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Area Real Estate News & Home sales Market Trends and tips 

You’ll find our blog/vlog to be a wealth of information, covering everything from local home market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!  

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Nov. 12, 2021

Whats the best day of the week to list a house? Does it matter?

Seller series

What’s the best day of the week to list your house?

 

When the housing market is going crazy, selling your home at a nice price might seem pretty easy and sometimes it is. 

Low Mortgage Rates and homes in short supply, bidding wars are pushing prices higher. How could a homeowner possibly mess this up, right?

 

While it's true you may not need to put in as much extra work to get your home sold in today's market, a recent analysis finds that a little strategic planning around when you list your home can help sell it faster — and for more money.

Hi, my name is Michael Smith and I am a realtor in Scottsdale.  On this channel we are trying to help buyers and sellers in today’s crazy real estate market.  Utilizing the right strategies can help make your real estate investments more enjoyable and profitable.

 

Depending on where you live, putting your home on the market on certain days of the week can put thousands of dollars more in your pocket at closing. That’s not a bad payoff for simply looking at the calendar.

So why day do you think would be best?  Saturday, Sunday?  What do you think?  Why would one day be better than others?

How many of you think Monday would be the best day?  Or how about Wednesday? 

In general most buyers are available to view homes on the weekends.  That’s why you see most of the open houses at that time.  Does that mean listing your home on Saturday or Sunday would get you’re the best price? 

Most people who are serious about getting a home in this tight market have probably missed out on at least one offer.  The more houses they lose, the more serious they get.  That means they probably have to be available to look at new listings during the week if they want to see all the new inventory. 

A seller’s goal is the get the highest price with the best terms for their situation.  Cash buyers have a huge advantage against a buyer with a loan.  Cash buyers can close quickly with little to no contingencies.  But cash buyers can be pickier about their choices since they have are normally the most desirable buyer. 

The seller's best option is the get the highest amount of people at the home before they make agree to accept an offer.  Often when people are viewing a home at or near the same time it creates a buzz around the home.  Some buyers will back away and decide they don’t want to compete for a home but the majority will be in competition with each other, especially on a well-priced home.

Seeing the demand in person with a line of people coming in and out surely makes Saturday or Sunday the ideal choice. More traffic equals more offers and more offers equals higher prices.

But not so fast.

The typical house listed on a Thursday sells for an average of a few thousand dollars to over $7,000 more than a home listed on any other day of the week. 

Why?

If you list a home on a Friday or Saturday, you run the risk of any potential buyers already having their dance cards filled with other showings for the weekend.

If you put a house up for sale on a Sunday or Monday, you give anyone who spots your listing almost a full week to consider whether they want to view the home — and mull over the appeal of competing properties. Would-be buyers may lose interest in your home before the weekend. Again the goal is the get the most views.

Thursday listings allow buyers to see the property online or with the help of their agent before the weekend.  The more who see it online prior to visiting the house, the more action you will get.  Another thing is many people find it easier to take off work on a Friday than midweek if they need to come right away.  It’s also more convenient for the seller. 

So the ultimate way to list your house for the most money is to list it on Thursday

 Allow showings all weekend before reviewing any offers on Sunday evening.  Hopefully, you have more than one to choose from.

It even gives your agent time to do an open house for the showings. 

There you have it.   

I hope you enjoyed this video.  If you like our information, please subscribe and hit the bell icon to get notified every week when we release new videos.  See more information in the description below.  If you want a free relocation guide, just comment below and we can send you a link.

Thanks for watching 

Posted in sellers
Oct. 22, 2021

Buyers home inspection checklist

Buyers home inspection checklist. How to prepare for a home buyer's inspection in Arizona. All buyers unless flipping a house should do a home inspection before buying a home in Arizona. This checklist will give you a few tips on what to look for. 1. Before you start the home inspection. The timing is the most important factor. If you only have a 10 day inspection period and your inspector can’t make it out for 3 days you are losing valuable time should you need another look. Don’t fear but be aware of the timeline. If you go over the timeline you are basically accepting the home as-is with no repairs. Worst case you can always ask for the inspection period to be extended but it only happens when there is a good reason. It’s important to order the inspection the day you get the home under contract. 2. The most important things in a home inspection very from home to home. Older homes have different issues than newer but in Arizona, the key points are normally the most expensive things to replace a. Roofing. There are different types of roofs and in Arizona, the primary types are flat/foam, shingles, and tile. I won’t go into a long explanation here but flat roofs do require maintenance every few years and the useful life of shingles is about 15-20 years if installed properly. Tile roofs have an underlayment that goes bad and if tiles break you need to fix them immediately. Tile roofs are a bit trickier and a professional roofer may be needed. All roofs need to be cleaned for debris periodically. b. Air conditioning. It’s a must-have in Arizona I always recommend an AC inspection outside of the normal home inspection. This takes a little planning so it’s performed within the inspection period. Common repairs on AC units are capacitors, fan motors, and the compressor. The compressor is the engine of the unit. If the compressor is shot it’s up to the pros to recommend a fix or replacement. Freon is another common element. It’s now more costly to replace it and it’s like the oil to the engine. c. Plumbing lines to the sewer. This is normally not a concern unless the home is older. This is more common in South Scottsdale. This is a costly expense that can be checked with a camera inspection. General plumbing leaks can normally be fixed and don’t affect all rooms in the house. Plugged drains inside can be a problem and should be checked. Normally snaking them out will fix most problems. d. Foundation. Overall we don’t see too many problems with this. We don’t have basements and we don’t have really bad weather. Cracking is common from the settlement. If a serious issue is found it will take time and a professional. The inspection period should be extended and buyer should be on alert. e. Termites. Just about every home has them at some point. Severe damage can be a problem but minor issues are solved with a treatment and a termite warranty normally paid for by the sellers. Rarely do we have to do major repairs unless the home has not been maintained. Severe damage may require framing repairs. f. Water heater. Arizona has hard water so the units don’t last as long. We have gas and electric. Electric tend to go before the gas because the heating elements get calcification and blow inside the water heater. I always recommend a new water heater every 7 or so years. A broken water heater can cause a huge amount of damage in a short amount of time. Most other things don’t have to be replaced and no don’t think you can ask for a new roof or new ac when you are buying. They have a useful life. Both items last a pretty long time if maintained. Every homeowner should budget for repairs and replacement of key things just like they would on a car. Many of the other items found during an inspection can normally be repaired or replaced by a handyman or licensed plumber/electrician. Often older homes have smaller electrical panels that need replacement to allow more items to be added to the home such as a pool or hot tub. But if the electrical is working and the breakers are working. Most likely the seller won’t help. How long is an inspection period in Arizona? The standard in the contract is 10 days. If there appears to be issues during the viewing, you can ask for more and the seller can decide if they want to give it to you or not. If you have any questions or comments please leave them below or email me at mlspropertyteam@gmail.com Click the subscribe button to get more content like this and support our channel and hit the bell to get new videos when they come out. Michael Smitty Smith Scottsdale Realtor www.scottsdalearizona.realestate 602-363-0470

Posted in Buyers
Oct. 8, 2021

What's my home really worth?

Scottsdale Arizona What's my home really worth? zillow home value? Redfin home value? Realtor.com? People love watching their home values and neighborhood sales on zillow, trulia, redfin, realtor.com, but is it really accurate? Look at how all these sites varied. Over 10%. What your home is really worth is subject to what a ready, willing and qualified buyer is willing to pay for it. Hi, my name is Michael Smitty Smith and I am a realtor in Scottsdale Arizona. I often get asked questions about real estate and today's question is about HOME VALUE. WHAT'S MY HOME REALLY WORTH? In summary, knowing the real price of your home only matters when you are ready to sell. It's fun looking at your home values as they grow. Get serious when you are ready to sell, it’s a large investment that will be maximized when you do the right things. Priced to Sell=Sold So how do realtors do it differently? First, we start with items most similar homes. Same neighborhood Same floorplan Same location Same sq footage Same condition Same bedrooms and baths Same market conditions-some neighborhoods sell quicker than others Same Time of the year.? All markets have a seasonality to pricing and inventory. In Arizona, you buy in the summer and sell in the winter. Chicago is the opposite. Nobody’s looking for a home in the snow. Now agents pick the homes that meet this criterion the closest and they start adding and subtracting from the recent sales. Agents do not use active listings because your neighbors can ask whatever they want for the home. If you like this information or have any questions, please reach out to us, hit the subscribe button for our weekly videos, and ring the bell to get notified when the new videos are released. Thanks again. Mike We Do Free home valuations. Just reach out at 602-363-0470 or go to our website https://www.scottsdalearizona.realest...

Posted in sellers
Oct. 4, 2021

What do realtors do?

Agents help protect your best Interest

Real estate transactions in today’s market typically exceed $350,000 and are usually the largest financial investments in a person’s lifetime. Why wouldn't you use a professional?

Real estate licensees that are members of the National Association of REALTORS®, known more commonly as REALTORS®, are bound by the Code of Ethics to treat all parties fairly and honestly and to strive to preserve a higher degree of knowledge of the buying and selling process.

In addition, your agent shoulders the responsibility to protect your best interests and guide you every step of the way throughout the buying process.

Here are a few examples of what you can expect your REALTOR® to assist you with:

  • Completing a market analysis and market value assessment

  • Listing your property in the MLS

  • Advertising your property to buyers and other REALTOR®

  • Assisting in the preparations to sell your home

  • Interior assessment

  • Exterior assessment

  • Gathering community information

  • Preparing the contract and any additional documents

  • Helping negotiate any counter offers or other terms of sale

  • Identifying buyer qualification

  • Following the loan process

  • Opening escrow and depositing earnest money

  • Coordinating home inspections

  • Evaluating inspection data and determining issues

  • Obtaining home warranty policies

  • Maintaining deadlines and timelines for performance from both parties

  • Communicating with both parties throughout the transaction

  • Conducting walkthroughs

  • Determining if all negotiated items have been completed

  • Reviewing the settlement statement prior to closing

  • Confirming receipt of title insurance and commitment

  • Coordinating the closing process

  • Providing excellent service throughout the transaction

Though extensive, this list is just the foundation for successfully selling your property. There are many more aspects to your transaction, making it in your best interest to use a REALTOR®.

Posted in sellers
Oct. 1, 2021

Why I want to be your Scottsdale Realtor

I want to be your Scottsdale realtor. Michael Smitty Smith. Beat Zillow with our detailed home search www.scottsdalearizona.realestate Much more detailed. Real estate has been a massive part of Michael’s life, giving him a competitive advantage over most real estate agents. Born and raised in the suburbs of Chicago, Illinois, to a real estate mother, Michael was exposed to the art of buying and selling properties at a very young age. At just 22 years, Michael purchased his first investment property. By the age of 40, Michael has successfully completed over 40 personal transactions. His exposure has helped him gain an extensive skill set ranging from knowledge of local marketing trends, analytical skills, and negotiation skills. What's the first thing you will notice when you meet me? I am short. Yep, I am only 5'4". How did that work to my advantage? I have always had to work harder to be competitive in sports, experiencing rejection and finding a workaround to reach my goals. I always found business was one place that size didn't matter. I am not a suit and tie guy anymore. I did the corporate America thing as a regional sales manager for Heil Environmental. Now, I can be seen wearing golf attire, construction boots, and a nice pair of jeans. I am now more focused on living a quality of life in Scottsdale. I have done a lot of personal improvement including Tony Robbins Life Mastery. It taught me about investing in myself and working on my life. PS: I wear a lot of golf hats after having some skin cancer. My real estate business has always been referral based and I like working with people who like working with me. I am not looking to work with everybody, just those who are a good fit for both of us. Someone who comes from a family with strong values, a hard work ethic, and a desire to succeed, I like to look at a transaction as my own and dig deep to find out how we can get the best terms, pricing, and results. I feel the ups and downs of buying and renovating my own properties have helped me learn a lot about marketing, contract negotiation, inspections, and most factors involved in the home process. I work with all types of people from first-time homebuyers looking for advice and guidance, downsizers looking for a new lifestyle, to successful business owners, doctors, and executives who want an expert to help them while they focus on their area of expertise. I have served on the board of 4 homes owners associations and learned a lot about living in an HOA. Nothing beats experience. I am just here applying for a job. Michael Smitty Smith 602-363-0470 Scottsdale Real Estate Agent Website: www.scottsdlearizona.realestate

Posted in Meet Mike
Oct. 1, 2021

How to interview a realtor when buying a home

How long have you been in residential real estate? Is it your full-time job? Like most professions, experience is no guarantee of skill. But much of real estate is learned on the job. Do you work with buyers and sellers?  Real estate professionals have to take additional specialized training in order to obtain the specialization. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own. How many buyers did you and your real estate brokerage represent last year? This will tell you how much experience they have and how up-to-date they are on the local market. What’s the average variation between your initial offers and final sales price? This is one indication of a REALTOR®’s pricing and negotiating skills. Will you represent me exclusively, or might you choose to represent the seller as well? 1 While it’s usually legal to represent both parties in a transaction, your REALTOR® should be able to explain his or her philosophy on client obligations and agency relationships. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and so on? Practitioners should be able to recommend more than one provider and let you know if they have any special relationship with any of the providers. How will you keep me informed about the progress of my transaction? The best answer here is a question. A real estate agent who pays close attention to the way you prefer to communicate and responds accordingly will make for the smoothest transaction. Could you please give me the contact information of your three most recent clients? Ask their former customers if they would use the agent again in the future.  Lastly, your agent must be responsive.  If your agent can't pick up the phone when you call, they could be the best agent out there but they are no good to you.  Trusting your agent is important.  They must have your best interests at heart. 

Posted in Buyers
Oct. 1, 2021

How to prepare for finding a house

HOW TO Prepare for House-Hunting Know that there’s no “right” time to buy. If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus on things that are most important to you. Let the minor ones go. Also, accept that a little buyer’s remorse is inevitable and will most likely pass. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may cost you the home you love. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on your quality of life. Plan ahead. Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers. 1 Choose a home first because you love it; then think about appreciation. A home is still considered a great investment, but its most important role is as a comfortable, safe place to live.  A home is not a stock.  

Posted in Buyers
Oct. 1, 2021

How to prepare to finance a house

HOW TO Prepare to Finance a Home. Develop a budget: Instead of telling yourself what you’d like to spend, use receipts to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot some ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often. Reduce debt: Lenders generally look for a debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt—car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income. Increase your income: Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want. Save for a down payment: Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with 5 percent down or less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment. Keep your job: While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate. Establish a good credit history: Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off entire balances as 1 promptly as possible. Start saving: Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs, which can average between 2 and 7 percent of the home price. Obtain a copy of your credit report: Make sure it is accurate and correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. Decide what kind of mortgage you can afford: Generally, you want to look for homes valued between two and three times your gross income, but a financing professional can help determine the size of the loan for which you’ll qualify. Find out what kind of mortgage (30-year or 15-year? Fixed or adjustable rate?) is best for you. Also, gather the documentation a lender will need to preapprove you for a loan, such as W-2s, pay stub copies, account numbers, and copies of two to four months of bank or credit union statements. Don’t forget property taxes, insurance, maintenance, utilities, and association fees, if applicable. Seek down payment help: Check with your state and local government to find out whether you qualify for special mortgage or down payment assistance programs. If you have an IRA account, you can use the money you’ve saved to buy your first home without paying a penalty for early withdrawal.

Posted in Buyers
Oct. 1, 2021

Credit scores and home buying

WHAT TO KNOW About Credit Scores.  Credit scores range between 200 and 850, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: Your payment history. Did you pay your credit card bills on time? Bankruptcy filing, liens, and collection activity also affect your history. How much do you owe and where? If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, spreading debt among several accounts can help you avoid approaching the maximum on any individual credit line. The length of your credit history. In general, the longer an account has been open, the better. How much new credit do you have? New credit—whether in the form of installment plans or new credit cards—is considered riskier, even if you pay down the debt promptly. The types of credit you use. Generally, it’s desirable to have more than one type of credit—such as installment loans, credit cards, and a mortgage.

Posted in Buyers
Oct. 1, 2021

How to improve your credit score to buy a home

HOW TO Improve Your Credit Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: Check for errors in your credit report. Thanks to an act of Congress, you can download one free credit report each year at annualcreditreport.com. If you find any errors, correct them immediately. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score. Don’t charge your credit cards to the max. Pay down as much as you can every month. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less severely for problems after a year. Don’t order items for your new home on credit. Wait until after your home loan is approved to charge appliances and furniture, as that will add to your debt. Don’t open new credit card accounts. If you’re applying for a mortgage, having too much available credit can lower your score. Shop for mortgage rates all at once. Having too many credit applications can lower your score. However, multiple inquiries about your credit score from the same type of lender are counted as one if submitted over a short period of time. 

Posted in Buyers