Arizona Real Estate News - DreamHomesInAz.com

A Good First Impression Can Help Sell Your Home

Your major role as a seller will be to make your home as attractive as possible to potential buyers. The time, effort and limited financial investment involved can give you the competitive edge needed to sell your home when you want- at the price you want.

Your Home’s Exterior Creates The Prospective Buyer’s First Impression

Since the prospective buyer sees the exterior of your home first- it is worth spending a little time and effort to make sure that a good first impression is made.

Here is a recommended checklist:

__ Lawn is well cut and neatly trimmed around the walks and drive.

__ Flower garden is weeded.

__ Shrubs are trimmed and dead trees and branches eliminated.

__ All debris is disposed of and toys and lawn equipment are neatly stored.

__ Fences and gates are repaired and repainted, if necessary.

__ The roof, gutters and downspout are in good repair.

__ Driveways and sidewalks are washed down and checked for cracking and crumbling.

__ Cracked windows and torn screens are replaced. Screens, windows and window sills

are washed. Doorknobs are polished.

__ Doorbell and front lights are in good working order.

If you were planning on painting your home within the next year- it is a good idea to go ahead and paint before showing it. A new paint job, well done, will normally enhance the sale value a good deal more than the cost of the paint.

If your home’s exterior looks clean, orderly and in good repair, that’s the impression your house will first convey.

Pam Stevenson, ABR, GRI, CRS is a Realtor for Liberty Properties Real Estate Services Professionals. She received her real estate licence in 1988 and has written several real estate publications for different newspapers.

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A SPOTLESS INTERIOR WILL REINFORCE

YOUR HOME’S FIRST IMPRESSION

Interior dirt and clutter can obscure your home’s good features, so start with a full house cleaning from top to bottom. Store unused items in closets and storage areas or hold a garage sale. The less clutter you have, the more spacious your home will appear- an important selling point.

Take an inspection tour of your home, observing it as a potential buyer would.

Use the following check list to make sure it’s ready to show:

__ Walls are clean and free of smudges, fingerprints and dents.

__ Woodwork and wallpaper are inspected for problem areas; wallpaper is cleaned and

woodwork is waxed.

__ Badly worn furniture is temporarily stored and out of sight.

__ Curtains and drapes are freshly laundered or cleaned.

__ Rugs and carpets are shampooed. Floors are waxed.

__ Loose doorknobs, sticking doors, windows and warped drawers are repaired.

__ Leaky faucets are fixed. Water discoloration in sink is eliminated.

__ Loose stair banisters are tightened and steps are free of objects.

__ Light fixtures are in good working order. Discolored or cracked switchplates are replaced.

__ Closets, shelves and drawers are organized to display spaciousness.

__ Clothing is hung neatly and shoes and other objects are neatly arranged.

__ Bathrooms are sparkling clean. Tub and shower caulking is repaired.

__ Bedrooms are neat. Bedspreads and curtains are attractive.

__ The kitchen is clean and tidy, including cupboards, stove and oven.

__ The basement, attic, and garage are clean and well organized.

__ Mirrors, picture frames and glasses covering pictures are clean.

__ Mirrors are strategically placed to create and impression of added space in problem areas.

__ Lamp shades are in good condition.

__ Electrical connections are plugged in.

Consider painting walls and replacing carpeting if cleaning doesn’t do the trick. It is also important to keep lighting in mind when you show your home. Good lighting will make your home seem more cheery and spacious.

Remember that over-improving doesn’t pay. Don’t plan major improvements on your home. Most home buyers want to make their own major changes. You are usually wiser to sell them the potential- at a price they can afford.

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Last Minute Details That Will Maximize

Your Home’s Selling Potential

Showing your home is all important to its sale, and there are many ways you can help your real estate professional do his or her job successfully.

__ Turn off the television or radio low enough to allow the salesperson and buyer(s) to talk, free of disturbances. If you would like to play music- classical music is always best.

__ If you are unable to leave while your home is being shown, it is best to take children and/or pets outside. This will help keep the prospect’s attention focused positively on your house.

__ Eliminate any bad odors. Burning a vanilla flavored candle or baking cookies can help if you have pets or your house has been closed up for some time.

__ Adequate lighting is important. Open the curtains and turn on all the lights and lamps- just like a model home.

__ In winter, it is a nice touch to have a fire lit in the fireplace.

__ Make sure the kitchen sink is free of dishes.

__ Put magazines and children’s toys in order.

__ Fresh flowers add to the beauty of your home inside and out.

If you are home while your home is being shown, please remember the following:

__ Be courteous, but don’t force conversation with the potential buyer(s). Don’t follow the real estate agent and potential buyer(s) around the home.

__ Never apologize for the appearance of your home. Let your real estate agent answer any objections.

__ Leave it to the real estate professional to emphasize the features of your home.

__ Let your real estate professional discuss price, terms, possession and other factors with the potential buyer(s). Your real estate professional has the experience and training necessary to bring negotiations to a successful conclusion. Too often the homeowners give hints that they are anxious to move and then potential buyers offer a lower price. Remember the listing agents job is to get you the best price and terms for you while the buyers agent’s job is to get the best deal for their buyer. If you have followed the guidelines provided, you’ve already done your part by making sure yourhome creates a good first impress impression.

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So You Want To Sell Your Home- Where Do You Begin?

First you will want to make a list of the items that need to be done to make your home presentable to the whole world. Give yourself a few weeks to get everything in order. You will need to accurately determine the value of your home. Instead of paying hundreds of dollars on an appraisal, find a Realtor that will give you a free market analysis. Realtor’s use the much of the same information as appraisers do in determining value.

Today many sellers and buyers are internet saavy. Some Realtors will let you advertise for free on their web site if you do not have a web site of your own. You will want to make sure that you advertise your home as much as possible. Make sure that you are not alone if you show your property yourself- you want to keep you and your family safe.

Whether you market your home yourself or hire a real estate professional -you need to be prepared and familiar with the process. It is important to use the right Title company. When comparing prices with different Title Companies be sure to ask what “all ” of their fees are so you don’t get any surprises at closing. Depending on how long you have lived in your home- you can receive substantial discounts from the Title company when you sell your home.

Familiarize yourself with the real estate contracts. The approved Realtor Purchase Contract is eight pages long. It is a good idea to have counter offers and addendums on hand too. You will need to have a termite inspection and the buyer will probably want to have a home inspection.

You may want to check out the home warranty programs to give the prospective buyers peace of mind that your home is in good shape when they buy it. Call around to make sure you get the best deal; but be sure to compare apples to apples (lowest price doesn’t always mean it is the best deal).

To protect yourself, you will want to fill out a disclosure form of any potential problems with the home. If you sell your home through a Realtor- they will walk you through these necessary steps.

Once you have accepeted the Buyer’s Offer to Purchase- the earnest money needs to be deposited right away with the Title Company. Submit documents and information to the escrow holder, such as: addresses of lien holders, tax receipts, equipment warranties, home warranty contracts, any leases and/or rental agreements. You will need to sign the escrow instructions, grant deed and other related documents required to complete the transaction.

Now is the time to order inspections, receive clearances and approve final reports and/or repairs to the property as required by the terms of the purchase and sale agreement. Be sure to obtain the Deposit Receipt. Fulfill any remaining conditions specified in the contract and/or escrow instructions; approve the pay off demands and/or beneficiary’s statements.

Once it is all over with- go relax and take your family on a wonderful vacation. You deserve it!

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Where does Val Vista Lakes Stand In Comparison With Other Gilbert Communities?

Research shows that most buyers make their home buying decisions based on price and location. The past few years have been tough on the Val Vista Lakes resale market because of all the new home communities surrounding our area. Now that those communities are in the resale market- Val Vista Lakes shines above the rest and the housing prices are beginning to rise to the levels we deserve!

Val Vista Lakes has so much to offer. Our once multi-million dollar Clubhouse is valued between $6- $10 million dollars in todays market with the recent renovation and the rising resale value. VVL Residents have so many privileges with the standard $68.00 per month HOA fee (Gated Communities have a higher HOA fee). Most of the newer subdivisions in Gilbert have a Homeowners Association to help maintain the dignity of the community. By enforcing a set of standards, home values rise. Many subdivisions require a HOA fee and only enjoy having the grass mowed in the common areas- not Val Vista Lakes!

Did you realize that photograpers come from all over the United States to pay to use the Val Vista Lake facilities for beautiful backdrops in their magazines? Val Vista Lakes has a very prestigious presence with it’s high standards.

Val Vista Lakes is much more than a master planned community.

Residents can enjoy the many ammenities-

* Reception Center for Weddings and Parties at a substantial discount.

*. Eight Lighted Tennis Courts

* Two Racquetball Courts

* Weight Room

* Heated Olympic Size Swimming Pool

* Sandy Beach With Lagoon

* Gazebos & Ramada’s can be scheduled for small parties. Residents can enjoy 3 parties

per year of 25 people or less for absolutely free!

* Val Vista Lakes offers 900 acres of “water wonderland”

* 140 acres of community businesses

* 4 Sports Parks

* Bicycle Paths

* 24 subdivisions with 7 gated communities

There are many clubs available for everyone. The clubs include the Dad’s Club, Nifty Fifty’s, Play Group, Racquetball, Swim Team, Tennis, Women’s Club. All Val Vista Lakes residents are invited to join as many clubs as they wish.

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As Close As Possible To “The Perfect House”

Research indicates that most buyers buy homes based on price and location. In, addition, todays’s buyers want spaciousness, new or updated kitchens and bathrooms, a family room or great room off of the kitchen, a home office and good natural light.

Modern conveniences are important with energy efficiency and low maintenance. Many buyers want their home office equipped with numerous electrical and telephone outlets- and a high speed data line if possible. Most homes can be retrofitted for modern amenities, but with little time to spend on home maintenance, buyers pay a premium for homes that are in move in condition.

Other features that define “a perfect home” are: a flexible floorplan with architectural distinctiveness and easy flow through access( that is, one where you don’t have to walk through rooms to get to other rooms), a formal entry; a bathroom on each level, an attached garage with easy access to the kitchen, a low maintenance private yard, plenty of storage space, a security system, quality construction, a conveniently located laundry room and a nice master suite.

The best way to begin the process of finding the home that meets your needs is to follow the Benjamin Franklin approach. Make a list of all of the items you like in your current home and a list of all the items you don’t like in your current home.

Make a dream home list of everything you want in your next home. Take your wish list when you look at houses. Give a copy of your list to your real estate agent. Your realtor can tell you how realistic your wants are and if you need to rearrange your priorities.

Before you purchase a home, try to detach yourself emotionally and analyze how everything measures up to your wish list. You need to feel comfortable in a home. Your home is your sancturary from the outside world. It is the place where you relax and enjoy life with your friends and relatives.

It is a good idea to create your list ahead of time so that if you find out that you suddenly have to move - you have a set idea of what you will be looking for. If a job transfer comes suddenly, you will feel more prepared and be one step ahead of the game. It is easier to plan ahead ; just in case, then to have to make those big decisions with a lot of other big decisions,

Remember- the “perfect house” does not exist- but you can be very happy when you get as close as possible.

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Capital Gains Tax...

- How Do I win The Game When I Sell My Home?

Before 1997, taxpayers that sold their primary residence could defer tax on their gain if they bought another home within 2 years of selling if the price of the new home was at least equal to the price of the home that was sold. Today- it is not necessary to buy another home to receive capital gains relief. You only pay tax on gain you realize over $250,000, for a single individual and $500,000 for a married couple.

For example, let’s say that you and your wife bought your current home for $300,000 in January, 1997. You sold it for $450,000 in March, 1999. Your $150,000 gain is significantly less than $500,000, so you won’t be taxed on the gain. To qualify for this gain exclusion, the seller must have occupied the property for two of the five years before the sale. There is no limit on how many times you can take the exclusion, but it can only be taken every two years.

What if your employer transfers you to a different state a year and one-half after you buy your home? Will this disqualify you from taking the capital gain exclusion because you were in the home less than two years?

SELLER TIP: The 1997 tax law did not clearly spell out how much capital gains tax homeowners owed if they sold before the required time limit. A law passed in 1998 clarified the issue. To calculate how much tax you would owe on your gain, multiply the exclusion amount you ‘d be entitled to if you owned your home for two years ($250,000 for singles or $500,000, if married and filing jointly) by your residency period expressed as a fraction of two years.

Let’s say you bought a home in San Francisco for $350,000 on June 30, 1997. Your employer transfers you to New York City 18 months later, so you sell your home. You close on the sale December 30,1998 and realize a profit of $150,000. You’re single so you’d be entitled to a capital gain exclusion of $250,000 if you had resided at the property for two years. You have resided at the property for 3/4 or 75 percent of the statutory period. To arrive at this fraction, divide 18 months by 24 months (or 1.5 years by 2 years). Seventy-five percent of $250,000 is $187,500. You will have no capital gain liability on this sale because your $150,000 is less than $187,500.

The new tax law reduced the maximum capital gains rate from 28 to 20 percent. If you acquire a primary residence after December 31, 2000 and hold it for a minimum of five years before selling, the top capital gains rate will be 18 percent. Lower capital gains rates apply to taxpayers in the 15 percent tax bracket.

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What Should A Seller Disclose?

No longer does caveat emptor or “buyer beware” protect a seller when its time to sell a home. Today, with many lawsuits in our society- “seller beware” might be more appropriate.

Although it is not mandatory in all states to disclose material defects when selling a home- most Realtors will not list a home unless full disclosure is available. This protects the sellers and buyers from future problems. It’s easy to understand why. The major cause of after-closing disputes and lawsuits is items that could have or should have been disclosed.

Any material fact that would affect a buyer’s decision should be disclosed. For example, let’s say that your basement floods during heavy rains. In preparation for sale, you paint the basement walls and floor and in so doing, you conceal all evidence of past flooding. If you sell your home during the dry season, the buyers won’t be aware of the fact that the basement floods. This is a material fact that should be disclosed. In a recent case where flooding in the basement wasn’t disclosed, the buyers sued the seller and won.

Some sellers fear disclosure because they assume that it will keep their home from selling- but in reality, it protects them and the buyer in the long run. If you buy a home “For Sale By Owner”- make sure you get a full 3 page disclosure form and have the necessary inspections to protect yourself. When you list your home with a Realtor, they take care of this for you.

It is not always clear what needs to be disclosed. Determining what is material is somewhat subjective: A fact that is material to one buyer may not be to another. However, if you’re asking yourself if something needs to be disclosed, it’s safe to assume that it might be material to someone, so to be on the safe side, disclose it. Also, ask yourself if you would want to have the information if you were the buyer. If the answer is “yes”, then disclose.

The best way to avoid a lawsuit over property defects is to be proactive and disclose what you know about the property’s faults before the sale closes. In addition, it’s a good idea to disclose items of routine maintenance that must be taken care of in order to avoid future problems, like roof gutters that must be kept clean or a skylight that will leak unless it’s kept well-caulked.

To find out more about your disclosure obligations, consult a knowledgeable real estate agent, or real estate attorney, who’s actively working in your area. State, local and national laws may require that you make specific disclosures in addition to a general disclosure of material facts. For instance, Federal law requires home sellers to disclose known lead hazards in their home and State law requires information on swimming pool gate regulations for small children.

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Why Isn’t My Home Selling?

During the summer months- before school started, homes were selling very fast. Many sold within the first two weeks of being on the market. The greatest number of closings in the Val Vista Lakes area consistently occur in June from April and May buyers. What can you do if your home is on the market now- when sales have slowed down?

The most common reason a home doesn’t sell is that it’s priced too high for the market. In general, buyers will only pay fair market value for a home. The price a buyer is willing to pay may be more than the seller’s asking price if the home is priced competitively. But, you don’t see multiple bidding on homes that are listed for over-inflated prices, even in a seller’s market.

As a seller, it’s difficult to be realistic about the value of your property because of pride of ownership and your emotional attachment to the property. In other words, you may be inclined to think that your house is better than everyone else’s. That’s why it’s wise to consult with a real estate agent who’s knowledgeable about home prices in the area before selecting a list price for your home. Your list price should be based on an objective analysis of the comparable sales in your neighborhood. A good, straightforward agent can provide you with a rational assessment of how your home compares to others that have sold recently. He or she can also tell you how your home will stack up against the current competition in the local market.

The sellers should ultimately select the list price for their home, but this price should be based on a reasonable assessment of what the market will bear and not on the sellers wishful thinking. For example, you may think your home is better than your neighbors’s home that sold for $400,000 a few months ago. But, if your neighbor’s home had a lot of upgrades in paint, tile, carpet or a pool and your home does not; your home will probably sell for less.

Your home is most marketable when it is newly listed for sale. That’s when buyers and their agents will be most enthusiastic about the property. If the property is priced too high, agents and buyers will soon lose interest and will turn their attention to the next crop of new listings. If your home has been on the market for a few months with no offers and showing activity is dwindling, request a meeting with your agent to discuss the situation. Before you meet, ask your agent to talk to the agents who have shown your home for feedback. If the consensus is that your home isn’t selling because it’s priced too high, plan on adjusting the price as soon as possible. Sellers who have had difficulty pricing their home realistically initially may have difficulty reducing the price. Keep in mind that the longer a listing sits on the market over-priced, the lower the ultimate selling price will probably be.

Once the price is reduced, your agent should begin a new marketing campaigning to get the word out. In today’s market, it is very important that your agent market your home over the Internet. Many of the buyers, especially this time of year, are from out of town. Many saavy buyers look for homes on the Internet and contact the Realtors that list the homes. The more pictures your real estate agent uses to advertise your home on an Internet site, the better for you.

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Buying and Selling... Stress Free?

Buying or selling a home rates very high on the stress scale. When you buy a home, you want to get a “great deal” and when you sell your home, you want to make the greatest profit possible. If your home takes forever to sell, you feel deflated and if it sells too quickly- you wonder if you didn’t ask enough and sold too low.

Stress is a normal part of the equation when your home is for sale. It is only normal to feel a lot of pressure and want to get the ordeal over as quickly as possible. For buyers, they want to make sure that they are fully educated in buying the right home. It is not an easy balancing act for either party. What can you do to ease the pain?

Choose your real estate agent carefully. You want to hire an agent that understands your plans and cares about the outcome for you. It is vital to have strong lines of communication. There are many factors that can go wrong in selling or buying a home- you need an agent that can foresee potential problems and take care of them before they become real issues. Your agent should review the selling process with you and be honest about the market value of your home. Of course, you want to sell your home for the highest price and in the least amount of time. Don’t hire an agent that reflects back what only you want to hear- hire someone that works in the area, that knows Val Vista Lakes- that can give you the advise you need.

Buyers that move into Val Vista Lakes will benefit most by working with a Realtor that knows the area. Realtors that work in Val Vista Lakes will be sure to show off the lakes, clubhouse, reception area, tennis courts, racquet ball courts, beach with lagoon, heated olympic size swimming pool, ramada’s, parks, etc. etc. We have a lot to be proud of at Val Vista Lakes! There are many buyers that wait months to find the right home in Val Vista Lakes- the Realtors that work with these buyers keep their clients updated on any new listings in the area.

The Internet is a great source of information. For example, Realtor.com lists 1.3 million properties across the country that are for sale. You will find many resources on Realtor.com with maps, photos, school information, and community facts about homes in Val Vista Lakes. You can preview listings in almost any city in the United States on Realtor.com. Some Realtors will show up to 6 pictures of your home and community on Realtor.com. This is very important so your home can stand out among the many listings that do not have pictures on the Internet. Would you be more apt to view a home that you could see a sampling of pictures or a home that only has a few words written about it?

Share the workload with your family members. One of you can view the homes on the market while someone else learns about the financing options. Use e-mail, voicemail, and facsimile rather than spending endless hours on the telephone. If you do not have the time to spruce your home up so that it will show well, it would be well worth it to hire in help. A few dollars you spend on fix up can bring back hundreds or thousands more dollars when it comes time to close.

Plan regular family outings so you can get away from the pressure. Take day trips or go on weekend outings. Don’t eliminate stress reducing activities like jogging, cycling or working out. Stay involved with your favorite hobbies to have needed relaxation.

There will undoubtedly be times when you feel stressed or depressed. These are normal feelings and will pass. Once you have closed on your new home, these feelings will be replaced with anticipation and hope as you enjoy your new home and new surroundings.

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Best Time To Buy A House is Now!

Timing is everything. It’s amazing how time of year affects the sale of a home. Many homes that sold in the Spring and Summer 1999 months sold within 10-30 days. The same homes if they had been for sale during the slower months (September- December) could have stayed on the market for 90 days or more easily.

The most important factor in selling a home is the price. If the price is too high, the home will stay on the market for months no matter what the time of year is. If your home is priced right, the time of year makes a big difference in selling. The market value of a property is in part determined by the law of supply and demand. When there are more homes for sale than there are buyers- the market value of your home may decline. The market value of your home will change over time depending on market conditions.

Most local buyers with families buy homes based on the school year. Families prefer to be in a home and settled by the end of August. If you miss the local buyers- you are mainly dependent on people relocating to the area. The fastest growing circuit for finding buyers relocating is the Internet. Realtor.com has over 1.3 million hits on the average per month of buyers relocating to a new area. Buyers can instantly pull up homes in their price range without wading through newspapers ads and pages and pages in home buying magazines.

Currently the market has slowed down quite a bit for sellers. Sellers will have to be patient to get the higher prices that homes command during the peak season. This is the time of year many sellers will lower the price to compete with the high demand of homes on the market.

If you are considering buying a new home requiring a 6-8 month building time, this is the best time to buy. Why? Sales have slowed down, homes have been sitting on the market longer and better deals are available to the buyer. If you make an offer on a new build home now- you will have the advantage of paying lower prices and locking in at todays price. You can put your home on the market, and start at a higher price knowing that you are not in a hurry to move until your home is closer to being completed. If your completion date is between April and June, you benefit from selling your home at the best time of year. You get the best of both worlds. Of course, when you buy a new home, make sure you have a realtor represent you so you can negotiate the best price and terms and protect yourself incase your home does not sell. A realtor with the ABR designation has been trained to negotiate on the buyers behalf.

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What Do I Need...A Sellers Agent Or A Buyers Agent?

Before 1990, all Real Estate Agents represented the seller. If an agent listed a home, they represented the seller. If an agent brought a buyer to see a home- they represented the seller. Buyers had no one to represent them. All agents were obligated to get the best price for the seller no matter what.

Today things are much more fair. Listing Real Estate Agents represent the Seller and Buyer Real Estate Agents represent the Buyer. Can a Real Estate Agent represent both the seller and the buyer? Yes, but full disclosure must be given to both seller and buyer. Real Estate agents must be careful when they represent both sides because the liability is greater. It is like a balancing act for the Real Estate Agent to get the best price for the seller and the best price for the buyer. Most Real Estate Agents prefer to only represent the seller or only represent the buyer.

Think of it like this... You are in a car accident that was not your fault. You have an attorney represent your case. The same attorney is also working for the person that caused the car accident. If the attorney is working for both sides- someone is apt to feel as though they are not receiving fair representation. Your settlement could be much different than expected because your attorneys hands are tied- he is walking a tight rope representing both sides.

When you list your home with a Real Estate Agent -their job is to market your home so that it can sell at the best price for you in the least amount of time. Does this mean that they are expected to bring the buyer- No! In fact, if the listing agent brings the buyer to buy your home- the seller and the buyer must both sign disclosure forms stating that all parties know that the real estate agen