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.

1. 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.

2. 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.

3. Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.

4. 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.

5. 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.

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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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

Property walkthru video for a Phoenix, Az condo with views all around. 2 bedroom, 2 bath, end unit! Listing courtesy of another brokerage, Learn more about this property here: http://www.flexmls.com/share/2JOzZ/1057EBUTLERDRD1PhoenixAZ85020

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.

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.

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.

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.

Get on the Path

One of the great programs that are available to people looking to own a home here in Arizona is the "Pathway to Purchase" program. This is a Program run by the AZ Dept of Housing that provides Down Payment Assistance to qualified homebuyers looking to buy homes in 17 of the hardest hit cities in AZ for Foreclosures. The whole state is represented with cities from Snowflake to Yuma to Sierra Vista. A lot of the smaller Phoenix suburbs are eligible (Laveen, Surprise, Buckeye) and the program is in Tucson as well.

What are some of the Highlights of the program?

·         Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.

·         Borrower(s) Income not to exceed $92,984.00

·         Purchase Price limit not to exceed $371,936.00

·         Existing, previously occupied properties only, new construction, including spec homes are not allowed.

·         The DPA provided is 10% of the purchase price - up to a maximum of $20,000.

·         Each borrower must complete a homebuyer education course before closing.  The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies through another HUD-approved homebuyer education provider.

The loans for the Pathway program must be through approved Mortgage providers, so please let me know if you are interested and we can get started!  It won't be around forever, as Funding for the Pathway to Purchase DPA Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund.  The P2P Program has a $48-million-dollar commitment and is available on a first come first serve basis.

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