Chris & Shannan's Real Estate Insights!

Feb. 20, 2018

Top 5 Reasons to Hire a Real Estate Agent

 

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! | Simplifying the Market

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling!

Whether you are buying or selling a home it can be quite the adventure, which is why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal. But in this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO.’
The 5 reasons you NEED a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional is an expert in his or her market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

There are over 180 possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to make sure that you achieve your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. After looking at the list of parties that you will need to be prepared to negotiate with, you’ll soon realize the value in selecting a real estate professional. From the buyers (who want the best deals possible), to the home inspection companies, all the way to the appraisers, there are at least 11 different people who you will need to be knowledgeable of, and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the amount of time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to a study by Collateral Analytics, FSBOs achieve prices significantly lower than those from similar properties sold by real estate agents:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and on the internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has his or her finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

You wouldn’t replace the engine in your car without a trusted mechanic, so why would you make one of the most important financial decisions of your life without hiring a real estate professional?

 

Jan. 31, 2018

New Tax Code Changes for Homeowners


Homeowner Tax Code Changes

1.  Mortgage Interest Deduction - For most folks, this is still a deduction.  The new code does limit the interest on the debt to $750,000 instead of $1 million for homes purchased after December 15, 2017.

2.  Property Tax Deduction - The amount that someone can reduce their taxable income by is now limited to $10,000 for the cost of property taxes, and state and local income taxes or sales taxes.

3.  Home Equity Deduction - The new tax code eliminates interest paid on a home equity line of credit debt.

4.  Mortgage interest deduction for second homes - Homeowners can still deduct the mortgage interest on a second home subject to limits on #1 above.

5.  Moving Expenses - Former law allowed deduction of some moving expenses for a new job.  Beginning in 2018, only active duty military can take this deduction.

6.  Captial Gain Rule  - The amount you can exclude still is $500,000 (married couples / $250K for singles) and remains unchanged on only needing to have used the home as a primary residence for two of the past five years and not using this exclusion in the two years before the sale of the home.

7.  Casualty Losses - are only allowed on losses attributable to a presidentially declared disaster.

Not addressed in the new tax code is the Mortgage Forgiveness Relief Act of 2007 that expired on 12/31/2016 which gave tax relief for folks who had mortgage debt discharged for a foreclosure, short sale or other mortgage forgiveness.

 

Posted in Home Ownership
Jan. 31, 2018

2017 4th Quarter Market Report

 

2017 4th Quarter Market Report

 

Overall the inventory continues to be low with prices ticking up in some areas of town  Both the average sales price and median sales prices are up allowing some people who had been previously underwater the ability to sell.

For Our Market Update CLICK HERE

 

 

Posted in Home Ownership
Jan. 31, 2018

Where Are Americans Moving?

Posted in Home Ownership
Jan. 19, 2018

11477 N Verch Drive - For Sale

 

 

Open House

Saturday, January 20 2018  

11 AM to 1 PM

 

11477 N Verch

Oro Valley, AZ

Absolutely Gorgeous and Immaculate 5 Bedroom Home on over ½ acre in Oro Valley. This luxury home is backed to open space and features a Gourmet Kitchen with double stainless ovens, over stove microwave, gas range, kitchen island with sink and good sized pantry with gorgeous granite counter tops. Beautiful concrete floors throughout. Split bedroom plan with large master suite with on suite master bath with dual sinks, separate shower/tub and HUGE walk-in closet! Master bedroom has private access to back yard. Guest rooms are good sized! Formal living and dining rooms. Big three car garage has extra storage and space for a small shop! Resort like back yard has large covered patio and hardscape perfect for entertaining and sparkling pool & spa. Great Views!

Click Here For More Pictures!

Posted in Open House
Jan. 19, 2018

1664 W Wimbledon Way - For Sale - Open House

Open House

Wimbledon Open House

 

Friday, January 19 2018

Noon to 2PM


For More Information Click HERE

Posted in Open House
Oct. 12, 2017

3rd Quarter Market Report

Overall the market continues to improve.  Depending on the area of town, certain areas have more appreciation than others.

The average sales price is up 14.17% in the past 12 months and the median price is up 16.24%.  The inventory hit a low 3338 units in July, which we haven't seen since about February of 2005.  It has been increasing every month since.


Get our entire Market Update HERE

Posted in Home Ownership
Oct. 10, 2017

Equifax Data Breach

The Equifax Data Breach is a huge issue!  We immediately put out a special newsletter to our past clients alerting them to the issue.  We checked ourselves on the Equifax site and it did indicate that our information was breached.
 

 Equifax (one of the big 3 credit reporting credit bureaus) had a major data breach in May and July.  They just announced it to the public in early September.

More than 143 million person’s records were exposed to include social security numbers, birth dates, addresses, driver’s license numbers, credit card numbers, and other information.

This information makes it easy for criminals to commit identity theft.

 

Some of the things a criminal can do is:

 

1.  Stealing your tax return and attempting to steal your refund

2.  Use your information to get health care, which may result in medical collections and their information can be mixed with yours.

3.  Giving your information to the police when they get arrested and creating a criminal record for you and might get you put in jail or prevent you from getting a job.

4.  Filing bankruptcy in your name or transferring deeds of property you own.

So What Can You Do?
 

 You can check out the site http://www.equifaxsecurity2017.com website – enter your last name and last 6 of your social to see if you might have been impacted, or

Call them at 866-447-7559

 
Equifax is offering free credit monitoring for up to a year.  However, with this data breach, your risk may be for many many years into the future.
 
Other services providing credit monitoring include http://www.identifyforce.com,   color: #2baadf;" href="http://www.protectmyid.com/">http://www.protectmyid.com, and Lifelock.

 

There has been some debate over 'Should you freeze your credit'?  This takes you contacting each of the three credit bureaus and paying a small fee to each.  This would prevent any new accounts being opened up and may prevent headaches down stream if someone does open up new credit.  The problem is that if you need someone to look at your credit, like a new or existing creditor, you must re-contact each credit bureau and pay another fee to lift the freeze then pay another fee to reinstate the freeze.

 

To freeze your credit:

 

Equifax:  1-800-349-9960  or visit freeze.equifax.com

Experian:  1-888-397-3742  or visit www.experian.com/freeze

Transunion:  1-888-909-8872  or visit freeze.transunion.com

 

 

Posted in Friday Update
Sept. 25, 2017

New MLS Area Map

With the recent upgrade in the MLS system - new MLS areas have been added and some boundaries have changed.  This is the current map.  Use these boundaries to adjust the search for your desired areas.

New MLS Areas

Sept. 20, 2017

FHA Loan Rules on Shared Wells

Here are the new basic rules for homes to qualifiy for FHA that have a shared water well:

 

“The Mortgagee must confirm that a Shared Well:

  • serves existing Properties that cannot feasibly be connected to an acceptable public or Community Water supply System;

  • is capable of providing a continuous supply of water to involved Dwelling Units so that each existing Property simultaneously will be assured of at least three gallons per minute (five gallons per minute for Proposed Construction) over a continuous four-hour period. (The well itself may have a lesser yield if pressurized storage is provided in an amount that will make 720 gallons of water available to each connected existing dwelling during a continuous four-hour period or 1,200 gallons of water available to each proposed dwelling during a continuous four-hour period. The shared well system yield must be demonstrated by a certified pumping test or other means acceptable to all agreeing parties.);

  • provides safe and potable water. An inspection is required under the same circumstances as an individual well. This may be evidenced by a letter from the health authority having jurisdiction or, in the absence of local health department standards, by a certified water quality analysis demonstrating that the well water complies with the EPAs National Interim Primary Drinking Water Regulations;

  • has a valve on each dwelling service line as it leaves the well so that water may be shut off to each served dwelling without interrupting service to the other Properties; and

  • serves no more than four living units or Properties.”