Now that the worst of the economic recession is behind us many homeowners are surprised to find out that their homes once again have equity. Meanwhile, there are still parts of the Country that have yet to see home prices increase enough to get homeowners out from their underwater mortgages. According to the latest equity report from CoreLogic about 90% of homeowners throughout the U.S once again have some equity in their homes...read more.
It's almost time for Peach Blossom Season at Schnepf Farms
Every year beginning in February at Schnepf Farms hundreds of fruit trees begin to bloom with Pink and White blossoms. This picturesque scene plays out on over 80 acres of orchards. Schnepf Farms opens up their farm during this season to allow everyone the opportunity to experience this beautiful landscape. When at the farm you can also take advantage of their train rides, hay rides, and walking paths through and amongst the tree orchards...read more.
What can you do when a Seller plays Hardball?
After months of looking at homes you finally find that one special house you just can't wait to call home. You and your Real Estate Agent carefully research all of the comparable homes in the area to formulate an offer and you can't help but notice that all of the other homes in the neighborhood sold for considerably less than the house you want to purchase. They all have similar size yards, upgrades in the home, and are all very close to the same size and square footage. So why is this particular homeowner asking so much more for their property?
You and your Agent get all of the contract terms in order and a competitive offer price is set based upon the value of all the relevant comparable homes in the surrounding area. Your offer is submitted to the Listing Agent but is quickly rejected by the sellers. The sellers will not entertain any offer below their asking price.
But this home is "the one"! It's in a great neighborhood, has that perfect size yard for your kids to enjoy, and the Master Bathroom has been remodeled to resemble a spa-like retreat. What can you do when a seller has unrealistic expectations of the value of their property?
1. Wait it out. I know this isn't the easiest thing to do when you've found your dream home but if the seller is unwilling to negotiate a competitive, reasonable offer with you then they will treat any other offer the same way. If the home is overpriced, chances are it will sit on the market and become a stagnant listing. After enough time goes by and the seller sees that no one is offering to purchase their home based upon their asking price they may be more willing to negotiate.
2. Let an Appraiser decide the value. This isn't the best option but if you're absolutely convinced this is the perfect home for you and your family, you can meet the sellers demands and allow the Appraiser to determine the value.Although, unlikely as it may be, you need to be prepared in case the Appraiser, in spite of the evidence to the contrary, agrees with the seller's value. However, if the Appraiser assesses the value of the home to be less than the seller's asking price, the seller could still refuse to sell the home to you at the lower Appraised price.
3. Keep Looking. It's not easy finding a home you fall in love with only to see it slip through your fingers. But the right home is out there for everyone. Some Real Estate markets are more competitive than others. Some areas around the Country have a severe lack of homes and inventory in which to choose. Keep your head up. Don't get discouraged. Buying a home may be the biggest decision you make in your life. You will find the right home for the right price at the right time.
If you are looking to buy a home in Gilbert, Arizona or the East Valley, let us here at Zion Realty find your perfect home and negotiate the right price for you. Contact us today.
Equal Housing goes hand in hand with Civil Rights
Today is a National Holiday to celebrate Civil Rights in the United States. The fact that we even need a day to remind us of the simple fact that we are all created equal is a little astounding to me. Also, the fact that we have a day dedicated to reflecting on the past injustices and the oppression of anyone because of their skin color is appalling...read more.
Rock n' Roll Marathon - 2015 Phoenix, Arizona
PF Chang's Rock n' Roll Marathon and Half-Marathon is here once again in Phoenix, Arizona. The full 26.2 mile Marathon and 13.1 mile Half-Marathon will challenge the most experienced runners and first time participants. The reason they call it the Rock n' Roll Marathon is because there are live bands performing along each mile of the course to provide motivation for the runners and live entertainment for the crowds that line the course cheering on the athletes...read more.
Market Report - How long will it take to sell my Gilbert, Arizona home
The amount of time it has been taking for a home in Gilbert, Arizona to sell has seen a steady increase since June of 2014. A home that sold in Gilbert, Arizona in June of 2014 took only 70.3 days to sell. This number topped out in October of 2014 at 92.4 days. Since then we have seen a decrease in the average days on market which settled at 81.3 days in December of 2014...read more.