Phoenix, AZ Real Estate Podcast with Bentley Westfall

Where Is the Phoenix Market Heading?

SBentley@SueBentley.Com (Bentley Westfall) — Mon, 9 Mar 2015 12:16:00 -0700

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report
Call me at (602) 954-4663 for a FREE home buying or selling consultation
The Phoenix market is currently moving forward at a steady pace. In the month of January, we saw 10,888 new listings come on the market, and 4,784 closed transactions. Our market is currently experiencing low demand and low supply. When we sat down to compare January of 2015 to December of 2014, we saw a 1.2% decrease in the average median price and a .6% decrease in average sales price.

These statistics don't necessarily show that we're in a declining market. Rather, it shows a growing disparity between what homes are listed for, and what they're actually selling for. When looking at what's currently pending, we have a whole lot more homes pending right now than we did a year ago, which is always a great sign.

If you have any questions about the real estate market in your particular area, or if you would like real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you make the most of the Phoenix market!

Where's the Phoenix Market Heading in 2015?

SBentley@SueBentley.Com (Bentley Westfall) — Fri, 13 Feb 2015 11:45:00 -0800

There are many great Phoenix area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (602) 954-4663 for a FREE home buying or selling consultation to answer any of your real estate questions.
Since we already have a full month on the books in 2015, there's no better time to take a look at current market conditions. Where is the Phoenix market heading? Are we off to a promising start? Today, we answer those questions and more!

Right now, the supply of inventory is below normal, but demand is pretty stable. Currently, we have 19,000 active single-family residences on the MLS; about 4,900 of them are on a pending status. This means we have about a four month supply of inventory in Phoenix.

The great news right now is that interest rates are still incredibly low, and we anticipate both supply and demand to increase as we head into the spring market. Another great sign for our market is the fact that new foreclosures are the lowest they've been in the last 15 years. Considering what we've been through, we're feeling very confident about our market in 2015 because of recent trends.

But the good news doesn't end there.

In 2014 we talked a lot about how strict the lending guidelines were, and how difficult it was for borrowers to obtain a loan. This year, lenders will slowly loosen their guidelines, which should have a very positive effect on our market. If you want a more in-depth analysis, you can view a full market report put together by Michael Orre of the W.P. Carey School of Business.

If you have questions about the report, or if you need real estate assistance of any kind, don't hesitate to give us a call or shoot us an email! We would love to hear from you!

How Can Knowing About Inspections Make You a More Informed Buyer?

SBentley@SueBentley.Com (Bentley Westfall) — Mon, 15 Dec 2014 08:20:00 -0800

Today, we want to talk about the phase of a real estate transaction called the buyer's due diligence period. This can be a difficult concept to understand; the Residential Purchase Contract for the state of Arizona has over 416 points, 86 of which are focused on the buyer's due diligence! Let's see if we can simplify this a bit.

The average time frame for a home inspection is 10 calendar days. During this time, you have the opportunity to inspect anything that is a material fact to you. These items may include, but are not limited to: heating, plumbing, cooling, mechanical, and electrical items. Home inspections can be up to 100 pages long, as the inspector goes through the home and itemizes any defect of importance they found that may affect your decision-making process.

Once you make it through the home inspection process, you are going to use the report to make an informed decision on whether you want to move forward with your purchase contract.

If you would like additional information on this process, or have any questions about real estate in general, don't hesitate to reach out to us. We would love to hear from you and assist you in any way possible! Thanks, and have a wonderful day!

5 Reasons to List Now

SBentley@SueBentley.Com (Bentley Westfall) — Mon, 10 Nov 2014 14:31:00 -0800

5 Reasons to List Now

Hey there, thanks for tuning back in. With the holidays around the corner, many of you are thinking about gifts, entertaining, and if now is a good time to list your property for sale.

We can definitely answer that last question with an emphatic yes! Right now, there is a great window of opportunity to take advantage of the real estate market. Many agents will tel their clients not to bother with listing their homes at the end of the year, and this creates the best circumstances for you for 5 different reasons:

1. Serious Buyers
Buyers out looking for homes during the holiday season are very serious. They have only one goal in mind: finding and purchasing a good home.

2. Less Competition
Many sellers decide to un-list their homes during the holidays and wait until the first of the year to put it back on. This creates less competition for you.

3. More Time
Buyers have more time to look at home during the holidays. A lot of people have PTO built up, and are able to take weeks at a time to narrow in their search.

4. Taxes
Some people have to buy at the end of the year for tax purposes.

5. New Hires
People who are transferred by companies at the beginning of the year won't have the luxury of waiting until April to look for a property, so you really need to capture this market.

Thanks for watching, we will be working through the winter so if you have any questions in the meantime, please feel free to give us a call or send us an email.

How We use the Latest Technology to Our Advantage

SBentley@SueBentley.Com (Bentley Westfall) — Wed, 1 Oct 2014 14:57:00 -0700

How We use the Latest Technology to Our Advantage

We have recently had great success using video and aerial video to market our listings. Today, we want to share with you our most recent video of our newest lake front listing at 547 S Cholla St in Gilbert, AZ.

Why are we choosing to use video? Well, the numbers don't lie. We know that 92% of buyers start their home search online. Another thing we know is that inquiries and traffic increase by over 400% when video is used.

Video also helps increase the amount of time a consumer stays online and views a property by over 5 minutes. We are committed to continue to provide the best customer service and incorporate new technology in our marketing.

If you need any assistance, or have any questions, please feel free to contact us. We look forward to hearing from you soon!

Phoenix Real Estate Market Update for August 2014

SBentley@SueBentley.Com (Bentley Westfall) — Wed, 27 Aug 2014 11:58:00 -0700

There are many great Phoenix area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (602) 954-4663 for a FREE home buying or selling consultation to answer any of your real estate questions.

Phoenix Real Estate Market Update for August 2014

Welcome back, everybody. Thanks for joining us once again. Today we are going to talk about market statistics for the month of July 2014 as of August 14, 2014. The Phoenix market continues to be very dependable, showing subtle yet consistent signs of improvement. In the month of July, we had:

A 1% rise in the average median price, up to $197,000
An increase in the average sales price, which is now up to $249,200
2 consecutive months in a row where we have seen the lowest number of new listings on the market in 14 years
Interest rates remain very low, down near 4%

For a market that was not too long ago dominated by short sales, investor sales, and bank-owned properties, we are seeing a transition to a much more healthier and traditional market. If you have any questions about this changing market and what it means for you, please give us a call or send us an email. We would love to help you out.

Read the August 2014 issue of STAT

Simple Steps to Boost Your Home's Curb Appeal

SBentley@SueBentley.Com (Bentley Westfall) — Wed, 2 Jul 2014 12:57:00 -0700

Simple Steps to Boost Your Home's Curb Appeal

The summer months are finally here and many people are gearing up to sell their homes. We have been getting a lot of questions about curb appeal. Curb appeal is the way your home looks from the outside, or at the curb, when prospective buyers show up. This is their first impression of your home and it's important for it to be a good one. We have compiled a list of 10 simple fixes that will boost your curb appeal- for under $100.

1. Replace exterior light fixtures
An easy way to give your front porch and entry way a new look is with new light fixtures. You can get these at any home improvement store for anywhere from $30-$100

2. Install some in-ground lighting
Nothing brightens up your curb appeal like lighting near your walkway or flowerbed.

3. Trim overgrowth and weeds
This is an easy and cheap fix that will make your plants appear greener and more vibrant. It will also help keep your lawn healthy

4. Plant some flowers
If you already have a garden, that is great. If not, this is an easy, inexpensive way to add some color to your curb appeal

5. Spread some fertilizer
Another way to add color in your lawn and flowerbed, fertilizer will give your yard a more vibrant look

6. Fasten any loose trim or boards
Take a walk around your property to check if you have any loose trim or boards. Simply refasten and paint to match if you find anything out of the ordinary

7. Paint your trim
The trim around your roof line, windows, and front door gives your home color. Pick a color that contrasts the color of your house so that it will stand out among the paint that is already there.

8.Paint your front door
This is your chance to be creative. Pick something vibrant that contrasts the other colors of your home. This is the first thing that buyers eyes will gravitate towards when looking at your home

9. Paint your front door
Nothing says welcome home like a shiny, new door handle. These are very inexpensive and add a touch of class to your home.

10. Switch your address numbers out
This is an inexpensive and easy way to make your home stand out. It is as simple as picking a style you like and applying them to your house to make it pop.

If you follow these 10 tips, you will have great curb appeal this summer and buyers will be itching to enter to see the rest of your beautiful home. If you have any questions about curb appeal or this market, which is currently advantageous for both buyers and sellers, give us a call!

Sellers: Know Your Options If Your Home Fails to Appraise!

SBentley@SueBentley.Com (Bentley Westfall) — Tue, 13 May 2014 14:29:00 -0700

Sellers: Know Your Options If Your Home Fails to Appraise!

In my previous post, we spoke about your options as a buyer under contract when a home does not appraise for or at least the purchase price. Today, we will flip this scenario around and look at it as if you were a seller, who is under contract, and your home doesn’t appraise.

Within the past four months, we’ve noticed a transition in the market – the market has flattened out into a regular, or “normal,” market. Due to this market adjustment, there may be some instances where your property fails to appraise. As a seller, you have a few options:

Reduce the purchase price to the appraised value once the buyer formally notifies us
Negotiate with the buyer to meet somewhere in the middle
State that you will not reduce the purchase price to the appraised value

As a seller, you must be careful; if the buyer is an FHA Borrower, that appraisal will follow you for at least 90 days. With an FHA Borrower, your options are:

Reduce the purchase price to the appraised value
Place your home back on the market and wait for a Conventional loan or cash offer

As professional listing agents, our job is to minimize your appraisal risk. When we meet at our initial consultation, I will provide you with your home’s comparative values from within the past 90 days. These are the values that appraisers use when appraising your property. It is also worth noting that an appraiser may reach out to the listing agent to obtain comparative values. This is something we are happy to do – we will put together a professional presentation for them and provide it to them at the time of appraisal or via email.

If you’re looking into selling your home, we would be more than happy to help. Also, it is a great time to purchase – buyers can take advantage of low interest rates, which are sitting at 4.5%, and a great selection of inventory. Thanks and have a great day!

Appraisal Values: Know Your Options When a Property Fails to Appraise!

SBentley@SueBentley.Com (Bentley Westfall) — Mon, 10 Mar 2014 07:58:00 -0700

Due to the market correcting itself, it is becoming common for appraisal values to fail at meeting the purchase price. What happens when you’re under contract as a buyer and the property fails to appraise? In the state of Arizona, there is an appraisal contingency that gives the buyer five days from when the appraisal is received to cancel the contract if the property fails to appraise for at least the purchase price.

This allows the buyer to notify the seller immediately that the property did not appraise for the purchase price and request a reduction to the appraised value. If the buyer and seller fail to come to an agreement, the buyer can cancel the contract and receive a refund on their earnest money.

If you are purchasing a fix-and-flip home with an FHA loan and the property was purchased within 90 days of contact acceptance, the seller may require a second appraisal. In this particular scenario, the seller would be liable for the cost of the second appraisal. When this is complete, the lender would then compare the two appraisals and take the lower value of the two.

This scenario can happen across all price brackets; it is very important to have a professional that knows the internal guidelines and policies of the major banking institutions. It also helps to have a real estate professional that can help structure an offer and help minimize your appraisal risk.

Also, we invite you to watch RE/MAX's National Housing Report for March 2014.

If you have any future real estate needs, feel free to contact Sue or myself with any of your questions. Next time, we will continue with this scenario played out from a seller’s point of view. Stay tuned!

Mortgage Reforms: What Effect Will This Have on Your Next Purchase?

SBentley@SueBentley.Com (Bentley Westfall) — Tue, 25 Feb 2014 09:08:00 -0800

How Will the New Mortgage Rules Affect You?

If you haven’t already heard, new mortgage rules will likely affect your next home purchase. Lenders will be required to better qualify buyers so they can actually afford the property and repay the loans. This may sound normal, but these changes are intended to protect the borrower and at the same hold lenders accountable for their business practices.

As of January 1, 2014 in the state of Arizona, the FHA loan limit has decreased from $346,250 to $271,050. That decrease accounts for nearly 22%! If you need a loan amount higher than the $271,050 price bracket, chances are that you will have to come up with a larger down payment of 10-20% and qualify for a conventional loan.

Lenders have also created a new rule called the “Ability to Repay” or “Qualified Mortgage” rule. Borrowers with little to no debt aren’t going to be affected by this rule; however if you have a debt-to-income ratio of over 43%, you will have to find a way to minimize your debt or boost your income. If you are self-employed, be prepared to submit a lot of paperwork because lenders will require more documentation to verify your income. In general, borrowers will have to supply more documentation; please be patient!

Also, lenders will have caps on their loan origination fee; this means that lenders are unable to charge more than 3% of the loan amount. This is great because borrowers won’t be overpaying for their loans. Experts are anticipating that by the end of the year, interest rates will be at or near 5%. Please, act now to take advantage of the low interest rates and move forward with purchasing a property.

There are also changes to the mortgage servicing rules. Mortgage lenders are now required to provide each borrower a monthly statement that clearly shows your loan amount, interest rate, loan balance, escrow account balance and an explanation of how the payment was credited. Lenders will also be required to credit your account on the day that they receive your mortgage payment.

If for some reason you fall behind, foreclosure proceedings cannot move forward until your loan is 120 days late, until the borrowers have completed a last mitigation application and they have reached out physically to your lender.

We know that there have been many changes to lending guidelines; we have many great lenders on staff to answer any of your questions! Please, don’t hesitate to call us – even if it is in regards to buying or selling your home. Thanks and have a great day!

How Do You Establish a Home’s Value?

SBentley@SueBentley.Com (Bentley Westfall) — Thu, 16 Jan 2014 07:41:00 -0800

Today I wanted to talk to you about how to establish home value when purchasing a property and when making an offer. The first step is familiarizing yourself with the neighborhood and the surrounding area by completing what’s called a comparative market analysis. The comparative market analysis, or CMA, compares the subject property (the property that we’re making an offer on) to like-kind properties within a half mile to mile distance.

What is a like-kind property? Let’s start with the basics: number of bedrooms, number of bathrooms, square footage and lot size. From there we will break it down to what features and upgrades does the property have, how many garages, does the property feature any additions or what type of amenities does the backyard have? We will next look at the condition of a property; let’s face it, a fixer upper is not a comparable property!

Next we will look at location. Everyone knows location, location, location because it is so crucial! Where does the property sit? Is the property an interior lot? Many times in Arizona, we have homes that face a mountain preserve and will carry a larger premium than an interior lot.

In the CMA, we look at all of these features and look back at properties that have sold in the last three months. This allows us to establish a trend due to the speed of the market in Arizona and to determine what the market is telling us. The outcome of the CMA will ultimately determine the market value. From there we will establish a range of very clear upper and lower limits that will help determine a realistic purchase price. This also prepares us for what the property will appraise for.

We know purchasing a home is a very complicated process and we can easily guide you through the transaction from start to finish. We take a very agrresive, yet professional approach, to negotiating the best possible offer for you. If you’re looking to purchase or sell a property, give us a call at (602) 954-HOME (4663). Thanks and have a great day!

Buyers click here to search all area homes for sale.

Sellers click here to find out what your home is worth.

Why You Should Be Pre-approved Before Starting Your Home Search

SBentley@SueBentley.Com (Bentley Westfall) — Fri, 20 Dec 2013 07:57:00 -0800

Today I wanted to talk to you about why it’s important to get pre-approved prior to starting your home search. Ultimately, getting pre-approved is like getting your license to purchase a home. Since buying a home is an important financial decision, it is important you know your financing options to find the mortgage that best suits your needs. Meeting with a qualified lender will help you determine what your options are.

A few options your lender may discuss with you are where you want to be payment wise, what you are approved for and what you are comfortable with; because we know those are two completely different topics. What type of mortgage meets your needs? Would it be an FHA mortgage, conventional mortgage or a VA financing suit you best? What is your credit score and what are the current interest rates? Do keep in mind that interest rates fluctuate on a day to day basis. Also, how much are you planning to put down and what are your options?

Have you considered what your closing costs and the terms of your mortgage could be? Knowing your options not only starts a stress free search, but it also gives you a competitive edge when it comes to making an offer on a listing as a buyer. Most listing agents won’t even look at an offer without a pre-qualification letter, so it’s very important you start this process right away. This also reassures sellers and gives them trust in buyers that have been pre-approved.

If you need assistance finding a lending professional, we’re here to help! If you’re searching for a home, feel free to check out our featured listing on our blog. If you’re interested in selling, check out our home value report. Thank you for tuning in today, my name is Breena Whiteside and I can be reached directly at (602) 954-4663 or at breena@suebentley.com. Thanks and have a great day!