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Scottsdale, Arizona Coldwell Banker Real Estate AgentScottsdale Real Estate,DC Ranch,Silver Leaf,Troon,McCormick Ranch,McDowell Mountain Ranch,Grayhawk,Legend Trail,Ancala,Desert Mountain,Desert Ridge,Kierland,ArizonaIf you have been pondering about buying or selling a home in Arizona, this is the first place you will want to begin. When selling, pricing your home correctly may be the most paramount factor when putting your home on the market with a Real Estate agent with the current market conditions. Many home owners need to realize what is happening around them in order to give their home a good chance of selling.
It is fine to look at what is currently available for sale in your area to get a very rough idea of what the price range is in the area, however, this is not how price should be determined when talking about selling your home. When and if your home does sell after you put your home on the market, an appraiser will come to your home to complete an appraisal for the buyers lender. Very rarely will a buyer purchase a home that does not appraise for the contract price. A buyer has several ways of backing out of the contract, and if the contract purchase price is three hundred thousand, and the home appraises for two hundred and fifty thousand, the contract will be renegotiated, or the buyer will back out if the buyer and the seller do not come to a mutual agreement.
The best way to determine price is very easy. Look at recent sales in your area with comparable amenities. If your same style home down the road sold for three hundred thousand a days weeks ago, that would be a good comparable property to determine price. Depending on the market conditions will help determine how to price your home. When the market is sturdy in the sellers favor, and your same style home with equivalent amenities sold down the street a week ago for three hundred thousand, it may be a good idea to price your residence at three hundred and fifteen thousand. This is how homes appreciate, and an appraiser will know this. You can not get extreme and price the residence at three hundred and fifty thousand if the best equivalent property in the area sold for three hundred thousand. An appraiser will not appraise the home at this price.
When people over price their home, many things happen. Any Realtor that is thinking about showing your home to probable buyers will almost certainly not show the home because first-rate Realtors pull the comparable properties sold in the area before showing a home. A good Realtor will know that it is over priced, and move on to a home that is logically priced. If for some inexplicable reason you do get a contract on an over priced house, you will have troubles with the appraisal which will in all probability cause several hiccups in the lending process for the buyer.
To price your home correctly in a sluggish market, you may want to price your home below the comparable properties freshly sold in the area. People will know that you have under priced the home and may possibly find value in that. In some cases, a seller owes a definite amount on their mortgage and that amount may be more than the market value of the residence. This is usually caused by negative amortization loans, or tricky interest only loans with a balloon payment at the end of an prearranged period of time. When this happens, the seller either needs to stay in the residence and keep paying the mortgage, rent out the property, or get foreclosed on.
Have you decided you want to purchase a residence in Arizona? This should be the first place you start. When purchasing a residence, it is of paramount importance to find a Realtor that will be attentive to your needs and aggressive for you. An aggressive Real Estate agent will work hard for you to obtain the best purchase price possible. Everything is negotiable in Real Estate, and that is why you hire a professional agent to negotiate with you. Ultimately, the buyer and the seller make all final decisions regarding the terms of the contract. A Realtor is there to guide you and to assist you with all of the paper work needed to complete a Real Estate transaction and to over see the entire process to make sure your best interest are represented efficiently.
The first step when purchasing a residence in Arizona is to get qualified for a home loan unless you are planning on paying cash. It is enormously unusual when someone pays full price cash. When you purchase a residence, you must obtain a loan. If you do not know a lender, your Realtor should be able to recommend one.
There are many purposes for getting pre-qualified for a home loan. When you get a loan, you will have a monthly mortgage payment. In order to know your monthly mortgage payment, you should to tell your lender how much you can afford to apply towards a monthly mortgage. The lender wants to make sure you can afford the monthly mortgage payment you think you are comfortable with by analyzing your income, how much money you have in the bank, and all of your debt. There is no way to tell if you are pre-qualified for a home loan until you get in touch with a lender, and this process is free of charge. If you are fascinated in finding out if you are pre-qualified for a home loan, this article is a great place to start.
The more you can afford towards a monthly mortgage payment, the higher the purchase price will be. It is much like purchasing a vehicle. The payment on a Ferrari will be higher than the payments on a Chevy. Once you have determined your price range with your lender, they will deliver a Loan Status Report to your agent. At this point, you are now ready to start looking for properties in your price range and area.
Speak with your Realtor and let them know what you are looking for. If school district, style of the home, pool, square footage, or zip code are important factors to you, talk to your Real Estate agent so they may perform good search for you. The most excellent way to do it is to sit down with your Realtor at a computer with internet access, and search all homes for sale within your search criteria. At this point, you can see what is available, scroll through pictures, scroll through prices, and get more information about each home than you will know what to do with. This will assist you so that you may narrow the search. After you have found ten or more properties that interest you may be a great time to physically look at the homes with your Realtor.
Once you have found the property you like, you simply ask you agent to draft an offer to purchase the property. The market conditions will determine the aggressiveness of the contract. There may be times where you may have to offer over list price, and there may be times where you may want to offer below list price. This is why it is of paramount importance to make sure your Realtor is up to date with current events and market conditions.
When selecting an agent, ask the right questions before using this Realtor. Would you rather have a new Realtor that has lived in the Arizona for six months with hardly any experience, or an agent that has lived in Arizona all of their life with supreme experience. Make sure you ask for some credentials such as diplomas, letters of appreciation from past clients, and awards earned so that you know you are getting a quality agent. When you are dealing with hundreds of thousands of dollars, this may be your most important step. Make sure to interview your Realtor thoroughly to make sure you are getting quality service. No previous education is required to obtain a real estate license, so talk with your agent to make sure you are represented efficiently.
A good Realtor will walk you through the entire contract regardless if this is the first home you buy, or the ninth. A great agent will always answer your phone calls, reply to your emails, and meet with you in person during escrow to get all paper work signed if email and fax are unavailable to you. If you need an aggressive, well-informed, hard working Realtor with knowledge that has lived in the area all his life, click on the link below.
Scottsdale, Arizona Coldwell Banker Real Estate AgentScottsdale Real Estate,DC Ranch,Silver Leaf,Troon,McCormick Ranch,McDowell Mountain Ranch,Grayhawk,Legend Trail,Ancala,Desert Mountain,Desert Ridge,Kierland,Arizona
