Paradise Valley Real Estate
Gap narrows slightly – In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. One major challenge in such a market is the bank appraisal.
If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.
Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.
The gap narrows slightly between the homeowner vs. appraiser’s opinion has started to head in the right direction (closer to even), as June saw a slight decrease from May’s -1.95% to -1.89% nationally.
Homeowners in the western part of the country, however, have been pleasantly surprised as their homes have appraised higher than they expected. Denver received its highest HPPI last month as homes came in an average of 3.28% higher than the homeowner believed it would. Nine of the twelve metro areas that had a positive HPPI last month were located in the west.
Quicken Loans’ Chief Economist, Bob Walters explains:
“The hot housing markets along the West Coast are growing quicker than owners realize, giving way to higher than expected prices for buyers and more home equity for existing owners.
On the other hand, the housing markets are more balanced in the East and Midwest, leading owners to be slightly over-enthusiastic about their home’s appreciation.”
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to talk about what’s happening in our area.
People that read this article also read Reasons to Sell This Summer
Brought to you by
Jane E. Daley
Jeff Daley, PhD
REALTOR®, GRI, e-PRO, CLHMS
Luxury Valley Homes ® (LVH)
Time to list your home? Yep! – That headline might be a little aggressive. However, as the data on the 2016 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
The May numbers are not in yet, but the April numbers were sensational. Jonathon Smoke, Chief Economist at realtor.com, explained:
“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”
And Freddie Mac also expressed a tremendous optimism regarding home sales for the rest of the summer:
“Home sales typically rise in the spring and summer months, and we anticipate acceleration in home sales that will surpass 2007’s pace by late summer.”
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a five-month supply of inventory. This represents a decrease in supply of 3.6% from the same time last year.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood.
Those that read this article also read the following:
Brought to you by
Jane E. Daley
Jeff Daley, PhD
REALTOR®, GRI, e-PRO, CLHMS
Luxury Valley Homes ® (LVH)
It is everyone’s dream to own a home or if failing that, a spacious apartment but not all are given the opportunity. There are many reasons why people choose to rent instead, whether in an apartment or condo (condominium). T
There is the credit standing issue, mortgage issues, or lack of down payment. In addition, some are forced to rent simply because the property they want to purchase is farther from the workplace and rather than spending extra time traveling to and from, moving into a rental property is a better option.
Living in an apartment or condo is not a bad thing at all. In fact, because of lower living expenses and no cost for maintenance in a rental, you can often save money in the long run and will help achieve the goal of owning your own home someday. However, the transition isn’t always easy. The biggest challenge is dealing with your items and personal belongings and how can you fit all those into a small space.
No matter how small the living unit is, there are always ways in which to make it look larger. The trick is strategically arranging furniture as well as adding decorations and accents that would create an illusion of a larger and spacious apartment.
There are some tips that might just be useful in making your small-spaced apartment look larger than it is without a lot of cost:
Moving into an apartment can be challenging if you are used to having a bigger space, but with creativity and proper arrangement, you’ll surely love your small apartment.
With the advancement of technology and the globalization of the economy, there is greater opportunity for business growth throughout the world. With our current technology savvy society, it can be very challenging to keep up with the latest gadgets and innovations.
Nowadays, most business people have smartphones. Most of them rely on their smartphones throughout the day for all their activities and are lost and incomplete without this handy gadget. There’s a good reason why smartphones are significantly smarter and powerful tool for businesses. One reason is the smartphone allows business people to stay in contact with everyone that is important in their daily business lives because they can readily access data and information from their smartphones.
The ability to access email and the internet, built in conveniences such as a camera, video and voice recording and your smartphone’s other useful and functional applications add to your ability to be productive and to succeed.
A smartphone enables you to gain a wider level of business growth and customer-based relationships. If you know how to maximize your smartphone’s features, they can help impact your business success in a positive way.
More and more people gain access to online information across the world and because of the amazing things we can do and access with our smartphones, business people consider this handy gadget a to be a valuable asset in their daily activities. As technology advances, so does a person’s quest to maximize the benefits these advancements offer. Explore and discover your smartphone’s mobile applications and experience how it can help your business to succeed.
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Cleaning up the home after the holidays is as time consuming as creating and putting up holiday decorations. The task is even more challenging as we determine the best way to store them properly.
When the holiday frolic has gone and the decorations are put away, the house seems to feel a little empty. This is the best time to reclaim your home and time to look ahead to a clean and organized New Year.
For most of us, New Year means new life; a new beginning. And what could be a better way of welcoming your new life than a clutter-free and newly embellished home? Here are some ideas on how to brighten up your home at no cost or minimal cost. You will be pleasantly surprised at how your home will look like after the makeover.
The beginning of a new year is the best time to start anew. Start with a plan in mind to strip your house of the old and freshen it up. You’ll be amazed at what you’ll be able to achieve.
Article by: by Emily Dressler 12.12.13
The Dodd Frank Wall Street Reform and Consumer Protection Act was initially passed in 2010 in response to the mortgage crisis and the late-2000s recession. This Act has brought significant changes to financial regulations, and with new regulations taking effect after January10, 2014, will continue to bring significant changes to many aspects of the mortgage industry. One of the major complaints about the Dodd Frank regulations is the lack of clarity, especially regarding private seller financing and mortgages.
The new regulations appear under the Loan Originator Compensation Requirements under the Truth in Lending act that was issued in January 2013. These new rules pertain to ability-to-repay and qualified mortgage standards. For further references, the complete Truth-in-Lending act can be read here.
Mortgages are complex financial transactions with lasting effects. Whether consumers are using a bank, mortgage broker, or an individual, they should be aware of all the complexities surrounding their mortgage.
To briefly review the concept of private seller home financing, it is when a private seller transfers the title to their property and accepts a mortgage from another individual for a substantial part of the sale price rather than receiving all cash on the sale.
Private seller financing has long been thought to be beneficial because buyers who cannot qualify for traditional or institutional mortgages are still able to acquire title using seller financing. While owner-financed homes only make up a small portion of real estate transactions, they do play a large role in hard-hit areas, like Ohio, Florida, and Michigan. They are used often by people with low credit scores who cannot get loans from banks or mortgage lenders.
Private seller financers will be affected under the new Dodd-Frank regulations, as exclusions or exemptions will apply to some seller-financers under the new regulations. For example, a natural person selling only one residential property a year will not be categorized as a loan originator, which means that person is exempt from the new rules. However, additional requirements must be met in order for the exemptions to apply: The seller financer must have previously owned the property he/she is financing; he/she must not have constructed the property or acted as a contractor for the property; the financing cannot include a repayment schedule that results in a negative amortization (graduated payments); and the financing must have a fixed or adjustable rate that resets after five or more years. As most people will probably only use seller financing but a few times during their lifetime, the new regulations will hopefully not impact the majority of sellers financing their properties. The full set of consequences on seller financed homes, however, remains to be seen.
A second type of exemption will also apply to transactions of this type. Under this exemption, a seller financer does not have to be a natural person, estate, or trust, and can provide financing for up to three properties in one year. In order to qualify for this exclusion, the requirements listed above must be met, the financing must be fully amortizing, and the financer must in good faith determine that the homebuyer can repay the loan with reasonable ability.
It is important to note that these new rules will also only apply to dwelling places in which the buyer is going to reside. The new rules will not affect seller financed purchases for vacant land, commercial property, and multi- and single-family residences where the buyer does not plan to occupy the premises. A seller financer is not considered a loan originator. A private seller financer cannot sell more than three homes per year without becoming a licensed mortgage loan originator. Different licensing requirements, as set by the Nationwide Mortgage Licensing System & Registry, are in place for each state in order for a person to become a licensed mortgage loan originator.
A private seller financer also cannot offer loan terms of less than 30 years under the new regulations. A seller financer is considered a creditor if he/she extends credit secured by a dwelling six or more times in one year, or extends more than one high-cost mortgage in one year.
Although there is some definite confusion over the rules regarding private seller financing, the Consumer Financial Protection Bureau director hopes the process will be smooth and trouble-free: “Our plan is to work with the mortgage industry to ensure that the CFPB’s new rules are implemented accurately and expeditiously,” said CFPB director Richard Cordray. “Both consumers and industry will win when the new rules are understood, applied, and carried out evenly and effectively. Mortgage borrowers, who have dealt with much heartache since the financial crisis, deserve this level of attentiveness.”
Turkey, mashed potatoes, pumpkin pie, cornbread and cranberry sauce. These are the popular dishes commonly associated with most American’s Thanksgiving celebrations. The Thanksgiving celebration is all about good food, family gathering and hearty laughter among family and friends so everybody treasures this once a year celebration.
In the U.S., the Thanksgiving celebration is on the fourth Thursday of November. Because this is a meaningful celebration, most of us want to spend the day with our loved ones. No matter how far away we are from our family, we have this firm longing to travel long distances just to be with our families.
Traditional dishes are a large part of the Thanksgiving celebrations and most families include the entire family members in the food preparation. While these traditional foods have been prepared in every Thanksgiving dinner table every year, one question came to mind, why do we eat what we eat at Thanksgiving?
Turkey is the centerpiece and the most common main dish served at every Thanksgiving table in every household. The Pilgrims may not have had a turkey on its menu on the first Thanksgiving, so why has turkey become a tradition? Historians have different views on this and cannot say exactly which type of fowl was served up on that day. One thing is for sure, turkey is large and affordable enough to feed a crowd without a huge economic sacrifice.
Pumpkin is not only famous during Halloween but also during the Thanksgiving celebration. Pumpkin pie is the most popular dessert for the holiday season. The pumpkin pie was not present during the first few years of Thanksgiving. The first permanent European settlement in southern New England might have made pumpkin pies by making stewed pumpkins or by filling a hollowed out shell with milk, honey and spices and then baking it in hot ashes.
Nobody knows for sure why cranberry sauce became associated with Thanksgiving but the Native Americans were quite familiar with the cranberry though sugar was considered a rare luxury at that time. Today, cranberries are served most of the time during this day as a form of a jellied sauce or whole berries.
Whatever we prepare for the Thanksgiving celebration, simply enjoy the delicious taste of the traditional Thanksgiving foods and its colorful history. And don’t forget to give thanks to God wholeheartedly just the way pilgrims did on the first Thanksgiving.
Tamales are a cherished Mexican recipe handed down from generation to generation.
It is so famous that it is prevalent in many households during the holiday season.
Fortunately for those of us without the time or know-how to prepare this dish, many restaurants offer holiday Tamales to eat in or take out. The history of the Tamale is well rooted in Mexico. It is a staple dinner item in both Mexican and American dining tables.
In the Southwest, Tamale mixes are found in supermarkets along with the equally famous Mexican foods such as Tacos and Chimichangas.
While Tamales span a vast culinary region, they belong here in Arizona and are a very common local specialty in restaurants in Arizona. This Southwestern comfort food is a traditional dish made of starchy dough usually corn-based which is steamed or boiled in a corn husk or a leaf wrapper. It can be filled with seasoned meats, fruits and vegetables, cheese, chili or any preparation according to your liking.
Making Tamales can be complicated, but one does not need to be intimidated. It can be simple if made from corn tamale mixes or kits. The key thing is to plan things out. With a simple list of ingredients and instructions along with extra help from your family and friends, making Tamales can be fun, exciting and a great bonding time with friends and family.
Here is a quick recipe for Arizona’s favorite traditional Tamale holiday dish:
Preparing the Meat: Place meat, bay leaves, granulated garlic, salt and onion into pot and add enough water just to cover the meat and ingredients. Cook meat and spices until tender. When done, remove and shred meat. Set aside 3-4 cups of the broth and bay leaves for preparing the chilies.
Preparing the Corn Husks: Soak corn husks for 30 minutes to 1 hour.
Preparing the Chili Sauce: Place the chilies in a separate pot. Cover chilies with water and bring to boil. Drain chilies and remove stem and seeds. Place the chilies in a blender.
Preparing Masa for the Tamales in the Corn Husks: Gently remove the husk and individually spread one corn husk. Place two tablespoons of masa flour into the center of the husks.
Using a spoon, flatten the masa spread evenly around the husks until it is about 4.5 square inches. Spread 1-2 rounded teaspoons of meat sauce in the center of the masa and fold the husks and the masa. Allow the masa to completely surround the meat sauce.
Fold the bottom of the husk and place in a steamer pot with open end of husk upright. Place lid on the pot and steam tamales for 1½ to 2 hours. Tamales are done when the masa easily separates from the husks. It should be soft, firm and not mushy.
In no time, your kitchen will be enveloped with the beautiful aroma of the mouth-watering Tamales. Holidays like Thanksgiving and Christmas are fast approaching, and anticipate the holiday season when we can have a taste of a hot, flavorful and mouth-watering traditional holiday Tamale dish anytime we crave it!
Investing in real estate property is such a huge investment that not everyone has the advantage to acquire property due to the high cost. For most of us, the only remaining option is to rent. If you think there is absolutely no way for you to be capable of investing in a real estate, think again. There really are many options out there that you can choose from and most of them are within reach.
If purchasing a home for sale and the prices are too steep for you, then explore the options available. Invest in a vacant land first. Keep in mind that the price of unoccupied land is less even it is located in a prime location. You can either use your investment for your future use like building a new home or a business establishment. Aside from that you can have it rented or if the opportunity is right you can resell the land at a higher price. Visit Paradise Valley real estate for details about investing in vacant land.
The first thing you should remember in investing in a vacant land is that there is usually an appreciation of the value of the vacant land. History proves this theory. Make sure the property you are purchasing has a good investment grade. Meaning the things you should watch out for are if the land fits within a well-developed community, convenience of the location, excellence of the amenities and of course affordable or reasonable rates. It needs to fit your strategy.
Another advantage of investing in a vacant land only is that it has proved to be a safe investment. Unlike other physical assets or stocks that may lose its value, land is often considered a stable investment.
Investing in a vacant land first also gives you the time to build your dream home using your own terms and specifications. Depending on the current market it may be better than purchasing a home. With this, you are absolutely assured of being a part of a wonderful neighborhood and in a house you’re proud to call home.
In Paradise Valley Real Estate alone, there are numerous available lots for sale that are currently available. You may call the Luxury Valley Homes team for more details or contact us at 480-595-6412.
Dogs are the most owned pets in American households. According to the U.S. Pet Ownership and Demographics Sourcebook 2012, 36.5% of American households own a dog. Man’s best friend as we affectionately call them, is our most treasured addition to the family. Next to our kids, we cherish them more than any luxury as they give joy and happiness to every family member.
If you want to own or adopt a new dog companion and you live in a limited space like an apartment, what type of dog should you choose? It’s great to have some information on the origin of the pet and its behavior before heading to an animal shelter to choose the right dog for you.
Here are some of the most owned dog type information and its suitability for a living environment:
* If sufficiently exercised, this breed will do okay in an apartment. They are moderately active indoors and will do best with at least a medium to large yard.
Labrador Retriever – Once known as the “St John’s Dogs,” the Labrador retriever is one of the most popular breeds in the United States. The lab, is native to Newfoundland, Canada, where it worked side by side with fishermen catching fish that came loose from the lines and trained to jump into the icy waters to help pull in the nets. The Labrador retriever is loyal, loving, affectionate and patient, making a great family dog. Highly intelligent, good-natured, very willing and eager to please, it is among the top choices for a service dog work.
* Labrador Retrievers will be okay in an apartment if sufficiently exercised. They are moderately active indoors and will do best with at least an average-sized yard.
* Beagles will do okay in an apartment if they get plenty of chances to be outdoors. They are very active indoors and a small yard will be sufficient.
Dachshunds – The dachshund originated in Germany in the early 1600s. Bred to hunt small game such as badger and rabbit, the Dachshund has shortened legs to hunt and follow these animals to ground inside the burrows where they could fight the prey to the death. Their name reflects this early purpose; “dachshund” means “badger dog” in German. Dachshunds are lovable, playful companions, and an ideal pet for many homes, including those with children with appropriate supervision.
* Good for apartment living. They are fairly active indoors and will do okay without a yard.
* The German Shepherd will do better in an environment in which there is a yard.
If you have decided that a dog is the right pet for you, you have made the right choice as welcoming a new dog into our home can be an exciting time for everyone. It is good to have a new addition to the family whom you can give love and care and at the same time and will give so much joy to everyone’s lives. A close relationship with a dog can provide you with years of companionship, protection and unconditional love. Indeed, they are man’s best friend.