What I learned in Real Estate this week - 12/6/15

This past week was full of holiday related activities that typically come this time of year. We can get pulled so many different directions around Christmas that it's easy to get distracted from work duties. It's not even necessary that you be an entrepreneur or small business owner to have your attention be turned away from employee responsibilities.

An office receptionist can be caught up in decorating the lobby that they fail to answer a few important phone calls which cause the business they work for to lose out on revenue. A few construction workers may fail to arrive at the job site on time one morning due to a late night holiday celebration putting the entire project behind. Likewise, a small business owner could get lulled in to thinking they can relax during the weeks leading up to Christmas and New Years only to see their profits suffer because they failed to finish the year strong...read more. 

Animals of the MLS

Last weeks Animals of the MLS featured two best friends taking a dip in the pool but this weeks edition is quite the opposite. It appears we have a cat that is unwilling to give up their nice, warm, and comfortable resting corner for the sake of this property listing photo shoot. Tucked up all cozy and relaxed our kitty companion is more than willing to wait until the agent is done with their pictures before drifting right back off to sleep for the afternoon. Some cats would have scampered underneath the bed for safety as soon as any stranger got withing earshot but not this domesticated feline. 

I've been startled by many a scurrying cat while walking clients through a home. One minute you're pointing out the upgraded counter tops and the next minute you're jumping up in trepidation as the resident household tabby cat speeds by in a panic over the intruders present. I've also been happily greeted at the door by plenty of kitties looking for a good head scratching. This one seems to be the latter since our bed dweller here doesn't appear to be afraid of the visiting agent in their presence. There should always be a warning to those who wish to view a property for sale if there is a cat in the home not only to spare a scare but to also ensure there isn't a dramatic escape attempt during an entry or exit of the home.   

Now on to the picture of the bedroom itself. It seems to be clean and in order yet there's plenty that could have been done to bring life to this otherwise dull space. Aside from the hotel room type decor nothing about the room is a particular selling feature. The brown carpet, brown walls, brown door, and brown tile all add up to a boring and monotonous place to lay your head down at night. This room is in dire need of professional staging. I appreciate the abundance of natural light coming from the open and over-sized window but what good does it do to illuminate an area so bland? A colorful floor rug and a warm, welcoming accent wall in a complimentary paint scheme to match the owners design style would do wonders in making this master suite more desirable. 

If you're selling your home in Gilbert, Arizona or the East Valley let the experts at Zion Realty help you. We take professional photos and put together a perfect marketing strategy to sell your property. Contact us Today!

Artisan Christmas Boutique in Gilbert, Arizona

Tis the season to enjoy everything the holidays have to offer. There's food, festivities, family, and friends to adore and love. As a local small business owner myself, this time of year is especially meaningful to support other small business owners who's products and services revolve around the holidays. 

Today I get to finish my day at our church's annual Artisan Christmas Boutique where there will be over 50 vendors sharing and selling their unique crafts, baked goods, and holiday themed items. There will be plenty of Christmas music, hundreds of patrons, and a lot of love being spread throughout the evening...read more. 

How Holiday Shopping can Ruin your next Home Purchase

There are so many great reasons why the Holiday season is one of the most celebrated times of the year. Festivities, decorations, family, and food are just some of the best parts to be enjoyed along with friends and family. Whether you're an individual who prefers to sit at home and shop for gifts from behind your computer screen or you look forward to venturing out in to the bustling shopping centers full of kids waiting in line to get their picture taken with Santa Claus. Either way, there's no denying that this is also a marvelous moment for gift giving.

As the retail shops start to see an increase in patrons and profits the real estate market tends to experience the opposite. Between homeowners that are hustling to adorn their houses with lights and ornaments, and others who are busy preparing for parties and guests, purchasing or selling real estate is one of the last activities on the minds of those reveling in the holidays. 

However, even though the real estate market tends to see a slow down in activity during the winter doesn't mean there aren't individuals that are in need of buying or selling a home. What if you had a sudden job transfer or perhaps you made the decision to move closer to an aging relative who requires the assistance of a loved one. Maybe you wish to sell your home and move your kids in to a better school district before the new Spring semester begins. There are a multitude of reasons why you could find yourself shopping for a new place to hang your hat right in the middle of arguably the busiest time of year for most families. 

If you are one of those who individuals who's shopping list includes a new hat for Uncle Joe, a bicycle for your nephew, and a 4 bedroom single-story house with a 2-car garage and a bonus room for yourself, then you need to be aware that your holiday spending spree could have dire consequences and destroy the chances of getting qualified for a new mortgage.  Whether you've just begun your search or you're already under contract to purchase a property, here are three decisions to avoid that can ruin your ability to close on a home:

Applying for New Credit

I know it's tempting to accept the offer you received in the mail for 0% interest and no payments for six-months from that National credit card company. Especially when the wish lists of your family members seem to have doubled in size this year. But applying for any new credit while searching for a home can wipe out your lenders ability to gain a mortgage approval. This includes, but is not limited to, major credit cards, lines of credit, or department store charge cards. Taking on a new line of credit can severely change your debt-to-income ratio and alter other financial factors that play a roll in the loan approval process. Avoid any situation that will require an inquiry in to your credit score.

Making High Dollar Purchases

What if you open the holiday edition of the weekly sales flyer from your favorite furniture store and the couch and love-seat combination that you've been anxiously watching finally went on sale and the savings is phenomenal! You couldn't imagine a better way to celebrate the holidays and your new home by relaxing around a fireplace enveloped in the comfort of your new furniture. To top it off, the flat-screen television that is sure to dazzle the neighbors when they come over for your next gathering is also being discounted to make room for the new years models to arrive. Clearly your lender will understand that these once in a lifetime savings would be foolish to pass up!

I can assure you, a lending institution will seriously scrutinize any purchase that is outside the normal spending habits of your household. Some banks will also require the borrower to keep a certain amount of money on hand throughout the entire lending process. If you spend any of that reserve which is supposed to remain in your account then don't be surprised if the door closes on your chances of being approved for your loan. 

Depositing or Transferring Large Amounts of Money

When applying for a mortgage, it's easy to send up red flags with a lender. Any and all aspects of your past and present financial footing will be under a microscope. It's not uncommon for couples or families to have multiple bank accounts in which purchases and deposits are made. Between savings accounts, checking accounts, and business accounts there are many valid reasons why an individual would need to transfer money or make deposits in to each and every bank account in which they have access. Cash gifts and company bonuses can be commonplace at years end. 

However, abnormal money transfers or unusually large deposits could send your lending institution in to a frenzy. There are many jobs or small businesses that make large deposits or money transfers each day. As long as you stay within the parameters of normal operating procedures for your company or personal accounts then you shouldn't worry. 

If you find yourself in one of these situations and are unsure of how to proceed then talk to your mortgage broker before taking any action. It's always best to play it safe with your credit scores and bank accounts during the entire loan application process. Even the most well intended financial decisions can wreak havoc on a successful loan approval. If you find yourself in need of applying for a new mortgage during the holidays then don't let an unfortunate misstep compromise your chances of moving in to your new home. 

If you or someone you know are in need of buying or selling real estate in the Gilbert, Arizona or East Valley areas then contact us Today. Not only will we help you find your next home but we can also recommend outstanding lenders who will assist you in gaining your next mortgage approval. 

The Most Expensive Home sold in Arizona last week

The most expensive home that sold in Arizona last week is a pretty traditional luxury property. At just under 7,500 square feet and located in the Collina E Vista subdivision of Scottsdale the architecture and building design style is quintessential to the area. Situated on over 2-acres the new owner will find beautiful mountain views in a pristine, natural desert setting. The exterior stone work is expertly laid and crafted and an ornate glass and iron front entry door welcomes you in to a grand foyer. Rustic exposed beams run the entire length of the ceiling in the main living area and the chef's kitchen features a massive center island providing and abundance of counter space and storage. 

One would expect a wine and theater room to come with this prized property and this home does not disappoint. Also, a separate detached one-bedroom guest house is perfect for any family or friends that come for a visit to experience all that Scottsdale and this exquisite residence has to offer. The owner will enjoy many nights out in their backyard entertaining underneath the massive covered barbecue area while guests swim and splash in the over-sized infinity edge pool with views right out in to the desert surroundings. Even though this home is full of fantastic features it took over two years for this property to find the right individual who will enjoy it's impressive amenities. However, now that the new owner is in place it may be quite a long time before this home ever comes back on the market. Click on the picture below for the full MLS listing:

Location: Scottsdale

Size: 7,433 sqft

Bedrooms: 5

Bathrooms: 6

Lot size: 122,917 sqft

If you are in the luxury home market and want a list of luxury homes available in Arizona, contact us Today! We'd love to help you find your dream home!

How many homes are for sale in Gilbert, AZ - October 2015

Absorption Rate in Gilbert, Arizona October 2015

What is the Absorption Rate when it comes to real estate? The Absorption Rate chart shows how long the current inventory of properties would last at the current rate of sales. If no new properties were added to the market, and sales continued at a steady pace, the Absorption rate indicates the number of months required to sell all the properties on the market. In a healthy real estate market this number should hover around a 3-Month average. As you can see the Gilbert, Arizona real estate market has been just below that mark since December 2014 meaning total inventory has been slightly lower than the market can actually handle. 

The amount of available homes for sale in Gilbert had been on the decline since May 2015. Gilbert finally saw a slight increase in the amount of inventory on the market in October. The current supply of homes sits at a 2.6 month supply. The Gilbert. Arizona market is still seeing a high level of competition in the first time home buyer market...read more.