position realty

Results No Excuses

IMPORTANT THINGS TO KNOW ABOUT HOME INSPECTIONS

If you’re hiring someone to inspect the home you want to buy, or you’re a seller trying to find out if there are any hidden problems that need fixing before you put your home on the market, here are five things you need to know:

1. You can choose your home inspector.

Your real estate professional can recommend an inspector, or you can find one on your own. Members of the National Association of Home Inspectors, Inc. (NAHI), must complete an approved home inspector training program, demonstrate experience and competence as a home inspector, complete a written exam, and adhere to the NAHI Standards of Practice and Code of Ethics.

2. Home inspections are intended to point out adverse conditions, not cosmetic flaws.

You should attend the inspection and follow the inspector throughout the inspection so you can learn what’s important and what’s not. No house is perfect and an inspection on any home is bound to uncover faults. A home inspector will point out conditions that need repair and/or potential safety-related concerns relating to the home. They won’t comment on cosmetic items if they don’t impair the integrity of the home. They also do not do destructive testing.

3. Home inspection reports include only the basics.

A home inspector considers hundreds of items during an average inspection. The home inspection should include the home’s exterior, steps, porches, decks, chimneys, roof, windows, and doors. Inside, they will look at attics, electrical components, plumbing, central heating and air conditioning, basement/crawlspaces, and garages.

They report on the working order of items such as faucets to see if they leak, or garage doors to see if they close properly. Inspectors may point out termite damage and suggest that you get a separate pest inspection. The final written report should be concise and easy to understand.

4. Home inspectors work for the party who is paying the fee.

The NAHI Standards of Practice and Code of Ethics clearly state that members act as an unbiased third party to the real estate transaction and “will discharge the Inspector’s duties with integrity and fidelity to the client.” A reputable home inspector will not conduct a home inspection or prepare a home inspection report if his or her fee is contingent on untruthful conclusions.

The inspector should maintain client confidentiality and keep all report findings private, unless required by court order. That means it is your choice whether or not to share the report with others. If you’re a seller, you don’t have to disclose the report to buyers, but you must disclose any failure in the systems or integrity of your home.

5. Inspectors are not responsible for the condition of the home.

Inspectors don’t go behind walls or under flooring, so it’s possible that a serious problem can be overlooked. Keep in mind that inspectors are not party to the sales transaction, so if you buy a home where an expensive problem surfaces after the sale, you won’t be able to make the inspector liable or get the inspector to pay for the damage. In fact, you may not be entitled to any compensation beyond the cost of the inspection.

As a buyer, you need the home inspection to decide if the home is in condition that you can tolerate. You can use the report to show the seller the need for a certain repair or negotiate a better price. You can also take the report to a contractor and use it to make repairs or to remodel a section of the home.

One thing you should not do when buying a home is skip having the home inspected because of cost or undue pressure by the seller. A home inspection is reasonable, it can save you money in the long run, and it’s required by many lenders, particularly for FHA loans. There’s a reason why buyers should beware, and a home inspection gives you the information you need to make a sound buying decision.

Position Realty
Office: 480-213-5251

UNDERSTANDING HOW CREDIT SCORES WORK

Lenders want to give you a mortgage, but they also want to minimize their own risk. The easiest way to retard risk is by using your credit scores to make lending decisions.

Credit scores are compiled separately by three consumer reporting agencies — Equifax, Experian, and Trans Union. These credit reporting bureaus calculate scores differently, and base their scores on information that may differ from other bureaus.

Equifax Beacon 5.0 Facta: scores range from 334 to 818.

Experian Fair Isaac V2: scores range from 320 to 844.

Trans Union FICO Risk score Classic 04: scores range from 309 to 839.

Your credit score is a number that reflects the information in your credit report, whether you pay your bills on time, how much you owe creditors, payoffs, and derogatory information such as liens. It also includes inquiries into your accounts from lenders, landlords, and employers.

When you apply for a home loan, your application includes giving your lender permission to “pull your credit” and base the decision to lend to you and the rate of interest on the information contained in your credit scores. The higher the score, the better terms you’ll receive from the lender.

Once your credit scores are reviewed by your mortgage lender, you’ll receive a computer-generated report of the findings in the mail, but it won’t have a copy of your entire credit report. It may include key factors that adversely affected your scores. Some examples might include:

  • Too many inquiries in the last 12 months
  • Time since most recent account opening is too short
  • Proportion of loan balances to loan amounts is too high
  • Too many accounts with balances
  • Amount owed on revolving accounts is too high

What if you’re declined for the loan, or your lender wants to charge higher interest than you were expecting? Is there anything you can do?

Yes, talk to your lender and ask for help repairing or correcting your scores. For example, you may have innocently done something that resulted in a negative score, such as closing a line of credit. Or, you may not have realized that a late payment would bring your score down as much as it has. The lender will tell you exactly what you need to do.

Under federal law, you have the right to obtain a free copy of your credit report from each of the national consumer credit reporting agencies once a year. There are several sites where you can go to get your free reports includingAnnualCreditReport.com or FreeCreditReport.com.

If you find an error such as derogatory data that doesn’t belong to you, or an account that shows the wrong balance, simply show the lender your canceled check, release of lien or other proof that the credit report is wrong.

You’ll also have to correct the information yourself separately with each agency, and it may take a few weeks for the agencies to record the updated information.

In the meantime, work with your lender and do what he/she tells you to do to get the best rate, including paying more than the minimums, paying on time, and making sure that your debt to income is well within your ability to repay all your loans.

Position Realty
Office: 480-213-5251

6 GADGETS THAT WILL INCREASE HOME EFFICIENCY

For bolstered efficiency and enhanced convenience, it’s worth it to equip your home with the newest technology. There are practical smart home devices that will help you save on utility costs, ensure the safety of your home and assist in home maintenance. There are also more personalized gadgets that will help you monitor health, ensure your pet’s safety, and also provide multifaceted assistance in home management. Tailor your home with the right technology for you and your family. Here is a list of the best smart home gadgets you should invest in:

Nest Thermostat

The Nest Thermostat pays for itself with its energy efficiency programs, which yield significant savings on utility costs. The device learns the temperatures you like and will program itself in about a week with an automatic heating and cooling schedule. It also automatically turns itself down when no one is home, which saves energy. You can remotely control your Nest system from your phone, tablet or laptop. Nest will guide you toward the best temperature schedule that will save you both energy and money.

Philips Hue

Philips Hue bulbs help you control your house’s lighting via your smartphone. You can create light schedules for home automation so lights turn on when you arrive home or turn off once you’ve left. Doing this will help you reduce energy usage and also provide you with a means of remote theft deterrent. The away-from-home controls let you adjust your lights remotely. This is handy if you have forgotten to switch your lights off or if you need them on during a non-scheduled time. The Philips Hue kit is compatible with Apple HomeKit technology, which can be voice-accessed on the iPhone 6s Plus through Siri or manually through the app.

Beautiful young woman waking up with mobile alarm clock

Withings Aura

The Withings Aura is a high-tech alarm clock disguised as a sleek, modern lamp. It offers a personalized, gradual wake-up experience that will help you feel refreshed and energized. The light on the Aura provides a simulated sunrise, at your designated alarm time, for a gradual wake up. At night, the light provides optimized colors that promote the secretion of sleep hormones while its attached speaker projects soft ambient sounds that will enhance your sleep.

Amazon Echo

The Amazon Echo is a hands free speaker that you control with your voice. It can play music, provide information, news, sports scores, weather and more. You can connect the Echo to your music libraries from Prime Music, Pandora, Spotify, iHeartRadio, and TuneIn—the music will fill the room through the devices’ 360 degree omni-directional audio. Even while music is playing, the Echo can detect your voice for instruction. You can connect the Echo to your other smart home devices like the WeMo, Philips Hue, Nest, Wink, Samsung SmartThings, Insteon and ecobee.

Petcube

Keep track of your furry friend, while you’re out of the house, with Petcube. The cube contains a wide-angle lens video camera that provides HD live video so you can monitor your pet’s activity from your smartphone, tablet or computer. There is also two-way audio, which allows you to listen-in on your little friend and also chat with them through your smartphone. A built-in laser toy lets you interact with your pet so they get in some play time during the middle of your workday.

Belkin WeMo Switch

The WeMo Switch lets you remotely control the power source to your electronic devices. The switch uses your Wi-Fi network for wireless control of your plugged-in devices, like your television, stereo, heaters, fans, kitchen appliances and more. Through the WeMo app you can turn the device on or off and set schedules for them. The WeMo Switch helps you conserve energy and ensure that your home is safe from any electrical mishaps.

Position Realty
Office: 480-213-5251

Phoenix Residential Market Report ~ July 2016

Real Time_Supply

Average Sold Price_Monthly

Pie Chart_Market

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

The current real time market profile shows there were approximately 9,041 new listings (down 893 listings from last month) on the market in July 2016 and 7,769 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transactions by +16.4% but the overall inventory of homes on the market is down -16.4% as compared to the number of home on the marker in July 2014. Current demand is equivalent to demand for housing experienced in July 2015 but this year the lower inventory of homes on the market home prices will allow prices to appreciate at a faster rate.

In July 2016 the average sold price took a steep dive south as well as the number of sold transactions. This could be the formation of a new trend due to upcoming presidential election or it could just be caused by the lack of buying due to buyers taking summer vacations. Last year’s summer buying season was weak where we saw prices decrease from June to September. This month buyers demand is down by 1,208 transactions but the overall average days on market is still low which is good news the month of July was just a slow month in the market. Since August 2015 (12 months ago), the average sold price has increased approximately +4.5% (down from last month), the average days on market have decreased approximately -4.0% (down from last month) and the number of sold transactions have increased approximately +9.6% (down from last month).

The volume of foreclosure purchases since August 2015 (12 months ago) has decreased approximately -22.0% and the volume of short sales decreased of approximately -32.0%. Since November 2014 the volume of foreclosure purchases went up and now the trend is back down once again. Also, since August 2013 the volume of short sale purchases have decreased -474.8% because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity but some homeowners are still up-side-down depending if they purchased their homes between 2005 and 2007.

Since August 2015 (12 months ago), the number of homes for sale on the market have increased approximately +4.7% or 21,487 homes for sale on the market to a gradual increase of 22,504 homes. The total number of listings is low as compared to 28,776 listings in May 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices are still relatively low (near 2008 prices), mortgage rates are still at a historical low and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Real Estate Market Report ~ June 2015

Real Time_Supply

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

The current real time market profile shows there were approximately 10,380 new listings on the market in April 2015 and 8,406 sold transactions. Since the beginning of the year the number of new listings has exceeded the number of sold transaction but the number of total listing has consistently decreased since April 2014.

Since June 2014 (12 months ago), the average sold price has increased approximately +4.1% (up from last month), the average days on market have increased approximately +0.0% (up from last month) and the number of transaction has increased approximately +16.2% (down from last month). Since the month of May 2014 the average sold price has teeter tottered up and down with no upward trend but in April 2015 the average sold price jumped higher than the last 12 months. The summer buying season has begun with strong demand. The current average sold price is approximately $269,000 which is up substantially since March 2015. This second month of price increases is a strong indication of a market reversal from the real estate market we experienced in 2014. Let’s hope (for seller) the market continues its upward trend throughout the summer buying season.

The volume of foreclosure purchases since June 2014 (12 months ago) has decreased approximately -42.2% and the volume of short sales have decreased approximately -6.5%. Since June 2014 the volume of foreclosure purchases went up and now the trend is back down once again. Since August 2013 the volume of short sale purchases have consistently decreased because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity.

Since June 2014 (12 months ago), the number of homes for sale on the market have decreased approximately -11.2% or 28,776 homes for sale on the market to a gradually decrease of 24,410 homes. This decrease in the number of homes for sale could be a sign the market is beginning to shift once again back to a seller’s market (low supply and increased demand).

Real estate prices are still relatively low (near 2008 prices), mortgage rates are still at a historical low and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best investment strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Market Report ~ April 2015

Luxury Market Index

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the winter in November 2014, the average sold price has decreased approximately -9.5% (up from last month), the average days on market have decreased approximately -5.2% (down from last month) and the number of transactions have increased approximately +98.7% (up from last month). The average price per square foot is currently approximately $335 PSF, average days on market is 181 days and 153 transactions last month. Since we are now entering the summer months we are seeing the average sold price decrease, the average days on market increase and the number of transactions increase.

The luxury market is following its typical trend as we enter the summer months. The statistics for the month of April 2015 are showing a trend that the market is improving: the average sold price trend is decreasing, the average days on market are increasing but the number of transactions continues to increasing. Based on the statistics for the month of April it appears the Phoenix luxury market is following its typical trend as we start to enter the summer months.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. The economy is continuing to show signs of improvement in terms the overall economy and the real estate market is start to improve so you might be able to pick up a good deal. Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Market Report ~ March 2015

Luxury Market Index

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the winter in November 2014, the average sold price has decreased approximately -14.6% (down from last month), the average days on market have increased approximately +13.6% (up from last month) and the number of transactions have increased approximately +71.4% (up from last month). The average price per square foot is currently approximately $316 PSF, average days on market is 217 days and 132 transactions last month. Since we are now entering the summer months we are seeing the average sold price decrease, the average days on market increase and the number of transactions increase.

The luxury market is following its typical trend as we enter the summer months. The statistics for the month of March 2015 are showing a trend that the market is improving: the average sold price trend is decreasing, the average days on market are increasing but the number of transactions continue to increasing. Based on the statistics for the month of March it appears the Phoenix luxury market is following its typical trend as we start to enter the summer months.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. The economy is continuing to show signs of improvement in terms the overall economy and the real estate market is start to improve so you might be able to pick up a good deal. Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Residential Market Report ~ November 2014

Real Time_Supply

Pie Chart_Market

Average Sold Price_Monthly

Average Days on Market_Monthly

Active vs Sold Transactions

Foreclosures_Monthly

Short Sales_Monthly

The current real time market profile shows there were approximately 10,009 new listings on the market in October 2014 but only 6,244 sold transactions. Currently the number of transactions is back down to the amount experienced in 2008 and as a result there is an increase in inventory because the number of listings is not being purchased at a fast enough rate.

Since November 2013 (12 months ago), the average sold price has increased approximately +2.6% (up from last month), the average days on market have increased approximately +39.7% (up from last month) and the number of transaction has increased approximately +25.1% (down from last month). Since the month of November 2013 the average sold price has teeter tottered up and down with no upward trend. This is good news since the market has not formed a downward trend. We will not see an indication of a market reversal until there have been two to three consecutive months of upward or downward pressure on the average sold price, DOM and number of transactions. The current average sold price is approximately $248,000 which is up slightly from last month.

The volume of foreclosure purchases since November 2013 (12 months ago) has increased approximately +4.7% and the volume of short sales have decreased approximately -37.0%. Since November 2013 the volume of foreclosure purchases went up the beginning of the year and now the trend is back downward. Since August 2013 the volume of short sale purchases have consistently decreased because the inventory of homes “up-side-down” have been exhausted and values have risen to a point where consumers can break-even or sell with some equity.

Since November 2013 (12 months ago), the number of homes for sale on the market have decreased approximately -0.6%. Since March 2014 there were 29,435 homes for sale on the market but the number of homes for sale has been gradually decreased to 26,668 or a -9.4% decrease in November 2014. This decrease in the number of homes for sale could be a sign the market is beginning shift once again back to a seller’s market (low supply and increased demand) but we will not know for sure until after the holiday season.

Real estate prices are still relatively low (near 2008 prices), mortgage rates are still at a historical low and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best investment strategy, TODAY!!

Position Realty
Office: 480-213-5251

Phoenix Luxury Market Report ~ November 2014

Luxury Average Sold Price_Monthly

Luxury Average Days on Market_Monthly

Luxury Transaction_Monthly

Luxury Market Index

Prices in the Phoenix luxury real estate markets typically go up during the winter season and go back down during the summer months. Since the end of the winter in April 2014, the average sold price has increased approximately +0.3% (down from last month), the average days on market have increased approximately +2.3% (down from last month) and the number of transactions have decreased approximately -32.9% (down from last month). The average price per square foot is approximately $329 PSF, average days on market is 177 days and 96 transactions last month. Since we are now in the winter months we are seeing the average sold price increase, the average days on market decrease and the number of transactions increase.

The luxury market is following its typical trend as we enter the winter months. The statistics for the month of September is showing a trend that the market is improving: the average sold price trend is increasing, the average days on market are decreasing and the number of transactions is increasing. Based on the statistics for the month of September it appears the Phoenix luxury market is following its typical trend during the winter months.

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. The economy is continuing to show signs of improvement in terms the overall economy and the real estate market is start to improve so you might be able to pick up a good deal. Give us a call to discuss your best buying strategy, TODAY!!

Position Realty
Office: 480-213-5251

Info