Who Should Attend a Home Inspection

Home InspectionThe home inspection should have present the both Listing an Selling agent and both the Buyer and Seller.  Inspection results are sometimes opinions and not a clear cut finding. The time to discuss it is during inspections – not after the fact. However, this is not typically the case. Instead the home inspection is done by the home inspector and the buyer and seller rely on the inspectors report to negotiate further terms before the sale of the home proceeds.

Why The Seller Should Attend the Home Inspection.

Often home inspectors will have questions that theSeller could easily answer and save everyone a lot of time. Also the home Seller will hear from the inspector what would be an acceptable repair to a condition.

Why The Buyer Should Attend the Home Inspection.

Home Buyers should be present to hear the findings of a home inspection. Not only will home inspectors call out what is in need of repair, they will offer advice as to what should be budgeted for, or how best to maintain or extend the life of a component. To read inspection results on a written report may seem shocking, while hearing it from the inspector’s mouth is much more informative.

How to Prepare for the Home Inspection.

Home Sellers should prepare for a home inspection by making sure there is ACCESS to all furnaces, electrical outlets and attic space. At a recent home inspection, I had to move half the clothes out of a closet in order for the inspector to access a furnace. I moved boxes placed in front of electrical outlets also. Often we will find boxes stacked so high in the garage that there is no access to a hot water heater or the attic.

It is not legal or proper for a home inspector to move items to inspect what the Buyer paid them to inspect – that is clearly the home Seller’s responsibility. An inspector’s time is as valuable as yours, so don’t be the cause of a 2nd trip to the property.

All Buyers want their new home to be as worry-free as possible when they move in, regardless of the age of the home. Realtors, Sellers, Buyers and Inspectors work together to make that happen on a budget and in a time frame with which everyone can accommodate.

If you’d like to work with a Realtor who oversees
EVERY portion of the real estate transaction

give me a call: (480) 688-2000

Sales of Existing Homes Continue to Rise

Sales of Existing Home Sales of existing homes in June came in at 5.08 million nationally according to the National Association of REALTORS®.  June’s reading was reported to be the second highest since November of 2009; this should calm concerns about a lapsing recovery in housing markets.

Summer typically produces the highest prices for existing homes sold, as families seeking larger homes frequently move during summer months.

The June inventory of existing homes improved by 1.90 percent to 2.19 million homes or a 5.20 month supply. June’s number of available homes was 7.60 percent lower than in June 2012.

Gains in Sales of Existing Homes Can be Attributed to:

  • The shortage of available homes has been causing buyers to turn from existing homes to new homes in areas where both available homes and/or land for new construction are in short supply.
  • Here in the Phoenix area new construction is not keeping up with demand.  The shortage of qualified help is slowing down the building process and many buyers are not able to wait out the time it will take to have a home built.

Average Home Prices Continue Their Climb Nationally

So the news of more existing homes for sale is good news for home buyers and housing markets that have been held back by an excess of buyers seeking a short supply of available homes.

NAR chief economist Lawrence Yun noted that inventories of existing homes are expected to “broadly favor sellers and contribute to above-normal price growth.”

This trend was supported by June’s national average price for existing homes at $214,200, which represented a year-over-year increase of 13.5 percent. Rising home prices and mortgage rates continue creating financial challenges for first-time buyers and others seeking affordable home prices and mortgage loans.

Distressed home sales were down from 18 percent in May to 15 percent in June; this is the lowest market share since tracking began in 2008. June sales of distressed homes were significantly lower than in June 2012’s reading of 26 percent of existing homes sold.

The National Association of REALTORS® noted that falling levels of distressed sales are contributing to higher prices for existing homes.

FHFA Reports Home Prices Rise In May

The Federal Housing Finance Agency (FHFA) reported Tuesday that prices for homes financed by Fannie Mae and Freddie Mac rose by 0.70 percent in May as compared to April’s downwardly revised 0.50 percent increase in home prices.

According to the FHFA Housing Price Index (HMI), home prices were up by 7.30 percent year-over-year in May, and are roughly equal to home prices reported for January 2005. May’s home prices remained 11.20 percent below peak prices reported in April 2007.

May’s FHFA data demonstrated steady growth of home prices for all nine census divisions on a year-over-year basis with home prices increasing from 2.70 percent to 15.80 percent in May.

Why to Sell Now?

As home prices continue to rise we will begin to see many more investors wanting to cash out on the homes they purchased during the housing crash adding to the inventory and weakening the strong Sellers Market.

Mortgage rates are beginning to rise, decreasing the number of Buyers willing or able to afford a higher monthly mortgage payment.

Take advantage of the strong Sellers Market  here in Phoenix.
Give Debra Obrock a call to learn what your home is worth.
480 688-2000

Best Time of Year To Sell Your Home

Sell Your HomeWhen it comes time to sell your home, does the time of year when you put your home on the market affect how well it will sell?  What about the final sales price?

According to many studies in housing trends, the answer is yes. The time of year when you sell your home can have an effect on how many people are interested and how much the home will sell for.

Of course, if you need to move and sell your home at any point of the year, you will still be able to find buyers and negotiate a price that works for you. In some areas of the country, the currently swift moving housing market can help overcome poor timing.

However, if you have the ability to plan for a more advantageous time, it makes sense to make the most of your flexibility.

The Best Times Of The Year To Sell Your Home

One of the best times of the year to sell your home is in the late spring and early summer — like right now.

The school year is over for most families, and many people will be looking to purchase a home that they can move into over the summer and get settled before school begins again in the fall.

Housing sales peak during this time, as studies show that 60% of people tend to move during the summer.

If you can sell your home during the spring or early summer period, it will typically be on the market for a shorter amount of time and you may have many more offers to choose from.

The Worst Times Of The Year To Sell Your Home

One of the worst months of the year to sell a home is December. There are a number of reasons why trying to sell a home during the Christmas holidays can be difficult.

Most people aren’t thinking of moving this time of year. Their energies are focused on decorating their houses, preparing for the holidays, visiting friends and family and enjoying their time off work.

Another difficult time is the beginning of the school year, typically in September.

Children will have just started school and most families will not be considering moving at this point. If you attempt to sell your home during this time of year, you will be much less likely to get the the same pool of buyers that you might see in a more “move friendly” time of year.

Of course, these are just guidelines to help you plan your next home sale. No matter what time of year it is, if you need advice on selling your home, call Debra Obrock and tap into her 25+ years of experience selling homes in Arizona, she is waiting to hear from you and answer your questions: (480) 688-2000.

 

Why Isn’t Your Home Selling?

Existing Home SalesYour Home Isn’t Selling Because…

Your home has languished unsold on the market for months, but you can’t fathom why.

Chances are, you’ve overlooked what buyers really want. Let’s take a look in more detail at some of those issues you might have overlooked.

If your home isn’t selling…..

Your price is too high – This is the number one reason your house isn’t selling. Sure, you are attached. Your home is where you raised a family and created memories you can’t put a price on.

However, today’s buyers are more savvy than partial to your emotions. They either won’t look at over-priced properties, or when they do, they’ll make a low-ball offer, way below market value.

If your home has been on the market for more than 30 days, it’s time to review and adjust your price.

Your house is poorly located or poorly planned – There’s not a lot you can do about this: a small yard, a weird hill that makes mowing maddening, a sink hole down the street, neglect that’s turned to blight, a busy road nearby.

No matter how magnificent your home may be on the inside, outside factors can keep buyers from crossing the threshold to take a look. The only way to over come these obstacles is to lower the price until a buyer bites.

Your advertising is insufficient – Your real estate agent should do more than just list your home with the local multiple listing service (MLS), sit back and wait for agents to beat a path to your door.

When you choose a real estate agent, establish what the agent plans for marketing. What kind of photos will be used? Smartphone photos of your home aren’t smart. How will the agent describe your home in the listing? Are open house events and broker tours planned?

These are all important marketing approaches, but if they aren’t part of the plan, the lack of them could be a contributing factor to your home’s failure to sell.

You are inflexible – If you are not ready to show your home at a moment’s notice, say for a broker’s tour, you are a big reason your home won’t sell. If you can’t show it, you can’t sell it. The more buyers who see your home, the faster it sells. The more buyers who see your home, the higher the selling price.

Too much “you” is in the house – Those snaking handrails and electric blue kitchen you love so dearly, are not going to be big selling points. You want your home staged so that potential buyers can envision it as their home. Neutralize. Don’t fill those beautiful, built-in bookcases with family photos and dog figurines. Move personal items out of the house and paint the rooms a neutral color so you allow buyers’ imagination to help sell your home by seeing themselves in it.

Your house looks run down – That big water stain under the deer antler chandelier? Fix the source of the stain and the stain itself. Take down he chandelier. The roof may be new, but potential home buyers will zero in on stains, blemishes and discolorations and believe the cause of the damage remains. Give the carpets a good cleaning too. You don’t want to turn off a potential buyer because he or she thinks they will have to repair or replace something.

If you are keep these points in mind and plan accordingly, you should not have to worry about the reasons your home isn’t selling.

Source Realtytimes for RE/MAX

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