In Arizona, HOAs are popular and a Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project. According to Wikipedia: A homeowners' association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the … [Read more...]
How To Value A Property That Is Not Yet Built
It's obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven't been built yet generally require the contractor and home buyer to supply more documentation in order to get a more accurate … [Read more...]
Five Myths About Home Values in Arizona
During periods of economic growth, when home values are typically just going up, most homeowners do not question appraisals much. And in times of turmoil when property values are declining, home sellers and even listing agents quite often question and pick apart appraisals. However, the actual appraisal process changed very little over the course of the housing boom and bust cycle American … [Read more...]
Understanding the Difference Between an Appraisal vs Neighborhood Listing Prices
Why is there such a difference between what my appraised value is and the price similar homes are selling for on my street? It’s a great question, and you don’t have to be a mortgage professional or a real estate agent to understand the answer. The distinction lies in the purpose of the two valuations and who is responsible for creating them. Appraisals: The purpose of an appraisal is to … [Read more...]
Sell Your Home Before You Buy Another House?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing another, let’s address this question with the mortgage approval in … [Read more...]
What Appraisers Look For
Many people are not 100% certain as to what appraisers look for when determining the value of a real estate property. One of the more common misconceptions that many people have is that once the appraiser looks at their home, the appraiser knows the value. But -- the honest truth is that the appraiser actually has a good idea of the property's value by the time they have scheduled an … [Read more...]
Renting vs Buying A Home
When making the decision to rent or buy a home - it is a big decision. While there are several biased sources that can make arguments for or against owning a home, we've found that most home buyers base their ultimate decision on emotion. Yes, there are some tax advantages of owning real estate, as well as the potential to earn equity or pay a mortgage note off after several … [Read more...]