We at Scottdale Real Estate Team off your best wishes for a wonderful holiday season and a new year filled with peace, prosperity and happiness. Happy holidays and a very happy 2018!
October 2016 Paradise Valley Arizona Real Estate Market Update
Winter is here and the holidays are upon us! Whether you’re going to buy or sell a property, it is always good to have an understanding of the seasonal trends in the local market. The graph above allows us to take a look at how the real estate market faired in October 2016. We see that new listings are down -11.3% from September with a total of 71 new listings vs. 80 in September. New contracts were down by -22.7% though closed sales are up 31.0% from September. The median sale also went up from $1,200,000 in September to $1,215,000 in October. During these up and down activity months it is more important than ever to consult a real estate professional that knows the Paradise Valley market. It is essential to get the right advice on how to protect your investment.
If you’re considering to purchase or sell a property in Scottsdale we invite you to reach out to Joe and Linda Szabo with The Szabo Group – The Scottsdale Real Estate Experts! They and their team are more than happy to assist you with any of your real estate needs.
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 [email protected] or [email protected]. 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.
5 Questions You’re Afraid to Ask Your Home Insurer By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Ever have a burning question for your insurance company that you didn’t want to ask because you were too afraid? You may have thought, “What if I ask this question and my premium goes up? Or what if they drop my policy altogether?”
If you’ve ever had those fears, today is your lucky day.
We know the implications of approaching certain topics with your insurer, so we posed five troublesome insurance questions to Mike Pesackis — a licensed HomeInsurance.com agent since 2006. Here are his insights.
I’m getting my kids a trampoline for Christmas. If I don’t tell my insurer, my home insurance premium won’t go up, right?
Correct — but if there is a claim associated with that trampoline, you might not be covered, either.
Trampolines are responsible for many injury claims every year. As a result, the presence of a trampoline is an underwriting concern.
Typically, owning a trampoline does not result in a rate increase. Some carriers will require protective netting, while others will not insure a home with a trampoline at all. This is definitely a case where disclosing to your carrier up front is a much better strategy than possibly being denied a claim.
I was in a car accident, but there was no damage to either vehicle. Should I tell my insurance provider?
This is a sticky one. If it were me, I would not tell my insurance agent because this would open up a can of worms unnecessarily.
However, if the police showed up on the scene and filed a report, your insurance carrier will definitely find out eventually. In that case, it would be in your best interest to have your carrier find out directly from you.
I adopted a dog from a local shelter. Should I tell my insurer?
Absolutely! Regardless of the breed, having a dog in your house increases risk, which means your carrier needs to know.
Many home insurance carriers cover dog bite liability; however, a claim would only be covered if your carrier actually knows you own the dog. Depending on the breed of your dog or whether the dog has a bite history, the insurance company could raise your premium, decline to renew your policy or exclude coverage for the dog altogether.
The best thing to do is call your provider ahead of time, reveal your plans and let the carrier help you through the situation. Generally, carriers only consider a few breeds — including pit bulls, Dobermans, and Akitas — automatic disqualifiers. Often, though, getting a dog is a non-event, especially if you’re getting a typically non-aggressive breed such as a Lab, beagle or poodle.
Will my auto insurance premiums go up if I file a claim for a broken windshield?
This depends on your carrier and how your policy is written. Many carriers will offer “full glass” coverage on comprehensive claims — meaning that a broken windshield would be replaced without you paying a deductible, and with no impact to your premium.
If you do not have full glass on your comprehensive coverage, your premium might go up slightly, but not nearly as much as it would for an accident. Carriers are typically pretty lenient when it comes to comprehensive claims (such as a broken windshield) because these types of issues do not have anything to do with your abilities as a driver.
I run a business out of my home. Is my home business covered under my home insurance policy?
Not typically. Home insurance carriers shy away from businesses in homes because with increased foot traffic comes increased risk of liability claims (such as a slip/fall). In some cases, your business-related equipment or inventory might not even be covered by your home insurance policy.
Your best bet would be to call your carrier to discuss your business. Depending on the scope and nature of your business, the carrier might require you to get a professional liability policy or small business insurance policy to further mitigate risk.
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, [email protected] 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.
Full Disclosure: Reveal Your Home’s Flaws to Speed the Sale By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
In most states, the law requires sellers to fill out paperwork regarding their knowledge of the property they intend to sell. Many agents and sellers see disclosures as a thorn in their side. Why would they badmouth their property or listing? Why not say as little as possible and see if the buyer discovers any issues on their own?
This is a penny-wise and pound-foolish mentality. Non-disclosure can lead to major headaches during escrow. You could lose the buyer, be forced to renegotiate the price or have to put the property back on the market. Non-disclosure can also lead to litigation months or even years after the sale.
Self-disclosing, pre-inspections and putting it all out there prior to a buyer making an offer helps to usher the sale along and make the process simpler. It’s smart business, and ultimately saves time and money.
If handled well, disclosures and calling out known issues helps inform your pricing and marketing strategy. Here are five tips to use disclosure to your advantage.
Order a building report
Each municipality has a building department that keeps records on every property. For a small fee, they provide building reports that contain valuable information about the home, such as the building’s history, permits issued, closed permits, violations, zoning information and sometimes landmark or historic status.
Buyers or their banks will likely request this report. When they see open permits or violations, you better believe they are going to ask you to cure them, request a credit or walk away.
Be prepared by ordering a building report early in the selling process. If you have issues to address, you can take care of them before you list the property. The potential buyer will then see a clean report, which will inspire confidence — not only in the property, but also in you as a seller.
Have inspections done prior to listing your home
Most sellers balk at this idea. Why pay to have the home inspected if you plan to sell?
The answer is so that you can ultimately make more money. A home listed for sale at a great price gets a buyer in the door to make an offer, but that buyer will have his or her inspection regardless. It they find dry rot in the garage, they will either walk away from the deal or ask you for money.
If you lose the buyer, the property goes back on the market with a stain on the listing. Everyone will ask what happened to the first deal, and you will likely be forced to disclose this new, known issue.
If you credit the buyer, your ultimate net proceeds will be lower than if you had priced the termite work into the asking price and let buyers know about the issue up front.
Be the bearer of the bad news
Provide buyers with disclosure documents before they make an offer. Let them know you recently replaced the roof, completed some electric work without a permit or once had a window leak but remedied it by replacing some flashing.
By revealing these issues, you’ll let the buyer know they are working with a fair and honest seller, and they will know more about the home. They will likely pay more for that piece of mind, and might even feel more comfortable moving ahead — even with some issues.
Arm your agent with knowledge
The listing agent is the only person who sees, meets and knows every member of the transaction. They should know as much about your home as possible before taking the listing.
Knowing about defects helps the agent advise you on price and strategy for going to market. If your home needs a new roof and some electrical updating, the agent will likely factor that into your list price.
Your listing agent is your team member. Keeping information from them will make you appear to be dishonest when the issue eventually comes up.
Get buyer sign-off on disclosed information
Nobody wants to be bothered with a legal issue after the sale. But when markets slow, or a buyer feels remorseful about their purchase for any reason, it’s not uncommon for them to go after the seller.
To avoid post-sale legal hassle, document any issues in writing, and get the buyers to sign off on all reports, inspections and disclosures. This step is especially important with known issues or big-ticket disclosure items.
No one likes surprises and you, the seller, ultimately lose when you don’t properly disclose information about your property. Think of the buyer as your customer, and treat them well. You’ll be better off in the long run.
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, [email protected] 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.
Are You Ready to Buy a Home? By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Your parents did it. Your friends are doing it. But how do you know if you’re ready to buy a home? The decision to become a homeowner is a personal one that must be based on your life situation and finances. Ask yourself these six questions to determine if you’re real estate-ready.
1. Can I afford it?
Homeownership brings with it many new expenses. Beyond your mortgage, you’ll be paying for insurance, utilities and taxes, not to mention maintenance costs and perhaps homeowner’s association fees. If you don’t already have a budget, start one. It will help you manage your money, your spending and help you understand how much you can afford for a home.
2. Do I have money for a down payment?
Most conventional lenders require a down payment of 5 percent to 20 percent of the home’s price. The U.S. Census Bureau reports the median price of new homes sold in March 2014 was $290,000; 20 percent of that amount is $58,000. Less than 20 percent down will require that you take out private mortgage insurance (PMI), which protects the lender against default. PMI rates vary, but monthly premiums can range from $30 to $70 for every $100,000 borrowed. VA loans, available to consumers who have served or are presently serving in the U.S. military, require no down payment. Additionally, low-income borrowers with credit scores of at least 580 may qualify for an FHA loan (insured by the Federal Housing Administration) with a down payment of 3.5 percent.
3. Do I have a reliable source of income?
If there are murmurs of layoffs at your company or you’re thinking you might want to quit your job, where will your mortgage payment come from? Make sure you have a steady source of income.
4. How’s my credit?
Everyone has a credit score, also known as a FICO score (Fair Isaac & Company), which can range from 300 to 850. If your credit score is below 620, you’ll likely have a tough time getting a loan. If you do obtain a loan, it will probably require a higher down payment and a higher interest rate. If your credit score isn’t great, you should take some time to repair your credit and raise your credit score.
5. Am I planning to stay put for the next three to five years?
Real estate transaction costs are high enough that, unless you’re in a thriving real estate market, you’ll likely lose money if you don’t stay in your home for at least three to five years. Research your breakeven point, which is the amount of time that buying makes more sense than renting.
6. Am I ready for some DIY projects?
Owning a home means maintenance, such as mowing the lawn or making minor repairs. Do you have the time, skills and interest to maintain the property? Or, can you afford to hire someone to handle these tasks?
Summary
Once you have examined your financial health and decided you are ready for homeownership, take the time to choose your advisers wisely and enjoy the hunt.
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, [email protected] 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.
Top 10 Real Estate Investor Mistakes By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Many people have learned that Investing in real estate is not as easy as it seems. At least that is true for investors trying to get a fair deal. For those of us who have been investing for years, and learned many hard and expensive lessons, here are issues you should think through, understand, and consider before jumping into the real estate investing arena. These are in no particular order, since an individual would be smart to read and think through each and every “lesson learned” in the list.
1. Not penciling out your real estate deal
This describes about 80 percent or more of real estate investors.
They don’t take the time to put pencil to paper and make sure that the rental revenue from the property will be more than all the property expenses – and leave some monies left over to return to one’s bank account.
A negative cash flow property will virtually guarantee a measly – at best – investment return on your money.
2. Not penciling out your deal with conservative numbers
For those few fortunate ones who do know how to pencil out a deal, many use unrealistic numbers. They overestimate rental income, underestimate the vacancy, then underestimate the expenses associated with operating a property. That turns into low or negative investment returns for the property owner.
3. Getting renovation costs wrong
Most buyers have little idea how much it costs to renovate a property. They listen to the home inspector, their real estate agent, and just throw out a number like $25,000 for everything. Then they start getting bids for the work and quickly see it will actually cost $80,000 for everything. Word to the wise: Always do a lot of homework and be very conservative in your renovation budget estimates.
4. Underestimating renovation time
Additionally, inexperienced investors believe a good renovation can be done in 30 days, or 60 days. Many times it takes much longer to finish these projects than originally estimated. As a real estate buyer, you should talk to others who are experienced to get a realistic expectation of the time involved in a property rehabilitation.
5. Thinking something can only cost ‘that much’
It never does, it always costs more; many times much much more. So whatever the expense, renovation, service, contract, capital item, etc; chances are it will cost more than you think.
6. Thinking that stocks, bonds and real estate are all comparable investments
People often say they want to buy real estate to get better returns than their stock, bond or bank account can provide. Real estate is a unique asset that comes with clogged toilets, challenging tenants, nebbish neighbors, etc. It’s not an asset where you can invest and just look at an account statement every few months like you could with a stock, mutual fund or bond. Owning rental properties is a business, it can be time consuming and stressful. Make sure that makes sense for you before you buy.
7. Thinking it’s a “turn-key” real estate deal
Earning money with almost no work on the investor’s part? Never! Not going to happen!
8. Believing that flipping properties is investing
Flipping is “speculating” for most real estate buyers. Unfortunately, most lose money. Sure, it looks easy on TV and those shows are fascinating! I personally enjoy watching them; but they are not realistic. Not everything you see on TV or the Internet is true you know…..
9. Thinking that real estate is low risk
There are all kinds of risk issues that come along with owning real estate. Many an investor can mitigate and/or remove some of those with prudent behavior and the proper due diligence. Most investors do not do any of that, leaving them exposed to a myriad of items and issues that can and sometimes do become financially painful.
10. Believing what others say about their “profitable” real estate investing acumen
There is also no way to verify what someone else is telling you about how they did on their real estate investments – unless they show you their tax returns and credit report. But since people love to boast, we often only hear about the winners, not the losers. Many times the statements from those supposed “winners” are embellished with questionable claims. Be careful, do your own homework, but verify your own conclusions.
Those are many mistakes that investors can make. Some are very challenging to mitigate. Experience will teach you a multitude of lessons over your real estate investing career. Just try to avoid the big expensive ones that could clobber you; and end your investing career before it even gets off the ground.
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, [email protected] 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.
Millennials vs. Baby Boomers: What Do They Want? By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
What are millennials looking for when it comes to housing? And what do baby boomers want? Here’s a breakdown.
Location
Millennials aren’t the only ones flocking to popular cities such as New York, Boston, Miami and San Francisco. Some boomers are, too. After all, they want the theater, arts, culture and fine dining! The difference is that millennials, if they’re not still living with mom and dad, are moving into expensive rental units. An analysis that Zillow recently conducted for The New York Times showed that in 90 cities, the median rent is more than 30 percent of the median gross income. Meanwhile, some well-heeled boomers — eager for a lifestyle change — are buying smaller, yet more expensive homes than the ones where they raised their families in the suburbs. How’s that for downsizing?
Style
A nice, yet casual-looking social hub is what millennials look for. Practicality is what it’s all about. Boomers, on the other hand, really want more of a private retreat — think vacation-like. After all, they’ve worked hard for it so why not enjoy the fruits of their labor? Boomers want their next, and final, home to be the best ever — the picture of success.
Amenities
Millennials and boomers alike both want clean, shiny and new move-in ready homes. And they both seem to value amenities over square footage. Accessibility and walkability are also important. But while millennials put speedy, reliable Internet performance (built-in docking stations and charging panels are a given) at the top of their must-have lists, boomers are more keen on luxury and flaunting niceties — from state-of-the-art kitchens to fancy bathrooms, large walk-in closets and more.
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, [email protected] 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.
Infographic: Why Is 20% Ideal for a Down Payment? By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Buying a home? If you are, one of the very first questions you’ll need to answer is, “how much of a down payment should I make?” The answer: ideally, 20 percent. Granted, it’s not easy to save 20 percent of the home’s sale price for a down payment. In fact, saving for a down payment remains the No. 1 obstacle to homeownership for many Americans.
To qualify for a conventional mortgage, you need to have a down payment of at least 5 percent of the purchase price. However, putting less than 20 percent down can have significant financial implications. Not only could a 20 percent down payment save you hundreds of dollars on your monthly payment, but you’ll build equity in the house more quickly and save a considerable amount of money on interest.
Learn more about the benefits of a 20 percent down payment below.
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, [email protected] 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 Nation’s Most Affordable Homes Also the Most Likely to Be Underwater By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
The affordable homes most likely to be sought after by first-time home buyers are also those most likely to be kept off the market because their current owners are in negative equity, or underwater. Underwater homeowners — those who owe more on their mortgages than their homes are worth — have a very difficult time listing and selling their homes, even if they want to, without engaging in a short sale or dipping into their savings.
Among all homeowners with a mortgage nationwide, roughly 1 in 3 (30.2 percent) who owned homes within the bottom third of home values were underwater in the first quarter, according to the first quarter Zillow Negative Equity Report. That’s almost three times as many as in the top third of homes (10.7 percent). Among the middle tier, 18.1 percent of homeowners with a mortgage were underwater in the first quarter.
The national negative equity rate fell to 18.8 percent in the first quarter, with almost 9.7 million American homeowners with a mortgage underwater. More than one-third of homeowners with a mortgage (36.9 percent) are effectively underwater, unable to sell their homes for enough profit to afford down payments on new ones and comfortably meet expenses related to selling, such as real estate agents’ fees and closing costs.
“The unfortunate reality is that housing markets look to be swimming with underwater borrowers for years to come,” said Zillow Chief Economist Dr. Stan Humphries. “It’s hard to overstate just how much of a drag on the housing market negative equity really is, especially at the lower end of the market, which represents those homes typically most affordable for first-time buyers. Negative equity constrains inventory, which helps drive home values higher, which in turn makes those homes that are available that much less affordable.”
Negative equity has fallen for eight consecutive quarters, but fell at its lowest pace in almost two years in the first quarter as home value growth slowed. Negative equity fell from 25.4 percent in the first quarter of 2013 and 19.4 percent in the fourth quarter, while the pace of annual home value growth slowed to 5.7 percent in the first quarter, from 6.6 percent at the end of the fourth quarter. Looking ahead, the national negative equity rate is expected to fall to 17 percent of all homeowners with a mortgage by the first quarter of 2015, according to the Zillow Negative Equity Forecast.
More underwater homeowners are freed from negative equity as home values rise, eventually surpassing the amount still owed on a mortgage. If home values rise more slowly, negative equity will recede more slowly. Homeowners are also freed from negative equity if their homes are foreclosed on, as homeowners’ debt is wiped from lenders’ books following foreclosure.
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, [email protected] 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.
Making the Most of an Open House Visit By Joe Szabo, Scottsdale Real Estate Team
By Joe Szabo, Scottsdale Real Estate Team
Open houses are the gold standard in real estate. They’ve been around for decades and will be ingrained in the buying and selling of homes for years to come. But as a buyer, are you making the most of your open house visits?
Here are some best practices for buyers at all ends of the home-buying spectrum.
Use the open house to learn the market without committing
For the most part, open houses are just that — open. They make it possible for anyone to see a property in a certain time period, without an appointment or even being a very serious buyer.
New buyers should leverage the open house opportunity to get a feel for the market. In today’s world, using online search tools, mobile apps and the open house, a buyer can start to get a feel for pricing and the market before committing to an agent. Most importantly, open houses are some of the best ways for buyer and agent relationships to start.
You don’t have to sign in (but don’t be rude)
The biggest fear of some newer buyers is that a real estate agent at an open house will be all over them, ask for their contact information and then start harassing them for the next three weeks. It does happen, but it’s also common courtesy to at least recognize and say hello to the agent at the open house. Don’t forget, in addition to trying to sell the home for her client, for safety reasons, the agent is keeping a look out for who is coming and going. It’s polite to say hello and introduce yourself to the agent, but you can also politely decline to sign in.
If you’re an active buyer, you should make yourself known to the agent. Let the seller’s agent know who your agent is and don’t be afraid to express interest. When it comes time to review an offer with a seller, listing agents like to put a face to a name.
Watch the other buyers
You can tell a lot about the activity and marketability of a home by watching the other buyers. If you observe a lot of people walking in and out quickly, the home probably has some issues. Are the buyers hanging around, asking questions of the listing agent and huddling in the corner talking to their spouses or partners? If so, it could be a sign this is a well-priced and “hot” listing. If you’re interested too, observing other buyers at the open house could help you learn about the competition.
Ask the agent questions
The real estate agent is there for a reason. It’s his job. If he is the listing agent, ask him questions. He is a direct line to the seller. He should know more than anyone about the property and the seller. Your agent can funnel your questions to the listing agent. But if you’re there, ask away. Watch the agent’s facial expression and reaction to your questions. If it’s a competitive market, ask questions such as: “Why is the seller selling?” “Is there a certain day to review offers or have you had a lot of showings?” In a slow market, ask how long the property has been on the market and what the seller’s motivations are. A good agent will engage you because it’s good for his seller.
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, [email protected] 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.
