Tucson Market Trends, News, and Lifestyle

July 22, 2018

Stay Organized and Clutter-Free

Want to keep your home clutter-free? Below are several tips to help your home stay organized, even when you’re busy. Follow these tips and enjoy more of your time at home.

Posted in Uncategorized
June 6, 2018

Homeowners & Appraisers See The Most Eye-To-Eye On Price In 3 Years

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5% (or more) over the next twelve months. One major challenge in such a market is the bank appraisal.

When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the same neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth and what an appraiser’s evaluation of that same home is.

March 2015 marked the first month of a three-year gap between what an appraiser and a homeowner believed a home was worth. That gap widened to 2.65% in September 2015 and had consistently hovered between 1.0% and 2.0% through November 2017.

The chart below illustrates the changes in home price estimates over the last three years:

In the latest release, the disparity was the narrowest it has been since March 2015, as the gap between appraisers and homeowners was only -0.33%. This is important for homeowners to note as even a .33% difference in appraisal could equate to thousands of dollars that a buyer or seller has to come up with at closing (depending on the price of the home).

Bill Banfield, Executive VP of Capital Markets at Quicken Loans urges homeowners to find out how their local markets have been impacted by supply and demand: 

“The appraisal is one of the most important, although sometimes least predictable, parts of the mortgage process. The Home Price Perception Index is a way to illustrate the differences of opinion, and these differences affect everything from the type of mortgage a borrower can get to the expectations a seller has about the proceeds available upon sale of their home.”

Bottom Line

Every house on the market must be sold twice; once to a prospective buyer and then again to the bank (through the bank’s appraisal). With escalating prices, the second sale may be even more difficult than the first. If you are planning on entering the housing market this year, meet with our experienced professionals who can guide you through this and any other obstacles that may arise.

May 15, 2018

Planning to Sell? Think Like a Buyer

If you’re considering selling your home, there is a benefit of thinking of your house from someone else’s perspective. Doing so may allow it to sell faster and potentially for more money. The information below outlines three questions to ask yourself to help you view your home objectively and differentiate it from other homes in the market.

Posted in For Sellers
March 27, 2018

3 Online Tax Preparation Options

You don’t have to rely on a tax professional to prepare your taxes. There are plenty of online programs available that will guide you through the tax paperwork process and will file them for you, often for a fee. Below is an outline of the benefits of three of the most popular programs that have the reputation for taking the stress out of the process.

Posted in Uncategorized
Feb. 21, 2018

2 Ways To Get The Most Money From The Sale Of Your Home

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

Posted in For Sellers
Feb. 16, 2018

Should I Wait Until Next Year To Buy? Or Buy Now?

Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by 2019.
  • CoreLogic predicts home prices to appreciate by 4.3% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!
Posted in Interest Rates
Feb. 13, 2018

How to Protect Your Information Online

Many of us spend a lot of time online. We shop, use social media to connect with family and friends, send personal and business emails, pay bills and more. This makes it incredibly important to ensure our personal information is safe from thieves. Below are several tips to help you keep your information secure.

 

Posted in Uncategorized
Sept. 14, 2017

Boost Your Home’s Online Appeal with Great Listing Photos

As more buyers go online to search for homes, listing photos are more important than ever. Below are several tips to help ensure your listing photos feature your home in its best light. If you’re thinking of listing, give me a call. I’d love to help you through the process.

Posted in For Sellers
Aug. 14, 2017

How to Maintain Great Credit

Perfect credit doesn’t have to be elusive. With time, patience and a few good habits, you can gradually improve your credit score over time. Below are some tips to help boost your credit score as well as some information on what defines “good” credit.

Posted in For Buyers
June 21, 2017

Color Made Easy

Want to give your home’s interiors a fresh spot of color but aren’t sure where to start? Below are some helpful tips to make it easy to choose the color scheme for the walls of your home, whether you’re making over a single room or the whole house. 

Posted in For Sellers