Are Your Selling Expectations Realistic for Your Fountain Hills Home?

If you are thinking of selling your Fountain Hills home, you probably have three main objectives: 

1. Selling your home for the highest feasible price.

2. Selling your home as quickly as possible.

3. Selling your home with a minimum amount of contingencies. 

As your experienced Fountain Hills real estate professional, I understand these goals and I will help you meet them! 

I also want to share insights from a survey by HomeGain, which says that 75% of home sellers believe their home is worth more than more than their agent's recommended price.

This isn't surprising. After all, your property tax assessment may be higher than the market value of your home. Your replacement cost in your home insurance policy may be higher than the market value of your home. It only stands to reason that your personal opinion of your home's value may be higher than the current market value.

But I'm going to tell you what your home is likely to sell for, given current market values and recent home sales in your neighborhood. After all, selling your home and experimenting with the market are two different things. Over-pricing your home just to "see what happens" usually backfires, and here's why:

1. Most home buyers need mortgages, and mortgages require appraisals. If your home fails to appraise for the sales price, there's no deal.

2. The first 30 days on the market are critical. If your home is over-priced, buyers are likely to avoid it, which extends your days on market. The longer your home lingers on the market, the more it has to compete with new listings, and the weaker your negotiating position becomes. 

Getting top dollar for your Fountain Hills home begins with a realistic assessment of your home's competitive strength in the market!  With over 30 years of experience in Fountain Hills real estate, I have helped home sellers succeed throughout all market conditions! When you have questions about selling your home, call me! I will be happy to help you! 

 

Tina Nabers
Nabers Property Management & Real Estate
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FHA "Flip Rule" Extension Benefits Fountain Hills Investors and Home Buyers

House-flipping became a dirty word during the downturn of the housing market, but the practice is back in vogue. It also has the conditional blessing of the Federal Housing Authority. This is good news for property investors and home buyers in Fountain Hills. Here's why!

Arizona property investors have been an essential part of our housing recovery. They absorb foreclosures, repair distressed homes and either return them to the market, or rent them out. As attractive as buying a foreclosed home on the cheap may sound, most home buyers are not financially equipped to deal with a home that needs extensive repairs.

Recognizing the important role investors play in the housing market, the FHA has extended its blessing of "house flipping" by allowing buyers to finance homes that have been owned by the seller for 90 days or less. Inman News has an excellent article on the subject, and I'm going to touch on the main points.

1. The home purchase must be an "arm's length" transaction, meaning the buyer and seller cannot be working together, or be in cahoots in any way. The seller must also provide good chain of title proving their ownership.

2. If the home sale price is 20% more than what the seller originally paid for it, the seller must show documented proof of repairs, or provide other detailed, viable explanations to justify the markup. The FHA may require a second appraisal to validate the price.

3. If a 20% markup is involved, a home inspection is mandatory, and the buyer will be provided a copy of the report. Any significant defects would require full repair before an FHA-backed mortgage would be approved.

These sensible guidelines protect home buyers, and empower them to purchase "flipped" homes with FHA mortgages. In turn, property investors have a wider market of qualified home buyers.

If you are a first-time home buyer, you won't recognize a "flipped" home from any other on the market. As your Accredited Buyer Representative, I can verify the last sale date of the home and confirm whether or not you may be looking at a flip. There's no need to avoid them, but you will want to be aware of this type of seller and do your homework. I will help you!

Let me be your guide to the Fountain Hills real estate market! I have helped Arizona home buyers and sellers for over 30 years, and I'd like to help you too! I will provide you with expert, professional representation throughout the home buying process. This saves you time and money, and protects you from potential headaches. 

Contact me today and find out more about home buying in Fountain Hills!

Tina Nabers
Nabers Property Management & Real Estate
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Enjoy Holiday Events in Fountain Hills!

Ready or not, the holiday season is upon us! Whether you need a little help getting into the seasonal spirit, or just want to find good family entertainment, you'll enjoy these upcoming events in Fountain Hills!

Start with the "Stroll in the Glow" in downtown Fountain Hills on December 1, from 5:30 p.m. to 8:00 p.m.!

Experience the visual feast of 60,000 holiday lights and ornaments decorating the Avenue of the Fountains. Stores will be open late, so you have plenty of opportunity to browse our unique retailers along the Avenue. There will be carolers, a tree lighting ceremony, and an appearance by Santa himself, so bring the kids!

The Fountain Hills Theater presents "Christmas Jukebox" November 30 through December 23! This popular, always-original show features holiday music selected by the audience. Enjoy wonderful holiday memories, and make terrific new ones as these timeless songs weave together in an engaging performance. Tickets to the show also make a great gift!

They are also presenting "Annie" from December 7 through December 23. The plucky Orphan Annie will warm your heart in this classic family favorite.

The Fountain Hills Community Chorus offers two holiday concerts, Sunday December 2 at 4:00 p.m. and Monday December 3 at 7:00 p.m. The rich, four-part harmony delivered by this 70-member choir will amaze you. Tickets are $12 in advance, $15 at the door. For more information, call #602-318-5693.

Looking for more to do? The Chamber of Commerce has a list of events you can explore!

If you are visiting Fountain Hills during the holidays, why not put a new Arizona home on your wish list? When you are are ready to enjoy the splendor of panoramic, desert views from your own home, I'll be happy to help you! Contact me today about home buying in Fountain Hills!

Wishing you all the best this holiday season,

Tina Nabers
Nabers Property Management & Real Estate
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AZ Home Building Trends Boost Fountain Hills Home Values

The drought is over for new home construction in Arizona! According to MetroStudyReport.com, new home construction in the greater Phoenix-Scottsdale area is up by 66% compared to last year. Builders have raised their new home asking prices by an average of $15,000 during a six-month period in 2012.

The strength in home building activity is good news for area employment, which has experienced a 5% gain in construction jobs during 2012, according to the Phoenix Business Journal. In turn, these jobs help boost our local economy, spurring car sales, retail purchases, and generating spending on dining and entertainment.

But what does new construction mean for home sellers in Fountain Hills? Is there any cause for concern when Arizona home buyers can choose between new construction and an existing home for sale?

Here's the good news: aside from the local economic benefits, new home construction also tends to boost overall home values in the area. This is because home appraisers are looking at the most recent sales in a given area for like-kind properties. It's certainly preferable to have your home compared to newly-built homes on the market, instead of compared to foreclosure sales.

In fact, the median list price for a Fountain Hills home is averaging $364,000, which is 33% higher than a year ago. The median sales price for a Fountain Hills home is $315,000, which is 49% higher than last year. Nothing to sneeze at!

While it's true that home buyers can be attracted to a newly-built home for the bells and whistles, an existing home that is well-maintained in a good location has nothing to fear. Location is often the biggest factor in a home buyer's decision. You simply can't replace some of our beautiful homes in Fountain Hills at today's construction costs! This is just one reason why expert real estate marketing makes the difference when you are selling your Fountain Hills home!

If you are thinking of selling your home, contact me for more information about our Fountain Hills real estate market. I can show you the latest sales trends in your neighborhood, and give you direction regarding the price and sales strategies that would best apply to your home. Because I have over 33 years of real estate experience, I can help you succeed no matter the season, or the market conditions!
 

Tina Nabers
Nabers Property Management & Real Estate
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Can You Buy a Fountain Hills Home After Foreclosure?

There's good news for prior homeowners in Arizona who experienced a foreclosure, personal bankruptcy or short sale: you can buy a home again. There is a minimum waiting period, and the amount of time you'll spend in the "penalty box" varies depending on the circumstances.

Here's an outline put together by the Wall Street Journal, with my own two cents thrown in:

If you completed a Chapter 13 bankruptcy, you may be eligible for a new FHA mortgage in as little as 12 to 24 months - as long as your credit history is clean, and you have a suitable income and down payment for qualifying.

If you had an FHA-backed mortgage in the past, and experienced a foreclosure or short sale, you need to wait at least 3 years before being considered for another FHA loan. If you can prove that the previous foreclosure or short sale resulted from events beyond your control, you have better odds of approval.

If your prior mortgage was backed by Freddie Mac or Fannie Mae, and you experienced a short sale or foreclosure, you may be waiting up to 7 years before you are eligible under their guidelines.

In general, short sales, depending on how they were reported by the previous lender, could be treated equal to a foreclosure event. VA and FHA mortgages are the most forgiving when it comes to issuing a new mortgage after a previous short sale, with a wait period of two or three years, respectively.

It's best to leave nothing to chance and obtain a copy of your credit history before beginning your Fountain Hills home search. The key to qualifying rests not only in waiting out the clock, but in improving your credit score to meet current underwriting criteria.

While mortgage underwriting will be stringent, lenders have shown a willingness to reconsider former homeowners who lost their home due to events beyond their control. Over 700,000 former homeowners nationally are now re-eligible for a mortgage. We can expect that the Arizona real estate market will have more than its fair share of returning home buyers.

With the escalating cost of rent, compared to reasonable home prices and low mortgage interest rates, home demand in Fountain Hills and the greater Phoenix-Scottsdale area is expected to increase!

Whether you are a first-time home buyer, or you are a former homeowner returning to the market, you need professional real estate guidance you can trust! As your Accredited Buyer Representative, I have the experience and local knowledge to guide you through our Fountain Hills real estate market. I have helped Arizona home buyers and sellers for over 30 years, and I'd like to help you too!

If you are ready to enjoy the splendor of panoramic, desert views from your own home, let me show you how to get started. Contact me today and find out more about home buying in Fountain Hills!

Tina Nabers
Nabers Property Management & Real Estate
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Fountain Hills Home Sales Show Fewer Distressed Properties

The weather may be cooling off, but home sales in Fountain Hills are heating up! Best of all, we are seeing fewer short sales and foreclosures in the market. Also, the ratio of short sales to foreclosures shows a sharp decline in foreclosures.

Here's how the Fountain Hills and Scottsdale, AZ distressed property ratios looked as of July 31, 2012:

• Zip code 85268 - short sales 14% of home sales; foreclosures 5%
• Zip code 85259 - short sales 16% of home sales; foreclosures 3%   
• Zip code 85255 - short sales 18% of home sales; foreclosures 2%
• Zip code 85268 - short sales 31% of home sales; foreclosures 5%

When considering the impact of distressed home sales, short sales are the lesser of two evils, because these sales are conducted using current fair market value.This preserves the market value of nearby homes. Foreclosures are often sold at a discount from fair market value, which can pull down values of surrounding homes.

Nationally, we are seeing a brighter picture across the board. HousingWire reports that nearly 2.5 million distressed homes will be removed from the "shadow inventory" during 2012.  There is also good news from Lender Processing Services, which reports that mortgage delinquencies are down by 30% since the peak of the housing crisis in 2010. 

If you're still uncertain about buying or selling a home in today's market, keep this in mind: short and foreclosures are a part of any housing market, even in the most robust economies. Waiting for these categories to "disappear" before you buy or sell a home isn't a realistic strategy.

For the latest Fountain Hills home sales data and market activity, contact me! I have over 30 years of experience in Fountain Hills real estate which will be your advantage when buying or selling a home!

Whether you are relocating to Arizona or you are already a resident of our sunny state, I can help you make the most of today's opportunities!

 

Tina Nabers
Nabers Property Management & Real Estate
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Home Buying vs. Renting in Fountain Hills, AZ

If you are a renter in Maricopa County, you may not realize that your cost of living could be cheaper as a homeowner!

A new study by Trulia compared the costs of owning a home against renting.Here's how the study worked and what it means for Fountain Hills.

Trulia examined rental and home sale markets in major metros, from June through August of 2012. When adding up the costs of home ownership, they considered the closing costs, property taxes, homeowner's insurance premiums, and mortgage loan interest. They also considered the effect of itemizing allowable home expenses from income tax.

For rental expenses, Trulia used the average rents for comparable properties and included renter's insurance premiums. They also used a 7-year term of home ownership vs. 7 years of rent for the purpose of the study.

And the result? For Phoenix, AZ, the cost of renting averaged $1,223 per month. The cost of home ownership averaged $625 a month. Homeowners are ahead by $598 a month!

Skeptical? The results are similar in Tucson, AZ. Renting averaged $1,172 per month; home ownership averaged $635 a month. Homeowners pocket the difference of $536!

There are situations where renting makes sense, especially for short-term occupancy. However, if you are looking at seasonal occupancy on an annual basis, ownership still serves you better in the long run. It all comes down to your personal needs, lifestyle, and long-term goals.

How do things look in Fountain Hills? Our proximity to Phoenix gives us similar price ranges for housing costs. But why not do some comparisons of your own? I have all the information you need about the beautiful homes for sale in Fountain Hills - and I can also help you find rental properties. Whether you wish to own or rent, there's one thing we can all agree on - Fountain Hills is a wonderful place to live!

With over 30 years of Fountain Hills real estate experience, I have the local expertise to guide you through our fast-changing Fountain Hills real estate market. If you are ready to enjoy the splendor of panoramic, desert views from your own home, let me show you how to get started. Contact me today about home buying in Fountain Hills!

Tina Nabers
Nabers Property Management & Real Estate
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See Homes for Sale in Fountain Hills
Become a Fan on Facebook
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