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Thursday, May 4, 2017

Can You Buy a Home With a Low Down Payment?


The biggest concern for many people when it comes to buying a home is coming up with the cash for a down payment. If you're in this camp, consider these options.

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If you're looking into buying a home in the Phoenix area, the down payment tends to be the biggest obstacle. A recent survey found that 55% of respondents said they couldn't come up with the cash to qualify for a home loan. The continuing growth of home prices certainly isn't helping. More people are choosing to rent since they feel they don't have the money to buy a home.
Not too long ago, it seemed that anyone with a pulse could get a mortgage, but that's not the case anymore. If you have decent credit and steady income of about two years, though, there are a number of loans you might qualify for:
  • USDA loan: This is a zero money down loan with lenient credit requirements that's valid for homes in certain rural and suburban areas.
  • VA loan: This is a zero money down option for anyone who has served in the military and has low closing costs and low interest rates.
  • FHA loan: This loan requires 3.5% down, but that's far less than conventional loans.

With decent credit and steady income, there are many loans you might qualify for.
As you can see, there are plenty of options even if you're in that 55% of people who list the down payment as the No. 1 reason you're not able to buy a home. If you have any other questions about financing options or buying a home here in the Phoenix area, give me a call or send me an email soon. I'd be more than happy to help.

Monday, March 20, 2017

What Happens If You Change Your Mind About Buying or Selling?

Today I want to go over what your options are as a buyer and as a seller if you change your mind after signing a purchase agreement.

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What can you do if you change your mind after you’ve signed a purchase agreement on a home?
As a buyer, there are so many loopholes in the Arizona purchase agreement. For example, you have a 10-day inspection period. If you know for sure that you don’t want to buy a particular home, something will come up in the inspection that will allow you to get out of that contract. You could also find an issue with the seller’s disclosure form, the HOA guidelines, the codes and restrictions for the area, etc. If you want out of that contract, you are covered. Fear not!
As a seller, all bets are off. If you are a seller and you have signed a purchase agreement to sell your home, you are bound to that purchase agreement. The buyer might request some things such as repairs, in which case you can refuse to comply and hope the buyer walks away from the sale. However, if you feel in any way that you may not want to sell your home, tell your agent.

If you’re a buyer and want out of a purchase agreement, fear not!
It’s much harder for a seller to get out of a purchase contract, so you need to be sure you want to sell before it’s signed.
In fact, I am working with a buyer right now in a case where the seller has changed their mind. The buyer now has an attorney, I have an attorney, the seller has an attorney, the seller’s agent has an attorney, and it is a complete mess. The seller is in hot water because she has a contractual obligation to sell her home, and it’s going to cost her a lot of money to keep it.
At the end of the day, this is your biggest investment, so make sure you are open and honest with the professional you have chosen to represent you. If you have any other questions about this topic of you're thinking about buying or selling a home, give me a call or send me an email. I'd be happy to help you.

Monday, January 23, 2017

4 Tips to Help You Sell This Spring

Are you selling your home this spring? If so, follow these four steps in order to have a successful sale.

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When it comes to real estate, spring starts in January​, especially in AZ!​

You might already know spring is the hottest season in terms of home sales.

Home buyers come out in big numbers ​right after the 1st of the new year.

​Nationally, the numbers bear this out — homes sold in the spring sell 15 days faster and for about 2% more money than the average listing.

However, in order to make the most of the spring real estate rush, you have to start preparing now.

Today, I want to show you how to do that in four easy steps.

The first step is to find out what your home is worth.  

Pricing your home correctly from the start will mean it sells more quickly. And homes that sell more quickly tend to sell for more.

To get an idea of the value of your home, check out the calculator on my site that takes into account recent Phoenix sales.

Enter your street address here to find out what your home is worth

You can also give me a call at (480) 207-2645 ​and I’ll give you an even more accurate estimate based on the unique characteristics of your home.

The second step is to decide the right time to list.

The spring market has already started!
A home's listing is viewed five times more on its first day than even one week later, so it’s important to get this exactly right.  

In addition, the ​Phoenix market has some quirks about the best time to list, depending on when you are hoping to close the sale.

If you’re thinking of selling, give me a call and I can give you specific recommendations for the perfect time to list your home.

Third, you'll want to maximize curb appeal.

The reason why is simple: 63% of home buyers will drop by a home they viewed and liked online.

Make sure you give them a good first impression by removing the lingering effects of winter.

Simple projects are often enough — ​painting the front door and adding new hardware, ​pressure washing the outside, refreshing the landscaping, and cleaning the windows.

Occasionally, upgrades such as a paint job or roof repairs also make sense and can add thousands of dollars to the value of a home.

Finally, you have to prepare for the viewings.

Tidy up the inside of your home, declutter as much as possible, and start packing away non-essential things in anticipation of a sale.

​We have a 75-point checklist to help you with this step!​

And really, that’s it. By following these simple steps, you’ll be taking full advantage of the spring boom in the real estate market.

And if you need any advice — about pricing your home, about the best time to list, or about small projects that can bump up your sale price by 10% to 15% — just give me a call at (480) 207-2645
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I'm here to help.