A Consumer's Guide To Arizona Real Estate.

Whether you are a buyer or seller, you should read "Real Estate and You: A Consumer's Guide." It is published by the Arizona Department of Real Estate (ADRE) whose role is protecting the rights of both sellers and buyers as it relates to Arizona real estate. The purpose of the above referenced guide is providing a basic explanation of the real estate transaction processes and setting forth guidelines that govern those processes. The intention is to make you a more informed Buyer or Seller to assist in making prudent decisions.

It is important to note however that the Arizona Department of Real Estate cannot offer legal advice and therefore nothing within the above mentioned guide should be construed as legal advice. Purchasers and Sellers of Arizona real estate should seek the expert advice of real estate lawyers and accountants before and during the course of real estate transactions. Arizona real estate law and guidelines are subject to change. Visit the ADRE website for any changes or up-to-date information.


Following is an overview of information you'll find in the Real Estate Consumer's Guide:

Chapter 1
An introduction to the contents of the guide.

Chapter 2
Gives a brief overview of the Arizona Department of Real Estate. Even though the Department cannot offer legal advice, it has dedicated professionals available to answer general questions about real estate transactions in Arizona.

Chapter 3
Discusses the role of the real estate professional in Arizona. Licensed real estate salespersons and brokers in Arizona have considerably more authority and responsibility than in many other states. It is important for you to know what they can and cannot do. Most real estate transactions in Arizona are conducted with the assistance of licensed real estate professionals.

Chapter 4
Describes the process of preparing a home for sale, determining the level of professional help needed to sell the home, and selecting an Arizona real estate agent.

Chapter 5
Covers a discussion of the types of real estate listings and preparation for listing the property.

Chapter 6
Covers some of the steps involved in buying a home, up to the point where an offer is made.

Chapter 7
Gives an overview of the negotiations, offers and possible counter offers that often take place in bringing a buyer and seller to the point where they can agree on a final price and on final terms.

Chapter 8
Discusses some of the common financing methods used in purchasing a home in Arizona.

Chapter 9
Reviews the steps that need to be taken by both buyer and seller during the time between acceptance of an offer and the closing of the transaction (the “escrow period”).

Chapter 10
Explains the real estate closing process.

Chapter 11
Deals with the post-closing period.

The guidelines apply to all real estate transactions within the State of Arizona. This website provides information about real estate in all Metro Phoenix cities, towns and communities. Click here for information about real estate in other Arizona cities and towns outside the Greater Phoenix real estate market.

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Attention Phoenix Home Sellers: Kitchens and Bathrooms Rule.

If you're selling your Phoenix area home, any real estate listing agent will tell you that "first impression" is crucial to a quick sale and anything you can to do increase curb appeal will enhance resale value. Everyone knows the basics. Spruce up the landscape, paint interior walls neutral, get rid of the clutter, fix the squeaky doors, etc, etc. However, major home renovations can be quite expensive.

But if you have limited funds and limited time, focus on the kitchen and bathrooms. They rule! Generally, home buyers are awed by great kitchens and bathrooms that have been updated and modernized. If your home for sale is an older Phoenix home, an old-fashion kitchen and bathroom are going to be big negatives to a buyer.

That being said, a complete remodel can be costly unless you have the talent and time to do most of the remodeling yourself. Sellers should focus on the items in these rooms that will have the greatest positive impact on saleability that can be accomplished within budget.

Perhaps the cabinet structures are sound but the exteriors are outdated. In that case, consider just refacing them with more modern cabinet doors and drawer facials. Maybe just a re-sanding and re-staining will do the trick. Consider replacing old counter tops to add more life to the rooms. If that busts the budget, there are firms that specialize in resurfacing, repairing chipped counters, showers and bathtubs, and fixing cracked tile grout.

New floor tile could make a profound difference. Also consider new, more up-to-date faucets, towel racks and cabinet hardware. Those items are fairly inexpensive and easy to install. By all means, look closely for signs of mold which can be a "real deal killer". At an absolute minimum, have all leaky faucets repaired.

The point here is pretty obvious....if there is more to fix and update that you can afford, making your kitchen and bathroom more inviting is significantly important if you expect a quicker sale of your Phoenix home at the best possible sales price.

Kitchens and bathrooms rule.

Also read "Entice Buyers With Curb Appeal" and "Staging Your Home For Sale".

Return to our Phoenix Real Estate home page.

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Phoenix Sellers and Buyers Could Take Advantage Of Owner Financing.

About 20% of all homes sold involve some degree or form of owner financing. There are many factors that must be considered from both the sellers and owners side and each should consult with lawyers and accountant professionals for tax and legal advice. But here are some benefits and advantages of considering some form or level of owner financing.

Real Estate Buyer's Perspective.

Although a buyer may have "financial clout" and be able to service a loan, for various reasons some home buyers may not qualify for a mortgage loan. Among those reasons may include a recent change in employment or a divorce. Perhaps a buyer has recently started a business or has other real estate mortgages. Mortgage lenders don't like to see recent changes. Often, non-USA citizens have difficulty qualifying for a home loan.

When a mortgage lender is not involved, escrow closing can occur much quicker and a greater degree of financial and personal privacy is maintained.

The Real Estate Seller's Perspective.

When a seller is willing to offer or consider some degree of owner financing, there could be several benefits. First, it enlarges the pool of potential buyers which in itself enhances a quicker sale and an improved ability to not only get a full asking price but possibly more than the asking price.

Other benefits include obtaining a higher interest rate than a seller could otherwise get through other forms of investment such as CDs or treasury bills and a longterm, consistent monthly cashflow.

A seller must be confident. There should be a sizable down payment to protect against default as well as other protective mechanisms. Therefore, a seller should definitely see some legal advice to prepare protective documents. There could also be tax implications that could be either favorable or unfavorable. So a conversation with an accountant is very prudent.

If you are considering purchasing real estate in the Phoenix, Arizona area including Scottsdale, get quick access to the Phoenix MLS for homes in Phoenix, Scottsdale, Chandler, Mesa, Paradise Valley, Carefree, Fountain Hills, Tempe, Glendale and all other Metro Phoenix communities.

Return to our Phoenix Real Estate home page.

Technorati Tags: Phoenix Real Estate, Phoenix Homes, Owner Financing

Check Your Credit Reports Before Applying For A Home Mortgage Loan.

How well you've handled credit in the past not only will determine whether a lender will approve your mortgage loan, but will have a bearing on whether an approved loan will carry a high or low interest. The better your credit history, the better the interest rate.

Whether you are considering buying a home in the Phoenix or Scottsdale area or anywhere in the country, now is the time to check your credit reports. The good news is that information is readily available to you. Your credit history is maintained by three popular credit reporting agencies: TransUnion, Experian and Equifax. You can visit each agency's website and order your credit report online and see it almost instantly. Or you can order your report via phone.

• TransUnion:http://www.transunion.com/


• Experian:http://www.experian.com/


• Equifax:http://www.equifax.com/

Credit reports include a comprehensive history of late payments, how much credit has been extended to you and any problems with your credit. One good thing is that negative comments in your credit file can only exist in your file for seven years with the exception of a bankruptcy filing which remains in the file for ten years.

Lenders tend to pay greater attention on more recent credit history. Credit reporting agencies maintain a credit score. Obviously, the better the score, the more likely your mortgage home loan will be approved and the lower interest rate you are likely to pay. In many cases, depending upon the lender, a poor credit report can still result in a home loan approval, but since the risk factors of a loan default are much greater with a borrower with less than perfect credit, a higher rate of interest will usually apply which will increase the monthly mortgage payment.

Order credit reports from all three credit reporting agencies and compare them carefully. If you notice any errors, get those resolved quickly so any mistakes can be removed from the reports before making a loan application to buy Phoenix or Scottsdale area real estate.

Also read this article...."Questions To Ask Your Lender".

Return to our real estate in Phoenix home page.

Technorati Tags: Credit Report, Home Mortgage Loan Phoenix

Home Loan Learning Center. Taking The Mystery Out Of Home Mortgages.

All of our Preferred Phoenix Realtors, participating Mortgage Lender and other home owner service providers are committed to helping home buyers make informed decisions. With that objective in-mind, bookmark The Home Loan Learning Center website now!

The Home Loan Learning Center provides a wealth of information for you as a home buyer with a strong focus on choosing a mortgage lender that makes your feel comfortable and selecting the right home loan package that is best suited for your unique situation.

You'll also find sound advice that covers the home buying process, how to manage your credit, maintaining financial credibility, the importance of adjusting to life's changes, affordability comparisons of owning versus renting a home, the importance of getting your finances in order before looking for a new home and how to recognize abusive and predatory lenders.

The best thing about the Home Loan Learning Center (HLLC) is that it provides advice that is totally unbiased and impartial to any particular lender or loan broker. The website is run and managed by the Mortgage Bankers Association which lays out everything you must consider in an easy-to-understand presentation.

The home buying process becomes much easier with less frustration and stress when you are armed with the power of knowledge. Visiting the Home Loan Learning Website will definitely enlighten you to criteria that will make you a more informed and confident home buyer. It is a must read particularly by the first-time home buyer.

Welcome to the best information source about real estate in Phoenix.

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CityNorth's Phase 1 Construction Begins Soon. Will Include Luxury Condos and Town homes.

Construction is ready to begin on CityNorth and is projected to be complete at the end of 2008. The site is located in the Desert Ridge area east of 56th Street between Loop 101 and Deer Valley Drive.

Phase 1 is expected to include about 293,000 square feet of retail merchant space and restaurants, 306,000 square feet of office space and 409,000 square feet of luxury condominiums and town homes.

CityNorth, the urban core of Phoenix’s Northeast Valley, is one of the largest and most compelling real estate development projects in the country. It’s an exceptional, mixed-use development of over 5.5 million square feet of multi-use real estate.

CityNorth is surrounded by some of the strongest housing growth in the country and the highest incomes in Phoenix AZ. It offers unparalleled access and is entitled with the highest density and widest range of real estate uses outside of downtown Phoenix, Arizona. For more information, visit www.citynorthaz.com.

It's About Dag-Gum Time! We Need Patriotism In Our Schools.

Effective before July 1, 2007, Arizona law requires that the American Flag and copies of the US Constitution and Bill of Rights be displayed in all public school classrooms seventh grade and above. The law passed last year applies to all public schools including elementary schools, high schools, junior colleges and universities. The law does not apply to private schools.

In this day and age of "political correctness", it is refreshing that Arizona is promoting and instilling patriotism within its youth. Other states should take notice and enact similar legislation. It is a bit puzzling why the law does not apply to classrooms of sixth grade and below since those are the best ages to begin embedding a sense of patriotism.

Some Phoenix area public schools are soliciting donations to cover the cost of purchasing flags and copies of the Constitution and Bill of Rights as well as installation costs. If you are interested in donating, contact your particular Phoenix area school or school district.

Big Real Estate Deals: Week of April 18, 2007.

Record Office Building Square Foot Sales Price.
Gainey Office I, a three-story building at 8601 North Scottsdale Road sold for $52 Million in a deal that is believed to be the highest price per square foot selling price at $359. Class A office space in Scottsdale averages about $30 per square foot in the first quarter of 2007 up about 10% from the same period last year. CB Richard Ellis represented the sellers. Evidently, commercial real estate in Scottsdale continues to be a strong market.

Big Luxury Home Sales in Scottsdale & Paradise Valley.
The largest luxury home deals in the Valley this week as reported by the Arizona Republic.

1. $4,065,000: Bought by the Spirit Productions Trust. A 7,531 square foot home at Ancala in North Scottsdale.

2. $3,800,000: Bought by Gilbert Silverman. A 5,002 square foot home in Paradise Valley near the Paradise Valley Country Club.

3. $3,100,000: Bought by Gene J. Kuzma and Catherine A. Colby. A 3,812 square foot luxury home in Scottsdale.

4. $2,900,000: Bought by Daniel E. Schmidt IV and Gail Schmidt. A 4,589 square foot luxury home at Desert Mountain in North Scottsdale.

5. $2,900,000: Bought by Elray and Shirley Bentdahl. An 8,290 square foot luxury home in the Desert Highlands area of Scottsdale.

If you're interested in finding your dream home in the Scottsdale area, contact the The Young Team of Angie Young and Barb Alvarez, your luxury home specialists in Scottsdale, North Scottsdale and Fountain Hills, Arizona.


HomeSmart Real Estate
Angie Young

Technorati Tags: Phoenix Real Estate

As a Buyer, Seize The Advantages You Have In This Buyer's Market.

The Phoenix real estate market is a buyer's market. There is a glut of houses for sale, the DOM (days on the market) are rising and median prices are substantially lower versus this time last year. Those facts point in the buyer's favor.


Phoenix home buyers have a distinct advantage over sellers right now. If you are considering purchasing a Phoenix area home, do yourself a favor and read this article titled "Buyer in Charge: 4 Strategies":

The article expands upon four tips to place yourself into a powerful position as a Phoenix area home buyer. Read the entire article and then implement a sound strategy to get the best deal possible. Click here to view the Phoenix MLS. Choose a Phoenix Realtor that is thorough familiar with the Greater Phoenix community of your interest.

1. Free yourself to act quickly.
2. Know how strong you are.
3. Pick allies carefully.
4. Wield your power.

Ahwatukee Foothills Home Resales Up 41%, But Median Prices Are Down.

Good and bad news for sellers of homes in Ahwatukee. Resales increased 41% in March from February, 2007 (120 from 85), but prices slid compared to the same period last year by 7%. Obviously, sellers are lowering asking prices to entice home buyers. Combined of the recent increased sales and lower prices below below last year, this could signal a good time to buy.

Resale Increases In The Southeast Valley (Feb-Mar/07).
According to the Arizona Republic using information provided by the ARMLS, sales increased from February to March, 2007 in all Southeast Valley cities in Greater Phoenix except in Tempe AZ.

Ahwatukee: Up 41%.
Chandler: Up 36%.
Mesa: Up 35%.
Gilbert: Up 26%.
Tempe: Down 7%.

Median Price Decreases (Mar/06 vs Mar/07).
Compared to a year earlier in March of 2006, median prices in the Southeast Valley fell versus March of 2007. The drop was heaviest in Ahwatukee and Gilbert with decreases of 7 and 8% respectively according to Arizona State University Realty Studies. According to the Arizona Regional Multiple Listing Services, there were 16,700 homes in the Southeast Valley listed for sale at the end of February/07 with an average of 98 days to sell.

If you're looking to relocate to the Southeast Valley of Metropolitan Phoenix. Contact a professional Realtor that is expertly familiar with the respective real estate markets in Ahwatukee, Chandler, Gilbert, Mesa and Tempe.

Phoenix Home Buyers Hold The Upper Hand.

This is a strange real estate market. A record number of homes are listed for sale in the Phoenix and Scottsdale area. Mortgage interest rates are really low. Thousands of new residents relocate here every month. Yet home sales in Metro Phoenix are really lagging behind.

The Arizona Republic gave a great summary of why the Phoenix real estate market is in the tank with an April 9, 2007 article, "It's A Buyer's Market". It reports that the Arizona Regional Multilple Listing Service (ARMLS) shows a record number of homes and condos listed for sale exceeding 50,000 units as of March, 2007. Analysts say that a healthy market should carry about half of that number.

This glut of housing inventory poses real problems for sellers who are having to slash asking prices. The article quotes several real estate professionals about why they think this saturation of housing inventory exists. Some suggest that investors are trying to unload homes is vast numbers because of declining values. Other suggest that sellers are asking unrealistic prices that buyers are unwilling to pay.

Who knows when this poor real estate market will bottom-out? But right now it is a buyer's market that is apt to get even better for buyers before the market turns in favor of sellers.

Arizona Expected To Out Pace The Expected US Growth Rate.

In a story dated January 23, 2007, the Phoenix Business Journal reported that Arizona will topple the expected US growth rate of 3 percent in 2007 according to Edward Prescott an Arizona State University economist. Mr. Prescott further stated that Arizona will continue to out pace national trends but cautioned that it will not last forever.

The story also stated that Katie Pushor, the CEO and president of the Greater Phoenix Chamber of Commerce said that Arizona is the second highest state destination for domestic migration behind Florida. She further stated that "people want to move to this state" and "there is an overwhelming perception of opportunity here".

According to Pushor, unemployment is the lowest in 25 years at under 4% and that affordability is really an issue for the workforce. Read the article.

Valley of the Sun Population Explodes By 787,306 People In Six Years.

According to a news update in The Arizona Republic, the Phoenix Metropolitan are grew by 787, 306 people from April 2000 to July 2006, a gain of 24%. It brings the total population to over four million. It was the fourth largest gain by a metropolitan area trailing Altanta, Dallas and Houston.

Of particular significance is that the top 50 metro areas with the largest percentage increases were all located in the West or South. If you're considering relocating to the Phoenix area, choose a Valley of the Sun community to read an overview description of each city or town in the Greater Phoenix area.

In Phoenix, Snow And Cold Is By Choice.

During the winter, the news weather reports are saturated with all the coldfront stories of the northeast and midwest. Everyday you see the pictures of people shoveling snow, cars fishtailing on the icy streets and the blizzards that force schools to close. Those cold, slushy and bone-chilling days with gray dreary skies are not much fun.

During winter in Phoenix, residents are golfing, boating and hiking beneath clear blue skies in warm sunshine. In the Phoenix and Scottsdale area you can enjoy snow by choice. Within relatively short driving distance you can ski the Snowbowl in Flagstaff, see the fresh fallen snow on the pines in Prescott or even enjoy the views of snow-covered canyon walls of Sedona or the Grand Canyon. And when you've had enough fun in the snow, you can go back to Phoenix or Scottsdale and barbecue in the backyard.

The Phoenix real estate market is a buyer's market right now, It's a good time to find the home bargains. Click here to find a Preferred Real Estate Agent that will show you where the best real estate values can be found in the Valley of the Sun community of your choice.