For Buyers

Market conditions have never been better for buyers, but finding the right property, negotiating the best deal, and managing all the details are as complicated as ever. Whether you’re a first-time buyer, a current homeowner, or a real estate investor, you need a trustworthy, knowledgable real estate professional to help you through the home buying process. You need an Executive.

Executives Versus Agents

A real estate Executive is more than an agent. An Executive is a trusted source of local information, familiar with every block of every neighborhood, and able to help you understand how and where you’d fit best. An Executive understands local market conditions, so you can make a conservative but fair offer that will get you in the right home at the right price. Above all, an Executive is a professional, with years of experience negotiating deals and managing legal and regulatory red tape. When you’re dealing with an Executive, you can relax and focus on finding the perfect home, knowing you’re in good hands.

The Perfect Home

A home is more than a number of bathrooms and bedrooms. While amenities set baselines and standards for your search, an ideal home is one that meets your needs for things that can’t be measured in bedrooms, bathrooms, and square footage. Style, safety, history, neighborhood character, local schools, cultural resources, and how much you can reasonably afford are just a few of the factors your Executive will consider during your home search. A perfect home should stir your emotions, and an Executive will help you find the home that does just that–without letting emotions get in the way of your negotiations.

Negotiations and Financing

An Executive is an expert negotiator who knows where to start an offer, how far to push, and when to walk away. Executives can also help you understand the “hidden” costs and fees associated with the home buying process to ensure that you don’t get in over your head. Once your offer is accepted, an Executive will walk you through inspections and other contingencies, closing, underwriting, and escrow, so you can move into your new home without any worries.

I’ve included some relevant blog posts and links for your review. If you would like more information on how an Executive can help you find you dream home, please contact me.

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NAR: Pending Home Sales Rise to Highest Level in 2 Years

Posted on April 27, 2012 by kathyfuller

Pending home sales increased in March and are well above a year ago, according to the National Association of Realtors.

NARs pending home sales index, a forward-looking indicator based on contract signings, rose 4.1% to 101.4 in March from an upwardly revised 97.4 in February. It is 12.8% above March 2011 when it was 89.9. The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. First-quarter sales closings were the highest first-quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good, he said.

The housing market has clearly turned the corner, Yun added. Rising sales are bringing down inventory and creating much more balanced conditions … which means home prices will be rising in more areas as the year progresses.

The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. An index of 100 is equal to the average level of contract activity during 2001, which was the first year of examination.

jhilley@housingwire.com

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Short supply, rising prices in Phoenix-area housing market

Posted on April 18, 2012 by kathyfuller

In his latest report from the W.P. Carey School of Business, Mike Orr talks about short supply and rising prices in the Phoenix-area housing market

Are we actually seeing the start of a housing shortage in the Phoenix area? A new report from the W. P. Carey School of Business at Arizona State University reveals some surprising information for Maricopa and Pinal counties, as of February:

• Housing supply was down a huge 42 percent from the year before.

• Foreclosures were down 52 percent from last February.

• Single-family-home prices have been on the rise since September.

Perhaps most notably, the report’s author, Mike Orr, says some realtors are actually starting to call around to ask people whether they would consider selling homes in desirable neighborhoods.

“Supply is tight, in a pretty extreme way, and it looks likely to stay that way for months,” says Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business. “The inventory of single-family homes for sale under $250,000 (without a contract already) is less than 25 days of supply. This is highly unusual and signals a market heavily out of balance, with far more buyers than sellers. It’s now becoming a matter of how much of a price increase will get people to start putting their homes back on the market.”

The median price for a single-family home sold in the Phoenix area in February was up 8.3 percent from last year. This includes new-home sales, and it’s an increase from $115,000 to $124,500. Realtors will note the average price per-square-foot went up 4.1 percent.

February is the start of the selling season that normally runs through June. Orr expects to see lots of activity and even “frantic attempts” to buy over the next three months. This is likely to push prices even higher.

“One thing that could slow this down is appraisals,” explains Orr. “That’s because appraisers are still looking at prices from up to three months ago, and they may be reluctant to write appraisals that match the now-higher market value. This will continue to give all-cash buyers a big advantage over those who need to secure a loan.”

Orr adds that foreclosures and short sales continue to exert a strong influence on the market. They represent about 20 percent of total sales. New home sales make up only 6 percent of the total market.

Buyers from outside Arizona account for 26 percent of the transactions. Also, despite the positive momentum, Orr emphasizes there are still many Phoenix-area homeowners with loans exceeding the market value of their houses.

Orr’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/finance/real-estate/upload/Full-Report-201203.pdf. More analysis is also available from knowWPCarey, the business school’s online resource and newsletter, at http://knowwpcarey.com.

Debbie Freeman, Debbie.Freeman@asu.edu
(480) 965-9271
Communications Manager, W. P. Carey School of Business

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Kitchens Sell a Home

Posted on March 28, 2012 by kathyfuller
By Carla Hill

It’s a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.  A kitchen is the heart of a home. This is true all across the globe. The old saying that the “stomach is the way to the heart” carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It’s the room where we nourish our bodies and our spirits.  

Kitchens are integral to entertaining and in today’s age of open floor plans, they’re a focal piece of many family rooms. It’s because of this that kitchens play such an important role in the buying and selling process.  

This one room is the showpiece of the house. You’ll see it every day and your guests will see it during most visits. This means buyers want homes with up-to-date kitchens.  

Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor and time intensive of all home renovations. It’s not just a new layer of paint.   Continue reading – Kitchens Sell a Home

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Flood insurance: Are you in the zone?

Posted on March 6, 2012 by kathyfuller
Courtesy of insure.com

For many, the decision whether to purchase flood insurance can be confusing. While waterfront properties are an obvious choice for protection, homeowners farther inland may not be sure whether they also need flood insurance. Fortunately, the government publishes flood zone maps that can help you determine flood risk and insurance need.

Following the tragic flooding in New Orleans after Hurricane Katrina in 2005, the Federal Emergency Management Agency (FEMA) began improving the flood zone maps which are overseen by the National Flood Insurance Program (NFIP). These flood zones can be found on your community’s Flood Hazard Boundary Map or Flood Insurance Rate Map (FIRM).

To determine the flood risk for your property, the NFIP provides a searchable online database. If you’re a homeowner in a floodplain, it’s not so much a question of if a flood will damage your property as when. Once you know your risk, be prepared through the purchase of the proper level of flood insurance.

Your flood zone determines your risk

Every community is able to participate in the NFIP, which administers flood insurance policies for homeowners, renters and business owners. As can be expected, flood insurance premiums are determined by the risks associated with flooding in your area. Continue reading – Flood insurance: Are you in the zone?

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