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October 2010
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With rates at historic lows, many analysts are predicting that mortgage rates will be heading upward. With this in mind many homeowners are rushing to lock in the low rates. The following tips will help interested homebuyers in shopping for the best rate.
How to shop: If you simply call up and ask a lender for interest rates the lender can tell you almost anything. One lender might offer a "floating" rate, while the next would offer you a forty day rate. Instead, before you call up you need to know two things: how many points you want to pay and how long you want to lock in the rate. You also want to call all the lenders on the same day. This way you will get a common basis of comparison for the different quotes.
Getting a reliable quote: Beware of lenders who promise unreasonable low rates. This does not mean that lenders are unreliable; however there is an incentive for the lender to fudge the quote in order to gain your business (the bait). Then when you go in to fill out the paper work the lender will change the rate on you (the switch).
How to Really Shop for a Lender: The best way is to get a referral, then shop other lenders. Do it properly, telling the lenders how much you are willing to pay in points and how long you want to lock in the rate. Make all your calls on the same day. Tell the lender you have filled out an application and that you will fax it in, so the rate has to be something he can deliver.
Shopping for Interest Rates |
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Exposure is the Name of the Game
Exposure is the key to selling your home fast and getting top dollar. With good exposure your home will be viewed by more people, thereby increasing the chances of an offer on your home. If you are looking to sell your home quickly then it is definitely in your interest to contact a REALTOR®, as it is unlikely that you will be able to generate as much exposure as an experienced professional.
Why is it that a REALTOR® is able to generate so much more exposure than the average homeowner? Part of the explanation can be found in the fact that most REALTORS® have marketing plans that consist of print ads, an online presence, and a network of clients interested in real estate. A second reason is that for many REALTORS® this is a full time job and they are willing to put all their experience and time to the sale of your home. The final reason is that the REALTOR® has access to the Multiple Listing Service (MLS) and through this is able to network with every agent in your market area. As soon as you list your home with a REALTOR® this information is disseminated to all agents in the market, who are then able to match it to buyers that they are working with - maximizing your exposure and minimizing the time it takes to sell your home.
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Home repairs are an issue that many of us tend to dodge. We understand the necessity of the repairs; however when it comes down to it many of us do not have the time or money to fix everything. The following list of minor home repairs could end up costing you big money if you continue to procrastinate.
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Rodent incursions - Rats, mice and other vermin love to chew through insulation and wiring and are suspects in many house fires.
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Soaring fuel bills - This is more than a pocketbook issue, since poorly functioning systems can cause deadly carbon monoxide buildup in your home.
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Peeling paint - Paint is like a home's skin. It's the first line of defense against incursions by water and pests. Water that seeps into wood can lead to rot.
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Flickering lights - It might be that the wiring in your house is dysfunctional or you have too many appliances hooked up to a single circuit. Either one can cause a fire.
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A water leak - Left unchecked, leaks can lead to rot, dry rot, mold and termite infestations. Water can cause roofs to collapse, foundations to buckle and all manner of expensive repairs. Water-related problems can also get your home blackballed by insurance companies worried about mold-related claims.
Home Repairs you Cannot Afford to Ignore: |
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Existing-Home Sales Move Up in August
Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said home sales still remain subpar. "The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty," Yun said.
"Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years," Yun said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.43 percent in August from 4.56 percent in July; the rate was 5.19 percent in August 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said consumers have been getting mixed signals about the housing market. "People understand the good affordability conditions with stable home prices in most areas, but they're concerned about the economy and speculation on Wall Street," she said. "We need to stick with the facts about the long-term value of homeownership and avoid unrealistic assessments. Tight credit and slow short sales are ongoing problems - expediting short sales will help the market to recover more quickly."
Source: The National Association of Realtors®
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James Servoss
(520) 918-4857
jservoss@LongRealty.com
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Whether you're a dog lover or know one, Arizona has many places to keep that pooch pampered! Dogparks, doggeries & daycares are just a few of the barking fun things you can do with your pup. Remember to always call ahead to find out more about doggie accommodations and don't forget the water!
By visiting my website, you not only have access to all current listings on the market in Arizona, you also have access to a trove of information to help you find out more about the neighborhood you live in or are looking to move to; find information on schools, demographics, economy and much more. Call me today or visit my website for more about what's available.
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DOG PARKS
James D. Kreigh Dog Park
23 W Calle Concordia | Oro Valley
Anamax Off-Leash Dog Park
17501 S. Camino de las Quintas | Sahuarita
Christopher Columbus Dog Park
4600 N. Silverbell | Tucson
Gene C. Reid Park Off-Leash Area
900 S. Randolph Way | Tucson
Jacobs Dog Park
3300 N. Fairview Ave. | Tucson
McDonald District Park Off-Leash Area
4100 N. Harrison Road | Tucson
Northwest Center Off-Leash Dog Park
2075 N. 6th Ave | Tucson
Palo Verde Park Off-Leash Area
300 S. Mann Avenue | Tucson
Udall Dog Park
7290 E. Tanque Verde | Tucson
Horizon Park
15444 N 100th St | Scottsdale
Chaparral Park
5401 North Hayden Road | Scottsdale
DOGGIE DAYCARES
DawgHouse
2201 N Stone | Tucson
(520) 903-2949
Barkin Garvin Doggie Daycare
4967 E. 29th Street | Tucson
(520) 790-1268
Dogma Daycare
2708 North Country Club Road | Tucson
(520) 325-3665
Doggie Domain Day & Overnight Care
8989 E Via Linda | Scottsdale
(480) 862-7722
Pampered Pooch Boutique & Pet Resort
1030 E Fry Blvd | Sierra Vista
(520) 459-3026
BOUTIQUES & DOGGERIES
Muttropolis Dog & Cat Boutique
2905 E Skyline Dr, Ste 123 (La Encantada Mall)
(520) 299-6888
Uptown Pup Pet Boutique
2980 N Swan Rd | Tucson
(520) 795-7387
Paws & Claws Boutique and Pet Grooming
1800 E Fort Lowell Rd | Tucson
(520) 795-7297
Oh My Dog!
7137 E. Stetson Rd #8 | Scottsdale
(480) 874-1200
Mackie's Parlour Pet Boutique
6137 N Scottsdale Road | Scottsdale
(480) 991-7600
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Does your Home have Curb Appeal?
First impressions make a difference, particularly when it comes to your home. Curb appeal is the visual impression that your home makes to anyone viewing it from the street. If your home has curb appeal it will stand out from the rest and usually results in more money when you decide to sell.
Curb appeal can be as complicated as building a new entryway or as easy as painting your mailbox. The following list contains some quick fixes that will have your home creating a great first impression in no time at all.
- Windows: Clean windows sparkle and help show off your beautiful home.
- Window Coverings: How do your curtains and blinds look from the outside? Are your windows cluttered with knickknacks and stickers? Neaten up the insides of your home�s window areas that are visible from the curb.
- Painting: Walk around your home and keep an eye out for peeling, flaking, or faded paint. If found, it is probably a good time to paint. Neutral colors are a good bet as they appeal to a wider group of people.
- Don�t forget the mailboxes: Be sure it is painted or polished. All numbers should be clean and easy to read.
- Clutter: Remove anything that is cluttering the front area. Locate trash bins in the back yard or garage so that they are not visible.
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9548 E Blue Ridge Mountain Street
Tucson, AZ |
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Bedrooms:
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4 |
Bathrooms:
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2 |
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Square Feet:
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2156 |
Year Built:
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1997 |
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| MLS# 21029542 |
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| Property Remarks |
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Seller will accept or counter offers between $225,000 & $230,000. Recently updated 4BR/2BA corner lot home located in a convenient eastside location. This 2156 square foot gem features a spacious backyard with covered patio, irrigation system & citrus trees, energy efficient North/South orientation, open eat-in kitchen, formal dining room, large living room with built in speakers, new carpet and paint, recently remodeled bathrooms, mountain views and a private master suite with walk in closet.
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| Home Buying Mistake #8 |
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There are several mistakes some home-buyers make, and some of them are huge!
MISTAKE #8: FAILING TO MAKE YOUR OWN INSPECTION
You probably would not want to rely on the seller to point out defects in a house he is attempting to sell. There may even be hidden problems of which he is unaware.
Be sure your sales contract is worded so that any "earnest money deposit" must be returned in the event the house fails inspection. If a major defect is found, you have the option to cancel the contract and have your deposit returned, bargain for a lower price to compensate for the cost of repairing the problem, or have the owner make needed repairs before the sale.
Even before you get to the point of a contract and having a professional inspector look at the house, there are many items you can check yourself as you are shopping for a home:
- Structure/Basement: Check the foundation for cracks or water marks.
- Floors: Are they level?
- Roof: Does it sag?
- Water damage: Look for unevenly painted ceiling or wall; mildew odor in basement; signs of re-plastering or re-tiling in just one area of a room.
- Water pressure: Flush the toilet and turn on both hot and cold water faucets at the same time to test.
- Plumbing: Ask what type pipes are installed and their age. If applicable, ask when the septic system was last inspected and cleaned. Stand near the tank to detect odor or soggy ground.
- Wiring: A 100-amp system is typical in modern construction and uses a one-inch main line; this can be seen leading to the fuse box. Appliances such as dryer or range require a 220-amp line. Notice if lights flicker or don't work. Check for electrical outlets . . . usually at least 2 in each room.
- Energy efficiency: Ask to check last year's heating and cooling bills. Determine if proper insulation has been used.
- Pests: Be alert for small accumulations of sawdust in the basement. This might indicate an insect problem. Obtain date and results of the last wood-destroying pest inspection.
A few final tips:
- Ask to see the seller's survey made when the seller bought the house.
- When you are shopping, take a copy of the "Home Buyer Checklist" to keep you alert to possible problem areas. Avoid "surprises" by keeping your eyes open.
- Be certain that you are clear on problem areas which convey with the property and repairs which the seller agrees to make. Have this list with you when you go for your walk-through.
You can be successful in the home-buying process. During the entire process you should remember to buy with "resale" in mind.
In short, be alert! Be curious!
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| Subject: Home-buying Mistake #7 |
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There are several mistakes some home-buyers make, and some of them are huge!
MISTAKE #7: NOT KNOWING YOUR RIGHTS AND OBLIGATIONS
Real estate law is extensive and complex. The contract for sale and purchase is a legally binding document. An improperly written contract can cause the sale to fall through or cost you thousands of dollars for repairs, inspections, and remedies for title defects.
- You must be certain which repairs and closing costs are your responsibility.
- You must know whether the property can legally be sold "as is" and how deed restrictions and local zoning will affect the transaction.
- If there are defects in the title, or if the property is in conflict with local restrictions, you or your Realtor must remedy them.
Otherwise, you could lose thousands!
I will assist you! I will make sure you understand the technical lingo in the sale of your home. A commercial for a local vendor states that "Our best customer is an educated consumer." How true! It is my job to know the laws governing real estate transactions. I am involved in an on-going training program to keep up-to-date with these laws.
You deserve to have an agent who is not only knowledgeable about the transaction but is also willing to educate you throughout the process so you will feel more comfortable.
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| Home Buying Mistake #6 |
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There are several mistakes some home-buyers make, and some of them are huge!
MISTAKE #6: FAILING TO OBTAIN A HOME INSPECTION FROM A QUALIFIED INSPECTOR
A home inspection reports on the structural and mechanical condition of the home. After the inspection, you will have the facts you need to make a decision about buying your home.
A well-qualified building inspector who has adhered to federal licensing standards can spot problems that you might not be able to see. Expect problems to be clearly explained, repair expenses closely calculated, maintenance costs estimated, and a written report delivered within a day or two.
Most home-purchase contracts are written conditional on the outcome of several inspections. These inspections may include several items, including inspection for wood boring insects, excessive amounts of radon gas, structural soundness, and the condition of the heating, wiring and plumbing. When the contract is written, it should identify who will be responsible if there are problems with the results of any of these inspections.
If well written, home inspections can create a safety valve for both the buyer and seller. If poorly written, the result can be heartbreak and lawsuits.
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Home Buying Mistake #5
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There are several mistakes some home-buyers make, and some of them are huge!
MISTAKE #5: CHOOSING A LOAN BASED ONLY ON THE INTEREST RATE MYTH
I have been told that a fixed rate mortgage at today's rate is the best mortgage loan. But many different types of loan programs are available. It is a mistake to think that just because Aunt Sue got an 8.5 percent 30-year fixed rate you should get the same loan.
You should get together with an expert who can explain the many different types of loan programs. Each program may have its own series of special benefits for you and your specific needs.
When considering such an important decision, it is best to explore all possibilities. It may well be that a fixed rate is the best type of loan program. It may also be that you can save a significant amount of money by exploring alternative adjustable programs.
A full-service lender with relationships throughout the mortgage industry is a must in today's market. Lenders need the flexibility of the small business owner with the clout of a large company.
Today there are almost as many different loan programs as there are housing options. A few considerations are:
Anticipated time in the home
Available asset base
Current income situation vs. future income situation
It is wise to pick a program that fits YOUR lifestyle. Example: If you pay off a loan in fifteen years versus thirty years you will obviously save a lot of money in interest expense. It is important to note that this savings is due to repaying the loan in half the time. The savings is not due to a significant savings in interest rates. You would expect that there would be a much lower interest rate since the loan has a quicker repayment and, therefore, a loan with less risk. The difference in interest rate is not that significant. Rates on 15 year loans may be 1/4 percent to 3/8 percent better than 30 year rates. Payments on 15 year loans will be approximately 25 percent higher on a monthly basis.
MYTH: I should go to my bank to get the best loan at the cheapest interest rate. Typically a commercial bank will own a separate business entity which shares the bank's name and happens to offer mortgage financing. But this does not mean that you will get a special deal just because you are the bank's client. The bank's mortgage subsidiary has no special access to your financial records as you might expect. The bank's mortgage subsidiary must request your financial records from the bank just as any other mortgage company. Your mortgage loan process will not be simplified or viewed differently from any other applicant making a request.
The perception of most people who go to their bank's mortgage subsidiary is that their loan payments will always be made to their bank; thus, all of the individual's banking needs will be under one roof. However, most mortgage subsidiaries sell their loans on the secondary market and may sell the loan servicing just as any other mortgage company will.
Another important consideration is that a typical bank mortgage subsidiary works with a small number of mortgage products. You may not find a wide variety of loan programs and your loan officer may not have a good comprehension of all the different programs offered. It is doubtful that they can adequately advise you as to the best program for your needs. It is possible that you, or the property you are buying, may need to have special underwriting to approve your loan application.
Just as you should interview your Realtor, you should also interview your lender. Not all lenders look after your needs. Select a lender who is willing to discuss your needs and help you choose the loan program that is best for your situation, not the best for the Lender!
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| Home-buying Mistake #4 |
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There are several mistakes some home-buyers make, and some of them are huge!
MISTAKE #4: FAILING TO GET PRE-QUALIFIED FOR A MORTGAGE LOAN
Don't waste hours searching for a home that is not in your price range! Save time and money by pre-qualifying for a loan.
Before you go shopping for a home, you need to determine how much you can afford. Once you are pre-qualified for a mortgage, you will know what your buying power is. You will save time by looking only in your price range.
This process is simple. A lender will ask you basic questions concerning your history, run a credit report, and determine your buying power. You can even get pre-approved for a loan! Imagine for a moment, if, when you and your Realtor initially draft your offer for the home you select, you are already approved for the loan - IN ADVANCE... No stress, no worrying about qualifying, no concern about your ability to qualify would stand between you and the home of your dreams.
In today's market, a pre-approval can be a powerful negotiating tool. The old system saw the buyer spending many hours locating the perfect home, carefully drafting an offer, awaiting acceptance of the offer, consulting a loan officer, filing the multitude of forms and applications, and sometimes this was all a waste because, for whatever reason, he was turned down for the loan.
You deserve peace of mind and negotiating power by getting an approved loan before you make an offer.
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James Servoss
Tucson,
AZ
More about me…
Keller Williams Southern Arizona
Address: 1745 E River Road, Suite 245, Tucson, AZ, 85718
Office Phone: (520) 603-1549
Email Me
Weekly blog from James Servoss an Associate Broker with Long Realty, Southern Arizona's leading real estate company. Check back often to get the latest news on Tucson's exciting real estate market.
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