New vs Pre-Owned Homes

phoenix home for saleWhen it comes to making a decision between buying a newly constructed home and buying a pre-owned house, the first thought that is likely to strike the mind of the prospective buyer is location and price. While price may be a factor in any business transaction, there are other things to look out for when purchasing real estate. Let’s take a look at the benefits and disadvantages of buying a new home from a builder vs buying a pre owned home from a private seller:

1. Location of the home

Pre-owned home (Pro): This is one advantage of owning a pre-owned home. Most pre-owned homes are situated in already established areas with access to schools, banks, and other social infrastructure.

New home (Con): Most newly constructed homes are built in locations outside the main city area. This is because of the fact that most of the main city area is already occupied, and the only available space for new buildings are on the outskirts. While this might be a good location for some people, however, it implies that you’ll have to commute every day to places like schools, office, and shopping malls.

2. Availability of new features

New home (Pro): New homes are built based on the latest designs and feature the latest technology. Most new homes come with more amenities and appliances which are seldom found in older homes.  However, you are getting a blank canvas in the backyard and you’ll be expected to landscape the front of your home within a short period of time

Pre-owned home (Con): An older home lacks some of the latest technological features of modern smart homes. This might be an issue for some people who are tech-savvy.  Depending on what the buyer is looking for, some homes may need remodeling, new appliances and other updates.

3. Ease of acquisition

New home (Pro): Buying a newly constructed home is easier than buying a pre-owned one. It takes a shorter period of time in searching for and concluding the acquisition of a new home than it is for an old one. However, most builders estimate 9 months to complete a home. This may work for your advantage if you are trying to sell a current residence and need some extra time to prepare financially.

Pre-owned home (Con): Buying a pre-owned home involves some extra steps before the deal is final.  These homes need to be inspected for infrastructure, termites and may be in need of some crucial improvements. Some sellers might be resistant to complete repairs or reduce the sell price to compensate the buyer for not fulfilling that request.

4. Renovation and repairs

New home (Pro): As a brand new house, there is almost nothing needed to be fixed in it as everything is still “fresh.” Hence, there is virtually no need to start making repairs or renovations in the house. This also means that you don’t spend more money after finally buying the house. Homes are 100% move in ready and don’t need renovations.

Pre-owned home (Con): A pre-owned home might need some major repairs, new appliances, floors and paint. This means that you’ll have to put in more time and money in restoring the home before actually moving in.

5. Pricing

Pre-owned home (Pro): Since old homes have already been previously occupied, the cost of buying them will be lower than getting a brand new home. There are exceptions though, as pre-owned homes in reputable high demand neighborhoods will still carry huge price tags.  However, the price of the home includes established landscape, possibly a pool and window covering.

New home (Con): With all the amazing features and technology fitted in a new home, the price just has to be more expensive.

Whether you are buying a new or pre-owned home, always have a real estate agent represent your interest.  Let me how I can help! 602-329-7762

Scottsdale #1 Profitable City for Airbnb

www.Realtor.com

As you may have heard, Realtor.com recently ranked Scottsdale as the #1 profitable city for an Airbnb! Why are Airbnb rentals so popular in Scottsdale? The City of Scottsdale has long been a popular location for families and American corporate elites looking for a vacation getaway filled with golf, hiking and outdoor adventures.

With the growing popularity of short term rentals across the country, many cities are creating tighter rules or banning Airbnb rentals altogether. Arizona, on the other hand, has gone in the opposite direction. In 2016, Arizona signed a law that prevents cities from banning short-term rentals. So even though Scottsdale may be #1, all cities in the Valley of the Sun allow homeowners to profit from Airbnb rentals!

Scottsdale Real Estate-
Median list price: $685,100
Average daily rate: $301
Occupancy rate: 81%
Active rentals: 5,178

Are you considering purchasing a home to list on Airbnb? Give me a call to discuss what part of the valley may be best for you! 602-329-7762

Popular Architectural Styles in Arizona

Arizona is home to many building architectural styles which are influenced by the various cultures that populated Arizona many years ago.  Phoenix has some noteworthy popular building styles: from Native Indian inspired adobes, Mediterranean style to modern mid-centtury homes that are currently growing in popularity.

Following is an overview of some popular building styles you’ll find throughout the valley:

Spanish Colonial
Spanish Colonial Style or Santa Fe Style is very common is Arizona and typically has smaller windows, flat roofs, orange, reds and blue themed tiles and Saltillo tiles.  Many homes have arched doorways and natural wood beams throughout. People often choose wrought iron chandeliers and southwestern styled furnishings, rugs and decorations. The Santa Fe Style is a traditional Southwestern style owing to the warm climate of the region.

Mediterranean Style
Another popular architectural styles is the Mediterranean style homes. A Mediterranean style home is characterized by large, arched windows and ornate columns outdoors and realistic, warm color schemes and sand-textured walls.

Ranch Style
Long, L-shaped one-story buildings with inspiration from the Old West are the hallmarks of Ranch-style homes. A lot of the furniture in these homes are made of leather with the floors totally covered with carpet. While the fireplace may be made from piled bricks, it is easy to move from one end of the house to another due to the openness of the design.

Pueblo Revival Style
This style owes its roots to the homes of the Pueblo Indians during the 8th century. They grew in popularity in the early 20th century. The homes which are also called “Adobe-style” are characterized by the sloping roofs and earthy materials or adobe, which are used in building them.

Tudor Revival Style
Another popular architectural style is the Tudor Revival style. However, there are not so many in the urban regions of the area. These homes are a reference to the English royal architectural style of the Tudor families in the middle-ages. These homes are characterized by their high-pitched roofs and large chimneys.

Contemporary Style
Contemporary homes are increasing in popularity and you’ll find many newly constructed and remodeled homes throughout the valley.  Contemporary homes are characterized by open spaces, vaulted ceilings, large windows, untextured walls and minimalistic styled kitchen and bathrooms. Homes of this style are often built to be environmentally friendly, while also using some of the latest home technology to provide comfort. Common materials used in contemporary homes are flat panel wood, glass, steel and compliments mid-century styled furnishings and neutral colors.

What is your dream home?  Let me know!  Let’s find the type of home that meets your needs and lifestyle.

Market Value Versus Assessed Value

phoenix home for saleThere are different valuations of a home’s worth and you should understand the difference between market value and assessed value. It’s important to understand what your home is worth. Knowing your homes value gives you an idea of how much you could receive if you sold the property.  It also plays a part in determining how much property tax you’ll be required to pay.

Market Value is used to determine how much a buyer would be willing to pay for your home. An appraiser, usually hired by your lender, determines market value. This value is a vital tool in helping to decide what price to list a property for. Sellers often want to list based on what they feel a buyer would want to pay. However, it is better to list a property based on current market conditions. Market value is based on recent sales of similar homes in the area, along with other factors.

Assessed Value puts market value in the context of property taxes and is based on the laws of the state or county in which you live. Assessed value is calculated as a percentage of the market value of the property. Assessed value is determined by an assessor’s office. Some offices have databases open to the public for you to see the history of your property, as well as what information what factored into its assessment.

Do you have more questions about your home’s value? Feel free to call me with your questions!  I’m always willing to answer any of your questions so that you can feel comfortable with the home buying or selling process! 602-329-7762

Get your free home value estimate here!

Why Your House May Not Be Selling

Sibbach Team For Sale signHas your home been on the market for a while now and it seems like no one is coming for it? If this is a situation you find yourself in, the first step is to identify what may be reason.  Many agents ask for feedback from prospective buyers to address anything that may be turning the buyers away from submitting offers.

I’ve been in real estate for over 20 years now and these are some of the common reasons why your house might be still on the market.

Listing Price

This is actually a no-brainer.  In order to sell your house, and in good time, you need to price it appropriately. Inflating the cost of a house will do the owner no good, it will only elongate the time the house will be in the market which makes it even more difficult to sell.  When pricing your house, your agent should make comparisons with similar houses in your neighborhood which were sold and consider the upgrades in your home.  Of course, demand and market conditions also influence the listing price.

Poor Marketing Images

Today, most prospective home buyers begin their search on the internet and make their selections based   on their search criteria and the photos of the houses listed.  Bad or insufficient photographs are a good way of driving away prospective buyers. A good first impression of your house starts on the internet: professional photography of a clean home is where it starts.

You haven’t advertised the house well enough

Similar to the previous reason, inadequate advertising or marketing for your house limits the number of people who can make an offer. These days, it isn’t enough for and agent to market the property locally. Your home should be advertised offline and online via social media and other real estate websites such as zillow.com and realtor.com.  You want to reach out to home buyers and buyer agents equally.

The house is not in good shape

The condition of your house is a good pointer to how quickly it is going to sell, or not.  A prospective buyer given the choice between a house with working appliances, good furniture and decorations, and another house with outdated features and old appliances will surely go for the former. The reason is not far-fetched as you wouldn’t want to spend so much on renovations and repairs after equally spending so much on purchasing the house.  Buyer love move in ready homes.

You have the wrong agent

Unfortunately, the agent might be the reason your home is not selling.  It is not uncommon for homeowners to enlist their friends or a member of their family as their agents.  This isn’t bad per se, but failing to do your due diligence by carrying out a proper interview means that you are just banking on luck and not expertise. Take your time to interview your agent.  Here are three questions to ask your realtor:

  • How much do you charge?
  • How long will it take my house to sell?
  • How do you market your properties?
  • When is the best time to sell?
  • How many homes have you sold in my neighborhood?
  • Why should I choose you?

I am joined Sibbach Team with Realty ONE Group- the Top 1% in Sales in Maricopa County!  I offer innovative and effective marketing strategies to sell homes for top dollar. The key to success in this market is to stay educated and keep on top of the market trends. With my team of professionals we can help you to make an informed decision…whether buying or selling,  Contact me, I am here to help you!

Contact Elise

Mortgage 101

Home PricesBefore settling on a particular type of mortgage, it is important that you do your due diligence by getting to know the different types of mortgage and their individual advantages. Your lender will typically evaluate your particular needs and financial situation and advise you on what type of mortage is best suited for you.

What is a mortgage?

A mortgage is simply the conveyance or transfer of an interest in a particular fixed property with the intent of using the property as a security for the repayment of a loan. That being said, there are six types of mortgages as will be briefly discussed here.

1. Simple Mortgage

This type of mortgage involves the express or implied binding of the mortgagor/mortgager to the repayment of a loan. This means that the mortgagor has transferred the right of sale of his property to the mortgagee in the event of failing to repay. Although the mortgagee has the right to sell the property, he cannot until after getting a court decree permitting him to do so.

2. Mortgage by Conditional Sale

This type of mortgage refers to a situation where the mortgagor apparently sells the property based on certain conditions. The conditions for sale of the mortgaged property are:

 That on such a payment being made, then the sale cannot be valid, or

 That on default of the payment on the agreed date, the sale becomes absolute, or

 That on such payment being made the person who buys the property shall transfer the property to the seller.

3. English Mortgage

There are three major features of this type of mortgage, which are:

 The mortgagor makes a personal promise to repay the loan on a specific date.

 There is an absolute transference of the mortgaged property to the mortgagee. This also gives the mortgagee the right to sell the property without a court decree.

 The mortgaged property can only be re-transferred when the mortgagor has completely repaid the money on the agreed date.

4. Mortgage based on usufruct

Also called usufructuary mortgage, this type of mortgage is based on usufruct, which is a legal right that allows a person to receive profits from a property owned by someone else. Usufructuary mortgage compels the mortgager to deliver the property as well as giving the mortgage the following rights:

 The right to hold on to the property until repayment is done.

 The right to get part, or the total rent profit from the property.

 The right to receive the rent profits in the place of the interest or the loan or the both.

 The right to incur any liabilities during the course of ownership

5. Mortgage by deposit of title deeds

Sometimes referred to as “equitable mortgage,” this type of mortgage is common with banks as it does not require any registration. It simply involves the transfer of property title deeds by the mortgagor to the mortgagee as a form of security for a loan.

6. Anomalous mortgage

This refers to any mortgage which does not conform to the definition of any of the other types of mortgage. Example of anomalous mortgage is the kind which results from the combination of two or more types of the other mortgage types.

If you are looking to buy a home, I can recommended an experienced trusted lender who will work diligently to help you find a mortgage that meets your needs.

Contact Me

 

 

5 Golf Courses In The Arizona West Valley Worth Visiting

Put These Courses On Your List To Play!

The 500 Club Golf Course

Gorgeous 18-hole championship golf course nestled in the quiet foothills of northwest Phoenix. Designed by Brian Whitcomb, this par 72 layout offer subtle features that will challenge and excite golfers at every ability. The course plays 6867 yards from the championship tees, with a slope of 122 and a rating of 72.2. The 500 Club is truly unique in that it is one of the only public daily fee courses with the magical desert landscape and views of the valley mountains.

http://www.the500club.com/

Legend at Arrowhead

Designed by Arnold palmer, Award Winning Legend Golf Resort at Arrowhead Golf Club sits on a remote mountain slope 26 miles northwest of Sky Harbor Airport. This beautifully laid out course features 7 lakes and 156 bunkers all surrounded by beautiful valley mountains.The Legend plays 7,005 yards and a par-72 from the championship tees.

https://www.legendatarrowhead.com/

Glen Lakes Municipal Golf Course

Originally built in 1966 and designed by Jay Hillhouse, Glen Lakes is located just 5 miles from the Gila River Arena and University of Phoenix Stadium. This course offers a par 33 course featuring 6 par 4s and 3 par 3s. This course can be challenging with 40 foot eucalyptus trees and many bunkers. The 9th hole presents water off the tee and on the approach.

https://www.glenlakesgolfaz.com/

Bellair Golf Club

Known as the best executive golf course by locals, this par-59 layout course features challenges that attract experiences golfers but a shorter more approachable length for beginners and juniors. Bellair features 5 par 4s and 13 par 3s measuring up to 185 to 210 yards in length. This course opened in 1973 and was originally designed by Lawrence, Hardin & Nash.

http://www.bellairgolf.com/

Grand Canyon University Golf Course

Formerly the Maryvale Golf Course, GCU Golf Course was designed by Ted Robinson Sr. The par-71 golf course measures 7,269 yards from the championship tees. Features include new tee boxes, challenging greens, extended fairways, practice facilities and a 10,000 sqft. clubhouse including a restaurant and bar, second-story practice facility and fully equipped pro shop. A traditional walking golf course accented with beautiful greens, preserved full-grown trees planted in the early 1960s and distinct, memorable holes.

http://www.gcugolf.com/

Why You Should Use an Agent vs. For Sale by Owner

Advice for Investment Properties Buyers

If you’re considering getting started as an investor in the Phoenix metro area or looking to expand your current investments, you may be wondering what advice you should keep in mind as you head into a new year. Phoenix is a great place to take up real estate investment, and the area is always looking for investors to buy up properties whenever possible. In order to have the best possible experience doing this, it’s important to understand your role as an investor and to understand a little bit about the housing market in the area, too.  In no time, you’ll be well on your way to an excellent investment experience.

Rehab Properties

Phoenix as well as the surroundings areas suffered during the house crash a few years ago, and as a result, there are a lot of homes that have been left vacant or have otherwise come to be damaged. Because of this, you can find properties for sale at very low prices and put some money into them to rehab them and turn them into a great investment. Of course, this is the general principle of real estate investment, but it’s particularly feasible in the west valley, where buyers are looking for move-in ready homes to help make their transition to Arizona living even easier than ever before.

Consider Renting

While there’s a lot more involved in renting out your investment property, you may see a more significant return on it if you’re willing to buy a home and hold onto it for rental purposes. West valley is a great place to offer rentals, and if you’re willing to take short-term rentals you may be in even more luck. Since this area is a favorite destination for snowbirds, you may be able to rent out your property very easily during the winter months when people are coming into town from other, colder parts of the country.

Pick Wisely

Just because a property is affordable doesn’t mean it’s a great investment. As always, pay close attention to location, the condition of the home and its neighbors, and proximity to amenities. Don’t forget that a good view goes a long way, too!

Are you looking for an investment property or a home to remodel to make it your own?  Contact me or call 602-329-7782.

Things To Look for During At An Open House

Are you getting ready to go to an open house? Looking at open houses is one of the many ways you may choose to work with your realtor to find the perfect home to suit your needs. An open house is a lot different from an individual home showing, and the things you’re looking for may be quite a lot different in this situation, too. In an individual showing, you’ll be better able to look closely at potential problem areas or things you want to think about, but in an open house, you’ll need to focus on a handful of factors during the time you spend checking out the home.

Look At The Floors
You’re probably busy looking around at all the bells and whistles of the home you’re touring, but don’t forget to stop and look down every now and then, too. If the floors look uneven, they probably are. If there are tile floors that look as though they were laid in a DIY project rather than by a professional, you may want to consider the potential issues that could come along with this. Of course, a DIY tiling job isn’t always a sign of something wrong, but it does mean you should consider a little harder before jumping into buying the home.

Maintenance Issues
Does the home look like it’s been kept up well, or is it lacking in the maintenance department? Are there a lot of burned-out bulbs, dirty light fixtures, outlets mixing covers, cracks in the decorative molding, or other similar issues? Maintenance problems usually indicate that the homeowners haven’t been keeping up with more serious repairs around the home, either, so pay attention to these. You may think, “I can replace light bulbs myself,” but don’t forget this could indicate bigger problems underneath it all.

Foundation Problems
You probably won’t be able to get a great look at the foundation while you’re looking around an open house, but you can check the inside and outside walls for cracks. Small hairline cracks aren’t really an issue, because these are normal with older homes regardless of their quality. However, if you notice very large cracks, especially those that go from floor to ceiling, you probably want to look elsewhere.

Mold And Water Damage
Always be on the lookout for mold and water damage. If you notice a discolored spot on the ceiling, that’s a water leak and you should ask about it. If you see mold, bring this up as well. You may want to consider checking out other homes if you notice these issues.