By Joe Szabo, Scottsdale Real Estate Team
Pros & Cons of Baseboard Heating Systems By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Three Favorite Central Scottsdale Golf Courses By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Central and downtown Scottsdale are near three beautiful golf courses that are the favorites of both tourists and locals alike. They are affordable, challenging and have great views of the McDowell Mountains to the north and Camelback Mountain to the east.
Starfire Golf Club
Located at the corner of Hayden and Shea in McCormick Ranch, this public course was designed by Arnold Palmer, and has three nine hole layouts. The King, the Hawk and the Squire are the names of the three courses, and all have their special challenges. Sporting great mountain views in all directions, this lush executive course has plenty of trees and water hazards to challenge the serious golfer. Formerly the Scottsdale Country Club, the course includes putting and chipping areas, rental clubs and golf carts, pro shop and the Starfire Grille, a great eatery with both food and drink and plenty of televisions for sports fans. The beautiful site has manicured lawns, large patio areas, banquet facilities and it a great spot for a special event. The atmosphere is friendly and casual and the convenient central Scottsdale location outstanding!
McCormick Ranch Golf Club
There are two championship golf courses at this location on East McCormick Parkway, and pre-qualification for the Waste Management Open takes place on these courses. The Palm course features ten water holes and is dotted throughout with Palm trees and great views of both the McDowell Mountains to the North and the iconic Camelback Mountain to the West. The Pine course has many mature pine trees, with narrow fairways, which makes it more challenging. Both courses were designed by renowned golf course designer Desmond Muirhead in 1972. Since then many improvements to greens, tee boxes, sand trips and bridges have taken place. McCormick Ranch Golf Club is located in the heart of Scottsdale and is one of the area’s most challenging golf experiences.
Scottsdale Silverado Golf Club
Nestled in the middle of the Indian Bend Wash, with spectacular Camelback Mountain views to the West, this relative golfing newcomer was built in 2000 by the Gilmore-Graves Architectural Design Company. Silverado Golf Club is now central Scottsdale’s most popular 18 hole golf course with reasonably priced green fees and a welcoming Grille for 19th hole fun at the end of the round. Both ladies and men’s leagues play here each Monday and is a favorite of the locals. For a great and affordable golfing experience in central Scottsdale book online at www.golfnow.com or go directly to the course website at www.scottsdalesilverado.com for a tee time. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.30-Year Fixed Mortgage Rate Drops to 4.09 Percent — Lowest Rate in 10 Weeks By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Mortgage rates for a 30-year fixed mortgage fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.09 percent, down from 4.18 percent at this same time last week.
The 30-year fixed mortgage rate steadily declined last week, dropping to as low as 4.07 percent on Monday before rising to the current rate this morning.
“Recent weakness in emerging markets helped push rates down last week to 10-week lows as investors turned toward more reliable assets like mortgage-backed securities,” said Erin Lantz, director of mortgages at Zillow. “If Friday’s jobs report is strong enough, it has the potential to pause a downward slide in rates and offset emerging market concerns.”
Additionally, the 15-year fixed mortgage rate this morning was 3.10 percent and for 5/1 ARMs, the rate was 2.72 percent.
What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.
*The weekly mortgage rate chart illustrates the average 30-year fixed interest in six-hour intervals.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.
*The weekly mortgage rate chart illustrates the average 30-year fixed interest in six-hour intervals.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.
Scottsdale, Paradise Valley popular spots for celebrities By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
From Bing Crosby to Beyoncé, Scottsdale and Paradise Valley have been popular stomping grounds for Hollywood headliners since the 1940s.
Its proximity to Los Angeles – and reputation as a desert South Beach – have drawn hundreds of stars through the years to hideaways such as Hotel Valley Ho, Fairmont Scottsdale Princess, Sanctuary on Camelback Mountain and the Hermosa Inn.
According to the Scottsdale Convention and Visitor’s Bureau, stars are attracted to Scottsdale “for rest and relaxation, far from the prying lenses of the paparazzi and congested streets of Los Angeles and New York City.”
See who lives where here
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.Key Factors in Securing a Mortgage by Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
For most Americans, buying a home is the most expensive purchase of their lifetime, and obtaining a mortgage can be particularly stressful.
Research and preparation won’t take all the 
worry out of applying for a home loan, but it will go a long way toward reducing your anxiety.
Here are key factors lenders may consider when reviewing your mortgage application.
worry out of applying for a home loan, but it will go a long way toward reducing your anxiety.
Here are key factors lenders may consider when reviewing your mortgage application.
Credit report & score
Your credit report documents your track record of borrowing from and repaying banks, credit card companies and other lenders. It’s crucial that you check your credit report well in advance of a home purchase in order to give yourself enough time to spot any issues that might raise concerns. Your credit score is a numeric evaluation of your credit risk level. Lenders will review your credit report and score, among many other factors, to make a decision about whether they will approve your home mortgage application.Credit cards & other debts
Your debt-to-income ratio, or the amount of credit card and other debt you have compared to your income, is also calculated before securing approval from a lender. If you’re carrying a balance owed on your credit cards and other debts, it may impact your credit score. Experts suggest that consumers should be especially aware of their credit card charges during the months leading up to a mortgage application. Think twice before canceling a credit card, especially an account that establishes a long-term credit history. You’ll also want to avoid applying for new credit during the three to six months prior to applying for a mortgage.Employment status
The length and terms of your employment will also be verified by lenders to ensure you bring in enough income to afford a mortgage payment. Whether you’ve been in your position of a long period of time, have multiple sources of income or are self-employed, it’s especially important to have the right paperwork to share with lenders. Be prepared to provide pay stubs, bank statements and tax returns in order to verify your work history.Down payment
The expected down payment can be up to 20 percent or more of the home’s purchase price. If your credit history is less than stellar, you may need a larger down payment in order to secure a loan. Down payment requirements vary by lender and loan type, so be sure to verify the required down payment with your preferred lender. Your lender will also want to know that you have enough cash to cover your closing costs; if you don’t, you might have trouble getting your application approved.Know what’s off-limits
When deciding whether to extend you a loan, lenders might ask countless questions about your income and expenses. They can ask whether you’re involved in any lawsuits, have filed bankruptcy in the past seven years or been involved in a foreclosure. The Fair Housing Act and other federal laws, however, put some questions off-limits. Borrowers, for instance, are not required to disclose payments from a spouse or former spouse unless that income is being used to qualify for the mortgage. Lenders cannot ask how much you receive in child support or alimony, but they can ask if you want to disclose this amount because you’d like to use the income to qualify for the mortgage. If you pay child support or alimony, your lender typically will require this information because it affects your ability to repay the loan. Lenders can’t ask if you’re pregnant or planning a family, but they can ask about your dependents and their ages. Also, thanks to protections provided by the Fair Housing Act and Americans with Disabilities Act, you cannot be asked if you are ill or disabled. The mortgage loan application process can be daunting, as lenders need to gather a considerable amount of information to determine whether you’re a good investment. Knowing what lenders look for should help put you at ease and ensure that you’re well-prepared for securing the financing you’ll need to buy your home.Combined Value of US Homes to Top $25 Trillion in 2013 By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
If you wanted to buy every single home in the country, all at once, you’d need to be prepared to spend more than $25 trillion, according to Zillow.
The overall cumulative value of all homes in the U.S. at the end of 2013 is expected to be approximately $25.7 trillion, up almost $1.9 trillion, or 7.9 percent, from the end of 2012. Gains were calculated by measuring the difference between cumulative home values as of the end of 2012 and anticipated cumulative home values at the end of 2013.
The gain in cumulative home values is the second annual gain in a row, after home values fell every year from 2007 through 2011. Between 2007 and 2011, the total value of the U.S. housing stock fell by $6.3 trillion. Over the past two years, U.S. homes have gained back $2.8 trillion, or about 44 percent of the total value lost during the recession.
“In 2013, the housing market continued to build on the positive momentum that began in 2012, after the housing market bottomed. Low mortgage rates and an improving economy helped bring buyers into the market, boosting demand and driving prices up,” said Zillow Chief Economist Stan Humphries. “We expect these gains to continue into next year, though at a slower pace. The housing market is transitioning away from the robust bounce off the bottom we’ve been seeing, toward a more sustainable, healthier market. This will result in annual appreciation closer to historic norms of between 3 percent and 5 percent.”
Real estate in the United States is hugely valuable. The $25.7 trillion total value of the country’s entire housing stock is more than the combined gross domestic products (GDP) of China and the U.S. in 2012. Homes in the New York and Los Angeles markets alone account for more than $4 trillion in combined value.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.Home Design Resolutions for 2014 By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Resolution No. 1: Plan it out
No matter which design project you want to tackle, designers say having a plan is the key for success. “Start with a wishlist of projects to complete over the year,” suggested designer Alissa Pulcrano of bright design lab in Portland, OR. “Plan, plan, plan first! Then take your concepts to your favorite designer (or two if you don’t have one yet) and ask them to give you a proposal for your wishlist. Take the time to plan it right.” Designer Melissa Klebanoff, principal of Melissa Klebanoff Interior Design in Seattle, offer similar advice to clients tackling design projects. “Assign the following steps a timeframe to keep you on track, and before you begin, determine if the project requires a designer,” she said. “Write down everything you want to accomplish with your project, define it, gather photos and do a space plan if needed.”Resolution No. 2: Find your style and get inspired
Sometimes the most overwhelming part of a project can be determining which direction to go in. Which color? What about textiles and finishes? The goal here is to not necessarily find the most trendy design but the look that will work for you and your household over time. Before you begin gathering inspiration, determine the purpose of the room. Does it need to be highly functional and kid-friendly? Or is it a stylish retreat? Once you have narrowed your purpose, gather photos and spend time visiting websites and saving images. Zillow Digs is one such place to collect inspiring designs all in one space. It also helps to see materials in person, advises Klebanoff. “Go to home improvement stores and design centers. Collect the finishes you’ll need and love — like carpet samples, stone samples, fabrics, furniture cuts, lighting ideas, appliance specs, paint colors and so on,” she said. Resolution No. 3: Focus on one room at a time Whether you’ve been meaning to clean out and organize the clutter accumulating in the hall closet or finally frame family photos for the living room, it’s best to tackle one space at a time. “If you have a weekend, develop a plan and focus on one room: paint the living room, and buy a few key pieces, knowing that you can add to it over the year,” Pulcrano said. “Start with an overall design and then ‘chip away.’” Resolution No. 4: Give the kitchen a refreshKitchens have become the center of many American homes — the place that sees the most foot traffic and activity. According to the latest Zillow Digs designer survey, kitchens top the list for planned 2014 renovations.
Kitchens in 2014 are trending toward open, “homey” spaces, says designer Vanessa DeLeon. “More and more people are wanting an ‘open concept’ space and the feeling of comfort,” she explained. “They want to be able to eat, entertain, relax and enjoy the space with the rest of the house.” Considering a kitchen remodel? Start researching contractors or designers. “Ask people you trust for referrals for general contractors they’ve successfully worked with,” Klebanoff said. “Set up interviews with them and present your now very clearly defined project to them for bids. Check their references!” Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.Mortgage Rates Steady Near 3-Month Highs By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Mortgage rates were unchanged to just slightly higher to begin the holiday-shortened week. With the exception of last Thursday, rates are the highest they’ve been in more than three months. The most prevalently quoted rate for ideal, conforming 30yr Fixed loans remains 4.625% (best-execution).
Market conditions were exceptionally calm today, and there’s a good chance that will continue as the holidays keep market participants away. Most lenders will release rate sheets as normal tomorrow, but bond markets, including the secondary mortgage market, will close 3 hours earlier than normal and remain closed all day Wednesday. In general, lenders tend to be more conservative with rates during this time of year.
“Conservative” in this case, means “less likely to change rate sheets in the middle of the day” and “wanting to see more market improvement than normal before offering lower rates.” The current scenario is compounded by uncertainty over the latest round of fee increases for Fannie/Freddie loans.
The fee increases pertain to the Guarantee Fees (or “G-fees”) charged by Fannie and Freddie in order to guarantee the repayment of mortgages. G-fees are a regular feature in Fannie/Freddie loans and they’ve been steadily rising since 2010. The announcement of an increase of 0.10% on December 9th was no surprise.
But there are two components to G-fees–the permanent (or “ongoing”) 0.10% mentioned above which affects all similar loans equally, and the upfront G-fees which depend on credit quality (also known as Loan Level Price Adjustments or LLPA’s). The same announcement that raised the ongoing G-fee by 0.10% also served as notification that Fannie and Freddie would soon release updated LLPA’s. They did this last week and the implication was fairly alarming for rates in the first quarter of 2014.
Late Friday, incoming FHFA Director (that’s who oversees Fannie/Freddie) Mel Watt said in an email that he would freeze the fee hikes until he had an opportunity to review the rationale for the decision and the impact on the housing market. This would be on January 6th, but some lenders have already begun pricing in the effects from the fee hikes for certain loans. It’s as yet unclear if borrowers who lock now based on the higher fees would receive the more favorable terms if the fee hike is indeed frozen. When in doubt, be sure to ask your lender if you’re locking a loan between now and then.
Loan Originator Perspectives
“Slow day in MBS Land as expected this Christmas week. Some minimal losses from Friday’s close impacted pricing, but only slightly. Biggest and best present for all involved in housing industry is Mel Watt’s announcement late Friday that he intends to delay or revise increased agency fees that were slated to raise rates/costs for all borrowers as early as January. We’ll keep our eyes open for updates on this critical issue. In the meantime, hope all have a blessed holiday!” -Ted Rood, Senior Originator, Wintrust Mortgage
“Slow week so not much to focus on. Another early Christmas present from incoming FHFA chief, Mel Watt in the form of delayed LLPAs. Fees that were to kick in almost immediately are now delayed pending his review of the rationale. If he’s rational then they will be tabled forever. I think we have a good chance this will be the end result considering he made this decision before he was even sworn in. Thanks Mel on behalf of mortgage originators and future and current homeowners everywhere.” -Mike Owens, VP of Mortgage Lending Guaranteed Rate, Inc.
Today’s Best-Execution Rates
- 30YR FIXED – 4.625%
- FHA/VA – 4.25%
- 15 YEAR FIXED – 3.5%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
- The prospect of the Fed reducing its asset purchases weighed heavy on interest rates for the 2nd half of 2013, causing volatility and generally pervasive upward movement.
- Tapering ultimately happened on December 18th, 2013. Markets had done so much to come to terms with it ahead of time that it essentially just confirmed the the 6 month move higher in rates, but didn’t make for another immediate spike higher.
- That said, we should assume that we’re still in a rising rate environment on average.
- NOTE: Lenders will be adjust rate sheets at various times in December and January to account for the most recent hike in Guarantee Fees. This will unequivocally raise rates by at least an eighth of a percent for almost every borrower, and in most cases .25-.375%. Depending on the lender, those changes will take place overnight and have already begun.
- (As always, please keep in mind that our Best-Execution rate always pertains to a completely ideal scenario. There are many reasons a quoted rate may differ from our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).
November and December 2013 Scottsdale Arizona real estate market update
Happy New Year! Before we look ahead to 2014 lets evaluate the November and December 2013 market activity. The median home price in Scottsdale Arizona dropped slightly in November but increased in December landing at $375,025. This is up 4.9% since December 2012. New listings, new contracts and closed sales are down a bit from previous months which is typical of the busy holiday season. This is how December shaped up: 592 new listings, 426 new contracts and 502 closed sales. The hot seller’s market is starting to cool off and balance out the market. Would be a great time for buyers on the fence to make a move! We anticipate and active first quarter 2014!
Considering a purchasing or selling a property in Scottsdale? Take advantage of the great market conditions and get your home listed for sale before the snow birds and students return in the fall.
We hope that you enjoy reading and analyzing the Scottsdale Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at Joe@ScottsdaleRealEstateTeam.com. You can also visit https://scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results.
- November and December 2013 Scottsdale Arizona real estate market update
- November and December 2013 Scottsdale Arizona real estate market update
November and December 2013 Paradise Valley Arizona real estate market update
Happy New Year! Before we look ahead to 2014 lets evaluate the November and December 2013 market activity. The median home price in Paradise Valley Arizona dropped slightly in November but soared in December landing at $1,575,000. This is up 44.5% since December 2012. New listings, new contracts and closed sales were down a bit from previous months which is typical of the busy holiday season. This is how December shaped up: 51 new listings, 33 new contracts and 37 closed sales. The hot seller’s market is starting to cool off and balance out the market. Would be a great time for buyers on the fence to make a move! We anticipate and active first quarter 2014!
Considering a purchasing or selling a property in Paradise Valley? Take advantage of the great market conditions and get your home listed for sale.
We hope that you enjoy reading and analyzing the Paradise Valley Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at Joe@ScottsdaleRealEstateTeam.com or Joe@AZLuxuryHomes.com. You can also visit https://www.AZLuxuryHomes.com or https://scottsdalerealestateteam.com to find out more about Paradise Valley Homes for Sale and Estates for Sale in Paradise Valley and to search the Paradise Valley MLS for Scottsdale Home Listings.
Please note that this Paradise Valley Real Estate Blog is for informational purposes and not intended to take the place of a licensed Paradise Valley Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale and Paradise Valley Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Paradise Valley, The Szabo group delivers experience, knowledge, dedication and proven results.
- November and December 2013 Paradise Valley Arizona real estate market update
- November and December 2013 Paradise Valley Arizona real estate market update
