Phoenix Rising Realty Blog
5 CRITERIA FOR PRICING A HOME
/When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.
Latest listing video tour
/Keeping everyone safe at home, here is a #video tour of my latest listing in Mesa, AZ. #realestate #rentalproperty #forlease
A First-Time Home Buyer’s Guide to Shopping for Home Loans
/A First-Time Home Buyer’s Guide to Shopping for Home Loans
Buying a home is a big deal. It’s scary and exciting and comes with a multitude of tasks. One of the most important things you need to do as a first-time homebuyer is shop for home loans. This gives you the opportunity to possibly save thousands of dollars on your mortgage. You should never go with the first lender you speak with. Here is a quick guide for first-time home buyers shopping for a home loan.
Ask for referrals
Start by asking someone you know who has recently purchased a home. Ask who they used for their lender. Ask a financial adviser, colleague or real estate agent to give you a quick list of referrals. An agent will be able to provide you with a few options. The best option is to ask homeowners who will have an unbiased opinion.
Get Pre-Approved
A pre-approval allows you to confirm how much you can qualify to borrow for a mortgage. This also positions you to make serious offers when you find the home you want to buy. For a pre-approval, the lender will verify the buyer’s application info provided through income and asset documents provided by you or retrieved from the mortgage company. The most important thing is to take the time to provide everything needed for a thorough pre-approval process.
Do Your Research
The internet has made the mortgage selection process, making rate comparisons a fast and easy first step. It is important to look beyond the initial rate and dig a little deeper into the fine print like what the closing costs are, hidden fees and down payment requirements. A great resource for evaluating lenders is to read online reviews on sites like Facebook, Zillow or Google.
Evaluate Rate, Service, and Speed in Processing the Loan
The internet is full of “discount” mortgage financing options with exceptional rates, but they often have a prolonged close and can’t offer you the level of service you need. On the other hand, there are large national companies that will offer great service and value but won’t give you a competitive rate and the service you do receive may not be on the same level as from a local company. It is important to do research before choosing a mortgage lender because you want to ensure you get the highest quality and service along with the best rate.
Work With Your Agent, But Take the Lead on Selecting the Lender
Your agent will serve as your partner in this process, but it is important to choose your lender based on your findings and not just on who your agent believes you should go with. Take their advice, but also make sure you are going with who you feel most comfortable with.
A mortgage loan is one of the biggest financial decisions you will make in your life. You want to make sure you take the time to get all the facts before choosing a lender. It ultimately comes down to finding the lender who can offer competitive rates, offer great service and quickly process the loan.
If you are in the market to buy in our area, contact me today! I’d love to hear from you.
Michael Szymanski
Rattler Realty LLC
SA663931000
(602) 430-2225
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Get your home Fixd! (Convo with Emil Margallo of Fixd Home Warranty) - New Podcast episode!
/Being a REALTOR®, I'm always looking to protect my clients interest in their new home. Recently I had a chance to meet Emil Margallo from FIXD Home Warranty - they are new to the Phoenix market and owned by Angie's List. Since I liked a lot of the ways they are providing their service - we are giving them a go with one of my clients who are purchasing a home.
Today Emil talks about FiXD, where they come from and how they operate. You can learn more about FIXD at https://www.fixdrepair.com/ and reach Emil at emargallo@fixdrepair.com.
As always - be sure to subscribe to this podcast! and please check out my other pages at:
Youtube: https://www.youtube.com/channel/UCsK2vHoGXQmQt_MH-H2vuBg
Real Estate Webpage: https://michaelsellsphoenix.com/
Blog & Insurance page: https://www.phoenixrisingrealty.com
Instagram: https://www.instagram.com/phxrisingrealty/
Facebook: https://www.facebook.com/PhxRisingRealty
#BrillStreetHouse Walkthru
/Here is a walkthru of my latest listing - #BrillStreetHouse. Take a look and let me know what you think!
More info can be found at https://www.michaelsellsphoenix.com/property-site/1318-e-brill-street~5955472~2260
Phoenix Condo with Amazing views!
/Recently one of my favorite condo communities here in Phoenix had a listing come onto the market. I’ve long been interested in these Mid_Century modern condos with AMAZING views, but never had a chance to go up & take a look until now.
So when this opportunity came up, I jumped at the chance to take a look. The vantage point did not disappoint! The unit on the market was is on the South end of the complex, giving 180 degrees of spectacular views of Phoenix. Since I filmed this, the unit went under contract, but there IS another one available that has a more updated, modern vibe!
Link to original listing: http://www.flexmls.com/share/2JOzZ/1057EBUTLERDRD1PhoenixAZ85020
How to get a Home Mortgage with a 500 Credit score! New Podcast episode!
/IMaybe you don't have the best credit, but you want to buy a home sooner rather than later. Well this episode I talk with Josh Culver of Peoples Mortgage that could get you into that home with a credit score as low as 500!
Josh can be found online on Facebook at https://www.facebook.com/JoshCulverMortgageLoanOriginator or Instagram https://www.instagram.com/jculverresidentialmortgagelo/
As always, you can find me at https://www.phoenixrisingrealty.com/ for any Real Estate or Insurance needs here in Arizona.
How to Protect Yourself from Wire Fraud - New Podcast Episode
/New episode of my podcast is up - this is with Mary Van Alstyne of Landmark Title Assurance Company about how Homebuyers can protect themselves from Wire Fraud when buying a home.
Sharing the Ride - Audio Blog Post
/Here is the audio version of my Sharing the Ride blog post
New Podcast episode - Mortgage talk with Josh Culver of Peoples Mortgage
/In this new episode of my podcast, we talk with Josh Culver about Rehab loans for the purchase of a new home, and how they can benefit a lot of homebuyers.
Pathway to Purchase - Podcast Audio Blog
/Are you looking for a Down Payment assistance program to help with buying a home? There are several available, and I’ve recorded this podcast to teach you more about The Pathway to Purchase program.
The text version of this blog is available to read here as well if you’d like to reference the material.
Weekend Buzz for March 21, 2019
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Open House in Peoria this weekend! March 23-24 from 10-3
/Come see this beautiful home in Peoria near Westgate & State Farm Stadium with easy access to the 101.
Twice voted best home on tour, this home was built in 2016 and shows like a model. The 3 bedroom, 2 bath home features an amazing finished backyard, huge kitchen island and 3 panel glass sliding wall that opens up to the gas firepit area allowing for an easy indoor/outdoor lifestyle.
See more of this home here and feel free to contact me with questions or to RSVP!
Apply for a new Mortgage, right from your phone!
/I’m always on the lookout for new tools to help my clients with their Home Buying experience, and to make things easier for them to get that new home.
I’ve teamed up with Matt Webber at Fairway Mortgage to create an app you can use on your phone to apply for a mortgage, saving you time and making the whole process streamlined form start to finish.
Matt’s a real pro, and one of the Mortgage Professionals I recommend to my clients to consult with. As always, finding a Mortgage Officer that fits with your personality is key. I’m happy to suggest a few to speak with for anyone!
You can download our app here or with the QR below.
Open House Sunday April 30 10am - 3pm!
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Open House Sunday, April 30 10am - 3pm. Contact me for details!
Read MoreSharing the Ride
/Lately I have been helping a lot of Drivers with Auto Insurance for Transportation Network Companies (TNC); i.e. Lyft, Uber, and to some extent services like Postmates. The questions that I get asked the most are "Do I need Rideshare Coverage on my insurance?" and "What does the Rideshare company insurance cover?", and "How much does coverage cost?".
Here in Arizona - you are required to have the proper coverage for your car. You give the TNC company the right to verify your insurance when you begin driving, but it is up to you to make sure you're completely protected. The TNC coverage is designed to primarily protect the passenger and any at-fault damage caused by the driver. And the deductibles for any accident are substantial. Uber currently has a $1000 deductible for damage to your car and Lyft's deductible is $2500. TNC coverage is also broken down into 3 Periods.
Period 1: The app is on, but you have not accepted any fares. It is during this time that your personal Rideshare coverage is helping to protect you. There is limited coverage from the TNC at this point. Your personal coverage helps you to bridge any gaps betweent he TNC coverage and your personal policy.
Period 2: You've accepted a fare. This is where the TNC company coverage really kicks in. They will begin to cover any damage caused by your driving if there is an accident. If the other driver is at fault, they may even help you get the situation resolved with the other Insurance company.
Period 3: This is from the time you pick up the passenger until a few minutes after you've dropped them off. This is the peak of the TNC coverage. Again, they are looking to protect passengers and damage caused by the driver. They will definitely help the passenger in an at-fault OR as the victim of an accident. You are again covered as a victim of another driver's negligence, and subject to the deductibles above for at-fault accidents.
If you don't have the proper coverage, you are leaving yourself exposed to lawsuits and the loss of your car if there is an accident. You also may have coverage dropped by your current provider if they find out that you have been driving for a TNC. This can be at renewal, immediately or if you have any claims. Only a select few companies here in AZ offer Rideshare coverage to drivers currently, with more predicted to come in 2017. We are able to quote you polices with Safeco, Mercury and Commonwealth - They all offer the rideshare endorsement immediately.
As with any other Insurance, costs all depend on your individual situation. Your driving record, accidents, claims and potentially even credit score will affect your rates. Most coverage for adding the rideshare endorsement adds anywhere from $10 to $50 per month, depending on the driver.
As always - if you have any questions or if I can help you with your insurance coverage, please let me know.
*** Update March 2019 ***
Since I wrote this original post, there have been a LOT more drivers come into the market, and more & more the question comes up about coverage. Insurance companies have gotten a lot tougher on policies without the endorsement. I hear stories often about drivers that do not have the TNC/Rideshare endorsement on a policy, get in an accident, and get dropped from their insurance company with no help in recovering from the accident. This is a risk at all times if you don’t have the right coverage.
I also now have more options for Rideshare coverage - Bristol West, Progressive & more have began to offer the Endorsement option for drivers.
Home in 5
/Another Down Payment Assistance program for ANY home in Maricopa County is "Home in 5".
The goal of this program is to help homebuyers obtain FHA, VA, or USDA-RD loan financing to purchase a home anywhere in Maricopa County, including the city of Phoenix. Through the Home in Five Advantage program, individuals or families who qualify would be able to obtain a 30-year fixed rate loan, with a non-repayable down payment/closing cost assistance grant, with special incentives for qualified United States military personnel.
Financing for these loans is available on new or existing homes, condominiums, and townhouses on a first-come, first-served basis.
PROGRAM ELIGIBILITY
- Homebuyers may purchase a home anywhere in Maricopa County, including in the city of Phoenix.
- Buyers must occupy the home as their principal residence within 60 days of closing.
- The program may only be used to purchase a home (i.e., no refinancing).
INCOME LIMITS FOR ELIGIBLE BORROWER
Maximum credit qualifying income may not exceed $88,340 for ALL borrowers.
PURCHASE PRICE LIMIT
Maximum purchase price limit of $300,000.
SPECIAL INCENTIVES FOR QUALIFIED UNITED STATES MILITARY PERSONNEL, TEACHERS, FIRST RESPONDERS, FIRE FIGHTERS, EMTS, AND SOME PRISON WORKERS
- Down payment/closing cost assistance of an additional 1% for a maximum of 4.5%.
“Qualified United States Military Personnel” includes Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard. A “Qualified Veteran” is a person who served in the active military, naval, or air service, and who was discharged or released under conditions other than dishonorable (as provided in 38 U.S.C.Section 101).
DOWN PAYMENT ASSISTANCE
- All homebuyers qualifying for down payment assistance will receive a maximum of 4.5%. of the original loan amount to be used for down payment and closing cost assistance.
- Qualified United States Military Personnel, Teachers, First Responders, Fire Fighters, EMTs, and some Prison Workers will receive an extra 1% DPA grant.
- THIS ASSISTANCE IS A GRANT AND DOES NOT REQUIRE REPAYMENT.
