Scottsdale Real Estate Podcast with Mark Deacon

What’s it like to buy a home in the fall? Allow me to explain. What should homebuyers know about starting a home search in the fall? There are actually a few important things to keep in mind. First, a fall home hunt will allow homebuyers to evade much of the competition they would face at other times of the year. Many people consider fall to be an “off-season” for real estate, but this isn’t true. Fall sellers are serious about striking a deal, which places you in a position to get great terms and a great price. As a final bonus, buying in the fall presents a fantastic opportunity to take advantage of end-of-year sales. If you need to refurnish your new home, for example, Black Friday would be a fantastic time to do so. As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

If you’re planning to put your home on the market this fall, follow these key listing tips to boost your success. When selling a home in the fall, there are a few key steps you should take.  The first step is one that applies all year long: Research current market trends. This means partnering with a professional agent to determine how many competing homes are available and what homes in your neighborhood are selling for, among other things. Above all, understanding what kind of market your area is experiencing is key.  Generally, markets will either be categorized as a buyer’s market, a seller’s market, or a balanced market. A seller’s market is one in which sellers have the upper hand and is usually categorized by a lack of available listings and a strong level of buyer demand. It’s definitely possible to succeed in any type of market, but knowing what kind of conditions you’re facing will help to inform your listing strategy.  “Adding a few seasonal touches to your listing’s decor can make potential buyers feel much more at home.” Of course, this is only part of the equation. Another way to boost your fall selling success is by embracing the spirit of the season and decorating accordingly. Adding a few seasonal touches to your listing’s decor can make potential buyers feel much more at home. Don’t go overboard by any means, but do add festive throw pillows and other tasteful touches. And don’t forget your home’s exterior. Decorating the inside will only go so far if your home’s curb appeal is lacking, so be sure to clean up your yard and front porch, as well. This means raking any fallen leaves, trimming back trees or bushes, clearing walkways, and adding fresh mulch. Putting a pot of mums out is also a nice touch.  Preparing your home inside and out for showings will be essential to your success. Along with the tips we mentioned earlier, always declutter, clean, and stage your home before letting buyers inside. Also, don’t be afraid to appeal to senses beyond just sight. Lighting a pumpkin pie-scented candle, for example, can make your home feel all the more inviting. Baking cakes or pies before a showing will have a similar effect.  Finally, make sure all of your home’s lights are on before a showing. Daylight hours are limited at this later time of year, so keeping your home bright and well lit is a must.  If you have any other questions or would like more information, please feel free to give me a call or send me an email. I look forward to hearing from you soon.

Today I’ll answer two questions geared toward a special segment of homebuyers: What are VA loans? And can you use them more than once?  To answer the former, the VA loan is an incredible program designed to help active-duty military members and veterans with affordable homeownership. Using a VA loan, buyers have the exceptional opportunity to purchase a home for zero money down and can even qualify with a credit score as low as 580. This under-utilized program grants you the opportunity to not only buy a home, but also to build wealth.  As for the second question, provided you meet certain criteria, you can actually purchase multiple homes through VA loans. There are a few different reasons a buyer might pursue this option. Chief among them is direct relocation. If you’ve been assigned to a PCS or are moving to another geographical location, you’ll likely be able to buy a second home and keep your first as a rental property. “This under-utilized program grants you the opportunity to not only buy a home, but also to build wealth.” You might also be eligible to purchase a second home upon relocation if you’ve had a change in family size or in employment location. If none of these apply, you can always refinance your current home, thereby freeing up your eligibility to buy another home by way of a VA loan.  Just a few years ago, a client of ours bought a home in Avondale. After their purchase, they had two more children and needed to upsize. It all worked out in the end: We helped them find a renter for their Avondale property and they moved into a larger home in Buckeye—for zero down at that. They now own not one, but two homes, and their Avondale home is a means of income.    If you have any questions or would like to discuss VA loans in further detail, please don’t hesitate to reach out to us. We look forward to hearing from you soon!

Given the recent popularity of instant offer companies, otherwise known as “iBuyers,” many sellers have asked me whether selling to such a company is a good idea. Actually, there’s no-one-size-fits all answer. Instead, consider these pros and cons. Pro No. 1: You get to choose your closing date. This can be very handy for people on a strict schedule, such as those who are relocating for a job.  Pro No. 2: There are no appraisals or financing contingencies.  Pro No. 3: There are no showings. In other words, you get to sell your home as is without worrying about strangers walking through it and assessing every detail.  “The best course of action in determining whether selling an iBuyer is right for you is to speak with your Realtor.” Con No. 1: You will probably lose money. The convenience of an iBuyer sale may be nice, but the high fees and low offer price will almost certainly leave you earning thousands of dollars less than you could have on the open market. Con No. 2: There will be surprise fees. While iBuyers don’t require an appraisal, they do require an inspection. And once this inspection is finished, they will knock money off of their offer price to compensate for any problems they’ve found.  The best course of action in determining whether selling an iBuyer is right for you is to speak with your Realtor. They will help give you an idea of what you’d likely earn by selling to an iBuyer as it compares to what you could earn on the open market. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What a difference a few months make. Just this spring, we seemed to be entering a buyer’s market. Demand was receding, home price growth was slowing, and more and more homes were being listed for sale. But this is not true today. Home prices are heating up again. The average price of homes sold this May rose 3.6% from a year earlier—the biggest gain in seven months. Demand is up, too, with more buyers showing up for viewings. So what changed? It’s simple: Mortgage rates have dropped steadily since April, and are currently at the lowest levels in a year and a half. In fact, the 30-year fixed mortgage rate is just 0.5% higher from the all-time low they reached in 2012. “Now is a golden moment if you’re considering selling.” This has improved affordability, gotten more buyers interested in making a move, and caused the market to heat up once more. All of this is good news if you’re looking to sell. Right now, demand outstrips supply so much that if you were to put your home up for sale, you could still sell quickly and for top dollar.  Mortgage rates are likely to start trending up once again in the coming months. The Mortgage Bankers Association predicted an increase up to 4.4% through the rest of the year. For reference, that’s the same rate we saw a few months ago when it seemed we were entering a buyer’s market.  That’s why now is such a golden moment in case you’re considering selling. If you want to get the process started or if you have any real estate-related questions for me at all, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.