Scottsdale Real Estate Blog - Home Buying

What Is Important to Buyers as Far as Where They Buy?

This is the 2nd post regarding the survey results from IAR, an association of REALTORS®.  The question asked was "In choosing your most recent home, other than price, which of the following was most important in deciding where you would buy?"

Like my first post about What Services Buyers Felt Were Most Helpful, I will add my comments after each result.
IAR HOMEBUYER BENCHMARK 2009
ALL RECENT HOMEBUYERS | n=1000, Margin of Error= 3.09%

PROXIMITY TO YOUR WORK ..............................................................22.8%

I am not surprised at this at all since I've always hated doing a daily commute, especially if it's far.  My first real job was working in an office in downtown Chicago and I hated wasting so much time driving to the train…

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What Services Do Buyers Feel Are the Most Helpful in Scottsdale Home Buying?

I recently read an interesting article from a state Realtor® association magazine.  I have added a couple of the survey responses that I thought were pertinent.  This is the first in a series I'll be posting.

The survey results below are from the IAR Homebuyer Benchmark 2009 and comprise recent homebuyers with a 3.09% margin of error.  My thoughts are written below the heading for each item.

The survey question was: "Which one of these services did you find most helpful in your home buying?"

WORKING WITH A REALTOR® ....................................... 54.6%
I would have hoped "working with a REALTOR®" would have been higher than 54.6%, but it is the highest number, so that's good.  Of course, unless a buyer purchased a For Sale By Owner…

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The First Time Buyer Tax Credit Has Been Extended

This isn't really news by the time I'm posting this and most of you probably know it has been extended.

Well, everyone figured it would get extended - right?

There was word that it would get extended but until it was signed, sealed, and delivered, it was just "talk."  I had no idea if it would be extended or not.  And I certainly had no idea what the rules would be.

Details of the "Home Buyer" Credit

Notice I did not put "First Time" Buyer Credit, because now it isn't just for first-timers!  The credit is the same for first-time buyers as before but with a maximum earnings increase (up to $125,000 for an individual, $250,000 for a couple), allowing even more to qualify for the credit.  It is still 10% of the purchase price up to $8,000.

And…

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Will the First-time Buyer Credit be Extended?

I am hearing different things about the current First-time Buyer Credit that is set to expire at the end of November.  I’ve been told that an extension is in the works but we won’t know until it is officially announced that it was accepted and in force.  Will it remain the same – $8,000 and only for first-time buyers?

If you are waiting to purchase to see if there will be an extension and if it will be better, you are taking a gamble.  However, if you don’t already have a contract in the works you might not hit the current deadline to close your sale.

Has the credit helped the sagging Scottsdale real estate market?

I have heard different opinions and I guess it depends on where an agent works and what kind of market they work in.  Some agents…

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New Appraisal Agreement - HVCC

I had heard of something new coming on May 1st to the mortgage industry.  I was trying to find out what it was, and I found out today.  It is called the Home Valuation Code of Conduct, or HVCC for short.  Do a search for either name and you will see some links explaining it, dating back to 2008.

HVCC is not a law

It is an agreement between Fannie Mae and Freddie Mac and New York's Attorney General Andrew Cuomo.  Some banks have already been following the agreement although it was slated to go into action starting today (May 1, 2009).

Supposedly, it is trying to keep banks from turning to a shortlist of preferred appraisers and to use AMC's (Appraisal Management Company) instead.  AMC's are like middlemen for appraisers and charge each appraiser a…

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There Are Great Deals In This Market

I am seeing such great deals lately that I'm actually considering selling my own home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.

We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.

The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a…

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The $8,000 Tax Credit Made Easy

Update:  Please read my latest post about The First Time Home Buyer Credit being extended as it contains some updates to this post. 

A possible short sale homeowner will be listing her Scottsdale home for sale with me soon.  She is hoping that we will be able to sell it without having to do a short sale but I am not optimistic about it (she needs more than the home is worth based on comparables and the home is located on a busy street, bringing its market value down even further).  She mentioned that the $8,000 tax credit will not really benefit her because her home is out of most first-time buyers' affordability, needs, and wants.

I told her that she might not get a first-time buyer for her home, but this credit will help her because a first-time…

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Buying a Home on a Busy Street

This is an older post that is still relevant today, so don't be put off by the date it was created.

I recently showed buyers a home they wanted to view that was located on a busy street.  I told them that I would show it but I also gave them my feelings about making such a purchase.  The Scottsdale home for sale was originally listed at $579,900 and was now priced at $509,000.  That might sound like a bargain with such a high price drop, especially in the area.

But at $509,000, it still is not sold.  I think it needs to go below $500,000, but even then I don't think this property is a real bargain because of its location.  From articles I've read in the past and my own deductions, the value of a home on a busy street (or near a train track,…

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New Customized MLS Search

After years of using what is called a VOW search, the top website for Scottsdale homes for sale has converted to a new custom IDX MLS search.  What is the difference?

With the previous VOW search prospects had to fill out a registration form before they could see any information on a property.  It was a requirement for having a VOW search available and an individual webmaster could not change that.

With the new custom Scottsdale MLS search you can see exactly how many properties match your search and you'll see photos and a little information about each one.  You won't be asked to register unless you want more information.

As with the VOW, registration is quick and easy and only requires your name and e-mail address.  We never share or sell your…

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Will Scottsdale Real Estate Start to Recover After the Election?

I sure wish I had a crystal ball.  There are so many different opinions out there, and I'm talking about trusted individuals that I look up to for their wisdom.  Yet they all have different views of the real estate market.

The Real Estate Predictions

I can't remember if it was our own National Association of REALTORS (NAR) or a large real estate publication that told us we would see a recovery in the 3rd quarter of 2008.  That sure didn't happen.  They pretty quickly changed their prediction to the 4th quarter which didn't ring true to me because in the Scottsdale area our 4th quarter is always slow due to winter and the holidays.  So when I read that I wasn't convinced and my gut feelings were correct.  We are still seeing ever declining prices and…

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