Should You Work With Family to Help You Buy or Sell a Home?

Should you hire a friend or family member to help you buy or sell a home? If you hire someone based solely on those reasons, it usually doesn't end well.

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The saying goes that you should never do business with friends or family because it can jeopardize or wreck the relationship. In my opinion, no relationship is worth wrecking over real estate.

This is a controversial topic, and I’m not saying you shouldn’t ever do it because there are always exceptions to the rule. If the agent is very good and has a great track record, I don’t see a problem with that. However, if you hire someone just because they’re a friend or family member, it usually doesn’t end well. I can’t tell you how many people with a canceled or expired listing that I’ve talked to whose relationship with their friend or family member is strained because the house didn’t sell.

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No relationship is worth wrecking over real estate.

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My advice is to hire a professional who’s not related to you. Someone who’s not a friend or family member can be candid with you and tell you what you need to hear to get your home sold. A friend or family member might not tell you things because they’re more worried about sparing your feelings and damaging the relationship. Well guess what? If you’re not getting the information you need and your home doesn’t sell, the relationship is going to be damaged anyway. Don’t risk it, and don’t wreck it.

I’d love to talk to you more about this topic or any others you may have questions about, so feel free to call or email me anytime. Take care, and make it a great day!

Why to Buy Now in Phoenix

Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation  Call me at (480) 596-2900 for a FREE home buying or selling consultation

Don’t wait until the new year to buy. We’ve compiled a list of reasons why you should act today! Avoid missing out on the opportunities available now. They might be gone by 2016.

Interest rates are below 4%. The Federal Reserve is likely to raise rates at the turn of the new year. If you’re a buyer looking to purchase a home for the first time or a seller looking to trade up to a larger property, it’s better to be safe during this transition. Now is the time to lock in a low interest rate!

Rates are low right now. By taking advantage of them, you’ll save money in the long term. You could wait for rates to decrease or for another recession, but you’re gambling on interest rates going up in the next few years. Lock a rate in while it’s low as soon as possible.** If rates do increase, you always have the opportunity to refinance down the road.

I talked to a client today that refinanced her home at 3.375%! Can you believe that? That’s the cost of inflation, almost. Seriously, it’s a great time to act on your dream home today. I’ve been in the industry for sixteen years to know this is a great opportunity. Don’t miss out. Be proactive.

Call or email me with your questions today. I’d love to talk with you about your next purchase or listing.

How Will TRID Affect Buyers and Sellers in Phoenix?

Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation  Call me at (480) 596-2900 for a FREE home buying or selling consultation

The CFPB implemented TRID, or the TILA-RESPA Integrated Disclosure, on October 3rd. TRID extends the period of time the buyer has to read the closing documents during a real estate transaction.

It’s important to note that your close of escrow could be delayed. In total, there is a six-day period for the transaction to be completed. The CFPB has determined that consumers would be better served by having a shorter time to review the new Closing Disclosure before signing the loan documents. This results in consumers having three days after receipt of the Closing Disclosure to review the contents of the form. However, the three-day review period begins upon receipt of the form by the borrower. This results in a six-day period from mailing to loan signing.

Your closing disclosure will also change. The HUD settlement statement will still be present, but it will look different than before because it is now called the Closing Disclosure. The breakdown is going to be more finite, so it may cause some confusion when these changes are first implemented. We recommend that agents call the title company if you have any questions, rather than trying to answer them yourself.

The biggest thing that the buyer needs to be aware of is that transactions will take longer to close. They will be given more information that they need to look at before they can close the transaction, so it will take a little longer. The good news is the extended time frame gives you more time to ask questions and understand exactly what is going on.

If you have any questions about this major development, please don't hesitate to contact us. If you need to get out of your home quickly, some of our lenders do have loan programs available that aren't subject to TRID regulations.

We look forward to speaking with you!

How an Amateur Agent Could Cost You Money When Selling Your Home

Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation  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:

1. 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. 
   
2. 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. 
3. 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.
4. 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! 

Exciting Mortgage Products You Should Know About

  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.

We're off to a good start here in the Phoenix real estate market for 2015, but some news I just heard makes this year look even better.

Fannie Mae recently reduced their down payment requirement to 3% (down from 5%), which is going to allow a lot more people to come out and purchase homes with the low interest rates we're currently seeing. You can get a loan for up to $417,000 with only 3% down. Of course, you'll have to qualify for the loan, but a 3% down payment is practically unheard of. 

This will help buyers nationwide, who before this change only had an FHA loan option (3.5% down and a maximum loan of $271,000). With FHA, you had to pay an insurance premium up front in addition to expensive monthly mortgage insurance premiums. 

Another advantage of a conventional loan is that once you pay down the mortgage to 80% loan-to-value, you can have the mortgage insurance removed. With FHA loans, you'll have to pay mortgage insurance for the entire life of the loan. 

This new Fannie Mae loan product is an extremely good value, and if you'd like to know more about it, please don't hesitate to ask me.

As always, feel free to reach out to the Penrose Team with any questions regarding the Phoenix real estate market.

A Foreclosure Doesn't Need to Commit You to a Life of Renting

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.

A Foreclosure Doesn't Need to Commit You to a Life of Renting

When you go through a bankruptcy, short sale, or foreclosure, getting back into a home can be pretty tough. The good news is that there are a lot of different lending options out there for you and depending on which option you go with will determine how soon you can purchase a home after such an event.

As far as bankruptcies go, you can qualify to purchase a new home via FHA or VA financing after only a 2 year discharge. For conventional financing, you will have to wait 4 years

For foreclosures, you can't get an FHA loan until 3 years after, a VA loan 2 years after, and for conventional loans, you may have to wait anywhere from 3-7 years to qualify again. 

With short sales, there are a few nuances there. With FHA and VA loans, you can actually buy a home immediately after foreclosure if you were current on all your payments and it was reported as paid in full on your credit report. If not, you are looking at a 2-3 year waiting period. For conventional, the wait is 4 years.

Check out these figures in the attached chart below. As you can see, there are a lot of options out there as far as loan programs go. 

If you would like to discuss these figures, or anything else real estate related, please give us a call. We'd be glad to share our thoughts with you or somebody you know about this topic!

What's the Best way to Get an Accurate Home Value?

There are many great homes for sale in Greater Phoenix Metropolitan. 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.

What's the Best way to Get an Accurate Home Value?

The big news in real estate lately is that Zillow has acquired Trulia for $3.5 billion in stock. From what we understand, both companies will continue to operate. What we really want to focus on here is the "zestimate" and how accurate that is. A lot of people get a value for their home through the zestimate and come and ask us if it's accurate. The truth is, it varies quite a bit.

Here in the valley, zestimates are accurate within 5% of the actual selling price only 46.2% of the time. They are accurate within 10% of the sales price 72.8% of the time, and 88.9% of the time they are accurate within 20% of the sales price. This is a wide range and a big number. 

So, is it accurate? It really depends on which neighborhood and the type of home you live in. Honestly, you are better off just getting a free home valuation here on our site, or better yet, calling us to get a specific market evaluation for your property to let you know what it's worth. 

We advertise our properties on Zillow and Trulia and spend a lot of money on online marketing to drive traffic to our properties to get them sold. If you or somebody you know is looking to sell, let us know and we can do this for them. If you have any other questions at all, feel free to reach out to us by phone or email. 

Investing in Real Estate: Capitalize on Low Rates and Low Prices!

There are many great homes for sale in The Valley. 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 are thinking about investing in real estate, there are a series of questions you need to ask yourself. 

What kind of investment property do you want to purchase? 

Is this a single family home, multi-family home or how many units are you looking for? 

Also, what kind of cap rate did you have in mind? 

You may not know the answers to some of these questions or know what I’m talking about!
 

This is exactly why I would like for you to give me a call – I want to go over everything you should consider when buying investment property. What sets me apart from other realtors when it comes to investing in real estate? I own rental properties myself and have done so for over 10 years! I know the good, the bad, the right, the wrong, what constitutes a good investment, what constitutes a bad investment, what you should and shouldn’t do.
 

If you do decide to invest in real estate, now is the time to do it! Prices and interest rates are historically low. The sooner you can lock in today’s interest rates, the better your cash flow will be in the future.
 

Give me a call to find out if investing in real estate is right for you as it is for me! This will allow us to answer your questions and help you feel more comfortable with the process. I look forward to hearing from you soon!