Greater Phoenix Real Estate BlogRecently posted or modified blog postshttps://www.chancecaseygroup.com/blog/Copyright ChanceCaseyGroup.com2024-03-11T14:03:37-07:00tag:chancecaseygroup.com,2012-09-20:363903 Ways To Discover What Your Home Is Really Worth
Three useful strategies to help you determine your home’s value.
Whether you're considering selling, refinancing, or simply curious about your property's value, understanding how to determine your home's worth is crucial. Today, we'll explore three essential strategies to help you unveil the mystery behind your home's market value.<br /><br />1. Research comparable sales (comps). One of the most reliable methods for determining your home's worth is researching comparable sales, often called "comps." This strategy involves analyzing recently sold properties in your neighborhood that are similar to yours in terms of size, features, and condition.<br /><br />Look for properties that have sold within the last six months, as they provide the most accurate reflection of the current market. Pay close attention to factors such as square footage, number of bedrooms and bathrooms, and overall condition. Adjust the value of your home based on any significant differences. Properties in the same neighborhood or even on the same street can have varying values. Take into account the proximity to amenities, schools, and public transportation. Real estate markets are dynamic and can fluctuate. Consider whether property values in your area are rising, stabilizing, or declining.
"Determining your home's worth is a crucial step."
2. Get a professional appraisal. While researching comps can give you a good estimate, a professional appraisal provides an authoritative and impartial assessment of your home's value. Appraisers consider various factors, including the property's condition, recent improvements, and the overall real estate market.<br /><br />Ensure the appraiser is licensed or certified by a recognized authority to guarantee their expertise and adherence to industry standards. Clean, organize, and address any necessary repairs before the appraisal to present your property in the best light. Inform the appraiser of any recent renovations or improvements that might positively impact your home's value. An appraisal typically comes with a cost, but the insights gained can be invaluable, especially when negotiating with potential buyers or lenders.<br /><br />3. Utilize online valuation tools. Various online tools and platforms like Zillow can provide quick and convenient estimates of your home's worth. While these tools may not replace the accuracy of a professional appraisal, they can serve as a useful starting point.<br /><br />Different online tools may provide varying estimates due to differences in algorithms and data sources, so consult multiple platforms. Online tools may not account for unique features or recent improvements. Use them as a supplemental resource rather than the sole determinant of your home's value.<br /><br />Whether you're planning to sell, refinance, or simply want to stay informed about your investment. By using these strategies, you can gain a comprehensive understanding of your home's market value. Armed with this knowledge, you'll be better equipped to make informed decisions regarding your property. If you have any questions, don’t hesitate to reach out by phone or email.2024-03-11T13:50:47-07:002024-03-11T14:03:37-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:36081Get Your House Ready for the Market in 3 Easy Steps
Here’s what you need to know about preparing your home for sale.
Selling your home can be a significant undertaking, but with careful preparation, you can enhance its appeal and increase the likelihood of a successful sale. Whether you're a first-time seller or have experience in the real estate market, taking specific steps to prepare your home is crucial. Today, we'll explore three key points to help you get your home ready for the market.
1. Enhance curb appeal. When potential buyers arrive at your property, the first thing they notice is the exterior. A well-maintained and visually appealing exterior creates a positive first impression, setting the stage for a successful home tour. To enhance your home's curb appeal, invest time in landscaping to create an inviting atmosphere. Inspect your home's exterior for any needed repairs. Address issues such as peeling paint, cracked siding, or damaged roofing. Upgrade your front door and entryway to make a lasting impression. Consider a fresh coat of paint, a stylish welcome mat, and well-placed potted plants.
"With careful preparation, you can enhance your home’s appeal and increase the likelihood of a successful sale."
2. Declutter and depersonalize. Buyers want to envision themselves living in your home, and that's easier to do when they can see the space without distraction. Start by decluttering each room. Consider renting a storage unit for excess belongings or items that may distract potential buyers. Pack away personal items such as family photos and unique decor. Depersonalizing your space allows buyers to visualize their own belongings in the home, making it easier for them to imagine living there. Give your home a thorough cleaning. Pay attention to details like dusty corners, smudged windows, and scuffed baseboards.
3. Highlight key features. Consider professional staging to showcase the potential of each room. Stagers can arrange furniture and decor in a way that maximizes space and highlights key features, helping buyers see the full potential of your home. Make minor upgrades to key areas like the kitchen and bathrooms. Updated fixtures, a fresh coat of paint, or modern hardware can make a significant difference. These small investments can contribute to a higher perceived value of your home. Ensure your home is well-lit during showings. Natural light is particularly appealing, so open curtains and blinds to let it in. Consider adding ambient lighting in darker areas to create a warm and inviting atmosphere.
By taking these three key steps, you'll not only enhance your home's appeal but also increase its market value. Call or email me with any questions. I look forward to hearing from you!
2024-02-26T13:39:56-07:002024-02-26T13:45:41-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:20869Stop Renting and Buy a Home Instead
Renters are beginning to feel the pressure of rising rates.
Unlike homeowners, renters don’t have the security of knowing what their payments will be once their lease is up for renewal. Nearly every renter I’ve heard from lately has said that they want to find a place to move before things get out of hand.
In Phoenix, the average rent increased by 26.4% over the last year. Rent for a one-bedroom apartment in Chandler rose by 50.8%. Mesa renters are paying 30.6% more than they were, and Tempe rents increased by 21%.
"The longer you wait to buy, the less affordable both homes and rental properties become."
The best way to escape the volatility of rising rents is to become a homeowner with a fixed monthly payment. However, interest rates are on the rise this year, and as rates climb, your purchasing power decreases. Buying a home right now may be your best chance to lock in a low rate. The longer you wait, the less affordable both homes and rental properties become.
If the stability and consistency that come with homeownership sound appealing to you, or if you have questions about the market, give me a call or send me an email. I’d love to help you.2022-06-30T08:22:00-07:002022-07-01T06:25:35-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:20510The Pros and Cons of New Construction Homes
The advantages and disadvantages of building a new construction home.
Why would you buy a newly-built home in this market? There are pros and cons to buying homes this way, and we want to talk about them a bit today. It may surprise you, but the advantages and disadvantages have changed since last year.
You can watch the full video above or skip to each section using the timestamps provided:
0:00 — Introducing today’s topic
0:18 — You’ll have lower closing costs if you buy from a builder
0:47 — There will be less competition
1:26 — You’re the first owner of a new home
2:29 — The area increases in value
3:25 — Interest rates are rising, which is bad for new construction homes.
4:53 — Builders are pushing back timelines or cutting corners
6:13 — The commute will be longer
7:15 — Wrapping up
If you have any questions about the pros and cons of newly-built homes or real estate in general, please call or email us. We’d love to hear from you.2022-06-08T08:42:00-07:002022-06-09T06:49:42-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:20253Where To Search for New and Existing Homes
Check out these sites if you’re looking for a new or existing home.
Today I'll talk about two places where you can search for homes and why you should use them.
When you’re looking for new builds, go to <a href="http://showingnew.com/chancecasey">ShowingNew.com/chancecasey</a>. There, you’ll have access to information on all the new builds being constructed everywhere in the country.
If you’re looking for existing homes that are already on the market, go to our website, <a href="http://chancecaseygroup.com">chancecaseygroup.com</a>. Our user-friendly interface shows every home that you can see on Zillow, Truly, Redfin, and the multiple listing service. Both of these sites work best on desktop, but our site is optimized for mobile as well.
When you save a property on our sites, one of our hundreds of agents will get a notification and can schedule a showing for you. That's a huge benefit of working with our team over an individual agent.
These sites will definitely help you when you're searching for houses. If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.2022-05-22T16:41:00-07:002022-05-26T06:43:35-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:20074Have You Considered a Career in Real Estate?
Here’s why you might want to consider a career in real estate.
Instead of talking about buying and selling homes, today we’re talking about working in the real estate business. I’ve had many people in my circle reach out and ask me about the ins and outs of a real estate career. They’re typically surprised at the potential for freedom and income that this industry provides.
I’d like to have more conversations about real estate with more people, and I wanted to reach out to you today to let you know that. If you’ve ever thought about a career in real estate or someone you know has, let us know, and we’d be happy to speak with them.
If you have any other real estate-related questions, don’t hesitate to reach out via phone or email. We look forward to hearing from you.
2022-05-09T14:22:00-07:002022-05-10T12:25:33-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:199476 Tips for Getting Your Offer Accepted
Here are some ways to make a stronger, more competitive offer on a home.
Getting an offer accepted in today’s market is easier said than done. Sellers have all the power, and buyers are having to compete to win. How can you stand out and get your offer accepted? I’m going to give you my six best tips today.
Feel free to watch the full interview, or use these timestamps to browse specific topics at your leisure:
0:45— Tip No. 1: Post-possession agreement
1:40— Tip No. 2: Price
2:47— Tip No. 3: Make it personal
4:21— Tip No. 4: Being flexible with closing dates
4:35— Tip No. 5: Offering to pay certain closing costs and fees
5:31— Tip No. 6: Hiring an experienced Realtor
6:06 — Wrapping up
If you follow these tips, the chances of your offer getting accepted will go way up. If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
2022-05-01T12:13:00-07:002022-05-05T10:04:27-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:19732Have You Noticed Our Market Shift?
Our market is shifting at a rapid pace; here’s what that means for you.
Our market is changing at a rapid pace. It’s happening so fast that you may not have even noticed it, so today we want to compare our current market landscape with 2021.
In 2021, the average home purchase in our area was around $400,000. Interest rates were still low, and if you had good credit, you could easily lock in a 3% rate. For a standard 30-year mortgage, your total payment would be $2,110.43 per month after taxes, insurance, and average HOA fees. If you put 20% down and didn’t need insurance, your payment would be even lower.
"As rates rise, your monthly payment increases."
If you bought this same house in 2022, it would likely cost $500,000. On top of that, the Federal Reserve has been raising interest rates all year. Now, your rates will probably be closer to 5%. If you received the same type of loan with a 5% rate, your monthly payment would now be $3,058.24. That’s an increase of $947.81 or 69%.
As you can see, affordability is decreasing, and it’s happening fast. Just in February, we closed on a home with a 3.75% interest rate. The difference in your monthly payment from just a 1.25% rate increase is huge. The Fed has said they’re planning to increase rates even further as we head deeper into 2022.
Recently, we’ve received an influx of buyers from Seattle, California, and other parts of the country with more expensive markets. These buyers have plenty of cash from their home sales, so they can afford the price and rate hikes. However, if you’re a local buyer, you may need to move fast to compete in this market.
If you have questions about today’s topic or anything else, please call or email us. We are always willing to help!2022-04-17T10:18:00-07:002022-04-19T09:01:59-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:16162Pros & Cons of 2 Rental Types<br />Comparing long-term rentals and Airbnbs.
What are the differences between long-term rentals and Airbnbs? This has been a hot topic this year because many people are investing in real estate due to low interest rates.
With Airbnbs, you typically purchase the home and then rent it out for short periods of time. But you also have to furnish the home, so there will be a little bit more of an upfront cost. For Airbnbs, you’ll want to pick an area that doesn’t have an HOA that will hinder you from doing a short-term rental. Hot vacation spots are ideal for Airbnb rentals, and so is any area that can get you a high return on your investment from the time that you buy the property and rent it out.
Long-term renting is more about having your tenants pay your mortgage over that time period. At fair market prices, you can get 75% of the income that you make on a rental, meaning you can qualify for it with lower overall debt income. Long-term rentals also hinge on the appreciation of the market. Real estate has typically gone up anywhere between 2% and 3% annually over the last 30 years.
"Airbnb homes must come furnished, whereas long-term rental homes can be vacant."
Also, consider the cash flow of long-term rentals. Suppose you’re making $500 for a rental house per month, and you do that over the span of 12 months. You get $6,000 back into your pocket, and you get to write it off on your taxes.
The last thing to think about when it comes to long-term rentals is equity. You already have someone paying off your mortgage, so if you owned that property alongside an Airbnb, you can use that extra income to pay off your properties.
Before you get into either option, talk to your Realtor about what you need to do to be ready. We do this kind of thing for our clients every day, and we’ve seen them run into all the common issues. If you have any questions or need any assistance, give me a call or send me an email.
2021-10-31T10:38:00-07:002021-11-05T07:42:36-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:16037Which Should You Buy, New Build or Resale?
Some factors to help you decide between buying a new build or resale home.
Should you buy a new build or resale home in today’s market? We highly recommend that you look at both of them, but there are different things you should consider for each. If you work with an agent who, like me, works with new builds frequently, they can help you look at both at the same time.
If you asked us this question in January or March, I would’ve recommended newly built homes to make sure that you weren’t overpaying. However, there is more inventory and less competition in the market now, so resale homes are a solid choice again.
Ask yourself what type of person you are. Do you need a home now, or are you willing to rent for a while? If you’re moving in from out of state and you want a home now, you should probably look at existing homes. But if you’re willing to rent for a year, then you should consider new builds.
"It comes down to your timeframe and how picky you are about the details."
If you’re a picky person, new builds are probably the best choice for you. Most resale homes on the market need a bit of work. If you’re picky, you might end up remodeling the whole house, which is fine if you have the money to do so. With a new build, you’d be able to pick the details you want from the ground up. However, the base price of new builds will be higher. I know I’m a picky person. I bought an existing home, remodeled the whole house, and ended up buying a new build later anyway.
If you want a pool, it would probably be easier to go with an existing home. Some builders work with pool builders, but you’d want to ask if they can build the pool while the home is being built or if it’d have to be built after.
It comes down to your timeframe and how picky you are about the details. If you’re looking to sell your home and get into either a new build or resale, both are possible; they just require some strategy and a solid timeline. If you have any questions, give us a call at 602-525-5502. We’d love to help.
2021-10-21T11:21:00-07:002021-10-25T08:02:11-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:15872Phoenix Market Update: October 2021
Here’s a snapshot of our real estate market as we go into fall.
Today we wanted to talk about how the market is changing and what to expect if you’re selling or buying a home right now.
Our inventory is around 7,000 to 8,000 homes right now. Back in March, this was around 3,000 to 4,000, so we have almost doubled our inventory since that time. However, our average sales price is still up 15% from last year to this year.
Going back to basic supply and demand, we can expect that if our supply keeps increasing, eventually our prices will fall as long as the demand stays steady. It seems like our demand is fairly steady right now, so while we might not see prices drop, we will at least see them increase at a much slower rate.
The market is not as aggressive as it was before.
We aren’t seeing the ridiculous, 30- to 40-offer bidding wars anymore. Instead, there are maybe two to three offers per home. The market is not as aggressive as it was before, so it’s a good time for buyers to think about getting something. With the supply rising, you’ll have more options.
The only real question is where is the market going to go, up further or down a little bit? We predict that the market will go up because a lot of people moved here during the 2009 crash. A lot of them didn’t buy homes; they just kept renting. On top of that, we have a really good job market and a lot of people moving here, so there is still plenty of demand for homes.
If you have any questions about these stats, buying a home, or selling your home, feel free to give us a call. We would love to help you out.2021-10-11T11:30:00-07:002021-10-12T13:14:09-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:14810What Should You Disclose When Selling a Home in Arizona?<br />This is what you have to disclose about your home when selling it.<br />
When it comes to disclosing information about your Arizona property as a home seller, the general rule of thumb is that it’s better to disclose everything than to hide anything. You don’t want to end up in a lawsuit in a real estate transaction.
When you’re working with a Realtor, the two main disclosure documents are the seller property disclosure statement and the claims history report. This goes through the entire home, asks you questions about your home, and gives you guidelines on what you need to disclose. Anything that could possibly affect the sale price of the property has to be disclosed to the buyer within a three to five day period.
Your Realtor can help by sending that over to you and helping you fill it out. We can help walk you through it so you're staying within guidelines and have a legal document showing that you disclosed information to the best of your ability.
"Anything that could possibly affect the sale price of the property has to be disclosed."
If you have any questions about disclosures or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-07-22T10:10:00-07:002021-07-27T10:06:38-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:14643Why It’s Not a Good Idea to Sell Your Own Home
Here’s why it’s probably a bad idea to list your home on your own.
In this market, many people assume homes will sell regardless of how they’re listed—and they do, for the most part. If you list your home right now, it will probably sell no matter what. However, its marketing and exposure will really drive its price up, and FBSOs are struggling right now to attain the type of exposure a Realtor can offer.
Why? At the end of the day, all licensed Realtors have something called the multiple listing service (MLS), through which they can list their homes. It’s what Zillow has been trying for years to get their hands on, and they were only just recently able to syndicate the same MLS data us Realtors use. They used to have to patch it from a bunch of websites.
"All the well-qualified clients who’re ready to buy right now aren’t getting exposed to FSBO homes unless they’re digging deep."
When people search for homes with an agent, they’re doing it for free. They don’t have to pay a commission to a buyer’s agent, and that buyer’s agent is there to help guide them through the home-buying process. They’re also typically sending their buyer data from the MLS or a Realtor website (e.g., chancecaseygroup.com) that syndicates MLS data. After they pick out the homes they like, we show them those homes.
FSBOs don’t get any of that. All the well-qualified clients who’re ready to buy right now aren’t getting exposed to FSBO homes unless they’re digging deep. Most of the time, the people who are digging for a deal are either investors or looky-loos. That’s the reason FSBOs tend to sell for less money than if they would’ve worked with a Realtor. On top of that, many FSBOs get so frustrated with having to handle the home selling process all by themselves that they end up selling out of pure desperation.
If you’d like to know more about today’s topic or there’s anything else we can help you with, don’t hesitate to reach out to us. We’d love to hear from you.2021-07-07T11:20:00-07:002021-07-09T07:52:21-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:14483Our Market Is Starting to Change
Here are the changes we’ve been seeing in our real estate market lately.
Today I want to share what our real estate market has been doing lately. I’m sure many of you have heard that the market is crazy and that people are getting multiple offers, but we’re starting to see the market change. This is the third month in a row that we’ve seen fewer sales in our market overall, so the aggressive demand is starting to lessen.
Part of the reason may be that FHA buyers can’t afford a home at the current prices. Also, most VA buyers (who get 0% down) can’t compete with all the waived appraisals by their competitors. This means we’re also beginning to see a bit more inventory, though not a huge amount.
"We’re starting to see the market change."
The market is still competitive, it just isn’t the same as it was from January to March where some people were seeing 40 to 50 offers for their homes. On the nicest houses, we’re seeing between five and 10 offers. Additionally, we’re still seeing an increase in home prices.
If you have any questions about our market or real estate in general, call or email me. I’d love to speak with you.2021-06-18T09:41:00-07:002021-06-18T09:48:47-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:11559Should You Stage Your Home?
This is why staging your property before you sell is worth it.
Right now, market conditions are incredibly hot, and many people are selling their homes quickly and for very high prices. As such, some sellers are neglecting to do some of their deferred maintenance and improve the presentation of their properties to get the highest price for their sales. If you go into a new construction home today, you’ll see that those homes are always staged, and there’s a reason for that. Staging a home shows the floor plan and what potential the home has for interested buyers.
I was recently chatting with someone who couldn’t sell their home for months, even in this market. They were just a little bit overpriced, but not by much—they listed the home for around $525,000 when their comps only valued it between $535,00 and $545,000. They ended up taking the home off the market for a time and spoke to us about what they could do.
"Staging a home shows the floor plan and what potential the home has for interested buyers."
We booked them a professional staging consultation, and when they sold the home after having it staged, they wound up getting $632,000 for it. In the end, the home appraised for less than that amount, but the buyer was willing to pay the difference. Suffice it to say the seller was very happy.
In another transaction, we had a home that closed for $50,000 over asking price. The buyer loved the furniture in the home so much that they ended up purchasing some of it.
So should you stage a house before you sell it? Absolutely—it’s worth every dollar.
If you have any questions or would like more tips to help you sell your home quickly and for top dollar, feel free to give me a call. I’d love to help you.2021-05-14T10:52:00-07:002021-05-14T10:56:36-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:11323The Right Formula for Maximizing Your Real Estate Investment
Here’s a closer look at how much you can make by investing in real estate.
If you’re looking to invest in the real estate market by purchasing a second home or rental property, then today’s video is for you. I’ve had a lot of conversations with property owners lately about what they should be doing when the market is like it is.
Many are tempted to sell, but if you want to create long-term wealth, renting your investment property out is probably a better bet than selling. There are a few extra headaches, but it can build you a massive amount of wealth.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to skip to topics that interest you most:
0:45- A little background on the investment property I previously purchased
1:20- The cost breakdown of buying a $400,000 property today
3:00- The potential equity gains via tax write-offs
3:50- A breakdown of the potential cash flow for this property
4:41- Why proper tax structuring is key to building real wealth in real estate
6:20- Wrapping things up
If you have any questions for me, want to talk about some real estate investment strategies, or need anything else, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-04-26T10:38:00-07:002021-04-26T11:39:56-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:11184What to Know When Buying a New Build
Here’s a quick guide to buying new builds.
I’ve been working with a ton of new-build homebuyers recently because the market’s been so hot that they’re having trouble getting their offers accepted for existing homes. If you’re feeling the same frustration as they are, where do you find new builds? What do you need to think about when buying a new build? Today I’ll answer these questions and more.
Feel free to watch the video above in its entirety or use these timestamps to skip ahead to various sections at your leisure:
0:00—Introduction to today’s topic
1:01—The benefits of using our website <a href="http://showingnew.com/chancecasey" target="_blank">Showingnew.com/chancecasey</a>
2:21—Lotteries versus waitlists versus highest and best bids
3:48—Custom design, packages, and spec homes
5:33—What to consider when picking a lot
6:25—Wrapping up today’s topic
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.2021-04-15T08:47:00-07:002021-04-19T08:27:02-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:10286Questions to Ask Before Listing Your Home
Before you list your home, be sure to ask your agent these questions.
Today I’ll share some of the questions you need to ask your listing agent before you list your home, as well as what kinds of answers you should expect. Knowing the answers to these questions will provide insight into what kind of service the agent will render to you throughout the transaction. By asking these questions, you can be sure that your transaction is being handled by someone who knows what they’re doing and will help you achieve your goals.
Follow along in the video above or else use the timestamps below to navigate the discussion at your leisure:
0:21—Is this a full time position for you?
0:56—How many homes did you sell last year?
1:50—How close to asking price do you typically get?
2:52—What are your marketing systems?
3:42—Are you going to represent me solely?
4:58—Can you provide preferred vendors or contractors?
5:36—What type of brokerage support do you offer?
6:22—What are your missions, visions, and values?
6:57—Do you have any recent client testimonials?
If you have any other questions about buying or selling homes, don’t hesitate to reach out to me. I look forward to hearing from you!2021-02-16T14:03:00-07:002021-02-16T15:05:33-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:9679Options for Remedying a Low Appraisal
Here’s how our team handles low appraisals in today’s real estate market.
In this market, hopefully, your listing agent can get you an offer that either waives the appraisal contingency up to a certain amount or waives it altogether. However, you're more likely to end up in a situation where you’re selling a home and the appraisal comes in well below the agreed-upon sale price. If you still have the appraisal contingency in the contract and it comes in low, here’s how you should proceed:
First, check the appraisal document for human error. There could be a typo or missing comp that completely throws off the home’s estimated value. If there isn’t any human error but you do have better comparable homes that support your sale price, the next step is to send those to the appraiser.
"All relevant, comparable home sales should be considered."
If they still won’t budge, it’s time to renegotiate. There is a five-day period built into the standard contract for the buyer and/or seller to come up with the difference between the appraised value and the sale price. It’s best to start negotiations as soon as possible for that reason. It’s up to you and your listing agent to determine whether it’s a good idea to go back to market versus selling for a little less. There are a lot of factors to consider.
If you have further questions for me about appraisals or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-02-11T09:08:00-07:002021-02-12T12:07:35-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:88138 Things You Shouldn’t Do When Buying a Home
Here are the eight things you can’t do when you’re buying a home.
There are a lot of mistakes that can be made during a real estate purchase. Here are eight things you should not do so you don’t screw anything up accidentally:
1. Don’t change jobs or quit. I've had two different clients do this while buying a home, and it slowed down the process.
2. Don’t make large purchases. If you’re going to go out and buy a washer, refrigerator, or a car to go with your new house, it’s better to wait until after closing so it doesn’t mess up your credit and debt-to-income ratio.
3. Don’t change hours or take unpaid time off. If your W-2s show that you’re not making what you normally would because of fewer hours or unpaid time off, that can cause a big problem.
4. Don’t use mattress money—that is, a bundle of cash. Unfortunately, you can’t do this. The lender has to be able to source the funds to finish the loan. If you do have a bunch of cash lying around and want to use it for your home, deposit it and make sure it’s in your bank account for at least 90 days.
"Don’t cosign on any other loan until after you close on your home purchase."
5. Don’t run your credit multiple times. You can run your credit multiple times while you’re shopping for a rate, but you want to do it within a 15- or 30-day period. Each of the three credit bureaus has three different periods and you should talk to your licensed lender first.
6. Don’t overuse credit cards. When you're under contract, this can affect your score and debt-to-income ratio greatly. Keep your credit card limits where they usually are.
7. Don’t cosign on a loan. Whether it’s a home or car loan, don’t cosign while you're in the process of buying a home. It’s another thing you’ll want to wait to do until after closing.
8. Don't go on vacation during closing. You have to physically be at closing in person to sign some documents. Any delay in closing could jeopardize your transaction.
If you have any questions about these tips or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.2021-01-28T12:32:00-07:002021-01-29T13:15:50-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:8594Let Us Help You Get More (and Better) Offers
We got this seller an even better result than OfferPad. Check it out!
Today, let’s hear from a seller who chose to work with the Chance Casey Group over Offerpad and hear her reaction to receiving our offers. The iBuyer company OfferPad submitted an offer of $300,000, and if she accepted the offer, she’d only get $277,000 in total—not to mention that afterward, she’d still have to deal with paying off her mortgage.
However, by working with the Chance Casey Group instead, we managed to find our seller 13 offers for her home, one of which was for $40,000 more than that cash offer from OfferPad. Part of the reason we were able to drum up such enthusiastic interest for her home was that we staged it, took professional-grade photos, and hired someone to tackle the maintenance issues. The seller had been panicking, fearing that we couldn’t get it done. Though we started the process on a Thursday or Friday, we ended up getting it all done by the following Tuesday.
In the end, this is why it is important to work with a team. With multiple professionals coordinating their efforts, we can get you results that are better than you ever imagined.
If you’re looking to sell your home on the market, reach out to us. We’ll apply all these same skills and resources to your transaction and make sure that you get the very best outcome for your sale—or maybe even better.2021-01-05T09:55:00-07:002021-01-07T10:02:33-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:8415Q: How Can You Sell Safely & Successfully?
Here’s a step-by-step guide to selling a home during the pandemic.
How do you sell your home during the COVID pandemic? What kind of problems can arise and how can you avoid them? To give you an idea of what’s possible, today I’ll outline my team’s strategy for current home sellers. The good news is, you can still sell quickly and for top dollar, and if you have another home to move into after you sell, we can coordinate your transactions so you don’t end up temporarily homeless.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
0:37—How we’ve adapted our listing style
1:02—A prospective timeline for your home sale
3:25—Putting you in the seat of power
4:05—Moving into your next home
4:41—Adjusting contracts to help you coordinate your move
6:16—The benefit of making a cash offer
7:14—Wrapping things up
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’m happy to help.2020-12-11T09:08:00-07:002020-12-11T11:00:48-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:8257Q: To Invest or Not Invest in Solar Panels
Here’s what you need to know before installing solar panels on your home.
Should you install solar panels on your house? I believe you can get great savings by doing this, but they’ll cause some issues when selling your house.
For example, when selling a home with leased solar panels, your buyer has to qualify to make payments on that solar system. This may increase the buyers assumed monthly payment by $200 - $300. To figure out whether they can add this expense to their debt-to-income ratio, they also have to rerun their credit. Sometimes they just can’t make it happen, which then kills the deal entirely.
"When selling a home with leased solar panels, your buyer has to qualify to make payments on that solar system."
In this market, many of my buyers ask me to write offers that basically ask the seller to pay off their solar leases entirely at closing. If you’re a seller, you definitely don’t want this because it can cost you $10,000 to $20,000 if the buyer isn’t willing to make a deal without this condition.
Now, I did mention that you can get great savings by investing in solar panels, and by that, I mean they can significantly lower your monthly utility bill. However, if you’re not in your home very often or plan on selling it within the next five years, they’ll benefit the home’s next owner more than you. Also, appraisers don’t always know how to appraise a home with solar panels.
If you’d like to talk more about whether solar panels are right for your home, don’t hesitate to give me a call. If you have any other real estate questions, feel free to reach out to me as well. I’d love to speak with you.2020-11-20T13:16:00-07:002020-11-24T12:10:12-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:8001Q: Should You Buy New Construction Instead of Resale?
Here’s why you should consider buying new construction.
If you’re having trouble getting your offer accepted in this competitive market, a solution to getting the home you want may be buying a new construction home.
This is an option we’ve presented to many of our buyer clients who were experiencing the same frustrations with the market. We prepare a spreadsheet for them listing the data from various local builders and use it to narrow their home search. We usually pull 15 to 20 properties from various price ranges and locations and include the incentives each builder offers.
This minimizes the time you have to spend looking for homes, and you don’t have to worry about your offer getting beaten out once you find the home you want. The bottom line is that, with interest rates as low as they are, some buyers just aren’t in a position to be competitive in this market. Others might have a lease that doesn’t end for six to 12 months, and now may be the perfect opportunity to go under contract for a new build so the home is done once the lease ends.
If you’re interested in pursuing this home buying strategy or have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.2020-10-28T13:26:00-07:002020-10-30T08:35:49-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:7758Q: What Will I Pay in Closing Costs?
Here’s what you’ll pay for in closing costs in the state of Arizona.
Whether you’re a first-time homebuyer, have bought a few homes, or are an out-of-state buyer, it’s crucial to ensure you’re budgeting properly for the closing costs of a home purchase. There are two types of closing costs; the kind you pay before closing, and the kind you pay at closing. In the state of Arizona, you’re unlikely to pay for buyer agent commission, as the seller will pay your agent fees (related note: Other states require you to have a lawyer at closing, but Arizona does not).
On the day of closing, you’ll likely have to pay about 2% of the purchase price as closing costs.
When you go under contract, you’ll likely pay earnest money and for an inspection and appraisal. Right before you close, you’ll also probably have to pay your internet service provider, moving company, and utilities. On the day of closing, you’ll likely have to pay about 2% of the purchase price as closing costs, which is separate from the down payment. That 2% will include things such as lender fees (processing, underwriting, etc.), prepaid interest, title and escrow fees, homeowners association fees, and prorated taxes.
Each situation is different, so there’s no exact number you can expect to pay (for example, if you close at the beginning of the month, you may not have to pay prepaid interest).
If you’d like a more detailed breakdown of what closing costs to expect or have any questions, just give me a call or send an email. I’d be glad to help you.2020-10-08T08:36:00-07:002020-10-08T14:17:48-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:7629Q: How Do You Prepare Your Home For Sale?
These four home preparation tips will help maximize your sale.
If you’re preparing to put your home on the market, here are four tips that will help you get a great return on your investment:
1. Let in a lot of natural light during showings. Remove the sun shades, clean the windows, and let in as much sunlight as possible. First impressions are everything, and you don’t want your home to feel dark and depressing when buyers first see it. Additionally, you want them to be able to appreciate the view your home offers.
If you can make your home look like a model home, it will sell quickly and for top dollar.
2. Add neutral paint. This tip is sure to boost your return on investment because it will bring more online buyers to your doorstep and make your home feel more inviting. If your home has a gray color palette, greige is a great color to consider. Sand dollar (the color behind me in the video) also works well in homes that feature Tuscan and oak colors. If you want to play it safe, you could always go with plain white, which will make the home look new and absorb natural light.
3. Stage your home. If you can make your home look like a model home, it will sell quickly and for top dollar. On that note, having a professional stager come to your home and give you a consultation is well worth the cost.
4. Have the home professionally cleaned and the property professionally landscaped. Both of these should be done before taking any listing photos. This ensures that the exterior maintains good curb appeal and the interior indicates pride of ownership.
If you have more questions about preparing your home for sale or there’s anything else I can help you with, don’t hesitate to reach out to me. I’d love to hear from you.
2020-09-23T11:44:00-07:002020-09-24T11:45:33-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:7545Q: What Are 6 Ways to Make Your Offer Stronger?
These six tips are your guide to writing a winning offer.
In this competitive real estate market, there are six tips you need to remember if you want to make a winning offer:
1. Make a large earnest money deposit. Earnest money is collateral that you put into title and escrow within 24 hours of your offer being accepted. A large earnest money deposit (e.g., one that’s higher than 1% of the purchase price) tells the seller you’re serious about moving forward with the purchase and that you won’t violate the contract deadlines. After all, you can forfeit your earnest money by not abiding by your contingencies.
2. Show the seller you’re pre-qualified. If you’re paying in cash, provide the seller with proof of funds from your bank. If you’re using financing, provide your lender with the documentation they need so they can then prove to the seller that you’re capable of buying.
“
Writing your highest and best offer means not kicking yourself later knowing you could’ve made a better offer.
”
3. Schedule a settlement date that works for the seller. It’s not always possible to do this, but if you can, have your agent call the seller and ask them why they’re moving, when they’re moving, and what time they want to be out of the house. By scheduling a favorable closing date without changing your offer price, you’ll position yourself in front of competing buyers.
4. Shorten or waive your contingencies. Fewer properties are available than normal, which means waived appraisals and as-is transactions are becoming more common. However, shortening or waiving your contingencies doesn't come without some risk, so talk to your agent before following up on this tip; you don’t want to put yourself in a position you can’t handle.
5. Write a personal letter. If you’re competing against multiple offers and write a “love letter” to the seller explaining a little about yourself and why you love their home, it will set you apart from the pack. I just had a client that beat eight other offers for a home by doing this. Create a human connection with the seller that they’ll remember!
6. Write your best offer. Writing your highest and best offer doesn’t mean overextending yourself, it means not kicking yourself later knowing you could’ve made a better offer. If your strongest offer doesn’t get accepted, you’ll at least know you couldn’t have gone any higher. If it does get accepted, mission accomplished—you can move forward with your purchase! If you get into a house you love, then there’s nothing to regret.
If you’d like to know more about writing a winning offer or have any other real estate questions, don’t hesitate to reach out to me. I’m happy to help.
2020-09-14T11:15:00-07:002020-09-14T13:21:14-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:7461Q: How Has COVID Affected Our Market?
Here’s what the latest stats say about our market.
How is COVID affecting the real estate market? Let’s dive into the latest statistics and how they compare with where we were at last year:
Home sales have increased by 11% per month
Inventory is down by 27%
Homes are selling 15% faster and averaging just seven days on market
The average sale price has increased by 15%
Much of this activity is due to low interest rates and homebuyers migrating to our area from other places. What do these numbers mean for sellers? Let me tell you a story about one of our team’s sellers who lives in Gilbert.
We listed their home on a Wednesday and didn’t allow any showings until Saturday. That day, we told all buyers who showed up (of which there were many) to submit their highest and best offers on Monday. In that small time frame, we generated 12 offers. After I sat down with the seller and outlined the advantages and disadvantages of each offer, they picked one that was extremely aggressive. The buyer behind this offer had already lost out on three homes, so they offered to pay $20,000 over list price and waive the appraisal.
You have the equity to be competitive for the home you want.
To review: This seller sold their home for $20,000 over list price (which was well above the appraised amount) after having it on the market for just four days. We also helped them quickly find and close on their next home in Gilbert. This story is a common occurrence for sellers in today’s market. Buyers are being ultra-competitive to get the home they want.
Who should be selling right now? Anyone with a non-owner-occupied home, a home that’s struggled selling in the past, or one that they don’t want to update anytime soon. Additionally, anyone who just wants a quick sale so they can move on to their next residence should sell too. You have the equity to be competitive for the home you want.
What about buyers? Why are they buying homes much faster than last year? Like I said, interest rates are low. As home prices have increased, interest rates have decreased. Every 1% drop in rates amounts to about 10% less that you have to pay for your monthly mortgage payment. For example, if you could only afford a $300,000 house in 2018, you can now buy in the $330,000 to $360,000 range because rates have dropped between 1% and 2% since then. Even if you pay a higher price for a home now, you’ll pay less on the back end of your mortgage.
Another factor I already mentioned that’s worth repeating is the number of buyers coming from high-priced markets like New York, Washington, etc. Also, many people who planned on getting married in 2020 but weren’t able to are using the money they would’ve spent for a down payment.
Who should be buying in this market? If you plan on being in your next home for five years or longer, then go ahead and buy. You’ll reap the benefits of low interest rates, and if the market takes a dip, it wouldn’t affect you that much because you’d be able to stay in your home until it was time to sell it.
If you’d like to know more about our market or are thinking of buying or selling soon, don’t hesitate to reach out to me. I’d love to help.
2020-09-01T07:45:00-07:002020-09-02T10:47:42-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:4241Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1710/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2019-11-14T11:44:00-07:002019-11-14T11:46:11-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:4240Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/1710/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2019-11-14T11:44:00-07:002019-11-14T11:46:22-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:4239Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1710/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2019-11-14T11:44:00-07:002019-11-14T11:46:18-07:00Chance Caseytag:chancecaseygroup.com,2012-09-20:4238Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/1710/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2019-11-14T11:44:00-07:002019-11-14T11:46:15-07:00Chance Casey