Phoenix Market Snapshot

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

The market here in Phoenix has seen better days. There is currently a weak demand for homes throughout the area, with the exception of a few pockets. Because of weak demand, the average days on market has risen to 84, from only 61 last year. Our inventory has also increased - to 4.2 months from 3.4 months at this time last year. Additionally, the listing success rate has fallen from 76% to below 70%.

The only good piece of news we have for you today is that average sales price has risen to $250,000 from $225,000. The luxury market is seeing some positive trends, as activity is still strong for homes above $2 million. While overall conditions aren't the best, we will make it through this holiday season. Homes may be sitting on the market for longer, but sellers are getting higher prices in the end. This time of the year is pretty ideal for sellers, as we typically see serious buyers in the fall and winter months.

If you have any questions regarding Phoenix real estate or need a hand navigating this tough market, give us a call or shoot us an email. We can help you make the most of these conditions!

Does Your Policy Cover These Hazards?

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Most Arizonans aren't likely to purchase flood insurance, even after the recent torrential downpours rendered many homes and streets completely flooded and unnaccessible. Although it's not likely to happen again anytime soon, a lot of homeowner's already learned the hard way that flood insurance is not covered in your standard policy.

This got us thinking: What other kinds of disasters, that you have no control over, are not covered in standard policies. We compiled a list of 6 different potential hazards that aren't covered by traditional policies, but could lose you a lot of money if they aren't covered.

1. Mold

Mold may be covered in some policies on a limited basis, but it is probably not fully covered. Talk to your agent about what kind of mold coverage you have. 

2. Sewer Backup

This is important, as for a small extra fee of $40 or $50, you can add this to your current policy to be protected against a sewer emergency

3. Sinkholes

While sinkholes aren't common in AZ, it is required to have a standard sinkhole policy in Florida, where they are much more common.

4. Termites

With termites in Arizona, it's not a matter of if it happens to you, it's a matter of when. Most homeowner policies partially cover termite damage, but may not cover you in all termite related damages. It would be a good idea to check with your insurance agent to make sure you are covered for all types of termite damage.

5. Nuclear Accidents

Nuclear accidents aren't common occurrences, but if your insurance doesn't cover it, you could be in trouble. There is a plant nearby in the Valley.

6. Acts of Terrorism

A lot of issues with this kind of coverage came about after the Boston Marathon bombing. If you live in an apartment or condo you may have partial coverage, but you aren't fully covered if an act of terrorism destroys your home.

These are all things that you want to talk to your insurance agent about, no matter how minisucle or silly they may seem. Flood insurance in Arizona may have seemed like a bad idea until a few weeks ago. Now we have clients that are spending thousands upon thousands of dollars out of their own pocket, just to restore their homes to normal. 

If you know anybody in Phoenix that is buying or selling real estate in the next 90 days, please give us a call. We'd be glad to help out!

Teaser: Up until a few weeks ago, you probably would have though somebody with flood insurance in Arizona was crazy. Well, who's laughing now? There are actually a lot of things you have no control over that are not covered in your standard homeowner's insurance policy. To see some of the other disasters that you probably aren't covered for, check out our latest video!

Debunking Myths About Newly Built Homes

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

 There seem to be a lot of misconceptions out there about newly constructed homes, at least according to the questions we have been getting. We want to clear some of those myths up for you today so you can get a better understanding of how you should go about purchasing a newly built home. 

1. Why use a buyer's agent?

Well, hiring a buyer's agent will help you out immensely, especially with newly built homes. The builder's representative, the listing agent, is only interested in selling the home for the best price for the builder. You want someone on your side who can negotiate for you and read through that dense contract to make sure you aren't making any unfair concessions. We have relationships with these builders and know what they can and can't do in terms of a sale price. 

2. Can't you save money by not using a buyer's agent?

 This is another common misconception. We can always negotiate a much better deal for you than you can yourself. This is our profession and it's what we get paid to do. We want to get you the best possible deal.

3. Are new builds negotiable?

 Yes, some are. We want to touch specifically on spec homes, or homes that are in the process of being built or are already built. A lot of times, these homes have custom options already put in, so the listing agent will discount them to get the homes sold. 

4. Does my buyer's agent need to be present for the first visit?

 This is probably the most important tip. If you sign up with a builder right off the bat without talking to your agent first, you are waiving your right to representation. You want someone on your side to review that contract and make sure it is beneficial for you.

If you have any questions, or know someone who is looking to buy or sell real estate in the next 30-90 days, let us know. Give us a call or send us an email and we would love to help you out. 

How to Have a Successful Closing

There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

 It's tough enough nowadays to get a mortgage, but we have seen a lot of similar mistakes that have been preventing people from getting a mortgage in order to buy a home. Here are 10 tips on how to keep your mortgage in place and have a successful closing:

1. Don't change your job

 Don't quit your job, either. It will negatively affect your ability to get a loan

2. Don't cosign for anybody

 Any small credit change could affect you in the long run

3. Don't buy a vehicle

 Unless you plan on living in it, that is. Buying a vehicle can negatively affect your credit to the point that you probably won't be able to buy a home anymore. 

4. Don't use credit cards excessively or miss your payments

5. Don't spend money that's set aside for closing costs

6. Don't lie or mislead on your credit application

 The smallest little change can affect you

7. Don't buy new appliances

 Buying furniture, appliances, or other household items could set you over the edge on your credit. 

8. Keep your credit the way it is

9. Don't make large deposits, talk to your lender first

10. Don't pay off collections or charge offs.

Bottom line, always check with your lender before making any changes to your credit, no matter how small they seem. Staying on top of your credit now will only help you in the future. 

If you have any questions for us, please feel free to call or send us an email. We'd love to answer them for you. 

How Is Your Credit Score Calculated and What Does it Mean?

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Your credit score is probably one of the most important numbers in your life. It affects family planning because it determines your risk to lenders, merchants, and vendors. Indeed, if you need a loan for any reason, your credit score will come into play.

3 credit bureaus determine your FICO score. They calculate it using a combination of your financial records: 35% payment history, 30% amount you currently owe, 15% length of your credit history, 10% new credit inquiries, and 10% types of credit (includes loans, credit cards, retail accounts, etc.). 

If you have a great score and a substantial amount of money, give us a call. We can help you diversify your investments by adding real estate to your portfolio. 

If you are struggling in the credit department, we can help you as well. We have access to resources and people you can talk to that can help you get your financial situation on the right track. A lot of the solutions to your problems are DIY and completely free - so there is no need to stress. In fact, here are 3 things you can do right now:

1. Check your credit report: There are many free resources you can access online. Check your score once a year, go through it in detail, and get in contact with a credit bureau if you have any problems. 
2. Set up payment reminders: Call your bank and set up reminders so you get an email, a text, and a call to remind you to get your payments in on time. It's free!
3. Reduce the amount you owe: This is an obvious one and it sounds easier said than done. Pay off the smaller debts first to gain the momentum and confidence to follow through on the higher interest loans.

We hope you find this information helpful. As always, if you or anyone you know is interested in buying or selling real estate in the Glendale area, don't keep us a secret. We would love to make your real estate goals a reality. 

Save Yourself a lot of Headaches - get Your Home Pre-Inspected

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Most people associate home inspections with buyers, during the later phases of the real estate transaction. Here at the Altman Group, we suggest getting a home inspection before putting your home on the market. Here's 3 reasons:

1. Uncover problems
2. Fix problems
3. Know if the buyer's requested discounts are reasonable

Buyers often ask for a credit 3 to 4 times the actual amount it costs to correct a problem. The sooner your home is pre-inspected, the sooner you can start making repairs or, if your choose not to, figure out a reasonable cost for those fixes. This will prevent buyers from asking for large credits to cover the defects.

An inspector will take a look at your electrical, plumbing, roofing, and foundation, among other things. It's essentially an overall home diagnostic test that will give you a fair assessment of what condition your home is in. It typically costs anywhere from $300 to $500 but it may save you thousands down the road. Additionally, that cost can be factored in to your list price so you don't lose any money. 

The process is completely transparent - your inspector will speak with you personally about the issues discovered. All in all, a pre-inspection is an easy and inexpensive investment that gives you greater control of the home selling process. It will help you avoid potential deal-breakers down the road and save you time and aggravation. 

So, if you are thinking about selling your home, you should seriously consider getting your home inspected before putting it on the market. If you have questions about the process, or simply want to chat about the Phoenix real estate market, don't hesitate to give us a call or shoot us an email. We look forward to hearing from you.

Win Thousands of Dollars Toward a New Home - Enter the Great Home Giveaway!

  

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

We at the Altman Group are excited to announce that we have teamed up with Realtors from around the nation to put on a program called The Great Home Giveaway. With a $10,000 prize given away every two weeks, you have many chances to win money toward a new home! It all comes to an end January 2015 with a grand prize of $100,000.

To register, simply visit www.SearchPhoenixAreaHomeListings.com. You will get a call from a member of our team, Amy, to verify your information and connect you with a lender. After a short conversation with our preferred lender and getting pre-qualified, you will be eligible to win. 

Once you're entered you don't have to do anything but continue the home search as usual. If you're lucky, we'll show up at your house with a massive check. With so many chances to win money toward a new home, there is no reason not to take advantage of the historically low interest rates we're experiencing. At current rates, if the rate jumped only 1 point, you would lose $25,000 of spending power on a $200,000 mortgage. Don't wait around for that to happen, register now for the chance to win.

As always, give us a call or shoot us an email with any of your Phoenix real estate needs. We would love to hear from you. Good luck!

7 Ways to Keep Your Home Safe While You Are on Vacation

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

I hope you all are enjoying your summer. Summer is a great time to relax and we hope you all are able to take a vacation this year.  If you are planning on taking a trip soon, we have a list of 7 tips for you if you are leaving your home unattended for an extended period of time. Following these steps will dramatically decrease the chances of your Phoenix home falling victim to burglary.

1. Give a key to a friend
• Give a key to a trusted friend, along with any alarm codes or garage codes you may have so they can access your home in a pinch. That fake rock you have outside isn't fooling anybody and if burglars know you're on vacation, they will have plenty of time to look for the key.
2. Stay off social media
• One thing to shy away from is posting about your trip on Facebook or any other social media site. You should probably wait until you get home to post those vacation pictures. Criminals are lurking on social media sites just waiting for a chance to find someone in a compromising position.
3. Call the Police 
• Another good idea is calling the police department and having them keep an eye on your home for you if you are on vacation. If a criminal knows that the police are keeping an eye on your house, they will know better than to try and burglarize it. 
4. Leave the curtains open
• Leaving your curtains open may seem like a bad idea because you don't want criminals to see inside your house. The problem with closing your curtains, though, is that neighbors keeping an eye on your home can't see inside of the home either. They will be more apt to see something if the curtains are open.
5. Keep lights off, or buy a timer
• The problem with leaving your lights on while you are on vacation is that if a burglar comes by at 3 AM and all the lights are on, they will know something is up. It's a good idea to get an auto timer and have your inside lights come on for a few hours during the day, and have your outside lights come on  at night. 
6. Stop your mail and newspaper
• A pile of newspapers and mail is a big signal to people that you are not home. Simply hold your mail and paper for however long you will be gone and you can pick it up when you get back.
7. Unplug your electronics
• Doing this will not only save you money, but it will keep your home safer while you are gone from potential fires.

If you follow these simple tips, your home will be much safer when you go on vacation and you can rest easy and enjoy your trip. If you have any questions about this or anything else going on in the Phoenix real estate market, give us a call and we would be happy to help you out.

The Best Real Estate Data Comes from Real People

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

With over 95% of buyers starting their home search online, it's important to understand the limitations of sites such as Zillow, Trulia, and Realtor.com. While it may seem like an ideal place to start your search for Phoenix real estate, I'm going to point out a few reason its may not be.

For buyers:

• Often times people call me asking to see some of the houses they found online. But once consulting the MLS (Multiple Listing Service), I find that those houses are either under contract or no longer available.
• Online home search tools often don't have a direct feed to the MLS or they have a delayed feed. This means that you may be looking at out-of-date listings.
• These sites sell your information for ad revenue. By simply showing interest on these sites, your information is sent to agents who may not be the most qualified to sell your home.

For Sellers:

• The estimates these sites provide are typically inaccurate. I've found that once I comp out the house of interest, the online evaluation may be off by as much as $100,000. 
• They use a computer generated algorithm to price your home. They're not taking into account the many factors that could affect the real value of your home.

To get the best value for your home you need to call a full-time committed Realtor to help you through an equity evaluation. I'm going to call every Realtor in your neighborhood that has sold a home in the last 6 months and find out every reason why. It's quite simple really, an agent can do everything the big three listing websites can and more. We have resources available to us that make us the best source for up-to-date and accurate information. So if you have any Phoenix real estate questions, give us a call or shoot us an email, you won't regret it.

Expect a Buyer's Market in Phoenix for the Summer of 2014

There are a variety of opportunities in the Phoenix real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Welcome to my Phoenix Real Estate Video Blog!

I have two reasons for creating this blog, and they are both geared towards the satisfaction of my clients.

1. I want to update you on what is happening in the Phoenix real estate market so that you can make more informed decisions when buying, selling or investing. 
2. I can answer a question I hear all the time: is it a seller's market or a buyer's market?

To answer this question, I will tell you that we are currently trending towards a buyer's market. We had a seller's market for quite some time, but inventory has risen for 4 consecutive months and we have nearly twice the amount of homes as we did last year.

This shouldn't bother sellers, though, because home prices are up by 20% from last year. Even though home prices are up, there are less buyers in the market. This has caused the average days on market to move from 69 last year, to 83 days this year. 

Hopefully this information will be useful to you if you're buying or selling in Phoenix this year. Please feel free to contact with any questions or comments.