion, if you are in the market now is a great time to lock in your interest rate, before we fall off the “fiscal cliff.”

 

Should Frank Lloyd Wright Home Be Saved?

There is an ongoing debate in the Phoenix desert over a Frank Lloyd Wright-designed home in the Arcadia neighborhood currently on the market for about $2,379,000. The issue at hand is the disposition of the home itself. A property development company, Meridian 8081, intends to demolish the structure and redevelop the 2 acre plot near Camelback Mountain while the Phoenix City Council  scurries to find a way to save the property.

Recently, the Phoenix City Council launched proceedings to designate the home as a historical property. This move, if approved at an upcoming December 5th council meeting, would please architects and historical preservation advocates alike and would prevent the home from being demolished for 3 years. On the flip side, many real estate experts believe such a designation would reduce the value of the property.

In Arizona there are laws that require voter approval for any governmental action that would reduce property values.

The burning question is whether the local government is doing the “wright” thing or if they are overstepping their boundaries on private property. What do you think?

 

 

Median Price vs. Inventory for Phoenix

Buyer Advisory- A Resource for Real Estate Consumers

In Arizona Realtors provide their buyers with a Buyer’s Advisory packet. This resource provides real estate buyers with valuable information on:

“(1) common documents a buyer should review; (2) physical conditions in the property the buyer should investigate; and (3) conditions affecting the surrounding area that the buyer should investigate. In addition, a buyer must communicate to the real estate agents in the transaction any special concerns the buyer may have about the property or surrounding area, whether or not those issues are addressed in this Advisory.”

It is important for buyers to remember Real Estate Agents are not experts in any field outside of the transaction. For example, an agent should not be giving the buyer advice on an issue concerning a roof leak or foundation crack. The agent should be referring the buyer to an expert who can assess the issue and provide sound advice. The Buyer Advisory packet will assist the buyer in determining what is important to them during the inspection period.

 

What Happens After a Contract is Accepted?

As an Arizona Realtor I can only speak to the rules governing our state. When a home buyer receives notification thier offer has been accepted several cogs are sent into motion. First, a home inspection should be ordered because the inspection period in Arizona is 10 days following the acceptance of the contract.

Next, if the transaction is financed, the lender will order an appraisal to determine their opinion of what the property is worth. The buyer will immediately open escrow with the title company chosen in the purchase contract.

The buyer should also take this inspection period time to further investigate the property beyond the walls of the home. We use a buyers advisory packet which contains information on how to conduct due diligence in regards to issues buyers might find important to them.

During the escrow period, the title company will be hard at work checking the title to the property and ensuring the transfer of title will not be an issue. The loan will be in underwriting and often times lenders will require buyers provide updated financial information during this period.

There are approximately 57 people involved in every real estate transaction. Your agent is only one of them however, they will be overseeing the work of others involved. This is why it is important to choose an agent who will put forth the time and effort to see your transaction through until the keys are in your hand.

 

New Homes vs. Resale Homes

I’m currently in the market for a bigger home. I know this is one of the best times to sell  in the Phoenix area. It’s also one of the best times to buy, if you can get the right deal and the right interest rate. My dilema is buying new versus resale.

On one hand, new homes offer a variety of ways to customize and personalize your space. On the other, the build times are much longer- some 8 months. New homes can be had for pretty reasonable prices, at least for now. I was recently looking at a Pulte home. When I returned the following week I learned they had pulled their 5K incentive towards options and raised the base prices along with lot premiums. I decided against going with Pulte because I missed out on the incentives. I also thought they were being a bit greedy.

Resale homes can be had for great prices, if your agent can negotiate. Immediate occupancy is another reason to go resale. Newer homes are generally built in subprime locations, resales can be found in the best locations. One of the major pitfalls with resale is projects. No resale home is going to be just the way you want it. Projects equal money.

When deciding what course of action is best for you consider this- don’t follow the flock. Do what is best for you and your family.

 

Phoenix Median Home Prices on the Rise.

Phoenix median sales prices

Home Searches and the Internet- Where to Begin?

Did you know that over 80% of home searches begin online? With technology finally catching up to the needs of those involved with real estate we are seeing an increase in home buyers searching online for their next dream home.  Realtor.com is one of the more popular sites among internet savy home buyers. The problem I have with Realtor.com is the speed. While the site itself is great, there seems to be so much going on while the page loads that it makes for a frustrating experience.

I would suggest using a local Realtor to assist you in your home search. Local Realtors can set you up with a custom home search sent directly to your email. By displaying only the homes you want to see the page loads faster and saves you time.

If you are looking for homes in the Phoenix, Scottsdale or surrounding areas I would be happy to set you up with a home search. Just tell me your criteria and the next day you will be recieving an email with a direct link to the Phoenix MLS displaying only the homes you want to see.

You can also search the Phoenix area MLS on www.myrealestatecop.com anytime!