Buy an Oro Valley Golf Home-Then Super Bowl-Denver to Win? http://www.orovalleyrealestate.com/oro-valley-real-estate-oro-valley-homes-golf-homes–to-3.asp
View these Beautiful Oro Valley Real Estate Deals All with Pools and Then Watch the Super Bowl.
Not your normal Monterra home. Superb model perfect with panoramic views. Set up as 3Br plus den, massive tile floors, spacious great room, walls of view windows, granite kitchen with island, large luxurious master suite, good sized guest bedrooms, designer paint colors and decor, 2 sided fireplace. double sliders to beautiful rear yard with full length patio, sparkling pebble tech pool and extra kool decking. Security door, fans, wood blinds, new a/c, extra long garage, sunscreens and more. Truly Special Home.
|Lot Size in SqFt:||
Location Information :
School Information :
|Jr. High School||
|Dinning Room Description:||
Dishwasher,Disposal,Dryer,Garage Door Opener,Micro
Forced Air – Gas
|Water / Sewer:||
Oro Valley Connected
|Patio / Deck Description:||
|Long Realty Oro Valley|
Are You Going to Have a Successful Year?
A Great 2014 Will Mean:
1 – What will I do differently? Bad Year Last Year-If you do exactly what you’ve done before, you can’t really expect the results to be any different, can you?
2 – Are You Saving Anything? Start with your first check this year. Put a percentage away for taxes and a percentage to put in long-term, never-touch-it savings.
3 – Wasting time? Work hard, play hard, but Get a Life, otherwise what is the point?.
4 – Improving? Take classes and learn something new. Think outside the box.
5 – Happy? Start with deciding to act and feel happy.
Do Unto Others, Positive Thought and Actions
Spectacular 360 degree views from this prime hilltop hacienda. Set up as 3Br plus den/office off master. 700ft driveway, double courtyards, multiple view patios, all tile floors, gourmet kitchen open to spacious family room, living room with fireplace, luxurious master suite with amazing walk in closet plus jacuzzi tub, good sized split guest bedrooms including guest quarters. Designer décor, arches, niches, beams, french doors, granite, top of line finishings, hand stone walling. And the VIEWS are WOW. Don’t Miss Out.
Curb Appeal Will Make You Money, Not Cost You Money
If your home has curb appeal, you’ll be able to sell it quickly and for top dollar.
Many homeowners are confused about which projects will provide the most return on investment as they prepare their homes for the market. Curb Appeal Ranks High
Realtors know which home features are important to buyers in their area. Great projects including a new entry door, siding and window replacements and new paint are winners.
The first impression a homebuyer gets is priceless. You want the buyer to choose your home, and quit looking for something better. If the buyer doesn’t like what he sees, you are done. The buyer is going down the street or elsewhere.
Eight of the top 10 most cost-effective projects are exterior projects.
Replacing your front door with a steel entry will cost $1,100 on average.
Add a wood deck addition.
Add a midrange garage door.
Wood and vinyl window replacements aren’t cheap but valuable
Minor kitchen remodel peeks major interest once inside.
Go On-Line to Get Great Money Saving Tips
Oro Valley Real Estate Horse Property $500+
Some Beautiful Homes
I Story 3 Car Garage $300-$500K
|Click On Thumbnail to view details||Address||Price High Price Low||Beds||Baths||Stories||Garage||Pool||SqFt|
|13851 Eddington Oro Valley, AZ 85755 MLS: 21325704||$339,000||3||2||1||3||Conventional||2,036|
|1538 Soft Breeze Oro Valley, AZ 85737 MLS: 21327809||$342,000||4||2||1||3||None||2,490|
|11954 Mesquite Hollow Oro Valley, AZ 85737 MLS: 21400792||$344,900||4||3||1||3||None||2,490|
|13468 Big View Oro Valley, AZ 85755 MLS: 21327164||$344,900||3||2||1||3||Conventional||2,020|
|13899 Bentwater Oro Valley, AZ 85755 MLS: 21319325||$349,900||4||3||1||3||None||2,842|
|12270 Mount Bigelow Oro Valley, AZ 85755 MLS: 21402564||$356,000||4||2||1||3||Conventional||2,137|
|13836 Silvercreek Oro Valley, AZ 85755 MLS: 21400304||$358,500||4||3||1||3||None||2,842|
|13947 Eddington Oro Valley, AZ 85755 MLS: 21333159||$359,900||4||3||1||3||None||2,842|
|1588 Copper Ridge Oro Valley, AZ 85737 MLS: 21221252||$359,900||5||3||1||3||None||2,930|
|14061 Hemet Oro Valley, AZ 85755 MLS: 21402030||$360,000||4||2||1||3||Conventional||2,008|
|11391 Mountain Breeze Oro Valley, AZ 85737 MLS: 21402212||$375,000||4||2||1||3||None||2,441|
|1773 Terrestrial Oro Valley, AZ 85737 MLS: 21329109||$389,900||4||3||1||3||Conventional||2,509|
|1770 Terrestrial Oro Valley, AZ 85737 MLS: 21328341||$389,900||3||2||1||3||None||2,646|
|721 Regulation Oro Valley, AZ 85755 MLS: 21400124||$391,000||4||3||1||3||None||2,735|
|217 Milbrae Springs Oro Valley, AZ 85755 MLS: 21401987||$400,000||3||3||1||3||Conventional||2,864|
|1701 Bird Of Paradise Oro Valley, AZ 85737 MLS: 21400521||$415,000||4||3||1||3||Conventional||2,527|
|1929 Brianna Oro Valley, AZ 85737 MLS: 21327483||$424,900||4||3||1||3||Conventional||2,466|
|11944 Staghorn Oro Valley, AZ 85737 MLS: 21331943||$449,900||5||3||1||3||Conventional||3,002|
|1888 Mountain Laurel Oro Valley, AZ 85737 MLS: 21332990||$450,000||3||3||1||3||Conventional||2,622|
|13408 Regulation Oro Valley, AZ 85755 MLS: 21400055||$479,900||4||3||1||3||Conventional||3,035|
|12741 Spirit Mountain Oro Valley, AZ 85755 MLS: 21401930||$489,900||4||3||1||3||Conventional||2,680|
|1218 Casentino Oro Valley, AZ 85755 MLS: 21402720||$498,000||4||3||1||3||None||3,305|
|11801 Copper Mountain Oro Valley, AZ 85737 MLS: 21320828||$499,900||4||3||1||3||None||2,447|
|13791 Javelina Springs Oro Valley, AZ 85755 MLS: 21327735||$499,999||3||2||1||3||None||2,364|
|10889 Pusch Ridge View Oro Valley, AZ 85737 MLS: 21329653||$500,000||5||3||1||3||None||3,410|
Do Your Bathroom Business out in the Open-Maybe
Are Bathtubs History? Privacy Gone?
Survey results from Owners considering a Remodel
1: People are ditching the bath.
Conventional wisdom about bathrooms tells us we should not over-personalize or remove items that are embraced by the greater public. Not happening.
2: Privacy is overrated.
Owners leaving new master toilet exposed.
So Answer This.
Will taking a tub out of your master bath during a remodel hurt your resale value?
How long do you plan to be in the home. If you plan to move up, relocate, retire, or expect to be in the home for only two or three years, making such a personal change to your home may not be the best idea. If the answer is more than three years or if this is your forever home, resale value won’t be as important as making the home the way you want it..
Why would you want to do their business out in the open?
There are varying viewpoints on this. Some say as long as you have a tub in an another bathroom you’ll be ok. And they add that a spacious, well-equipped shower with updated tile and multiple jets would more than make up for it. Still others argue that you will seriously limit the buyer pool for your home if you eliminate an important feature like a bath in your master bathroom.
Experts recommend you ask yourself how long do you plan to be in the home. If you plan to move up, relocate, retire, or expect to be in the home for only two or three years, making such a personal change to your home may not be the best idea. If the answer is more than three years or if this is your forever home, resale value won’t be as important as making the home the way you want it..
Conclusion: So maybe if you’re under 35 and want a big open space with no privacy in your bathroom, good. If you’re over 35 and are buying a home that has been remodeled in the past few years, you might have to add the cost of adding back in a door to your purchase price.
Other Bathroom thoughts:
Double sinks are on the rise.
So are glass-enclosed showers and High-efficiency toilets.
Adding a window to the bathroom.
Skylights are out.
Would you remove your bath? And how do you feel about bathroom privacy?
Spectacular Oro Valley Real Estate Less then $300,000 with Pools
Oro Valley Homes with Pool $250-$300K WOW
Gen Y: Homeownership Starts With Saving
The Gen Yers, as they’re also often called, are referred to as the group born between the mid-seventies to late nineties.
While this group came of age during rough economic times, homeownership is still a priority to them. This group tends to be well educated – many went to college — and also have an entrepreneurial spirit that makes them creative with their money.
For Gen Y, achieving the American dream, a few critical steps will pave the way to the road to homeownership.
Debt: This generation likes the idea of being their own boss, working from home or tele-commuting. They can be very creative in developing money-making jobs with the Internet and start-ups are often part of their dream job. However, sometimes these starts-ups are funded with only their own credit cards, which can rack up a considerable amount of debt. Plus much of this generation has student loans and debts that they’re still paying off.
When possible, cutting back on major expenses is a good way to start saving for that home.
Many people are opting to continue with repairs and maintenance rather than have a monthly car payment. This can be an excellent strategy to help save money as long as the repairs and gas money on the older car don’t equal more than a new car payment and cost of gas, registration and insurance.
Gen Y can save by cutting the cable and home telephone cords. This can save more than $100 a month. Many see no real need for cable or even Internet at home. They often use their smartphones to watch shows and get the news. Cutting household utility expenses such as these can end up saving them hundreds of dollars a year.
Renting rooms out or even renting out their furnished homes when they travel for work or play. And, of course, some are moving back home with their parents to save up for that down-payment. The more they can save, the better prepared they’ll be to achieve the American dream of homeownership.
Search for the most popular Oro Valley Real Estate
1 Story 3 Car Garage Pool Homes
Oro Valley and NW Tucson Homes 1 Story 3 Car Pool $500K+ Cool Stuff
Oro Valley Real Estate-Not Bad for $379,000?
Great price for golf course home on private lot with mountain and valley views. Large front and rear patios, stunning great room with rock wall fireplace, granite kitchen with pantry, formal dining, walls of glass to the beautiful rear yard, master and 3rd bedroom back to golf course, master suite has it’s own private patio, plantation shutters, fans, track lighting, loads of storage. Resort style rear yard with full length patio, saltillo, large pool, great landscaping, benches and the wonderful views of the golf course and mountains. Show Today!
|Property Type: Single Family|
|3||1 Full/1 Three-Qtr/1 Half|
|1.05 Acres||Assessor||2,000 (approx)|
|School District: Amphitheater|
|Copper Creek||Cross||Canyon Del Oro|
|$9 Monthly, due Monthly|
Kitchens Sell Homes-Do It Right!
Stagers know it. Real estate agents push it. A kitchen can sell a house.
A kitchen is the heart of a home. Kitchens are where we spend much of our time and most of that is with our families and friends.
In today’s age of open floor plans, Kitchens are focal point of many family rooms. It’s because of this that kitchens play such an important role in the buying and selling process.
Being the showpiece of the house, buyers want homes with up-to-date kitchens.
Kitchens, however, are expensive rooms to renovate involving a complicated array of flooring, tiling, cabinets, and counters.
Buyers want a home with an up-to-date kitchen but may not want to renovate themselves.
For sellers, if homes in your neighborhood are selling for $100,000 with tidy, but not luxury kitchens, then this is no time to upgrade to granite, travertine, and marble at the price tag of $40,000+. But of course if homes in your neighborhood are in the mid to high end, then spend the money.
Compare kitchens in your area via open houses or MLS listings to find out what your competitions’ kitchens look like.
Do area homes have solid wood cabinets, granite counters, stainless steel appliances, wine-coolers, and trash compactors?
Particularly in a higher-end neighborhood, if you don’t want to put in the time yourself to make upgrades then you’ll have to make concessions in the price.
A kitchen update doesn’t always have to cost a bundle. Change the paint color, get rid of clutter, update your appliances, paint your cabinets or get a high-end looking counter using faux or lower end granite and if you can, do much of the work yourself.
The bottom line is a kitchen can sell a home. Do a little research and find out what your kitchen needs to make it competitive with homes in your neighborhood.
Don’t Over Renovate as You Won’t Get Your Money Back.
Marketing Your Home To Sell, Not to Sit
SERVICE TO YOU DURING THE LISTING
Keep all aspects of the transaction confidential.
Treat clients and their representatives with respect and cooperation.
MARKETING SERVICES INCLUDE
A written marketing plan listing all websites where the listing will be posted.
PROCESSING THE LISTING
SERVICING THE LISTING
Your Computer Crashes, Is Slow or Infected with Viruses
Computer Problems-Forget Norton, McAfee-This Is The BEST
Making A Small Space Look Larger
1. Make the right color choices for your walls.
When it comes to your walls, you want to “use light colors or neutrals throughout; as they are space expanders and provide a neutral background for furniture and art.
Dark colors can feel confining or make a room feel claustrophobic. Using light colors will make walls appear to recede, creating a bright and airy feel.
2. Watch the contrast.
A small space can benefit from color palettes that stay within a similar range. That often means playing off of the wall color. When adding draperies to the room, keeping them in the same color as walls will help avoid contrast to the space.
Leaving your windows uncovered will trick your eyes into thinking that your pad’s got depth — and reveal the natural beauty of the landscape outside.
3. Take it up, not out.
Don’t have the floor space for more stuff? You’ve still got walls. Custom storage also helps you maximize out-of-the-way nooks, like the area under a flight of stairs.
4. Don’t forget about adjacent areas.
Staying within the same color palette and style from room to room when sightlines pass from one space to another is important to creating unity. Link adjacent spaces with the same color and flooring. Keeping to one color makes rooms look bigger. However, if you do need to change flooring materials it is wise to stay in the same color family.
5. Don’t play by the rules with furniture.
A small space means small furniture, right? Not so fast. You’ll actually create an airier atmosphere by displaying one prominent item — from a statement sofa to a curved armchair — rather than putting tons of tiny pieces everywhere.
Another great trick with furniture is to pay attention to where you put it. Everything in the room does not have to pushed up against a wall. Sometimes a piece looks better at an angle or surrounded by space.
6. Make your stuff work overtime for you.
A table that’s only a table? You’re missing out. In a small space, it’s all about multifunction. A side table that can also be used as a desk. Storage ottomans that house blankets. It’s about multifunctional storage. Typically, small homes are short on places to stash things. That’s why it’s so valuable to find furniture with storage included.
Oro Valley Real Estate 1 Story 3 Car Garage Homes
PRICED RIGHT-ANY CONDITION-ANY LOCATION-ANY MARKET-HOUSE SELLS
Location affects the value of a home, but it’s price that sells a home.
Beach, golf course or penthouse, the most desirable location in the world won’t sell at the wrong price.
A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won’t be as a high as it would be for a good location.
A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price.
But neither location or condition will sell any house. Only one thing does that – PRICE.
Pink carpet and orange walls will sell, Priced Right.
So if your home is represented by an agent, and it’s been on the market for a long time, chances are it’s your own fault.
Your realtor recommended a certain price and you wanted higher, because you needed the money for retirement.
When the showings stopped completely, maybe you accused your agent of not doing a good enough job.
You put the blame on everyone except where it belongs – on you. It’s not about you, what you want, or how much you need for your retirement.
Oro Valley Real Estate Big Lots Pool Over $500K http://www.orovalleyrealestate.com/oro-valley-real-estate-oro-valley-homes-pool-over–acres-over-.asp
Retire to Oro Valley Arizona. No Lawn Mowers, Leaf Blowers, Snow Shovels, Ice Scrapers, Expensive Cold Weather Clothing-Just Shorts Here!
Preview These Beautiful Oro Valley Real Estate Retirement Homes
This Stunning hilltop home with Mountain and City Lights is Special. This Lovely remodeled home features cedar wood ceilings, hand carved doors, gorgeous real wood floors, stainless steel appliances and granite counters. Luxurious Master Suite w/lovely sitting area, walk-in closet and glass block accented separate shower. The ultra private backyard with sparkling pool is perfect for entertaining.
Oro Valley and NW Tucson Horse Property Over $500K
Oro Valley Real Estate-Play Golf While There is 2 Foot of Snow Up North
Beautiful Oro Valley
Oro Valley is located in Arizona. Oro Valley, Arizona has a population of 41,011.
The median household income in Oro Valley, Arizona is $72,672. The median household income for the surrounding county is $45,106 compared to the national median of $50,935. The median age of people living in Oro Valley is 49.8 years.
The average high temperature in July is 101 degrees, with an average low temperature in January of 34 degrees. The average rainfall is approximately 11.7 inches per year, with 0.4 inches of snow per year. No weather information available.
Oro Valley Real Estate Great Homes
11814 N Sage Brook RoadOro Valley, AZ$239,0003 beds, 2 baths
14292 N Giant Saguaro PlaceOro Valley, AZ$3,950,0004 beds, 6 baths
1276 W HIGH PLAIN PlaceOro Valley, AZ$2,900,0003 beds, 4 baths
1106 W Tortolita Mountain CircleOro Valley, AZ$1,997,5003 beds, 5 baths
1273 W Tortolita Mountain CircleOro Valley, AZ$1,895,0004 beds, 5 baths
1214 W Tortolita Mountain CircleOro Valley, AZ$1,797,0004 beds, 6 baths
931 W Tortolita Mountain CircleOro Valley, AZ$1,675,0004 beds, 4 baths
1302 W Twisted Mesquite Place UNIT 4Oro Valley, AZ$1,660,0003 beds, 4 baths
13751 N Old Forest UNIT 101Oro Valley, AZ$1,624,0003 beds, 4 baths
1232 E Canada Vista PlaceOro Valley, AZ$1,600,0003 beds, 4 baths
1363 W STONY RUN PlaceOro Valley, AZ$1,595,0004 beds, 5 baths
14410 N SILVER CLOUD DriveOro Valley, AZ$1,590,0004 beds, 4 baths
14410 N Silver Cloud DriveOro Valley, AZ$1,590,0004 beds, 4 baths
489 W Dream Weaver DriveOro Valley, AZ$1,575,0005 beds, 5 baths
1026 W Tortolita Mountain Circle UNIT 145Oro Valley, AZ$1,550,0003 beds, 4 baths
14564 N Quiet Rain DriveOro Valley, AZ$1,525,0004 beds, 5 baths
9410 N Calle Loma LindaOro Valley, AZ$1,500,00010 beds, 10 baths
11508 N Coyote Blue CourtOro Valley, AZ$1,425,0003 beds, 4 baths
10700 N Rocky Slope PlaceOro Valley, AZ$1,385,0004 beds, 6 baths
2759 W Desert Splendor CourtOro Valley, AZ$1,375,0005 beds, 6 baths
1103 W Vistoso Highlands DriveOro Valley, AZ$1,350,0003 beds, 4 baths
640 E Cool Mist DriveOro Valley, AZ$1,295,0004 beds, 4 baths
14022 N Old Forest Trail UNIT 72Oro Valley, AZ$1,290,0003 beds, 4 baths
8730 N Glenhurst PlaceOro Valley, AZ$1,275,0004 beds, 5 baths
13900 N Zeppelin PlaceOro Valley, AZ$1,250,0004 beds, 4 baths
14475 N Travertine PlaceOro Valley, AZ$1,230,0004 beds, 7 baths
11156 N Desert Whisper WayOro Valley, AZ$1,200,0005 beds, 4 baths
585 E Crescent Moon DriveOro Valley, AZ$1,198,0005 beds, 4 baths
9800 N Carodera Canyon PlaceOro Valley, AZ$1,195,0006 beds, 5 baths
1185 W Weathered Stone PlaceOro Valley, AZ$1,185,0004 beds, 4 baths
13711 N Old Forest TrailOro Valley, AZ$1,150,0004 beds, 5 baths
680 E Cool Mist DriveOro Valley, AZ$1,150,0004 beds, 4 baths
1066 W Tortolita Mountain Circle UNIT 150Oro Valley, AZ$1,125,0004 beds, 5 baths
615 E Quiet Rain PlaceOro Valley, AZ$1,100,0004 beds, 6 baths
1020 W Dream Chaser CourtOro Valley, AZ$1,100,0004 beds, 4 baths
14456 N Travertine Place UNIT 15Oro Valley, AZ$1,050,0005 beds, 6 baths
527 W Soaring Hawk PlaceOro Valley, AZ$998,0004 beds, 4 baths
14148 N Honey Bee TrailOro Valley, AZ$997,5005 beds, 6 baths
737 E Cool Mist DriveOro Valley, AZ$975,0006 beds, 7 baths
13987 N Honey Tree PlaceOro Valley, AZ$975,0003 beds, 4 baths
502 W Silhouette Ridge PlaceOro Valley, AZ$950,0003 beds, 3 baths
11904 N Vista Del Sol PlaceOro Valley, AZ$950,0004 beds, 4 baths
10765 N Summer Moon PlaceOro Valley, AZ$924,9004 beds, 4 baths
14050 N Silver Cloud DriveOro Valley, AZ$885,0003 beds, 4 baths
13914 N Bowcreek Springs PlaceOro Valley, AZ$864,0003 beds, 4 baths
12221 N Cloud Ridge DriveOro Valley, AZ$850,0004 beds, 3 baths
11580 N Coyote Blue CourtOro Valley, AZ$849,0004 beds, 3 baths
1510 W BEECH WayOro Valley, AZ$839,9003 beds, 4 baths
14129 N Honey Bee TrailOro Valley, AZ$829,0004 beds, 3 baths
11814 N Sage Brook RoadOro Valley, AZ$239,0003 beds, 2 baths
14292 N Giant Saguaro PlaceOro Valley, AZ$3,950,0004 beds, 6 baths
About Oro Valley
Oro Valley is a community located in northern Pima County, approximately six miles from the Tucson city limits. Oro Valley has spectacular mountain views, wonderful schools, an excellent police force and expanding business and retail opportunities. The town also is rated one of the safest towns in Arizona, and has easy access to a world of recreational and cultural experiences in the neighboring metropolitan area. Short drives away are Picacho Peak State Park, Arizona-Sonora Desert Museum, Old Tucson Studios, Saguaro National Monument West, San Xavier Mission, and Biosphere 2, a three-acre model of the earth’s ecosystem.
Activities and Attractions
Oro Valley is a vibrant community with plenty of activities for all ages, including many programs sponsored by the town’s Parks and Recreation Department. A few are Spring Break Nature Camp at Catalina State Park, the Oro Valley Walking Club, The Nature of Oro Valley Parks Bird & Nature Walks, children and adults’ aerobics and dance, organized hikes, adult fitness and personal training, All Age Tennis Tournament, dog obedience classes, yoga and T’ai Chi, and much more. A not-to-be-missed event is the Southern Arizona Arts & Cultural Festival at the northwest campus of Pima Community College. The week-long Festival includes children’s activities, community non-profit presentations, cultural food by local and international food vendors, and exhibits of artists from around the world featuring paintings, sculpture, jewelry, ceramics and photographs reflecting the rich cultural heritage of southern Arizona.
Oro Valley and Northwest Tucson Real Estate 1 Story 3 Car Pool Over $500,000
Visit these Incredible Homes
Need Help with Your Down Payment?
The majority of the listed homes for sale in the may qualify for down payment assistance programs. That means you may qualify to receive a down payment loan or grant if you meet the program’s eligibility requirements. In fact, some programs are available for homes with sales prices of $500,000 or more and household income as high as $100,000.
One of the biggest hurdles for many home buyers is coming up with the down payment for a home. What many home buyers don’t realize is, that there is help through down payment assistance for first time home buyers who qualify for first time home buyer grants as well as repeat buyers who are eligible for down payment assistance loans or grants.
In addition to help from the federal government for first time home buyers, many community, city, county and state agencies offer down payment grants and down payment assistance, which have unique qualification requirements regarding income, assets, credit, occupancy and location.
A Down Payment Assistance icon may be displayed directly on the property search results and listing detail pages of your MLS.
Down Payment Myths
Today’s homebuyers are doing significant online research before beginning their home buying search, yet there are still many misconceptions about home financing and down payment assistance programs. Home prices, along with down payments, are increasing, and assistance programs can help make buying a home as affordable as possible.
Are these common myths keeping you from investigating homebuyer assistance options?
Myth #1: Down payment assistance programs are only for first-time homebuyers.
First-time homebuyers are defined as someone who has not owned a home in three years. And, not all programs specify that you must be a first-time homebuyer. It’s important to know that assistance programs are for homebuyers, not investors. Most housing agencies will require that the home is occupied as a primary residence in order to qualify.
In addition, homebuyers purchasing a home in a designated target area (typically for revitalization efforts) may receive special benefits such as higher assistance amounts, more lenient income requirements and the first-time homebuyer requirement may be waived. Veterans are often eligible for a first-time homebuyer waiver, too!
Myth #2: Assistance programs are no longer funded.
There are many public and private-funded programs available. In fact, there are hundreds of millions of dollars in down payment assistance, tax credits, affordable fixed-rate mortgages and rehab loans available throughout the country.
Each program has a different funding schedule. Some programs are government-funded and are provided through municipal or quasi-government agencies or non-profits. Others are privately funded, and some are even sponsored by employers. Every state has a collection of programs at the state-level, and hundreds of markets around the country offer local assistance as well.
Myth #3: It’s difficult to qualify for homebuyer programs.
There are many options and opportunities. The key is doing research early in the home buying process as well as reviewing the application criteria.
To qualify for an assistance program, the homebuyer and the property will have to meet certain criteria, which vary by program. Standard criteria include property location, type of home, sales price limits, household income thresholds, and homebuyer education certifications. There are often additional benefits, or even entirely separate programs, for educators, protectors, health care workers, veterans of the armed forces, and households with disabled members.
Down Payment Resource gives homebuyers the opportunity to answer a few simple questions to determine if they may meet the basic qualifications for a program.
Homebuyers must also demonstrate that they are financially responsible. Assistance programs have credit score thresholds and cash reserve requirements. Most programs will require a little money down from the homebuyer, as well as homebuyer education, especially for first-time homebuyers, to ensure the long-term homeownership success of each new buyer.
Myth #4: Using a down payment assistance program makes home financing more difficult.
Homebuyer program administrators often train “participating lenders.” These are lenders who are qualified to write the loans associated with the programs and understand how to incorporate this special financing into the home loan without complicating or prolonging the real estate transaction. This is why it’s important for homebuyers to seek information about available programs prior to touring homes or even getting prequalified. A little homework upfront ensures a smooth, successful transaction down the road.
Down payment assistance can help boost homebuyers’ purchasing power, help buyers retain a solid cash reserve for home improvements and other moving costs, and revitalize our communities with more homeowners.
Oro Valley Real Estate 1 Story with Pool $300-$500K. Go Get ‘Em http://www.orovalleyrealestate.com/oro-valley-real-estate-oro-valley-homes-one-story–to-3.asp
What is a Short Sale?
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In addition, the property owner cannot afford or chooses not to repay the liens full amounts.
Therefore, the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.
Why Would a Bank Say Yes?
With foreclosures on the rise in the US, banks are looking for any way they can to minimize their foreclosure losses. Basically, it is much more cost effective for a bank to agree to a short sale rather foreclose on a home.
Banks aren’t in the business of owning real estate and collecting monthly mortgage payments, so a bank will take a minor loss in a short sale to start that payment cycle again.
In addition, if the home is in foreclosure, a bank must pay for upkeep, insurance, and other costs. Plus, through the foreclosure process, the bank would incur legal and court fees.
What About Taxes?
There may be tax ramifications to a Short Sale but every situation is unique. You may have heard, “Don’t do a short sale because you will get a 1099 and have to pay taxes on the difference between what you owed on your home and what you sold it for or the amount the bank wrote off.” This may be true, but this is not the whole story.
If you borrow money from a lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender.
When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
The thing that most people don’t know or don’t tell you is that with a Foreclosure, you will also get a 1099. In the case of a Foreclosure the 1099 is called a “1099-A” and the ‘A’ stands for “Acquisition or Abandonment of Secured Property”. It is important to know that while there are many differences, the tax consequences for the ‘C’ and the ‘A’ are the same. Because of The Mortgage Debt Relief Act of 2007 you may not even be required to pay taxes on the ‘income’ as shown on the 1099-C. However, you shouldn’t just assume that you won’t have to pay. While we are very good at successfully closing Short Sales, we are not tax experts.
Before making your final decision, first consult a CPA or Tax Preparer.
Does This Hurt My Credit?
This question is asked very frequently and involves a number of unique variables. The first thing to keep in mind is that the moment you are 30+ days behind on your mortgage payment, your bank has the right to report to all of the credit bureaus that you are 30 days behind on your payments. When a late payment is reported to the three major credit bureaus, it does have a direct affect on your credit.
After going through a Short Sale or a Foreclosure, most people have multiple 30, 60, and 90+ day late payments reported on their credit report. When the actual Short Sale is completed, most banks will report to your credit report that your account was “paid in full for less than the full amount.” Your credit report may also be marked as “settled.” It is important to keep in mind that each lender has a different way of reporting that a Short Sale was done, but this is the most common language used. If your home were to go to Foreclosure you would most likely see the bank report “Foreclosure” on your credit report. It is difficult to gauge how much damage will be done to your credit score when comparing a Short Sale to Foreclosure.
We strongly advise you to work with a Credit and Credit Scoring Expert for more specifics on this topic, and ways in which to improve your credit after the Short Sale is complete. Recently, many of our clients were able to Short Sale their homes without ever missing a payment. Therefore, they do not have any late payments reported to their credit. When there are no late payments on your mortgage, your credit score is generally not affected. It is possible to maintain a high credit score by completing a Short Sale without missing payments on your mortgage and other bills. Please be aware though, that your lender will still report that a Short Sale was done. So, while you may not see your credit score drop if you continue to make payments through the completion of the Short Sale, you’ll still likely have your account marked as “paid in full for less than the full amount” and/or “settled.”
I have a 30 year FHA loan and have recently heard that Mortgage Insurance Premiums are terminated at five years from the origination of the loan “and” when a loan-to-value ratio of 78% has been reached. Is this true?
Q: I have a 30 year FHA loan and have recently heard that Mortgage Insurance Premiums are terminated at five years from the origination of the loan “and” when a loan-to-value ratio of 78% has been reached. Is this true?
A: There have been some changes recently in regards to FHA loans and mortgage insurance premiums. The correct answer depends on when your loan was originally given. To get the correct answer for your situation, you would need to contact your mortgage customer service. They can look to see when your loan originated and will answer based on your loan situation.
Q: We had a contract on a house. We had agreed on price but when we inspected the house three days later noticed that it had roof problems and other problems. We told the agent on the fourth day of the contract after adding up all costs to fix house that we decided against it. She is not returning our calls do we need to actually sign anything stating we do not want the house. She had asked us to send a 1,000 deposit the same day the contract came back from the bank the check has cleared. We are actively looking for another is the 1,000 in an escrow account to use on another home we find or does it get refunded.
A: If you used the standard Arizona residential Purchase Contract, you would be entitled to conduct a thorough home inspection. If you found items that you disapproved with the property, you would be entitled to provide written notice of the item(s) you disapproved and elect to immediately cancel the Purchase Contract. Your inspection and written notice of disapproval and election to cancel the Purchase Contract must be completed within the Inspection Period specified in the Purchase Contract, which is usually a 10-day period after final acceptance.
If the agent will not return your call, we suggest that you immediately contact that agent’s broker for assistance.
We also suggest that you put your Notice of Disapproval and Election to Cancel the Sale in writing and submit it to your escrow company/escrow agent now. Instruct the escrow company/agent in writing to immediately release the earnest money to you. That would put you on record as following the provisions of the Purchase Contract and require the escrow agent to act according to the Purchase Contract. Also, according to the Purchase Contract, the escrow agent would be instructed to provide copies of your election to cancel the Purchase Contract to all parties, including each real estate agent and the property owner.
Lastly, you are advised to seek legal assistance if your agent and broker do not act to protect your interests in this matter.
Q: Here is my situation and question, we have a VA home loan. We are wanting to sell the house, but like everyone else we are upside down. We cannot short sale or we will lose our VA loan benefits forever. We are wondering if it was possible to get a free market analysis of our home in order to see if it was worth putting the house on the market? Please let me know what is available to us and/or our options in this situation, thank you.
A: After HUD/VA approves a short sale and accepts only a portion of the outstanding loan as final payment, the VA will not grant further loan eligibility under its program until or unless the remaining balance of the original loan is repaid.
The good news is, depending upon your unique circumstances, a conventional or FHA mortgage loan may be available once one’s good credit record and/or employment history is restored, which on average may require only a two to three year period.
Q: I recently moved from Chicago to Tucson. I would like to know how long I have to be working to apply for a loan. I have a down payment. My mom is moving to Tucson in a few months to live with me. May I use her income to purchase home or should I wait? I also had a bankruptcy discharged in 2010. Please let me know what are the proper steps to take or what do I need to do to get on track to purchasing a home here in Tucson.
A: Your total job history is only one of the many items reviewed when applying for a loan. For example, if you have been in school prior, we use that as history. Every person’s situation is unique and the loan application and underwriting is based on individual situations. Your best next step is to go online at and fill out an application, or contact a Mortgage Consultants . They will go through your individual situation and based on that, will be able to tell you what you need to do in order to qualify to purchase.
Q: When a house for sale at a very low price do they have to follow through or can they say its a miss print and up the price?
A: If there was an obvious error in the advertised price for a home, the home owner will be able to correct the pricing error during the typical negotiation period between the homeowner and a potential buyer.
Waiting to Buy Your Home Could Cost You Never Mind The Tax Advantage.
When Interest Rates Rise, Payments Rise, Never Mind the Market Appreciating.
Nobody Has a Crystal Ball, But Over the Long Term, Real Estate is a Great Buy.
November 2012 Average Price $228,000 Interest Rate 3.32% Payment PI $1000.61
November 2013 Average Price $244,000 Interest Rate 4.29% Payment PI $1208.53
By Waiting, Your Monthly Payment Has Risen $207.92
Oro Valley Real Estate Presents a Beautiful pristine ready to move in home on prime east facing lot with great views. Security entry door, massive tile floors, split bedrooms, great room with fireplace, kitchen with stainless steel appliance, island pantry and breakfast bar, luxurious master suite, double sliders, walls of view windows, neutral décor, fans and more. Full length patio, wonderful landscaping. Extended driveway. A Real Beauty!
In the Oro Valley area, December 2013 active inventory was 285, virtually unchanged from December 2012. There were 48 closings in December 2013, a 20% increase from December 2012. Months of Inventory was 5.9, down from 7.1 in December 2012. Median price of sold homes was $275,500 for the month of December 2013, up 25% from December 2012. The Oro Valley area had 49 new properties under contract in December 2013, down 13% from December 2012.
Long Realty leads the market in successful real estate sales with 43% of the Market.
See The Full Statistics for Oro Valley and Tucson at http://www.orovalleyrealestateandhomes.com/pages/my-long-realty-housing-report–real-estate-market-tucson
Credit Repair For Yourself and Your Family
Credit repair can help solve all your financial worries.
Credit repair is used to identify mistakes, correct the relevant information, and monitor the credit bureaus to ensure that your credit reports are accurate and error free.
Whether you want to apply for an auto loan, insurance policy, employment or a home mortgage, the decision of the lender and employer is largely influenced by your credit reports. Your reports are issued by Experian, Equifax and Trans Union, the 3 major credit bureaus.
Includes comprehensive details about your credit related activities including current debt, type of accounts, history of accounts, positive accounts and negative reporting accounts. The ‘credit report’ is basically used to identify your credit score, financial strength, credit history and whether or not you pay your bills in a timely manner.
Many Americans have some type of inaccuracy, miscalculation and questionable negative accounts in their credit report files. Regardless of how big or small the error is, it can damage your credit score greatly and lower your financial strength.
You apply for mortgage and it gets rejected just because the information in your credit report reduces your credit score badly. To avoid this, credit repair may be the perfect way to ensure your credit reports are accurate.
Credit repair you can give you a host of benefits like:
Better insurance policies premiums
Best loan terms
Mortgage loans with low interest rate
Ability to improve and achieve a good credit score
Self-Managing Your Credit Repair vs. Hiring a Professional?
Try it yourself, but it may be advisable to hire a professional from a reputable credit repair service for the job instead of trying to manage it yourself. They have a wealth of experience and access to cutting edge tools.
Sell Your Home In Winter Pays Off
Homes listed in winter have a 9 percentage point greater likelihood of selling, sell a week faster, and sell for 1.2 percentage points more relative to list price than homes listed in any other season.
|Season||Likelihood of Selling within 6 Months||Average Sale-to-List Price Ratio||Average Days on Market|
|Winter (Dec. 21 – March 21)||65%||-2.3%||26|
|Average of Non-Winter Seasons||56%||-3.5%||33|
|Spring (March 22 – June 21)||56%||-3.5%||32|
|Summer (June 22 – Sept. 20)||55%||-3.6%||32|
|Fall (Sept. 21 – Dec. 20)||57%||-3.5%||34|
The benefit of selling a home in winter holds true in all climates.
List Your Home Today and Make Money!
Heard about the housing recovery in the Media?
What does this mean for luxury housing here in Arizona?
Compare luxury home sales Jan-Jun 2013 to the same time period last year, we see a significant jump in buyer purchases.
In Tucson, closed residential sales $800,000 and above increased 25.8%. Similar story in Phoenix, closed luxury sales up 31%.
In Tucson, months of inventory dropped to 19.4 months and Phoenix at 9.4 months.
While 6 months is considered “balanced” in the overall housing market, higher price points typically experience longer times on the market.
|Jan-Jun 2012||Jan-Jun 2013||% Change|
|as of June 2012||as of June 2013|
|Months of Inventory||25.4||19.4||-23.6%|
|Jan-Jun 2012||Jan-Jun 2013||% Change|
|as of June 2012||as of June 2013|
|Months of Inventory||10.2||9.4||-7.8%|
The data supports a position that the luxury housing market is making a comeback, and is outpacing the overall residential market so far this year.
Oro Valley Real Estate 1 Story Pool $300-$500K Great Time to Buy?
3 Br, den, 2.5 bath, 2622 sq ft 0.44 acre private lot. Great room concept w/high ceilings, fireplace, built-in entertainment center & window walls. Resort Style living with mountain views
Written up by numerous magazines as an “Upscale Tech Mecca,” as “One of the 10 Top Towns in the US to Raise a Family,” and “One of the ten Most Playful towns in America,” Oro Valley has everything going for it. Great golf courses, beautiful upscale Oro Valley Homes, fantastic schools and much more. Whether you are a first time buyer looking for the lowest price, a growing family looking for space and a yard or empty nesters looking for ease and convenience you will find plenty of good options in the Oro Valley Real Estate market.
SINGLE FAMILY HOMES IN ORO VALLEY
By far the largest segment of Oro Valley Real Estate consists of single-family homes. When buying a single family detached home ownership includes both the home and the land, but usually not mineral rights. This is ideal for families with children or families that like to entertain outdoors or who love to garden. The price range of single-family homes in Oro Valley generally ranges from $2 million to just under $300,000. Many homes in Oro Valley have pools and many are located on or near golf courses.
ORO VALLEY CONDOS
A much smaller segment of the Oro Valley real estate market consists of condos. There are various types of condominiums but in all cases ownership does not include the land. Most condos include a pool and recreation center and prices range from under $200,000. to about $250,000. Oro Valley Condominiums are ideal for those who want easy maintenance and lots of amenities.
ORO VALLEY TOWNHOMES
An even smaller segment of Oro Valley Real Estate is Townhome ownership, which includes the land but also shares a wall with at least one other townhome. Oro Valley Townhomes are Ideal with those who want easy living with more landscaping than condos but like that outside maintenance is handled by the association. Prices fall in the $200,000. to $300,000. range.
Cooler than nearby Tucson, Oro Valley is a sun filled town loaded with beautiful, desert style homes and lots of work and recreational opportunities.
No, we are not heading into the next incredible real estate bubble. Thank Goodness for that! But, according to Trulia, home prices were slightly on the rise at the end of 2013. Will the trend continue? With investors pulling out, I think the market will stabilize with some increase in homes in the moderate price range. It still isn’t easy for first time home buyers to gather enough for a down payment but the market trend seems to favor the repeat home buyer and we are definitely looking at a Buyer’s Market.
3 TIPS FOR SELLERS IN A BUYERS’ MARKET
So, what does this mean for you? If you are a seller and have some equity that you are anxious to leverage, it means there are buyers out there but they are not pressured to buy. To make sure your home is one that sells quickly and for top dollar you must pay attention to three things: Staging; Pricing and Marketing.
STAGING SETS THE SCENE
Staging does not mean that you must hire a professional home stager although positive results from making your home look great cannot be over stated. It does mean looking at your home through the eyes of a potential buyer. I know you have heard this a million times but Curb Appeal is important. People DO judge books by their covers and they judge homes by the front yard. If you can get the prospective buyer through the front door it is vital that the interior of your home is clean and uncluttered. It is nice if it can smell like chocolate chip cookies baking in the oven. It is disastrous if it smells like a kitty litter box that hasn’t been cleaned in days.
IF THE PRICE IS RIGHT
Getting the Price Right means finding out what comparable homes in your area have sold for in the past 6 months. For a professional Market Evaluation of your Oro Valley home, go to Oro Valley Real Estate.com. http://www.orovalleyrealestate.com/OroValleyHomesPropertyValues.asp. I know that sellers want to price their home a little high to give themselves room to negotiate with buyers but overpricing too much simply turns prospective buyers off. This is an important step. Get professional advice. Homes that are well-priced sell quickly.
GET IT OUT THERE
Finally, the importance of good marketing cannot be over emphasized. The finest home, priced well may remain on the market if nobody knows about it. Make sure your home is listed in the Multiple Listing Service. That remains the most important marketing tool for sellers.
Don’t miss this stunning upgraded home with 4 car garage, many extras and resort style backyard and double patios. Set up as 3Br plus den/office, massive tiled floors, dual fireplace, quartz kitchen with stainless steel appliances, separate spacious family room, formal dining, bay windows to the mountain views in living room, luxurious master suite, new bathrooms, triple pane windows, triple sliding doors to the beautiful pool/patio area. Workshop and storage. Designer décor, fans, skylights. Many fine features. A Real Beauty.
Try This Formula
Check the price-to-rent ratio (or P/R ratio). This number gives you a rough idea whether homes in your area are fairly priced.
Find two similar houses in your area (or condos or apartments), one for sale and one for rent.
Divide the sale price of the one place by the annual rent for the other. The resulting number is the P/R ratio.
Sales Price $200,000 house for sale in a nice neighborhood.
Rental for similar house $1,000 per month (which works out to $12,000 per year).
Price to Rent P/R ratio 200,000 divided by 1200 is 16.7.
A rent ratio above 20 means that the monthly costs of ownership will exceed the cost of renting.
In Boom Times the P/R ratio far exceeded 20 in some cities.
The normal range nationwide supposedly is between 10 and 14 meaning it would cost between $1,200 and $1,600 to rent a $200,000 house.
So to Clarify:
Cost to Buy $300,000 Cost to Rent $12,000 P/R Ratio 25 RENT
Cost to Buy $300,000 Cost to Rent $20,000 P/R Ratio 15 BUY
Go Green-Save and Make More Money
INSULATION. Be sure the house is as well insulated and sealed, from what you say it seems like it is, but check attic, cracks around windows, doors and electrical outlets. It is true – the envelope of the house is the number one key factor in energy efficiency.
WINDOWS – along the same lines. Are the windows relatively efficient. Are they double pane? Many people feel that upgrading windows is not worth the money in terms of ROI. I feel it is because it greatly improves the look and functionality of a house, not just the efficiency and when they are being installed you have a god chance to repair any rot and also caulk and seal for air infiltration.
HVAC SYSTEM. This is a big money ticket and if you were planning to stay in the house I would say definitely do it, but if you are selling I would try to figure out if the sale price would be worth the cost expenditure.
If you decide to go for it I would seriously consider a gas or electric Forced-air system, or an air to air heat pump system (also called a ‘minisplit’ system.) This is similar to a geothermal system only it does not involve drilling into the ground. It is an extremely energy efficient (perhaps the most energy efficient) heating and cooling system and it uses electricity as its fuel source. In your case this means you do not have to switch over to natural gas (which may not be available in your area.)
If natural gas is available I would also consider any of the super efficient gas based heating systems (like Viessman or a Munchkin boiler, there are many others.) If you don’t want to install a new HVAC system, do you have ceiling fans? Do you operate your house properly by opening and closing windows and shades to maintain optimum temperatures without moving the thermostat?
CONSIDER AN ERV OR HRV. Energy Recovery Ventilators or Heat Recovery Ventilators provide air that keeps occupants healthy, removes odors, reduces moisture, removes indoor pollutants and lowers the relative indoor humidity.
Basically they take ‘used’ heat and moisture from the air that is leaving the house, while mixing it with fresh air entering the house. Dedicated duct work is ideal for your new HRV or ERV, because fresh air is delivered to the living room and bedrooms, while stale air is removed from bathrooms, laundry room and kitchens. However if you do not have a ducted system in your house already the ERV/HRV can still be installed to great effect.
ENERGY STAR APPLIANCES. Replacing old energy hog appliances is a great way to save a lot of money every month.
ELECTRICAL LIGHTS AND ACCESSORIES. Have you changed all of your light bulbs over to LEDs? Yes you can change them to CFLs – (you may have already done so) but as these burn out I would consider LED bulbs. I find them to have a much nicer light quality, they come on instantly, can be dimmed to 20%, and each bulb will last for years longer than the CFLs. Minor things like good lighting that comes on right away can greatly improve your own mood and a home buyers mood.
Also – for yourself – things like power strips, battery back up surge protectors and master cut off switches can reduce the amount of electricity you use for tv’s and computers and other appliances and make your home and equipment more safe at the same time.
LOW FLOW PLUMBING fixtures and appliances. Many of these represent ‘low hanging fruit’ as they can easily be installed for not too much money upfront. Things like shower heads, faucets, dishwashers, and washing machines are all readily available in low flow or low use options and reduce water usage significantly.
FINISHES AND FURNISHINGS inside the house. These items have less to do with efficiency and more to do with health and durability but they often have a bigger impact on home sales.
FINISHES AND FURNISHINGS inside the house. These items have less to do with efficiency and more to do with health and durability but they often have a bigger impact on home sales.
What kind of floors do you have? Hardwood floors are more long lasting, durable, easier to clean and many home buyers find them more appealing than carpet or vinyl. Consider having your floors redone.
Same goes for kitchen cabinets and counter tops. real wood or stone, or even some of the higher end manufactured counter top products can really transform your home in a home buyers eye because they truly do represent clean, healthy, durable living.
THE EXTERIOR OF YOUR HOUSE: This is mostly a durability and maintenance issue.
What is the condition of your siding and roofing? If they are good, check flashing and caulks.
Check your gutters. Make sure that water is running away from the house top to bottom.
Consider installing rain barrels at each gutter downspout and use the water to water your garden or wash your car.
Keep in mind that you could add insulation to the outside of your house if you are considering re-siding, it costs a bit more but it does add a lot to your envelope efficiency.)
It is becoming more and more common within the industry for agents to request “no phone calls in the public listing remarks, the private remarks, or both.” Crazy
Why don’t we want to talk to potential clients anymore? Is it really an inconvenience to talk to potential clients, or our fellow colleagues, on the phone about one of our listings?
According to a recent study, only nine percent of agents met or exceeded buyer response time expectations. An astounding 91 percent of agents only “kind of” met—or fell way below—meeting response time expectations.
Our test: Called five agents, and got five voicemails. Left a message saying interested in information on moving to their market, gave first name and return phone number. Got one return phone call two days later.
Additional findings reported that the top three reasons buyers were unsatisfied with their agents were:
1. Slow response time (51 percent)
2. Ineffective/Inefficient communication (23 percent)
3. Undesirable communication methods (15 percent)
In a business that is built on relationships and personal interaction, these statistics are certainly disappointing.
If you want to improve your business, start answering your phone. It seems like your competitors aren’t even doing that. From a buyer’s perspective, 17 percent are likely to start working with the first agent who responds.
“The agent who answers the phone.” You could be known for worse things in this business!
We forget something really basic like talking to people who pick up the phone and call us.
Using Mortgage, Title and Insurance Offered by the same Real Estate Company can help make your property purchase easier and make for a smooth transaction and save you time and stress.
A study by the National Association of REALTORS®* shows a clear preference for “one stop shop” services by buyers.
YOUR HOME DOESN’T APPRAISE?
As the continues to struggle across the nation, many sellers are finding themselves in an unhappy predicament. They have a buyer lined up and an offer on the table, but wait…… the buyer’s financing has now fallen through. The asking price of the home has come in over the appraised value.
Here are some things you need to know about appraisals:
First, it’s true that lenders usually won’t write a mortgage for more than a home is “worth”.
An appraisal is figured by your local tax office (appraiser’s office). They calculate what the market value of your home is based on, the square footage and specifics of your home. Do you have a fireplace, hardwood floors, and four bedrooms? You’ll pay more in taxes and have a higher appraised home than the same home with no fireplace and laminate floors.
It is much more likely in this market that homes are appraised for less than sellers are wanting to sell their home for. This is due partly to an ailing labor market that continues to drag home prices down.
Appraisals are a tricky business. They are objective and are easily influenced by local market factors.
Your local area’s market conditions directly affect the appraised value of your home. If there are 10 houses on your street and 4 of them are in foreclosure, you’re in for a shock when it comes to the current value of your home. These foreclosed homes could sell at a 15 to 20 percent discount over your home.
Your home’s market value has nothing to do with what you paid for it, how much money you need to retire or how much you need to buy your next home. Your real estate agent’s market analysis doesn’t determine market value – only a range of prices so you can choose a listing price that will help your home sell quickly.
Outside forces such as the economy can cause your home to depreciate. So can allowing your home to deteriorate by not making repairs and updates that keep up with buyer demands.
So what can you do if your home doesn’t appraise? You can amend the contract to the appraised price or lose the buyer.
You can challenge the appraisal.
This is where your real estate professional really earns her stripes. She can determine what kind of appraisal was used to arrive at the home’s valuation. If the buyer paid for a full appraisal and only received a drive-by, for example, the appraisal won’t reflect your home’s interior condition, so your new kitchen won’t count.
Your agent can also examine the homes that were used in the appraisal and determine if the comparables are truly similar or not. If not, you have a fighting chance.
Have your agent provide an updated CMA (comparable market analysis.) It could be that new market information is available, such as homes that have sold recently that will help your case.
If the other comparables aren’t in your favor, you may have to lower the price so you can proceed to closing.