Ricky Aranda Real Estate Podcast

The closing process isn't a crazy one, but it's usually longer and more involved than most people think when they sell their house.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.When you sell your house, there are few specific things you can always expect during closing.While we're still in a seller's market, it's not as easy as simply getting an offer on your house and closing the next day. In fact, many sellers misunderstand how involved the process really is. The first step after getting an accepted offer on your property is the buyer's 10 days of due diligence unless you agreed on something different. The standard 10 days in the Arizona purchase contract gives them time for any type of inspections. Within those 10 days, they will either cancel the deal because they don't like the property or there are too many repairs, give the seller the option to fix certain items, or just accept the property as-is and move forward. “95% of buyers in our market use loans, so they'll need an appraisal. ”From there, you as the seller have a certain amount of time to address what you'll do. After that process comes the appraisal process.Most cash buyers won't get an appraisal, but 95% buyers in our market use loans, so they'll need an appraisal. A third-party appraiser ordered by the bank will go to the property to make sure it's worth the agreed upon price. These two processes are the big hurdles in the closing and typically take about 20 to 25 days. That's why the closing as a whole usually takes around 30 to 45 days. Other steps include getting the home ready to move out and getting the title squared away with the title company, among other things. It's not a crazy process, but it can be longer than most people think.If you have any other questions or you're thinking of buying or selling a home here in the Tucson market, give me a call or send me an email. I'm always happy to help!

When you start looking for financing to buy a home, there’s one key mistake that many buyers make that you should try to avoid at all costs.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.When you talk to a lender for the first time, there’s a big mistake that many people make that you should try to avoid. That mistake is signing up with the first lender you talk to.Whenever you work with us, we like to recommend a lender and also that you get a second opinion. You’re not obligated to work with our preferred lenders; you can work with whoever you want.However, we really want to make sure you know not to just stick with the first lender you talk with, just like you wouldn’t work with the first doctor that told you that you need knee surgery. You’d get a second or third opinion.“You wouldn’t work with the first doctor that said you need knee surgery, would you? ”We also see buyers work with a lender who gives them a good interest rate, but we’ll recommend they speak with one of our lenders who can actually beat that interest rate. You always want to explore your options.Getting a better rate will save you a lot of money in the end, so always be conscious of it. Our rule of thumb is to work with the best of two or three lenders that you speak with.If you need a recommendation for a great mortgage lender or you’re thinking of selling your house, don’t hesitate to give me a call or send me an email. I’m always happy to help.

A lot of people have been asking me when the best time to sell is. The answer is right now, and here’s why.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.A common question I get asked is, “When is the best time to put my home on the market?” The answer is now. I know you may think that I’m just trying to get your business, but the truth is the market has extremely low inventory right now, which means there are more buyers out there than there are properties available. “Right now is the best time to list your home. ”Because of this, we’re seeing a lot of multiple offer situations which are driving up sale prices. If you’re trying to get the most amount of money in the least amount of time, I definitely recommend putting your home on the market right now. If you have any other questions or are looking to buy or sell a home, please feel free to give me a call or send me an email. I would be happy to help!

In today’s competitive market, it is more important than ever for buyers to hire experienced real estate agents.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Why is it important to work with an agent who has a lot of buyer experience? In today’s market, inventory is very low, which causes a lot of issues. If you want to buy a home, you are facing a lot of competition. Last year, if you submitted an offer on a house, it was probably the only offer on that property. Today, even if you make an offer on a home the day it hits the market, you could be competing with as many as four other buyers. “Submitting an offer is different from getting your offer accepted. ”That makes things really challenging for buyers right now. You need an experienced agent who can get your offer accepted. We are still able to get a lot of buyers into homes because we have many savvy techniques to get an offer accepted. It’s one thing to work with a nice agent but you have to ask yourself, “Does this agent have what it takes to get my offer accepted?” Any agent can submit an offer, but getting an offer accepted is another story. If you have any questions about navigating the current market, just give us a call. We would be happy to help you!

Interest rates recently went up. What does that mean for buyers? Will they continue to rise? I’ll go over everything you need to know today. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Recently, interest rates went up. What does that mean for you? Rising interest rates are not a bad thing; in fact, they indicate that the economy is improving. Ultimately, it’s still a good time to buy a home because you won’t have to pay the 9% interest rates of the past. Depending on your credit score, you might not have to pay more than a 5% interest rate. However, we recommend locking in a low interest rate on a 15-year or 30-year mortgage now, as interest rates should continue to rise. “Interest rates will continue to rise, so now is a great time to buy. ”With the new year, our market will have a lot of activity. However, inventory is still low, so make sure you get pre-qualified now. That way, when your dream home comes on the market, you will be able to make an offer right away. Getting pre-qualified also gives you an advantage in this market, as we are still seeing multiple offers due to low inventory. If you have any other questions about interest rates or our current real estate market, just give me a call or send me an email. I would be happy to help you!

Real estate transactions can fall apart for a number of reasons, but I have noticed three in particular that cause deals to fail in today’s market.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Whether you are buying or selling a home, you may end up in a real estate transaction that falls apart. Why do some real estate deals fall through? There are many factors that go into a real estate deal, but there are three main reasons why a transaction could fail: 1. You ask for too much on the inspection report. Since we have low inventory right now, sellers often end up with multiple offers. As a result, they are not going to fix every single item on the inspection report. If you are buying a home, focus on the major issues in the home rather than requesting a bunch of cosmetic fixes. If you ask the seller to take care of everything on the list, they will simply move on to one of the other six offers they have on their home. 2. Your real estate agent gets emotionally involved. Unfortunately, there are a lot of agents out there who let their emotions interfere with your transaction. As real estate agents, our job is to represent our clients’ needs and interests. Sometimes agents feel as if they are the ones buying the property and end up taking everything personally, which can cause your deal to fall through. “Focus on major issues in the inspection report instead of cosmetic fixes. ”3. Bad negotiation tactics. In today’s market, if you offer $250,000 on a house that is worth $300,000, you could really insult the seller. Our job as real estate agents is to get you the best deal, but we are also here to educate you. That way, you can offer a fair price, avoid angering the seller, and get a deal done. If you insult the seller at the beginning, you’re in for a difficult battle during the negotiations. Fortunately, a professional real estate agent can help you avoid any of these problems. If you have any other questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!

Inventory is extremely low in the Tucson metro area and we're seeing the market turn into a seller's market. We're even seeing sellers receive multiple offers on their homes. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Tucson is really turning into a seller's market, so I wanted to stop by with a quick market update.There is extremely low inventory all over the Tucson metro area. I've talked about this before, but I can't stress it enough: if you're thinking about selling at all, inventory is very low right now, so you have a very good chance of getting full price for your home. We're even having a lot of sellers getting multiple offers on their house and getting to choose one that's above asking price in some situations.“You have a good chance at selling at or above asking price. ”Low inventory puts you in a great negotiating position because buyers have fewer options to choose from, which means that you won't have to do many repairs after an offer comes in. These are the kinds of things that will save you money.If you've thought at all about selling your home, give me a call or send me an email today because you don't want to wait any longer to take advantage of this market. I hope to hear from you soon!

This loan program will gift you up to 10% down to purchase a home. There are limited funds, so acting fast is essential. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.I’ve got a great new loan program for buyers that I want to discuss with you today. This program is called “Pathway to Purchase,” and it’s one of the best programs I’ve ever seen for a conventional loan.This conventional loan product gifts you up to 10% down, and you don’t have to pay it back. The only caveat is that you have to live in the house for five years before selling. After five years, you can sell or do whatever else you’d like. The down payment will cover up to $20,000, so you could get a home worth up to $200,000.“There are limited funds in this program. ”Even if you have money saved up for a down payment, you can use this extra money for renovations. There are limited funds in this program, so if you would like to learn more, let us know as soon as possible so we can get you in touch with one of our lenders. This program is designed to stimulate activity, but once it’s done, it’s done. This product has also brought more buyers into the market, making it a smart time to sell, too.If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

I wanted to take a minute talk about a great new loan program that’s only available here in Tucson. This loan provides up to $20,000 that you don’t have to pay back for properties in Tucson. The only small caveat is that you have to live in the house for five years. You can’t use this program to buy a house, get $20,000 in free equity, and sell it right away. This program is not for people who want to flip properties. I’ve never seen a program like this for first-time home buyers. If you’re a first-time buyer and you don’t have enough money for a down payment, this program will give you up to $20,000. “I’ve never seen a deal like this for first-time buyers. ”It’s a remarkable deal with great rates, too. If you’re interested, we’d love to put you in touch with one of our preferred lenders. If you have any other questions about this loan program or about real estate in general, give us a call or send us an email. We would be happy to help you!

We’ve got a second quarter update for the Tucson market for you. Today’s market is a double-edged sword for both buyers and sellers. It’s great for sellers because of low inventory, and it’s great for buyers because interest rates are still low and there are a lot of down payment assistance options out there. At the same time, we are still seeing issues.For buyers, low inventory means you’ll likely be competing against multiple offers on anything priced right in the $250,000 or below price range. For sellers, prices are going up due to low inventory, especially in the last few months. “Buyers must be prepared to make a quick offer. ”If you’re selling in this market, all you’ve got to do is price properly and you have a good chance at receiving multiple offers. If you plan on buying, it’s absolutely possible to get a good home. You’ve just got to be prepared to write an offer quickly. Homes are sometimes getting multiple offers within the first 24 hours that they are listed.The weather isn’t the only thing heating up in Tucson; the market is as well. If you have any questions for us, give us a call or send us an email. We would be glad to help you out.

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.For those of who you follow the news, I’m sure you’ve heard by now about the U.K. deciding to leave the European Union, or the “Brexit.” This event has actually benefited us in the real estate market as it has lowered interest rates a considerable amount. Whether you’re buying a house or selling a house, the impact has been positive. If you’re selling, there will be more potential buyers out there looking to lock in a great rate. If you’re a buyer, you’ll be able to get a great rate on virtually any type of loan program. If you’re looking to wait and see what will happen, now is a great time to act due to the increased amount of buyer activity. “Whether you’re buying or selling a house, the impact has been positive. ”This is especially true here in Tucson, where we’re seeing low inventory. Low inventory, of course, drives prices up because there are more buyers than there are properties listed. It’s a win-win situation for all parties. If you have any real estate needs regarding buying or selling a house here in Tucson, please feel free to give me a call or shoot me an email. Have a great day!

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Any property under $275,000 currently sits in a seller’s market. More buyers are looking for homes within this particular price range. If you’re selling within this price range, sell today!However, beware that there are sellers still paying closing costs at the end of a transaction.  The market above the $275,000 price range remains a little slower. Nonetheless, it’s still considered a balanced market. The luxury market, including homes priced over $500,000, is experiencing a much slower market.It’s time to act now. Interest rates will increase in December! Take advantage of low rates today. Waiting could cost you your dream home.If you have any questions about the market today, give us a call or email today!

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.If you’re thinking about buying a home, there are some important questions to keep in mind. We’ve listed the most important for you today. Consider this a prospective buyer’s preliminary checklist!Why am I buying a home in the first place? Forget about the finances for a second. This is the most important question to ask yourself. Do you want be safe? Do you want a better school district for your kids? Do you want more space, or just to control it?Where are home values headed? According to the Home Expectations Survey, the home value index should rise to 23.5% by 2019. If you’re planning to sell your home to buy, rest assured. Your home value is expected to increase with time.Where are mortgage interest rates headed? Be concerned about interest rates. They’re always fluctuating. An increase of interest rates dramatically affects the full sale price of a property by the time you pay it off between fifteen and thirty years. Even a 1% increase can drastically change the end value of your property! Compared to a few years ago, rates are comparatively low, but there’s always the chance they could shift unexpectedly.If you’re interested in buying or selling a home, reach out to us today! Don’t wait. We’d love to chat with you about your real estate needs.

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.When buying a home, should I get a home inspection? In Tucson, when you go under contract, you have ten days for due diligence. Due diligence allows you to inspect the property. Recently, many clients have asked if a home inspection is worth the fee. We always say yes!Generally, home purchases are the most costly transactions you’ll make in your lifetime. You want to get what you bought. Make sure you know what you are getting into. Home inspections usually cost between $300 and $400. They’re definitely worth the price, too. Any skilled inspector knows what to look for, from plumbing to electrical repairs to the roof. They will give you a report on what needs to be fixed, updated, or addressed soon. They will tell you what to look for. The extra expense of hiring a home inspector is well worth it.If you have any questions about inspections or real estate in the Tucson area, give me a call or send me an email today. Please reach out!

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Before listing your home, do a walkthrough of your own house as if you were a buyer. Look for leaks around toilets and sinks. See if you can spot any problems that need to be addressed sooner than later. Buyers will most likely see these problems if you can.You can always contact a home inspector, too. They can perform a pre-inspection for your property. This can cost around $300 to $400, but it is worth the investment. After the inspection, they will give you a report with repairs and problems to fix. If you contact us, you can ask our recommendation for a local inspector. Our office maintains relationships with contractors in the area.Many people also ask if it’s wise to remodel their home (specifically the kitchen or the bathroom) before listing it. Generally, I advise against this, because you don’t always see that return on the investment. For instance, if you replace appliances and it ends up costing you $50,000, don’t expect your listing price to increase by that amount.If you have any questions at all about pre-inspections, please don't hesitate to ask!  

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.As a buyer in the Tucson housing market, there are a few things to keep in mind when considering your buying power. Check out these four important factors below!Your credit score is the most basic way for a lender to know where you stand financially. This also accounts for your ability to pay back each loan every month. Your initial down payment is important. The more money you’re able to offer upfront, the more purchasing power you have. Next, there’s always the debt-to-income ratio to keep in mind. Although you might have a steady income, any remaining debt can decrease your purchasing power. Lenders want to be reassured a buyer has the assets to pay back loans. This can include money coming in the future, such as rent from tenants, or any investments.If you’re thinking about buying or selling in the surrounding area, give me a call or email! I’d be happy to answer any questions you have.

Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.  Typically, when we work with buyers, many assume that the down payment is the only money they will need to pay out of pocket for the property. These buyers get a rude awakening when they realize there are other costs. That’s why today, we’re talking about closing costs. First of all, there’s the down payment. There are some loan programs that don’t require any money down. In Tucson, there’s even a down payment assistance program. If you don’t want to pay any money out of pocket, you will still need a savvy agent to negotiate closing costs. Closing costs include loan origination fees and other fees. If you are working with a DPA program, you can probably come in with a 3% down payment. If your agent doesn’t negotiate the closing costs, however, you will actually need to pay 6.5% out of pocket.  In our current market, homes priced around $250,000 are in a strong seller’s market. That said, sellers are still paying closing costs. You may have to offer closer to the asking price in order to make that happen, but it will mean less money out of pocket at the end of the day. There are other fees that a buyer needs to be aware of as well. We always recommend that buyers conduct a home inspection. These usually run around $300 to $350. For smaller properties like townhouses and condos, a home inspection might only cost $280. This is a small investment to make in order to know everything about the property before you buy it. On top of the regular home inspection, you should also get a termite inspection. Termite inspections only cost $40 to $60. It’s important to make sure that the property doesn’t have any termites because banks won’t finance your home purchase if there are termites. As you can see, there are many costs involved in buying a home. If you have any questions, give us a call or send us an email. We would be happy to help you!