A home appraisal is conducted by a licensed professional to determine what your home is worth before you put it on the market and sell it. The process could cost several hundred dollars, depending on factors such as property size and location.

How does a home appraisal work? appraiser looks at a number of factors, including comparable homes within the local market, location, age and condition of the home, structural construction and materials, size of the home and square footage, updates and improvements, style, curb appeal, the economy and local market.

Under federal and state law, appraisals are required to be independent and objective. An appraiser will conduct a visual inspection of the home and look at recent home sales in the area, known as comparables or “comps”.  Based on the information gathered, the appraiser will determine the home’s value.

With rare exceptions, mortgage lenders always require appraisals both for home purchases and when a homeowner refinances a mortgage.

Why is an appraisal needed? An appraisal benefits both the homeowner and potential buyer.

“An appraisal is always in the best interest of the buyer as it will assess the value of the property and help the buyer have confidence in the purchase price of the home,” Boies says.

A property appraisal is also important for the homeowner or potential buyer because it establishes the parameters of the mortgage loan.

How much does a home appraisal cost? A typical, single-family home appraisal ranges from $300 to $450, though that can vary depending on a number of factors including the size of the home, the value of the property, condition of the property and the level of detail involved in the appraisal. A large home or property will usually be more expensive to have appraised. In larger cities or areas with higher living costs, the range could be $500 to $800 or more.

A professional appraiser’s fees are regulated in part by the Dodd-Frank Wall Street Reform and Consumer Protection Act and must be reasonable and customary for the geographic market. Continue reading the rest of the article HERE

Experts are forecasting that 2022 will be another year of the housing market favoring sellers over buyers.

As we learned last year, the housing market is short by as much as 6.5 million homes, according to the National Association of Realtors. Redfin reports that buyers are facing the fewest number of listings on record, as the number of active listings fell 27 percent from a year ago. One example: Pre-coronavirus pandemic, one community on Chicago’s North Shore had 130 homes for sale. Today, there are fewer than 15. According to Redfin Chief Economist Daryl Fairweather, the number of homes for sale in Austin is also extremely constrained.

It’s Economy 101: Too many qualified buyers chasing too few homes mean home prices will continue to rise as long as interest rates don’t get too high. If they do, the housing market will finally slow down and become more balanced.

Will that happen this year? According to the Federal Reserve Bank, it’s likely. Especially since the recently released minutes from their December meeting show they are rethinking when to start raising interest rates to help curb elevated inflation levels. Some economists think the Federal Reserve could pull the trigger and raise interest rates in March, with more raises to come.

But even if home price appreciation moderates, home sellers have done extremely well since the first quarter of 2009, during the “Great Recession.” According to the Federal Reserve Bank of St. Louis, the average price of a home sold in the first quarter of 2009 was $257,000. In the third quarter of 2021, the average price of a home sold was $453,300, a 76 percent increase in 12 years, a little over 6 percent per year. That’s far above the rate of inflation during the same time period.

Sellers in 2022 should, in most communities, have a relative easy time during the first half of the year. It may be a little tougher as we move toward 2023, depending on how fast interest rates rise.

If you’re selling this year, keep these tips in mind for an easier, speedier sale:

1. Price your home correctly.

If the past few years have proven anything, it’s that buyers will pay almost anything to get a home. Bidding wars were common. They may be less so in your community, so pay attention to the numbers your agent brings to the table.

Pricing your home competitively may generate a number of offers in excess of the list price. What you want is to generate interest and showings, and a “pie in the sky” price won’t do that, even with the dearth of homes for sale.

2. Make your home stand out online.

There may not be a crowd of homes for sale, but you want yours noticed for all the right reasons. Anyone looking in your neighborhood will see that your home is for sale. But they’re probably pretty seasoned buyers at this point, and they’ll quickly be able to tell if your home is a possibility.

So do what you can to make your home look as clean and polished as possible: Strip your home of all personal effects and artwork, clear out half the furniture (or all, in some cases), repaint the walls white, buff the floors, and put up neutral bed coverings. Give your home a deep cleaning, re-grout dirty tiles and replace carpet as needed. Replace old fixtures with modern LED lights. Open the window shades (or remove them) and clean the windows.

Charming exteriors will get noticed faster, and if prospective sellers do a drive-by showing, your home must dazzle them into stopping to take a closer look. To that end, repair anything that’s broken. Repaint where needed. Be sure to shovel the driveway and walkways so prospective buyers don’t have trouble coming up to the front door. Once spring comes, plant colorful flowers and edge your lawn. Decide if your front door and walkway could use sprucing up with a coat of paint or a more complete refresh.

3. Decide in advance what is the minimum acceptable sales price, then stick to it.

One of the biggest mistakes sellers make is letting greed get the best of them. Either they set the list price too high, and then have to go through painful rounds of list price reductions, or, once an offer comes in, they fight tooth and nail for every last dollar instead of negotiating to get the deal done.

The best thing you can do is decide what is the minimum price you’d be willing to accept. Write that number down and when the first offer rolls in, look at that piece of paper and see how it compares to the offer. If you’re at or above your minimum acceptable price, you’re in good shape. Everything else is gravy. And if you get your minimum acceptable price, we think you should relax and feel good about the deal.

We believe that the best real estate deals happen when everyone walks away happy. As a seller in 2022, resolve to move on from your home, grateful for the time you’ve spent there and the buyer who will care for your home going forward.

Ilyce Glink is the author of “100 Questions Every First-Time Home Buyer Should Ask” (Fourth Edition). She is also the CEO of Best Money Moves, an app that employers provide to employees to measure and dial down financial stress. Samuel J. Tamkin is a Chicago-based real estate attorney. Contact them through her website, bestmoneymoves.com.

PHOENIX — Update (Dec. 28): Because rain is in the forecast, the NYE block party at Margaret T. Hance Park will be relocated to Walter Where?House, an indoor events venue in Phoenix. All tickets already purchased will be honored at the new event. Refunds are also being accepted for those unable to make it. We’ve updated that specific listing below.

Adios. Good riddance. Goodbye, to 2021. And, hello — maybe. We hope. — to 2022.

If you’re looking for a spot to ring in the New Year with family and friends, there are a few “Noon” Year’s Eve events for the little ones around the Valley, and parties for the adults who want to celebrate late into the night.

This isn’t an exhaustive list, but here are some of the events happening at venues around town.

Read more HERE

https://www.experiencescottsdale.com/events/

Holiday Lights at Salt River Fields

PlayStation Fiesta Bowl

https://www.experiencescottsdale.com/event/holiday-lights-at-mccormick-stillman-railroad-park/367081/

Fall in Arizona is a truly enchanting time, with so many magical places to explore. From the Snowbowl to Apple Annie’s and everywhere in-between, here are the 11 most beautiful autumn destinations to visit this year in Arizona.

1. Aspen Nature Lollipop Trail (Flagstaff) At just under three miles long, this easy, short-and-sweet trail is one of the most iconic fall destinations in Arizona. You haven’t lived until you’ve hiked through a grove of brilliantly yellow aspens! You’ll find the trail on the western slope of the San Francisco Peaks near the Snowbowl.

2. Verde Canyon Railroad (Clarkdale) Each fall, the Verde Canyon Railroad holds their ever-popular Fall Colors Tour. On board a historic train car, you’ll whiz past eye-popping foliage that offers a stark contrast to the lofty red rocks surrounding them. The ride takes place in October and November.

3. West Fork Trail (Sedona) Perhaps even more renowned than the Aspen Nature Lollipop Trail is West Fork Trail. This 7.2-mile adventure features some of the most striking fall colors across the entire state, in a vast array of breathtaking colors. You’ll find the trailhead 11 miles north of Sedona, with an access point at the Call of the Canyon day use area.

To see the rest of the most beautiful fall destinations in Arizona along with links for more information, please click HERE

Home sales, and prices, are at unprecedented levels for several reasons. Among them, mortgage rates sit near all-time lows, which makes homeownership more affordable. The incomes of upper-class and middle-class Americans were, for the most part, not affected by the pandemic, which has allowed them to remain in the market for homes. The pandemic did trigger a migration of people from large coastal cities to those that are more affordable. As more people work from home, their ability to have homes where they want to live, rather than where they have to live, has improved.

The migration has helped to lift home prices nationwide, although it varies from place to place. The carefully followed S&P CoreLogic Case-Shiller Indices for June show the national average home price rose the most on record. It was up 18.6% from the same period a year ago. The information is also broken down by America’s largest cities:

The 10-City Composite annual increase came in at 18.5%, up from 16.6% in the previous month. The 20-City Composite posted a 19.1% year-over-year gain, up from 17.1% in the previous month.

Prices rose the most in Phoenix (29.3%), San Diego (27.1%) and Seattle (25.0%). Yet, Phoenix median home prices are lower than in the large west coast cities of San Francisco, San Jose and Los Angeles.

Phoenix already was growing before the current housing boom. According to the Census Bureau, it was among the fastest-growing large metropolitan statistical areas in America. Between 2010 and 2020, its population rose 15.57% to 4,845,832. It is now the 11th largest city in America.

The surge in real estate prices and the total number of home sales may have started to slow. A drop in inventory and prices that have risen so fast that they are out of reach for many buyers are causes for this slowdown. In theory, people who wanted to relocate because of the pandemic probably already have. Additionally, homebuilders have come up against high prices for materials needed to build houses. Their chances to make large profits, therefore, have declined.

June prices, amazingly strong, may not be repeated.

Anyone new to real estate investing may hear some terms thrown around that they may not fully understand. One of these terms is the “1031 exchange,” which is a common tax strategy that can help real estate investors expand their portfolios and raise their net worth.

Planning to sell an investment property and want to defer paying a barrage of taxes, including capital gains? Here are answers to common questions surrounding the 1031 exchange, from the experts.

What is a 1031 exchange?
A 1031 exchange sounds obscure, but the concept is fairly straightforward.

“The term ‘1031 exchange’ gets its name from the Internal Revenue Service code, Section 1031,” says Eachan Fletcher, CEO and co-founder at NestEgg.rent.

This section allows for the seller of an investment property to defer paying capital gains by using the proceeds from that property to buy a replacement investment property.

What are the benefits of doing a 1031 exchange?
As an investor, there are some reasons why you may consider using a 1031 exchange. You may be seeking a property that has better return prospects or you may wish to diversify assets.

“The benefit is that an investor wouldn’t have to pay taxes on the capital gains—aka appreciation—on their home,” says Andrew Lueong, co-founder and CEO at Doorvest. “This means that they can keep usually upward of 20% of their appreciation and use it toward their next property.”

What are the requirements for a 1031 exchange?
There are rules and regulations to be aware of when doing a 1031 exchange, and experts recommend consulting your accountant before pursuing this type of transaction.

“The real property you are purchasing should be ‘like-kind,’ or also used for investment purposes, to the one you are selling,” says Sarah Minton, real estate agent for Warburg Realty.

The IRS says properties are of like-kind even if they differ in grade or quality or are improved or unimproved. For example, an apartment building would generally be like-kind to another apartment building.

Lueong says the “like-kind” exchange does not have to take place simultaneously and that a delayed exchange “can occur while one party decides what home they want to receive for their old home.” However, a qualified intermediary is required to facilitate the exchange and must be a nonrelated third party, which means the intermediary can’t be an agent, broker, accountant, lawyer, banker, etc., who has provided you tax, legal, accounting, or financial services in the past two years, he says.

Minton says other rules include having to adhere to strict timeline requirements set by the IRS.

“You have 45 days to identify in writing a replacement property and 180 days to acquire said property,” she says.

Who qualifies for a 1031 exchange?
People with investment properties qualify for a 1031 exchange.

“Any investor-owner of income-producing real property can qualify for a 1031 exchange into new income-producing property,” says Fletcher.

Lueong says personal property does not qualify.

How many times can you do a 1031 exchange?
Fletcher says there is no limit on how many times or how frequently an investor-owner can do a 1031 exchange.

Still, “the question of how often is a gray area in the IRS code,” Lueong warns. This is another reason why consulting your accountant is a must.

“It should be noted that a 1031 exchange does not eliminate capital gains—it just defers it,” says Minton. “You will eventually have to pay capital gains when you sell real property for cash.”

What if the owner decides to make the investment property their primary residence?
Michael J. Franco, an attorney, investor, and broker at Compass, says owners who make the investment property their primary residence won’t meet the requirements of a 1031 exhange, and it could and/or should trigger current capital gains tax.

“If they hold it as an investment for two years then convert it to primary residence, they will end up with a ‘transferred basis’ from the old relinquished property, which could still trigger capital gain on a primary residence if the gain exceeds the threshold for tax exemption for primary residence sales—$250,000 for singles and $500,000 for married couples filing jointly,” says Franco.

How does a 1031 exchange affect house flippers?
Good news for house flippers: They qualify for a 1031 exchange, with a few conditions. Franco says the property must be owned for two years for it to qualify, so if owners flip too fast it won’t work.

“Due to the relatively short holding period for a flipper, it is unlikely that the house achieved a significant appreciation to warrant use of the 1031, but there are no disqualifications for being a flipper,” says Lueong.

Hummingbirds have long been considered a symbol of joy and happiness and are said to bring good luck and positive energy to those who encounter them. So why not keep the good vibes going by creating a hummingbird hangout in your garden that can ensure these beautiful creatures return year after year?

“Adding a hummingbird-friendly spot in your garden, with a foundation of native plants, is an amazing way to support local wildlife and the broader natural environment,” says David Bryant, manager of campaigns and engagement at California Native Plant Society. “You’ll be rewarded with gorgeous floral displays, the beauty of these winged visitors, and a deeper sense of connection to the place you call home.”

Building a haven for hummingbirds is not as complicated as it sounds. By providing the basics like water, shelter, and colorful flowers, “you will be rewarded with the company of these wonderful wild birds,” says David Salman, chief horticulturist for High Country Gardens.

To begin, experts at Wilson Bros Gardens suggest creating a curved, narrow flower bed in an open area so that hummingbirds will have access to the flowering blooms from all sides. They also suggest planting your hummingbird garden near a deck, patio, or porch, or outside a window.

Here are a few other steps to take to bring the hummingbirds to you.

Pick a variety of plants and flowers. To help support the full life cycle of hummingbirds, experts recommend planting native flowering plants, vines, shrubs, and trees.

“Native plants like trumpet honeysuckle, bee balm, and hummingbird sage are just a few of the nectar-providing options that hummingbirds are attracted to,” says John Rowden, senior director for bird-friendly communities at the National Audubon Society.

Gardeners can use Audubon’s native plants database to find what plants are best for their local area.

“If you have space, it’s ideal to provide a variety of plants. Grouping similar plants together and choosing species with different blooming periods will help ensure that there is a steady supply of flowers and nectar,” says Rowden. “If done deliberately, you can support hummingbirds year-round—if you’re lucky enough to have them throughout the year.”

Katrina Godshalk for High Country Gardens says nectar-rich perennials are a good choice to plant in your hummingbird garden. She also endorses the practice of organic gardening methods, which can eliminate and restrict the use of chemical herbicides and pesticides.

Cultivate a natural ecosystem with insects. Hummers love sipping flower nectar, but did you know they eat insects, too?

An important part of an adult hummingbird’s diet is small spiders and insects, says Rowden, “and young hummingbirds still in the nest are almost exclusively fed on those protein-rich foods.”

To encourage spiders and insects in your hummingbird garden, Rowden says to make sure your yard has insect-pollinated flowers, hummingbird-pollinated plants, and native plants.

Provide a perch. Hummingbirds like their perches and spend up to 80% of the day sitting on one.

Salman says conifers, shade trees, and taller shrubs can create a sheltered perch “where the hummingbirds can rest, build nests, and safely survey their garden domain.”

“Leaving some sticks and small branches on bushes and trees will provide perches for hummingbirds,” says Rowden. He says it’s also important to place some in more sheltered spots hidden from the view of predators.

“Hummingbirds use bits of spider web, insect cocoons, and other lacy material to construct their nests,” says Bryant. “Be sure to leave some cobwebs in the nooks of tree branches and shrubs for hummingbirds to utilize.”

Gardeners can place bunches of dryer lint in the branches for nest-building.

Have plentiful water sources.A water feature with a splashing fountain or dripper will also get the attention of hummingbirds.

“Hummingbirds like to bathe frequently—even in the pools of droplets that collect on leaves,” says Rowden. “Provide a constant source of water in your yard.”

Hummingbirds prefer water sources that drip or spray, Salman says—such as a fountain with multiple tiers that drip or a very low–volume mist nozzle attached to a branch or tree trunk. Make sure to put the mist nozzle or fountain in the open, “away from hiding spots where cats can hide and ambush the birds,” he says.

Consider feeder placement.Get ready to bird-watch once you hang a feeder! But remember, the location of the feeder is very important.

“Hummingbirds are territorial and will protect their nectar sources. Hang several feeders far enough apart that the hummingbirds cannot see one another; this will prevent one bird from dominating the rest,” says Rowden.

He also recommends hanging feeders in the shade to prevent the nectar from spoiling quickly. He notes that cleanliness is important with feeders, too.

“Be sure to change the nectar regularly, every few days,” says Rowden. “If it gets cloudy, it is spoiled.”

Clean feeders with a solution of one part white vinegar to four parts water about once a week, and rinse the feeder with warm water three times before refilling it.

Buyers looking for a home right now need to be ready to pounce. Inventory of homes is so low that, in January, homes sold in half the time they did a year ago.

Properties sold in January typically remained on the market for 21 days during the month, down from 43 days a year ago. Most homes, 71%, that sold in January were on the market for less than a month, according to the National Association of Realtors.

As of the end of January, housing inventory fell to a record low of 1.04 million units, 26% less than last year, a record drop. At 1.9 months, the supply of unsold homes matched December as the lowest level since NAR began tracking single-family home supply in 1982.

Existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — continued to increase and were up 24% from one year ago, to a seasonally-adjusted annual rate of 6.69 million.

“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s chief economist. “Sales easily could have been even 20% higher if there had been more inventory and more choices.”

It is this lack of available inventory that is the key factor continuing to push prices higher, Yun said. The median sales price of existing homes rose to $303,900, 14% higher than one year ago when it was $266,300. Prices were up in all regions of the country and January’s national price increase marks 107 straight months of year-over-year gains.

The housing sector has been one of the few bright spots in a struggling economy, but prices continue to rise faster than incomes. Home prices in every US metro area that NAR tracks increased during the fourth quarter of 2020, according to a separate report from the group.

“Home sales are continuing to play a part in propping up the economy,” Yun said. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.”

Yun said he expects more jobs to return, which will spur home buying in the coming months. He predicts existing home sales will be strong in 2021, even as he says mortgage rates are likely to inch higher.

While home sales were very strong in all parts of the country, with growth up over 20% in all regions year over year, there was some month-to-month softening in the Northeast and the West, where prices are highest and increasing the most.

The South saw sales in January rise by 3.2% from December, and sales in the Midwest climbed 1.9%. Meanwhile, sales in the Northeast fell by 2.2% and, in the West, they dropped 4.4% during the same period.

January’s strong sales report is no surprise given high demand and low mortgage rates, said Robert Frick, corporate economist at Navy Federal Credit Union. The constraining factor continues to be supply.

“Though that should ease this spring with more homeowners willing to move given a combination of warmer weather and a dramatically lower number of Covid-19 cases,” Frick said. “Rising prices remain a big barrier to homeownership for many. While home building is accelerating, we can expect demand exceeding supply at least until next year.”

Don’t be held captive by screens in your own sanctuary.

Admit it—you’ve long been mired in an unhealthy relationship, and you’re probably losing sleep over it. The toxic entity that we’re talking about is none other than your phone. The average person spends more than three hours a day messaging, shopping, and doomscrolling on their devices, and for many, a sizable portion of that happens in bed. Needless to say, we’ve all been trained by the algorithms that be to check our notifications “just one more time,” and the Pavlovian conditioning is particularly ruinous when it comes to getting a good night’s rest (not to mention your mental health).   

Today is the day to break the habit. It’s time to create a screen-free zone in the bedroom.

Creating a tech-free space is actually a straightforward process: Begin by banishing any devices with a screen from the bedroom. Don’t forget to remove charging cables or wireless charging accessories. Switch to an old-fashioned clock radio instead of relying on a phone to tell time. Schedule “Do Not Disturb” mode to stave off notifications during sleeping hours. Use stickers to cover any bothersome LED lights on appliances like air purifiers. And if possible, exile all devices to a room furthest from your quarters to quell the temptation to “snack” while in bed.

The real challenge, however, is turning a habit into a lifestyle. Avoid temptation by cutting off all screen time at least an hour before bed, investing in the best mattress and bedding possible, and keeping a stack of books on your nightstand to ensure you never scroll your way to sleep again.