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4 Local Factors That Impact Your Mortgage Process By Joe Szabo, Scottsdale Real Estate Team

August 7, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team If you’re like many people, you look online to find the best rate quotes when you first start shopping for a mortgage. Sometimes this can lead to selecting a lender who isn’t local to your area. This is fine, as long as your lender is familiar with mortgage processes specific to your area. Keep the following local factors in mind to ensure a positive mortgage experience once you choose a lender.

Local rate quotes

Often a friend or real estate agent refers you to a local lender. To get rate quotes for your profile before talking to that local lender, you can check mortgage rates in seconds by entering your purchase price, down payment and credit score range. You can also enter your ZIP code to tailor quotes to your area. Online lenders compete heavily on rates to win your business, so this search will usually represent the best rates available for your profile. You can use these rate findings to make sure a local lender is offering the best rates. This is a fast, safe way to screen rates without having too many lenders run your credit. Of course you always want to shop, but you don’t want shopping for a mortgage to prevent you from getting one.

Communication with local real estate agents

Local lenders will be known by local real estate agents. This can help when you’re writing offers to buy homes. Because real estate is so localized, sellers’ agents sometimes advise their clients to be cautious when they see an offer financed by an out-of-area lender. Likewise with your own real estate agent: Because agents specialize down to the city, neighborhood and street level, they often encourage their buyers to work with lenders who have the same local expertise and reputation. Local lenders also know title and escrow officers, insurance agents, inspectors and other specialists associated with your local property transaction. And because local lenders live in the same community they can offer useful advice about neighborhoods, schools or even good restaurants — just like your real estate agent. Non-local lenders can quickly win the trust of real estate agents and all other vendors, and you should ask them how they go about doing this. Make sure they’re using a proactive approach to working with all of the parties in your transaction, instead of waiting to be contacted by agents or other vendors.

Local settlement procedures and fees

All local markets have specific settlement procedures and associated vendors. For example, in California a financed real estate transaction is settled by a single escrow company, whereas in New York, it’s settled by separate attorneys representing buyer and seller. Additionally, each city and state has specific rates for various property-related taxes and local customs for how these taxes are paid by buyer and seller. The same goes for title, escrow and attorney fees. If you’re working with a non-local lender, make sure they know these local processes and fees. Failing to correctly quote or associate (to buyer vs. seller) these third-party fees on your loan documents can cause your transaction to be delayed or fall apart entirely.

Local property knowledge

Loans are made based on borrowers and properties. Any lender can do a pre-approval, but in the pre-approval phase, lenders are just pre-approving you as a borrower. The loan won’t be finalized until a lender also conducts a thorough review of the property’s title report, contractors and pest inspections (if called for by the purchase contract), and the property condition and value using an appraisal report ordered by the lender. A local lender will have the appropriate appraisal network in your area, and you need to make sure any non-local lender you use also has this network. Some neighborhoods, for example, have off-market sales that a non-local appraiser may miss. This could cause your appraisal report to come in lower than expected. 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.

Pros and Cons of Buying a Foreclosed Home By Joe Szabo, Scottsdale Real Estate Team

August 4, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Five years ago, a homebuyer could spot a bank foreclosed home a mile away. They were abandoned structures, stripped of all appliances and fixtures, with unkempt landscaping and falling down “For Sale” signs. Today, banks often renovate their REOs (also known as bank real estate owned) before listing in hopes of selling to end users, not contractors or investors who will capitalize off the bank’s loss. Banks know the market has improved, and they aren’t as desperate as they used to be. They want to minimize their loss on each sale — not simply sell as quickly as possible. This creates some potential risks and rewards for home buyers considering purchasing a foreclosed home. To help you make a smart decision, here are some pros and cons for buying a foreclosed home in today’s market.

PRO: They are still cheaper

Today, bank foreclosed homes are typically about five percent below a comparable house in the same location that is not a foreclosure. In previous markets, they were often in horrible condition and about 15 to 20 percent below market. While many new buyers set out in search of the deal that comes with these sales, many REOs should be left to more experienced home buyers.

CON: Foreclosed homes can be very risky

Even though they are priced higher today, REOs still come with baggage. Many banks will invest money to make the listings look nice and get the prices up. In return, they are less flexible on price and less eager to sell in general. Behind the scenes, these are still risky sales. You don’t know about the history, and there are no disclosures about leaky roofs, mold or crime. And you are forced to buy the home “as is,” without any recourse if things go wrong. Investors were once fine with this risk, but they are less interested today because the “deals” are gone.

CON: Many foreclosed homes are not in prime locations

Many of today’s foreclosed homes are in less desirable parts of towns or school districts. If you see an REO and the price looks good, remember that it may not be the foreclosure that makes it such a great bargain. It could be location, and you don’t want to get stuck unloading a home in a bad location in a few years. Foreclosed homes in good locations will sell quickly.

CON: Banks aren’t people

Consider that you are negotiating with a spreadsheet. Unlike a typical seller who may care about your situation, your personal background or market history, banks don’t. Your offer is likely submitted electronically and placed into a cell on a spreadsheet for an asset manager to consider. If the numbers don’t work, expect a big rejection. Never get your hopes up. Buyers today can’t assume that a bank-foreclosed home is a good deal. While you can still find a needle in the haystack, they are fewer and farther between. Banks want top dollar out of their foreclosure inventory. They are sellers just like anyone else. They watch the market and read the headlines. Foreclosed homes will be priced slightly lower than the market, but they are still as-is, take it or leave it with some risk associated. Do your homework and work with a good local real estate agent before signing on the dotted line. 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.

Everything You Need To Know About Cooling Your Home By Joe Szabo, Scottsdale Real Estate Team

July 31, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Summer may be lazy and hazy, but in many areas of the country, it’s also a time of sweating and sweltering in scorching temperatures. To cope, homeowners employ a variety of methods to ensure a steady supply of cool, fresh air. These cooling solutions include a wide variety of fans and in-home ventilation systems as well as some tried-and-true techniques from the days before air conditioning. Here’s how to keep your whole home cool this season.

The advent of air conditioners

By far the most common form of cooling in the United States is air conditioning, which can be found in more than 88 percent of new single-family homes constructed today. Keeping the house comfortable this way, however, can be a costly investment in terms of both equipment and energy use — we’re talking an average $400 household electric bill from June to August. So it makes good sense to carefully evaluate your home’s cooling options to select the right system to meet your needs.

Keeping comfortable and cost-friendly

No matter what unit or system you choose, how you adjust your thermostat determines your ultimate savings on your electric bill. Start by setting the temperature as high as is still comfortable, keeping the difference between indoor and outdoor temperatures as small as possible. Take advantage of the “energy saver” mode on window units, and use programmable thermostats for multiroom or whole-house systems so your machines don’t do extra work to cool the place when nobody is home. When you’re ready to cool down, don’t drop immediately to an extremely cold temperature — starting that low won’t speed up the cooling process, but it will make your machine work harder and expend more energy. If you want to offer your machine — and your energy bills — a little relief, proper ventilation in your home can certainly aid your cool-down efforts. Ventilation improves indoor air quality, removes moisture and odors, and allows fresh, cool outside breezes to be exchanged for stuffy indoor air. Start boosting your home’s natural ventilation simply by opening doors and windows, especially in the evenings. Encourage airflow by installing ceiling fans, window fans, and attic exhaust fans to push hot air outside and draw cooler air into your home. In the summer months, ceiling fans should be set to run in a counterclockwise direction, drawing cooler air up from the floor. A whole-house attic exhaust fan will pull hot air into the attic, where attic vents can dissipate the heat. Even positioning a few portable fans near windows or a basement door at night can draw the cooler air from these areas into the home.

Regular maintenance for maximum cool down

With a variety of cooling practices in place, you’ll want to maximize the efficiency of your efforts by performing proper maintenance.

Seal the deal. Make sure you have adequate insulation in the walls and ceilings to keep hot air out and cool air in. Caulk leaking windows and doors, and use draft “snakes” to cover the gaps at the bottom of these entry points. Adding aluminum blinds, insulated curtains, or window tint film can block even more sunlight from entering your home and heating up the place during the day.
Change your filter. This quick and easy chore reduces the burden on your air conditioner, improves indoor air quality, and helps you — and your air conditioner — breathe easier. Check the filter once a month and clean out any dust particles that might clog the system, forcing it to work harder and waste energy.
Clean the coils. An air conditioner’s coils and fins on the outside of the unit should be kept unobstructed and cleaned regularly. Use a soft-bristle nylon brush to gently remove any debris, and hose off any leaves or caked-on dirt. Clean the inside coils using the soft brush attachment on your vacuum cleaner, or wipe down with a soft, damp cloth.
Call in a pro. Even though much of keeping your home cool can be considered do-it-yourself work, it is still important to call in a reputable HVAC contractor regularly. An annual system tune-up can help ensure that your air conditioning system is working efficiently and will go a long way toward prolonging the useful life of the components.

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.

Hot Liability Issues in the Summertime By Joe Szabo, Scottsdale Real Estate Team

July 28, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Who doesn’t love summer? Hot fun such as waterparks, road trips, cookouts and boating generate part of the thrills. But for insurance providers, the word “thrills” translates to “risks.” And they hate risk. So do yourself a favor and reduce your risk — but not your fun — by following a few simple tips when taking on summer activities. The payoff: fewer claims can translate into lower premiums. Then there’s also the fact that you can defend your wallet from having to shell out deductibles — the amount you agree to pay toward a claim before your provider helps.

Keep kids safe in the water

Once school’s out, many kids head straight for the pool. But it’s important to reduce their risks of injury or drowning. More than 7.4 million pools are in residential and public use across the country, and there are more than 3,400 drownings each year, according to the Centers for Disease Control and Prevention. If you have a pool, it’s vital that your insurance company knows about it. That way, you can get help from your policy if you’re sued in connection with injuries — or worse — suffered by visitors. Want to decrease your liability risk when putting in a pool? Enclose the pool in a fence at least six feet tall, with a self-locking gate. Remember, you can be held liable for injuries suffered by children who trespass on your property. As for kids you invite to your pool, supervision is key. Chaperones should put away phones and other distractions to devote full attention to swimmers. Don’t leave kids alone in the pool even for a second. Make sure children who either don’t know how to swim or are not strong swimmers wear floaties or lifejackets when in the water. Finally, teach kids about the dangers of going near pool drains or filters, and educate yourself on how to turn these devices off in a hurry in the event of an emergency.

Watercraft wisdom

If you’re heading to the lake or beach this summer, you should make sure that the insurance policies protecting your possessions are adequate. If you have a boat, consider coverage that includes:

Bodily injury liability
Property damage liability
Uninsured/underinsured watercraft coverage
Property coverage
Watercraft medical payments coverage
Personal effects coverage

These coverages help protect you and your family members on the water much as you’re covered on the highway. Say you cause an accident that injures someone or damages their property, collide with a dock, or if your possessions or boat are stolen or destroyed due to a covered peril. Complete boat insurance can help. And your boat policy may also protect you if you have jet skis. Call your local agent to discuss your coverage.

Hitting the open road

There’s nothing quite like driving to the beach or a nearby city during the summer to get a little change of pace. However, when backing out of the driveway, keep in mind that summer often yields more fatal car accidents than any other season. A number of factors contribute to this statistic, including:

Construction. Municipalities plan most of their yearly construction projects in the summer. When you encounter construction, be sure to adjust your speed and drive cautiously.
Increased traffic. Great minds think alike, meaning that tons of people want to take some sort of vacation now, too. It’s basic math: the more people on the road, the more opportunity for wrecks.
Young drivers. More kids get behind the wheel during the summer when school is out. Because they’re inexperienced, they may make bad decisions on the road.
The sun and heat do a number on your vehicle. Your engine has more opportunities to overheat, and your tires could blow out because the air in them expands due to the warm weather. Get regular maintenance to ensure your vehicle is operating properly.
More two-wheeled drivers. There are only so many months that cyclists and bikers can use their preferred modes of transportation.

Speaking of bikes, if you have a loved one who enjoys motorcycles or bicycles, make sure that they take proper safety precautions such as wearing a helmet and thick, bright, protective clothing.

In your own backyard

Summer cookouts bring together friends and family. But did you know that grill fires account for an average $37 million in damage, 100 injuries and 10 deaths per year, according to the U.S. Fire Administration? While fire typically is covered by standard home insurance, you don’t want to deal with one. To prevent grill fires, ensure that your grill is properly

cleaned and stored. Check hoses for cracks, holes or other faults, store propane tanks away from your home if you have a gas grill, don’t cover or put away your grill until it has cooled, rinse charcoal with cool water before disposing of it, and keep a fire extinguisher nearby. Don’t grill in an enclosed area. While grownups man the grill, kids may choose to jump around on the trampoline. Nearly 105,000 children visited emergency rooms last year for injuries caused by trampolines, according to the Consumer Product Safety Commission. To prevent injuries, don’t take shortcuts when assembling the trampoline. Furthermore, pad the bars, springs and the surrounding areas, and get the trampoline as close to ground level as possible to reduce potential impact if a jumper falls. Always supervise trampoline use, and let your insurance provider know about this type of addition to your home. You need a fence around it for the same reason you need one around a swimming pool on your property.

Pup protection

Dogs love to roam the yard when the weather is pleasant, but with more people out and about, too, your dog may feel the need to protect you. The Insurance Information Institute reports that more than $530 million in claims were paid in 2014 for dog bites — with an average payout of $32,072. If you have a dog, you need to make sure you have enough liability coverage in case it bites a guest or passerby. Keep Fido on a leash or in an enclosed area to reduce chances of bites. This summer, don’t cut down on the hot fun, but be sure to take steps to lower your risks while enjoying the great weather. 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.

Everything You Need to Know About Jumbo Mortgages By Joe Szabo, Scottsdale Real Estate Team

July 26, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Jumbo mortgages are more flexible than many home buyers realize, and typically have lower rates than most other available mortgages today. The guide below will help you understand what a jumbo loan is, and whether it’s right for your financial situation.

Origin of the term “jumbo mortgage”

Jumbo mortgages are also called non-conforming mortgages. These are loans that lenders make when a borrower doesn’t “conform” to the guidelines of Fannie Mae and Freddie Mac. Created by Congress in 1938 and 1970, respectively, Fannie Mae and Freddie Mac provide stability and affordability to the mortgage market by buying “conforming” mortgages from lenders, giving lenders liquidity to make more mortgages. Fannie and Freddie only buy mortgages meeting their guidelines for down payment, credit score, post-closing reserves and, of course, loan size. In 2015, the conforming loan size limit is $417,000 nationwide, with exceptions as high as $625,500 in certain high-priced markets. Loans greater than these limits are usually called jumbo mortgages or non-conforming mortgages.

Jumbo rates lower than conforming rates

Historically, non-conforming loans had rates at least 0.25 percent higher than conforming loans because lenders were perceived as taking more risk making non-conforming loans that couldn’t be sold to government-backed Fannie Mae and Freddie Mac, and this risk translated into higher consumer rates. However, a conforming/non-conforming rate paradox has been in effect the past two years, making non-conforming loan rates lower than conforming rates. Conforming rates haven’t fallen materially because investors in mortgage bonds that underpin Fannie/Freddie conforming loans have been betting that the U.S. economy is slowly improving. Meanwhile the economy hasn’t improved enough for the Federal Reserve to hike the rates that ultimately impact how much banks must pay to depositors. So banks currently pay less to depositors, and can therefore offer lower rates on non-conforming loans. The result of this (greatly simplified) market dynamic is that non-conforming rates have been about 0.25 percent lower than conforming rates for the past two years.

Jumbo approvals have gotten easier

In addition to non-conforming rates being lower, non-conforming loan approvals have some flexibility that conforming loans don’t have:

Less than 20 percent down with no mortgage insurance. Down payments on non-conforming loans have become more flexible, and can now be as little as 10-percent down for loan amounts of $1 million and sometimes higher, translating into a $1.1 million purchase price or higher. Unlike conforming loans, these low-down jumbo programs don’t require mortgage insurance. The tradeoff for this flexibility is that most lenders will offer a rate that’s 0.25-percent higher and require 30- to 36-percent debt-to-income ratios for these low-down jumbos.
Higher debt-to-income ratio. For anything 20 percent down or greater, lenders will verify that your total monthly housing payment plus all other monthly bills doesn’t exceed 43 percent of your income. This is a hard limit on conforming loans, but there can be some flexibility on non-conforming loans. For example, if you documented substantial savings left over after the loan closed, you might be able to get a non-conforming loan with a debt-to-income ratio of 46 percent.
Flexible income calculations. Non-conforming income calculations can be more logical than conforming. For example, if you were in the same industry for 15 years and recently started your own business in that industry, a conforming loan would require you to show two years of filed self-employed tax returns. A non-conforming loan might only require one year of filed returns if you could demonstrate that the business was stable or growing.
Credit scores. The requirements are about the same for conforming and non-conforming. A credit score down to 680 generally gets you most available loan options, albeit with a higher rate than you’d get with a top-tier credit score of 780 or greater.
Money left over after loan closing. This is often called reserves or post-closing liquidity. Non-conforming loans will be more stringent than conforming. Typically, lenders want to see 12 months of reserves after the close, half liquid (in a checking or savings account) and half calculated from retirement assets — compared to about six months’ reserves for conforming. Non-conforming exceptions are available if your debt-to-income ratio is low and your down payment is high.

Lower your payment as you pay down your loan

Some large banks that keep their jumbo loans (instead of selling the loans after they close) have begun offering a re-amortization feature on jumbo loans over $417,000. Re-amortization means that your payment will decrease as you pay your loan down. Depending on the lender, a loan balance pay-down from $5,000 to $20,000 will trigger a payment recalculation. This feature enables higher earners to lower their monthly budget as they chip away at their loan balance using extra income such as bonuses or stock compensation. 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.

Making the Most of an Open House Visit By Joe Szabo, Scottsdale Real Estate Team

July 21, 2015 Joe Szabo

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.

Be open to meeting your future agent

When considering a new doctor, lawyer or CPA, you don’t get the chance to see them in their element until you’ve decided to work with them. Not true for real estate agents. Some of the best buyer/seller/real estate relationships begin at open houses. A good agent is wearing two hats at the open house. In addition to watching the serious buyers and getting feedback for the seller, an active agent is also looking to interact with future clients. Face to face, informal and relevant, the interaction with an agent at an open house is important. You can get a feel for a person just from a brief meeting. If you sense the agent could be someone you could work with, ask some open-ended questions, such as “How’s the market?” and “What areas do you cover?”

Why open houses have been around for decades

At any open house, there are people at every stage of the home-buying game, from just testing the waters to looking at homes daily, making offers and working closely with an agent. For someone new to the market, it’s helpful to know the best practices for visiting open houses and interacting with the real estate agent. For more experienced buyers, the open house is an opportunity to make a second or third visit, getting a closer look at the details and uncovering things you may have missed earlier. There are lots of reasons why open houses have been around for decades — and why you should take full advantage of them. 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.

June 2015 Scottsdale Arizona real estate market update

July 21, 2015 Joe Szabo

As things really start to heat up in Scottsdale let’s take a look at how the real estate market faired in June 2015. New listings are down 10.9% from May with a total of 810 new listings vs. 909 in May. New contracts were down by 8.0% and closed sales were down by 0.4%. The median sale price is down from $380,000 in May to $377,000 in June. During these up and down activity months it is more important than ever to consult a real estate professional that knows the Scottsdale market.

Considering a purchasing or selling a property in Scottsdale? Call Joe and Linda Szabo – The Scottsdale Real Estate Experts! 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.

5 Repairs You Might Encounter During the First 5 Years of Owning a Home By Joe Szabo, Scottsdale Real Estate Team

July 17, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Fact: Things in your home can break. Faucets might leak, windows can stick and ceiling fan motors occasionally burn out. Whether your home is newly constructed or listed on the historic registry, repairs will be needed. Here are five common household problems you’re likely to encounter within the first five years of owning your home, plus tips for dealing with the repairs:

1. Leaky faucets, running toilets

Your toilet flushes fine, but it won’t stop running. Or, perhaps you have a bathroom faucet that drips, drips, drips. Those leaks are annoying, but they can also be very costly. According to the U.S. Environmental Protection Agency, the average household’s leaks waste more than 10,000 gallons of water each year; 10 percent of homes have leaks that waste 90 gallons or more per day. Worn-out toilet flappers, dripping faucets and leaking valves are among the most common types of residential leaks. To check for leaks in your home, the EPA suggests taking these steps:

Check your water meter before and after a two-hour period when no water is being used. If the meter changes at all, you probably have a leak.
Identify toilet leaks by placing a drop of food coloring in the toilet tank and waiting 15 minutes. If any color shows up in the bowl, you have a leak. (Flush immediately after the experiment to avoid staining the tank.)
Do a visual inspection of pipes, faucet gaskets and pipe fittings. If there’s water on the outside of the pipes or gaskets, you likely have a leak.

If you find a leak, get fix-it tips from the experts at your local hardware or home improvement store, or have a licensed plumber do the work for you.

2. Peeling, cracked paint and siding

Beyond keeping your house looking great, exterior paint protects your home from wind, rain and insects. If exterior paint is chalky, peeling or cracked, or caulk around windows and doors has failed, your home’s key structural components are at risk. Most homeowners can handle small repairs such as sanding and painting trim around windows and doors. If you need a full exterior paint job, you’ll likely need to hire a professional. It could cost $2,600 to $7,500 to have a 2,400-square-foot house professionally painted, depending on your location and the amount of prep required. Remember that the longer you wait to repaint, the greater the likelihood that water and pests can damage your home. Other types of exterior materials — vinyl, stucco and brick — also should be inspected and repaired on a regular basis.

3. Jammed disposal

According to the International Association of Certified Home Inspectors, the average household garbage disposal has a life expectancy of about 10 years — less if you use it a lot or don’t properly maintain it. If the disposal is jammed or clogged, you may be able to fix it yourself, following instructions in your owner’s manual. If the unit grinds poorly or is unreasonably noisy you may need to replace the blade, impeller or motor; this should be done by a pro. Because these types of repairs can be expensive, it’s often cheaper and faster to replace the entire unit. Expect to pay $325 to $400 to have a mid-grade disposal professionally installed.

4. Nail pops

If the walls of your brand-new home are dotted with unattractive mounds, you’ve got nail pops. In most cases, drywall nail pops are cosmetic defects that result when the lumber used to build the house dries and shrinks, oh so slightly. This shrinkage often causes the heads of drywall nails to push the finishing compound loose, allowing the nail heads to “pop” out of the wall. Nail pops most often appear near the corner of a wall or ceiling. If your home is still under warranty, you should ask your builder to repair these blemishes. If you need or want to tackle the job yourself, you can. Simply use a punch to drive the nail deeper, then apply new finishing compound, sand and repaint.

5. Concrete cracks

Extreme weather, improper mixing, shrinkage during curing, pressure from vehicle loads and tree roots can all play a role in the cracks that form in concrete driveways and slabs. Not only are these cracks ugly, they can allow water and insects to infiltrate and lead to more significant damage over time. Sinking concrete or widespread cracking could indicate a serious problem requiring the services of a professional and could cost upward of $2,000 to fix. Products ranging from epoxy injections and concrete caulk to polymer-based resurfacers are available for homeowners who want to repair cracked driveways or slabs themselves. No house is perfect, and no building material lasts forever. By keeping tabs on your home’s wellbeing and preforming regular home maintenance tasks, you can save yourself money and aggravation. 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.

You Could Be Making Money on Your Home … and Not Even Know It By Joe Szabo, Scottsdale Real Estate Team

July 14, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team A home is the biggest investment most Americans will ever make, yet most of us know surprisingly little about our largest asset, according to Zillow’s Housing Confidence Index. Twenty-five percent of Americans think there was no growth in home values last year, when in fact, home values grew 4 percent nationally and by double digits in more than 65 metros across the country. The divide between what homeowners thought happened to home values and what actually occurred was especially notable in Florida this past year. In 2014, home values in South Florida grew by 12 percent — or nearly $23,000 per home — yet more than a fifth (22 percent) of South Floridians didn’t think values changed at all. In Tampa, home values were up 9 percent over last year — giving homeowners an extra $12,300 in value — but 45 percent of Tampa residents still think home values remained flat or fell. Bostonians had the most people (23 percent) who correctly judged how their home values had changed — or in their case, not changed. Unlike the other metros surveyed, Boston home values really did stay flat. While most metros had people underestimating how much home values grew, 64 percent of Boston residents missed the mark in the other direction and overestimated home value growth. People in Washington, DC had the best sense of actual home value growth over the past year, with 21 percent of people able to accurately identify that DC home values rose between 1 percent and 3 percent. (They actually rose 1.8 percent.) Still, more people (28 percent) thought home values stayed flat. Click here to see graph 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.

4 Ways to Keep Your Closing Process Moving By Joe Szabo, Scottsdale Real Estate Team

July 10, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Buyers and sellers typically plan to meet the closing deadline in good faith. In some parts of the country, there are no consequences for closing delays, while in others, a few days’ delay is allowed without ill effects. However, delays most often involve a monetary penalty or require some negotiation. One closing will frequently have an effect on many others. If a seller is simultaneously trying to buy a home, and their purchase closing can’t happen until they sell, and then their seller needs to close to buy, the situation can get tricky. When this happens, tempers flare. Keep this in mind when signing a contract, either as a buyer or seller. Don’t commit to a date if you have any doubt about your ability to meet that deadline. Once you have a closing date set, here are four steps you can take to ensure the process doesn’t get delayed.

Have your agent watch for problems

Once a property is under contract, the buyer’s agent should check in with all parties at least twice per week, if not more. Because a good agent has completed so many transactions, they know to be on the lookout for any transactional surprises or changes. Both the buyer’s and seller’s agents should identify potential problems before they happen, and put a plan in place to solve them.

Keep lenders in the loop

Buyers should check in with their lender regularly. Today banks require so much paperwork — and sometimes need the same information over and over. If your mortgage professional asks for follow-up documentation, get it to her right away. If one document — or even one signature — is missing, it can hold up the closing. What’s worse is if you have a rate locked and a delay occurs. You could lose your rate and be forced to re-lock at a higher rate, not to mention delay the seller — and potentially their purchase.

Beware last-minute seller surprises

Sellers can sometimes cause bumps in the road by not being able to move out in time, or failing to make the agreed-on fixes. If the seller agrees to make repairs prior to closing, put a deadline on those repairs. No matter how big or small the fix, you don’t want to show up at the walk-through to see the seller doing the work. Ask for the work to be completed a week before the closing, and put it in writing. It’s common for buyers to be unsatisfied with repairs when the seller is done. If you leave time for any follow-up on the repair work, you can avoid delays.

Keep your finances stable

Buyers obtaining financing should not make any major changes before closing. The littlest change can affect your ability to close. If you purchase a car or apply for a new credit card between the time you sign a contract and close, that debt will affect your loan. If you change jobs, you could lose the loan or delay your purchase. Nine times out of ten, delays can be avoided by planning. Staying on top of all parties and aspects of the transaction should assure an on-time closing. Once in a great while, something comes out of left field, and no planning could have prevented it. When that happens, notify all parties and tackle the problem head-on as soon as possible. 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.

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