Phoenix Real Estate News

 

Dec. 12, 2017

TIME TO TRADE UP? 5 EXPENSIVE FIRST-TIME SELLER MISTAKES

If you are “moving on up” to a new house, and preparing to sell your first home, there are a few things to keep in mind that will make the process easier, less stressful and more profitable! Learn how to avoid these common mistakes that first-time sellers often make.

#1 Setting The Wrong Price

Many first-time sellers think, “I’ll start with a high price, and if it doesn’t sell, I can always come down.” However, if you set your initial price too high, it will stay on market longer, which can actually result in a lower final selling price.

On the other hand, if you start with a price that’s too low, you are leaving money on the table.

Hiring a knowledgeable real estate professional is the first step to determining the best price for your house, since they have experience in pricing homes and access to resources for making an accurate analysis of comparable properties. They also know how to factor in the relative condition of your home, your neighborhood, and current market demand, which will help you make more informed pricing decisions.

#2 Getting Emotionally Involved

Separating your house from your concept of “home” can be difficult, especially with a first sale. Remember, the structure you are selling is a thing, not your identity. Once you decide to sell, try to disengage emotionally. Doing so will help you handle negotiations much more successfully.

Consider selling your current home as a means to achieve your next goals… because it is! Instead of becoming emotional about the sale, why not focus on your next location? Your new place will become “home” because you and your family, your things, and your memories will now live in that new location.

In terms of emotions, it’s also important to realize that offers will probably come in below your asking price. Try not to react negatively, even to a low-ball offer. It’s not offensive; it’s a starting point.

Likewise, don’t lose a sale over something small. For example, if a buyer admires a custom ceiling fan that you planned to keep, recognize that it can be replaced, whereas a buyer at the same offer price may not be replaceable.

#3 Failing to Accommodate Others

Attempt to facilitate the schedules of potential buyers and your real estate agent as much as possible. Making it difficult to see your home can generate a bad impression of the house itself and will reduce the number of potential buyers interested in your home.

Yes, sometimes it’s going to be inconvenient for you, especially if you have children and/or pets (neither of which should be present during showings). But this is a temporary problem that could make the difference in thousands of additional dollars in your sales price. With more people interested, your home is more likely to sell faster, without price reductions, or even potentially resulting in a bidding war between multiple buyers. It’s worth the extra effort.

#4 Deciding Not to Stage

Staging should be done both inside and outside your home. This goes beyond simple curb appeal. Many potential buyers will do their first “home shopping” online, so having LOTS of attractive interior and exterior photos will help your home move from the “just browsing” category to one buyers want to see in person.

Consider repairs a part of staging. Pay for a pre-listing inspection to identify those areas that will need to be addressed before putting your home on the market. Making these repairs in advance will prevent discouraging potential buyers over small negatives.

Finally, try to avoid moving into your new house before selling your old one. Vacant houses usually command lower selling prices.

#5 Overlooking Important Details

With all the time and effort focused on preparing your house for sale, it’s easy to overlook important financial and legal details. For example, before bringing potential buyers onto your property, check with your insurance agent to be sure you are properly insured.

In most cases, it’s a bad idea to sign a contract with a buyer who isn’t already approved for financing (unless they’re paying cash and don’t need a mortgage to buy your home). Doing this could create extended delays, costing you both time and money.

Be sure you know all fees, expenses and closing costs before signing a sales contract. On closing day, it’s too late to negotiate for discounts, credits or the waiving of fees.

Check with your tax advisor to be sure you are selling when long-term capital gains tax breaks might apply and plan accordingly. Selling at the right time of the year can also be important in terms of attracting more buyers, with the spring/summer seasons generally preferable to winter months.

 

Posted in REAL ESTATE
June 21, 2017

4 Reasons Why 2017 Is A Great Year To Sell Your Home!

Thinking about selling your home?

Reason No. 1: Mortgage rates are still low

It's all about rates! Today, rates are floating at around 4.25%, but The National Association of Realtors (NAR), Zillow, and other publications have stated that interest rates will probably climb to about 5% by the end of the year. With interest rates currently low, buyers can afford more house, which puts you in a better position to sell your home. The tipping point is when rates reach 5%. That's when buyers could put the brakes on the robust real estate market.
 

Reason No. 2: Inventory is still low & buyer demand remains high

This combination of supply and demand provokes multiple offers on homes, which is great news for the seller as multiple offers result in top dollar for their home.
 

Reason No. 3: Home prices are rising

The NAR stated that homes prices rose by 6.8% over 2016. That's no fluke. That was the 57th consecutive month of year-over-year gains! Higher prices particularly benefit the seller whose property value plunged during the recession, sometimes to less than he owed. Thanks to rising prices, many homeowners whose property values were underwater can now sell without suffering a big loss. High home prices combined with low inventory creates a perfect storm for sellers. 
 

Reason No. 4: Job markets are strengthening

This means that our national economy is improving. This in turn is causing people to feel more comfortable making bigger purchases such as homes and cars.

Do you have any questions about the 4 reasons above or have any real estate questions at all?
I'm happy to help!
Call me today at 623-451-0443

 

Sept. 11, 2016

Take Five!

Monday Morning Coffee

 

INSPIRATION FOR TODAY:

 
"Fill your bowl to the brim and it will spill. Keep sharpening your knife and it will blunt. Chase after money and security and your heart will never unclench. Care about people's approval and you will be their prisoner. Do your work, then step back. The only path to serenity."
 
~ from the Tao Te Ching by Lao-tsu
 
 
TAKE FIVE!
 
Today we’re pressured to do more, want more, get more. But really, it all leads to having less time, less energy, and less money. Putting more into work leaves less for private pursuits. Acquiring more valued possessions creates more debt and yet more work. 
 
“Fill your bowl to the brim and it will spill.” You don’t have to have it all and have it right now. Allow some room for development; give yourself space to grow. Don’t assume you’re accomplished because your bowl is already full. 
 
“Keep sharpening your knife and it will blunt.” Don’t overwork yourself. Focusing too hard and too long on any one thing dulls your senses and wears you out. If you’re at the top of your game, why would you need to do better? 
 
“Chase after money and security and your heart will never unclench.” Anyone obsessed with wealth probably doesn’t offer compassion or service to others. Those who always seek safety always fear risk. Do what you love, accept risks, and the rest will follow. 
 
“Care about people’s approval and you will be their prisoner.” Do you work to satisfy yourself or others? Can you ever find happiness if your only concern is pleasing everyone else? Take pride in a job well done, then let it go. Your enthusiasm about your work will show, and anyone who doesn’t like it isn’t worth worrying about. 
 
“Do your work, then step back. The only path to serenity.” It’s easier to see where you’ve been than where you’re going. The journey to happiness begins by stepping back and releasing your endeavors. Let them go and free your mind for other pursuits. Good or bad, put it all behind you and look forward. 
 
Shun the fear of not having enough and not doing enough. Concentrate on one of these lines each day this week, and then have a fantastic week!
 

 

 

Aug. 28, 2016

The Waiting Game!

 

Monday Morning Coffee

 

INSPIRATION FOR TODAY:

 "I keep waitin' for my ship to come in, but all that comes in is the tide."

 
~ Lyrics from "Hard Time Losin' Man" by Jim Croce
 
THE WAITING GAME!
 
The well-known Nike commercials have hammered into our heads the phrase "Just do it!" Regardless of how you view their advertising, there is magic in the words "just do it." The real key to the message is "doing it," a.k.a. taking action. Anything you have ever desired is available to you if you will it.
 
Now, consider those who are constantly washed over by the "tide." Note that the lyrics in Jim Croce's song say, "I'm WAITING for my ship to come in . . ." and then, "but all that comes in is the tide." That sounds like a victim's lament, as in, "Oh poor me, here I am ready and excited, waiting for my ship to come in, and I get dumped on by the sorry tide. Bummer. How unfair." Duhh! Helloooo!
 
It's easy to see that "action" is the opposite of "waiting." Yet, it's so easy to do nothing - waiting passively. Action requires energy, enthusiasm, movement, objectives, while waiting requires not even a thought.
 
Whether your desire (your "ship") is a relationship, wealth, a healthy body, or a new car, you must be the captain, not the port - the "master of your fate," not a tide- washed, sand covered beach ball. Life is great! On your next trip to the beach, buy a boat, a map, and a compass, and then choose your own port of call. You'll dine at the Captain's Table every day!

 

Aug. 21, 2016

July 2016 Monthly Statistics for the Phoenix Metro Area

STAT shows average DOM is 74

Below is the latest issue of STAT, which contains the latest monthly Real Estate statistics and market report for July 2016 for the Phoenix metro area. 

  • Sales prices are up +3.5% year-over-year on average while the year-over-year median is also up +6.1%.
  • Average days on the market is 74.

Please call (623-451-0443) or email (Info@KeyToAzHomes.com) us today if you are looking to buy and/or sell a home. We can provide you with the right tools to make an informed decision and navigate you through the buying & selling process.

===> Your Real Estate Resource <===

The JAY PATEL Real Estate Team

 

Read the latest issue of STAT.

 

 

STAT is our monthly newsletter that gives you the most current market statistics. This issue contains data from July 2016. Back issues of STAT are always available here.

The charts used in this issue of STAT are available as individual JPGs in this ZIP folder.
 
The RENT Check rental report is included in our monthly STAT email as an added convenience.
 
Posted in News, THINK ABOUT IT
Aug. 14, 2016

Feeling Lost?

 

Monday Morning Coffee

 

INSPIRATION FOR TODAY:

 
"We need to learn to set our course by the stars, not by the lights of every passing ship."
 
~ General Omar Bradley
 
 
FEELING LOST?
 
Do you find yourself drifting on an ocean of indecision, misdirection, unfulfilled aspirations? Feel like you're not getting as far along as your colleagues, or as far along as they say you should? It's probably time to throw out your compass!
 
While it can be helpful to look to others for inspiration, don't make the mistake of believing that you can or even should try to achieve the same accomplishments. Using a map of your own making, set your individual course according to where you want to go and how quickly you want to get there.
 
Indeed, you can set your sights much higher than the "landmarks" or "passing ships" of those people around you who tell you what you should do or what you shouldn't do. You'll lose your valuable perspective of the Big Picture if you pay too much attention to the advice or achievements of others.
 
Whether you are passing them or they are passing you, don't lose sight of what is guiding you and where. Your dreams and ambitions are the un-moving and constant "North Star" in your life. While everything else around you can change so quickly from day to day, it's your own beliefs and convictions that give you the steady course you need to successfully navigate those changes.
 
You'll never get anywhere by trying to determine the success or even the path of your journey by the "passing ships" around you. Stay focused solely on what you believe and know to be true, and ignore the nay-sayers! They may be gone tomorrow, but your dreams will be the stars in your sky forever.
Aug. 7, 2016

Eliminate the Negative!

 

   Monday Morning Coffee

INSPIRATION FOR TODAY:

 
"The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it."
 
~ Michelangelo
 
 
ELIMINATE THE NEGATIVE!
 
"You can't do that! You're not smart enough to accomplish such a thing! Your grades aren't high enough. You're too short (or too tall). You'll lose everything if you try that. Are you crazy - it won't work."
 
Ever have a relative, friend or business acquaintance who used those types of negative comments to influence you? Being on the receiving end of such dismal drivel doesn't do a lot for your self-esteem, does it?
 
As Wayne Dyer has said, "No one knows enough to be a pessimist." Do the ones who make negative comments have a positive record of life successes? Are they happy? Can they back up their dreary outlook on life with proof that "the sky is falling?" Does their knowledge level inspire you to follow their low aim? Are you drawn to them as positive role models?
 
Ever notice how winners like to be around other winners? It's uplifting, isn't it? Their aim is high. They believe in themselves, their abilities, and their future. Their smiles encourage growth and peace. We're not just talking about financial winners here. Think of those around you who love their families, encourage their children in school, and uphold high principles in a world of low morals
 
Aiming low, or refusing to take aim at all, encourages, promotes, and justifies mediocrity. Don't ever be afraid to reach high or aim for the stars. Eliminate the negative from your relationships. It will free you to see the beauty that abounds in this unlimited world.

 

July 31, 2016

Expect the Unexpected!

Monday Morning Coffee

 

INSPIRATION FOR TODAY:

"The best thing about the future is that it only comes one day at a time."
 
~ Abraham Lincoln
 
 
EXPECT THE UNEXPECTED!
 
 Weddings. Graduations. Birthdays. Holidays. An endless list of important occasions. We all have major events in our lives and others’ lives in which we participate. We and people close to us have sometimes exerted tremendous effort organizing celebrations with the intention that everyone involved will enjoy themselves.
 
In other words, we actually make plans to be happy and to have a good time. We even map out entire blocks of days in which to have fun in the form of vacations. We develop hobbies in order to ensure that we can devote some hours of our week doing something we know we'll enjoy.
 
While looking back over some of the happiest, funniest, most fulfilling or most moving experiences in your life, however, how many of them were in fact not planned at all, but completely spontaneous?
 
If you stop and think about it, you'll probably find that your life is full of these moments, these small events during the course of an otherwise average day that you will retain in your memory as meaningful and recall with pleasure.
 
It may be as simple as a gathering around the proverbial water cooler that evolves into a joke fest that you later remember as the time you laughed harder than ever before. Or it could be as complex as a first meeting with a person who eventually becomes extremely prominent in your life.
 
Every single day is full of opportunities to become a day that you'll remember, a day with moments that add up to a lifetime of memories. The trick, of course, is to make yourself aware of that NOW, and to enjoy these moments while they are happening.
 
The chances are excellent that today... or tomorrow... or this week... will bring you many of these moments. 
Have a great week!

 

July 24, 2016

Fast Forward!

 

Monday Morning Coffee

INSPIRATION FOR TODAY:

 
You got to be careful if you don't know where you're going, because you might not get there.
 
~ Yogi Berra
  
FAST FORWARD!
 
The past … the present … the future. What if you could make changes in any one of them? Well, obviously, you can’t change the past. Try to change the present, and you’ll discover that it’s suddenly in the past, too. Try to change the future and … who knows?
 
But … your best bet is still on the future, even though your “best laid plans” may produce unexpected results. The past and the present are great tools for formulating your goals, and here’s a simple exercise to work on.
 
Before you start worrying about the future, consider how far you’ve already come. Look back five years – were you working hard toward your future, and did you accomplish your goals of five years ago?
 
If you could possibly have known then where you would be today, would it have thrilled you? Maybe you haven’t done as well as you expected, but I hope that this part of the exercise will show you just how far you’ve come already, and inspire you onward and upward.
 
Now turn your goggles forward and imagine your personal and business goals for five years from today. Chances are a lot will change between now and then. Your goals may or may not remain the same, but you’ve got to “go with the flow,” and avoid disappointment if you end up in a completely different place than you expected.
 
Now revise that list of goals, imagining you have just six months to live. Scary, yes, but you may suddenly realize that if you really had so little time to achieve your goal, you’d really bust your butt to get it done.
 
Finally, apply that “six month” mentality to your long-term goals. Determine what steps you can take this week to speed you toward your destination, and get packing!

 

 

July 17, 2016

June 2016 Monthly Statistics for the Phoenix Metro Area

 

Below is the latest issue of STAT, which contains the latest monthly Real Estate statistics and market report for June 2016 for the Phoenix metro area. 

  • Sales are up +2.1% month-over-month. The year-over-year comparison shows an increase of +2.2%.
  • Sales prices are up +4.3% year-over-year on average while the year-over-year median is also up +7.0%.
  • Average days on the market is 76.

Please call (623-451-0443) or email (Info@KeyToAzHomes.com) us today if you are looking to buy and/or sell a home. We can provide you with the right tools to make an informed decision and navigate you through the buying & selling process.

===> Your Real Estate Resource <===

The JAY PATEL Real Estate Team

 

Read the latest issue of STAT.

 

 

STAT is our monthly newsletter that gives you the most current market statistics. This issue contains data from June 2016. Back issues of STAT are always available here.

The charts used in STAT are now available as individual JPGs in this ZIP folder.
 
The RENT Check rental report is included in our monthly STAT email as an added convenience.

 

 

 

 

 

Posted in News, REAL ESTATE