Bruce & Pam Wachter's Real Estate Tip

"The Home Inspection - What to Look For"

Navigating the Spring/Summer 2024 Real Estate Market: A Guide for Home Buyers

Understanding the Market Dynamics:

Looking at the spring and early summer real estate market in the White Mountains of Arizona, it’s important to understand the current dynamics affecting this busy season. Recently we’ve observed a limited housing supply, a competitive market for buyers. But now, there's an uptick in inventory due to higher interest rates. And higher rates are likely to remain. Here in the White Mountains of Arizona, we have not seen a concommittant reduction in prices. Ours is a unique market, one of the most beautiful and temperate areas in Arizona. Our real estate prices are always a bit high! So higher inventory along with higher interest rates do make for an interesting Spring/Summer market. So, what can savvy buyers do?

Bruce & Pam Wachter's Real Estate Tip

"How to Leverage Your Prequalification Letter When Buying a Home"

By definition, a contingency is a provision in a real estate contract that makes the contract null and void if a certain event were to occur. Think of it as an escape clause that can be used under defined circumstances. It's also sometimes known as a condition.

It's normal for a number of contingencies to appear in most real estate contracts and transactions. Either the seller or the buyer can propose a condition on just about anything; it's all part of the bargaining back-and-forth. Still, some contingencies are more standard than others, appearing in just about every contract. Here are some of the most typical.

Mortgage Approval Contingency

A contract will typically spell out that the transaction will only be completed if the buyer's mortgage is approved with substantially the same terms and numbers as are stated in the contract. In other words, if the contract specifies a down payment of 30 percent and a conventional 30-year loan, that's what should be approved by the lender. Usually, that's what happens, though sometimes a buyer will be offered a different deal and the terms will change.

When homeowners decide it is time to sell, they'll realized that after living in a home for years, wear and tear are apparent, and remodeling projects are contemplated in order to update the house, outdoor entertainment areas and landscape. This is where the owner can make mistakes that can cost thousands of dollars in the value of the home.

Remodeling Mistakes

It’s not what you like that matters!

Here are some remodeling mistakes that chase buyers away!

(1) Building a Swimming Pool

Who doesn’t like sitting around a beautiful sparkllng pool on hot summer day? You may be surprised to know that most people just don’t want the hassle. According to HouseLogic, “a swimming pool could increase a home’s value by 7 percent at most — and that’s only in certain circumstances. Because of the cost to build a pool, maintenance expenses and a very minor potential value increase, a swimming pool addition simply isn’t worth it for most homeowners.”

An appraisal is a significant step in the process of buying a home or refinancing a home.

What Is An Appraisal?

An appraisal is an opinion of the estimated value of a home arrived at by an inspection of the property and comparison of recently sold homes in the area to estimate the value.

Before you complete the home buying, selling or refinancing, it’s required that you first get an appraisal to determine an estimate of the value of the home in question. The findings in an appraisal determine the amount a mortgage lender will loan a borrower for the property. In a real estate purchase, it protects the buyer from paying more than the house is worth. In a refinance, it disallows the lender giving the homeowner-borrower more than the home is worth.

Despite recent headlines over concerns about privacy and security systems, according to the FBI, more than 2 million homes are burglarized in the United States every year. A burglary about every 13 seconds. To avoid becoming a statistic, victim of a burglary, purchasing a home security system is still your best option. Here's a list of 10 things you should know before you buy a home security system. For one, asset protection devices can alert you even if there is no physical evidence.

1. Asset protection devices protect valuables.

There are devices that will alert you if your valuables have been tampered with. Asset protection devices can let you know if a jewelry box has been opened, a valuable object has been moved or a safe has been tampered, despite there being no visible physical evidence.

Not only useful when it comes to theft, but for reassurance in instances where a repair person, a house cleaner comes into your home while you're not home. You will know whether they disturbed your valuable items. When thinking about asset protection devices, consider how many you will need.

2. Burglar alarms are not the same as home security systems.

There are some major differences between a burglar alarm and a home security system. Home security systems help protect you and your family. A burglar alarm is the traditional type of alarm system that has sensors on doors and windows. It will alert you or law enforcement (per your settings) that an intruder has entered into your home. Very beneficial. A home security system can also warn you about environmental dangers, such as fire, carbon monoxide and even flooding.

Furniture placement for selling

Good furniture arrangement is the key to making a room look great. However, many people have trouble with what goes where. Have you ever stood at the doorway to a bedroom, or the center of your living room, and said, "Something doesn't look right” You may sense that the arrangement is awkward, but you can't put your finger on it. But, each room has an optimal arrangement for staging, and you can determine this by avoiding the most common pitfalls.

Too much furniture.

Curate your best pieces. It’s more advantageous to have a few impactful pieces of furniture, rather than a roomful of some good and some mediocre pieces. Keep a few larger pieces (couch, upholstered chairs, beds, bookcases) unless they are in worn condition or outdated. Colors and styles from years ago don’t make your home look fresh and modern.
Remember that homebuyers are looking at multiple homes and will size up your home to homes with new and trendy furniture that left them with a positive impression. If a room is too "busy" and cramped, the eye doesn’t know where to rest