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Recently, I was asked by a client whether switching to a 15-year mortgage from a 30-year mortgage would be a good idea. If you're in a similar situation where you're thinking about refinancing, it's helpful to answer three questions first:
Is it going to reduce your interest rate by at least 1%?
How much is your payment going up, will it cause financial hardship?
Can you rent the home for the 15-year payment?
These are all things you need to think about if you're considering switching to a 15-year mortgage. I personally prefer the conservative approach of keeping the 30-year mortgage and paying it off early. That way, if for some reason you find yourself in a tight financial situation, you're not stuck with a 15-year mortgage payment.
If you know anyone who might be interested in this topic, be sure to share this information with them. If you have any questions, or need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you!
Call me at (480) 596-2900 for a FREE home buying or selling consultation
With so many Realtors in the Greater Phoenix area, it can be very difficult to select the right one. Today, we share with you some of the most common mistakes people make when choosing an agent, so you can avoid these pitfalls when the time comes for you to make your move.
Most homeowners will use a friend or family member to sell their home. While there is a relationship there, it doesn't necessarily mean they're the right person for the job. Here's a few things to consider:
87% of Realtors are part-time: You don't want to work with someone who isn't completely dedicated to the success of your home sale. You'll leave money on the table and may even make yourself liable for lawsuits.
Work with a reputable firm: Work with an agent who is with an experienced team, who has seen everything the world of real estate has to offer.
Hire an expert negotiator: A good agent will be able to get you the best possible deal when buying or selling a home. An agent who sells at least 100 homes a year has the expertise necessary to get you what you want.
Check the commission: If an agent is charging less than 6%, chances are they're going to do a list-and-leave, where they'll throw your home up on the MLS and sit around hoping someone will come along and buy it. There's no marketing plan to get you more money for your home, and that could cost you.
If you are moving out of town, we can put you in touch with the best agents in other areas, so you're taken care of and your interests are defended. We want to make sure you achieve your real estate goals! If you have questions about selecting the right agent, so you don't leave money on the table, give us a call or shoot us a quick email. We would love to show you how we can help you get the most out of your real estate experience!
Call me at (480) 596-2900 for a FREE home buying or selling consultation
February was an excellent month for the real estate market in and around Phoenix. There were improvements for sellers across the majority of price ranges and geographic areas, but the main exception was the luxury market, where supply has been growing and demand has been diminishing.
Here are the basic ARMLS numbers for March 1, 2015 relative to March 1, 2014 for all areas & types:
Active Listings (excluding UCB): 23,541 versus 26,589 last year - down 11.5% - and down 1.7% from 23,950 last month
Active Listings (including UCB): 27,315 versus 29,613 last year - down 7.8% - but up 0.8% compared with 27,095 last month
A total of 9,307 homes came on the market in 2015, compared to 9,908 in 2014
Pending Listings: 6,709 versus 6,462 last year - up 3.8% - and up 25.1% from 5,631 last month
Under Contract Listings (including Pending & UCB): 10,483 versus 9,486 last year - up 10.5% - and up 30.5% from 8,776 last month
Monthly Sales: 5,982 versus 5,444 last year - up 9.9% - and up 24.9% from 4,790 last month
Monthly Average Sales Price per Sq. Ft.: $130.08 versus $127.38 last year - up 2.1% - but down 0.6% from $130.86 last month
Monthly Median Sales Price: $195,000 versus $182,000 last year - up 7.1% - and the same as last month
The rise in the under contract count over last year - up 10.5% - understates the magnitude of the improvement because it includes all areas and types of homes.The balance between supply and demand has altered the most for the price ranges between $75,000 and $800,000. Outside that price range, things don't look like they are improving much at all.
The luxury market has certainly weakened, but it has had a very good run for the past 2 years while the rest of the market has floundered. Everything in real estate is cyclical, so it's probably time for the luxury market to rest for a while and let the lower and mid-range markets have their turn.
Sales in January were slightly below January 2014, but February more than made up for that and we saw an increase of almost 10% over February 2014. Also, the most encouraging development is the return of the entry level home buyer, and this can be seen in the places where demand is clearly outstripping supply. Specific examples include Mesa, Phoenix, El Mirage, Avondale, Glendale, Chandler, Youngtown, Tolleson and Tempe. All of these areas have a Contract Ratio over 90, qualifying them as "hot spots". Last year at this time only 2 ZIP codes - Youngtown and Mesa were higher than 90 across the entire valley.
Last month we commented that the first-time home buyer is critical to the next stage of the recovery, and it looks like we finally got what we have been waiting for. Now we have to hope that February was not a one-time blip and that the trend will continue through the spring. Click here to read the full Cromford Report.
There are many great homes for sale in the Greater Phoenix Metropolitan area. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (480) 596-2900 for a FREE home buying or selling consultation to answer any of your real estate questions.
If you listed your Phoenix home, but were unable to sell it, I'm guessing you've been getting a ton of calls. You've probably had multiple agents promise you that they can get you more money, will charge a lower commission, and have more marketing acumen than your last agent, among many other big claims. You're probably thinking, "My home was on the market before, what makes you think it will sell now?"
Having an expired listing can be a very stressful experience, but it doesn't have to be. I want to share the marketing plan that most sellers use in your situation to get your home sold quickly and for top dollar. Give me a call at (602) 738-9943 and I'll fill you in. Or, if you're not ready to talk to someone yet, you can visit www.ThePenroseTeam.com to get an automated home evaluation for your property to get an idea of what homes are selling for in your neighborhood. This is free, with no obligations required. I want to get you this information so you can make informed decisions in the marketplace!
If you have any questions, or if you would like our assistance, give us a call or shoot us an email at any time. We would love to help you out!
