Today was a day for touring new builds and pre-registering some of my buyers who I feel just aren't finding what they are looking for in the resale market. New home construction is booming in Gilbert, Arizona right now. You practically can't throw a rock and not hit a new build subdivision. We haven't seen this level of new construction homes since before the economic recession. There must have been some pent up projects just poised and ready to break ground the second builders felt they could turn a profit again. There is good and bad that is coming from all of the new construction...read more.
Another Satisfied Customer
So I wrote a blog post last week(What do you do when the deal falls through? Regroup!) about a home I had taken on as a rental for some very good friends of mine. I don't do rentals very often but I do make exceptions from time to time. In the previous blog post I explained how at the last minute the renters backed out of the contract because they claimed some unforeseen circumstances surrounding their business partnership in New York would not be allowing them to move to Arizona. I had the unfortunate task of telling my friends, the owners, that we would be putting their home back on the market for rent...read more.
Are you ready to Marry that house or are you still just Dating?
Almost everything reminds me in someway about the real estate industry since I've been an agent for over 17 years. So, as I was thinking about Valentine's Day it was only naturally that I found a correlation between this lovers holiday and purchasing a home. Whether you're working with a first time home buyer or an individual who has bought and sold many properties in their lifetime, buyers can fall in to a few categories when it comes to love and housing:
1. Some buyers can fall in love with the viewing process. These buyers are definitely not in a hurry. They love looking at houses for sale. They know how to navigate all of the on-line home search sites and spend hours everyday browsing what's available. They love it so much that you can find them plenty of homes that fit their criteria but without fail, they always want to just keep looking.
2. Some buyers think they found the home of their dreams only to realize their prince charming has flaws. These buyers are blown away with the brand new granite counter-tops, stainless steel appliances, upgraded tile or wood flooring, and trendy new chrome faucets and fixtures that the owner had installed just a few years prior. They rush to place an offer and quickly get accepted. But then the inspection report comes back with a less than stellar grade. They discover that there's a few dents in the armor of their once noble Knight. Their child-like giddiness turns in to trepidation and they begin to doubt their choice.
3. Some buyers fall in love with a home that's clearly out of their league. Whenever you start the home buying process there is always a check list of must-haves you obtain from your buyer and with that check list comes a budget in which they have been approved. Nevertheless, there are those buyers that can't help themselves but reach for the stars. You carefully select homes for them to view that meet their criteria and are within their budget but they come back at you with a list of homes in which they have absolutely no business getting involved. They are trophy homes and great eye candy. Sure, they'd be the envy of their whole social circle if they could pull off buying any one of those gems but the sad reality is that they simply can't afford what those houses will demand.
4. Some buyers find the right home that by all accounts is perfect for them but just can't commit. You found a great home for your buyers and can't wait to take them to see it. You are convinced this house is a great fit for what they want and need. It's not flashy. It doesn't have a lot of bells and whistles, but it's in the neighborhood they want, hits all the major check marks, and is within their budget. So you set the date for them to be introduced to their potentially new home. As you walk them through the property you point out the open floor plan, spacious backyard, and great location but something just isn't clicking. Your buyers for some reason just aren't impressed. The looks on their faces say it all. What should be a perfect fit for them is turning out to be a dud.
Buyers that fall in to any of these categories need to decide whether they are truly ready for that long term relationship called being a homeowner, or are they still willing to keep themselves available for an opportunity that may or may not come later on. Just like in a relationship, every home will have it's flaws and some homes may not be flashy but are exactly what you need and truly are a perfect fit.
So whenever you're ready to slip that ring on to the home of your choice, make sure to contact us. We'll walk you through the entire courtship until you sign on the dotted line!
The first wave of Boomerang Buyers is here
An estimated 7.3 million homeowners lost their homes to a foreclosure or short-sale during the economic crisis which began in 2008. Historically, it took seven years for a homeowners credit score to recover from such a disastrous event enough to once again be considered a viable candidate for lending. This year being 2015 marks the first year that many of those previous homeowners will pass that seven year window...read more.
Weeds Weeds Weeds!
While half of the Country is buried under ice and snow, here in the desert Southwest it's nothing but Sunshine and 80 degree weather. It's a fabulous time of year for us Arizonian's that allows us to wear shorts, t-shirts, and flip-flops without the brutal summer sun beating down on us. But there is a huge drawback when it comes to February through April. There is a monster that has been hiding underground all winter long waiting to break forth from the ground and terrorize every resident. This monster is known as Weeds!...read more.
What is the 'Home in 5' lending program in Arizona?
The dreams of home ownership can be elusive for so many people. Being able to save for a required down-payment and closing costs can seem like an insurmountable task for hard-working, low-income Americans. There is a great lending program for anyone purchasing a home in Maricopa County, Arizona called The Home in 5 program.
The 'Home in 5 program' is a down-payment assistance program created by the Industrial Development Authority of the County of Maricopa and the City of Phoenix. This program was designed to help low and moderate-income families, veterans, and active military personnel, while also helping to stabilize areas and neighborhoods that were hardest hit by the economic recession.
This assistance lending program offers 5% of the loan amount towards a buyers down-payment and/or closing costs as a free grant. Veterans and active military personnel can obtain an extra 1% if they qualify. Through the Home in 5 program individuals can obtain a 30-year fixed rate FHA, VA, or USDA loan with a maximum home purchase price not to exceed $300,000. Important to note is that this program does not rely on any taxpayer revenue. Years ago, State housing-finance agencies funded mortgage programs through tax-exempt single-family bonds. These bonds were sold at a slightly higher price with a slightly higher interest rate. The premium was then used to finance down-payment assistance programs such as this one.
Buyers who qualify for the Home in 5 program must have a minimum FICO score of 640 with a maximum debit-to-income ration of 45%. All buyers under this program must also attend a home buyer education course approved by the U.S. Department of Housing and Urban Development and must obtain a certificate of completion. Buyers must occupy the home as their principal residence, and only homes purchased in Maricopa County are eligible. Maximum household income can not exceed $88,000 to qualify for the Home in 5 program.
If you think you may qualify for The Home in 5 program or wish to receive more information about purchasing a home in Maricopa County, contact us today. We'll help your dream of owning a home become a reality!