The Phoenix Real Estate Market is a Real Crack-up
August 18, 2010 by Kristin LaVanway · 1 Comment
The True Market Condition Here in Phoenix Depends on Your Point-of-View
For more information and additional tours, visit http://www.eastvalleyteam.com
A recent article on AZCentral.com paints a pretty gloomy picture of the upcoming real estate market in Phoenix. But lower prices, a lack of buyers and swelling inventory does not match what active Realtors in the valley are seeing.(check out the article about lower Phoenix home prices here )
The truth of the matter is that market conditions vary across the Valley of the Sun. There are some areas that are still struggling but many areas are experiencing a HOT market right now, with frustrated buyers who want to buy but can’t find a property. The conditions in zip code 85006 are a far cry from what’s happening in 85142, 85297 or 85226.
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How NOT to Sell Your House – Tip #1: Price ‘em High
August 6, 2010 by Kristin LaVanway · 1 Comment
Pricing above market value is a sure fire way to keep buyers away
Recently I have noticed more and more home seller who, despite the fact that their homes are on the market, do not appear to want them sold. If this is your goal – to keep the house on the market as long as possible, these tips are for you.
Tip #1: Price your home well above the market value. You might be thinking that this is not going to work, that buyers will still want to buy your home because it is so much better than anything else out there on the market. All the special features and the custom decorating add a tremendous value to the property so of course, even if you list it higher, buyers will still be putting in offers.
Not to worry…in this market, if your house is priced above market value, buyers will probably skip right over it without blinking an eye. It’s tough out there right now and most deals involve negotiating with a bank who don’t play those fun negotiating games. Buyers are usually pretty beat up after a few weeks of house shopping. They are going to stick to their price range and look for the good bargains.
If you look through sales records of home sold here in the Valley there are plenty of examples of homes that were priced above the market value but eventually sold for what they were really worth…or slightly less…and with significantly more marketing time than those homes that were priced right from the start.
So, a sure-fire way to keep that home on the market as long as possible – price it high!
Buying a Flip Home – Some Things to Watch Out For
August 2, 2010 by Kristin LaVanway · Leave a Comment
Tour of 2967 E Franklin Ave – Nice-looking Flip House!
More and more listings are flip homes – homes that have been purchased by investors – often at the Trustee Sale – then quickly sold for a profit. Although some of the homes reflect the expertise of the flipper investor, such as this Lyon’s Gate beauty in Gilbert, AZ, buyer’s should always be aware that profits come first to the investor.
This home in Lyon’s Gate was purchased by an investor at the Trustee Sale. He has done a great job of making this home show like a model. But some flip investors get in over their heads, especially since homes purchased at the Trustee Sale are often purchased site unseen. The investor may cut corners to maximize profits and you may not realize the problems hiding behind the fresh paint, new carpet and granite countertops.
Flip homes can be a bargain – it can be like buying a foreclosure with all the fix-up already done. But take your due diligence seriously to make sure that serious problems have been addressed and you don’t have any expensive surprises awaiting you in your new home.
Are Housing Prices Heading Down? Scary Stories Don’t Match The Numbers
July 27, 2010 by Kristin LaVanway · Leave a Comment
The Housing Market May Look Grim In Your Area, But It’s Pretty Competitive Here in Phoenix
After reading a recent article on HousingWire.com, I am scratching my head. The article predicts that housing prices are heading down. But, here in Phoenix, we are seeing sustained activity in a very competitive market.
As a buyer, you may consider articles like this when developing your bidding strategy but these stories can be very misleading. Articles that paint a broad picture of market trends are completely useless when looking at a local real estate market which depends on local activity and the price range you are considering.
Be wary of articles, rumors and gossip that give the impression of a swap meet when you are really operating in a competitive real estate market.
Multiple Counter Offers – Bring ‘Em On!!
July 23, 2010 by Kristin LaVanway · Leave a Comment
Bidding on a Foreclosure? It’s Not Over Until It’s Over!
With the competitive Buyer’s market we are seeing in Phoenix right now, buyers are frustrated when they lose out in the bidding wars. But lately, I have seen a surprising turn as buyers are bidding on multiple properties – it’s never over until it’s over!
Buyers are putting in offers on multiple properties to better their odds of winning the bidding wars. But with so many challenges in closing the deal, and the fact soem buyers end up with several accepted offers, I have seen more and more, that even though you may be in a back-up position – 2nd, 3rd, even 4th in line – you might still have a shot at that property.
So don’t be afraid to put in an offer as a back-up – make sure it is a good, strong offer so if your number comes up, the seller will take a good long look at it when the 1st position buyer falls out. It’s NEVER over until escrow closes!
Bill & Kristin’s Excellent Adventures…Hoover Dam
July 23, 2010 by Kristin LaVanway · Leave a Comment
A Must-See Destination Between Phoenix and Las Vegas!
On our back from Las Vegas, Bill & I decided to check out the Hoover Dam…and we had a DAM good time while we were there! Check out the our advice on food and parking, the tomb of the nameless Hoover Dam mascot, whose life ended tragically, the history of the dam, and best of all…the gold-plated restrooms!
Tips To Make The Move To Your New Home a Smooth One
July 14, 2010 by Kristin LaVanway · Leave a Comment
(What NOT to Do!)
I recently moved to a new home learned some valuable tips on what NOT to do…our move happened a little sooner than expected so our plans were made on the fly. We learned how NOT to pack, where NOT to put those critical items, who NOT to use as moving helpers, which moving truck NOT to get and what NOT to bring along.
In the end, we love our new house and are getting all settled in so it was all worth it. But I hope these tips will help you avoid some of the little set-backs we endured.
If you are packing up to move, congrats and all the best in your new home…
What’s Next After Foreclosure? An Eviction, Perhaps!
July 7, 2010 by Kristin LaVanway · 1 Comment
Since When Did I Become a Cockroach In My Own Home
Two weeks ago, my home was sold at the Trustee Sale to an investor. I found out when his realtor, Randy Duncan, showed up at my door with a 5-day notice to vacate – the standard eviction form used in Arizona. Before the 5-days expired, we agreed to a 2-week period for me to move out – me and my 4 kids.
Since then, I have been in communication with the realtor, letting him know that things are moving along. He took down the For Sale sign that appeared less than 48 hours after the sale. He sent over a pool repair to fix my filter – I even allowed him to refill the pool on my nickel. We packed up and finished moving out in time to meet the deadline.
So imagine my surprise when I arrived at my front door a few days ago to find an Eviction Action notification, along with a court summons. The action states that I am occupying the property without authority and that I will be levied a judgment for back rent to the tune of $1400 per month late fees, court costs, etc dating back to June 22, the day after the sale. Total as of July 1st? $1585 and counting…
Talk about Snidely Whiplash!! Since when did I become a cockroach, a pest destined for extermination? Since when did we decide that it’s OK to treat people that a bag of trash that needs to be out on the curb on trash day…or else?
Fortunately for me, I have an email that states our agreement, but if I didn’t would most likely have a have judgment filed against me and a record of eviction that would make it IMPOSSIBLE for me to rent for quite some time. All for the almighty buck!! Sad…I will be going to court tomorrow to make sure this case is dismissed. But I keep shaking my head in disbelief at this absolute low blow to a single mom with four kids who lost her home. Talk about Snidely Whiplash…
Be aware that if your home is sold at the Trustee Sale, particularly to an investor, you may find yourself in this same situation. Know your rights and make sure you have any agreements, especially pertaining to possession, in writing.
The Week After You Lose Your House at the Trustee Sale
July 7, 2010 by Kristin LaVanway · Leave a Comment
What a Difference A Week Can Make! Looking Forward to a Fresh Start
A week has passed since my house was sold at the Trustee Sale and oh, what a difference a week can make! My kids and I spent a few days in mourning, but the decided to move on and start our new life. We went house shopping and found a great house that is a lot bigger – a lot cheaper – than that house we lost. Yes it was tough, but we are going to make the best of it and start fresh.
We are SO grateful for all our friends and family members who have helped us out. I will return the favor when the time comes…that’s for sure.
What Happens RIGHT AFTER Your House Sells at the Trustee Sale
June 27, 2010 by Kristin LaVanway · 3 Comments
It’s been two days since my house sold that the Trustee Sale and a lot has happened. Although the shock hasn’t quite worn off, we are looking ahead to better days. The Buyer has not wasted anytime managing his new asset. Although I can appreciate the efficient way he and his team have handled this “acquisition”, the fact is, until we move out, it is still my family’s home.
I don’t know the best way to handle this awkward situation, but I am pretty sure things could have been handled better in this case. Within two days of the Trustee Sale, there was a For Sale sign posted in my yard and the Buyers whisked through with his team to compile the to-do list of tasks needed to get my…I mean, his…house on the market.
In the end, I have 2 weeks to get out, a generous extension of the initial 5- day eviction notice I was served on the day of the sale.
I can appreciate that for the Buyer, it’s all business. He is just trying to maximize his profit. But for me and my family, it’s a tremendous loss that is leading to a life changing event. We were expecting the sale to happen in July, but the postponement did not happen, and the house was sold. We knew it was coming, but trust me, it doesn’t make it easier. It’s not easy feeling like you are unwelcome in your home, moving your kids away from their friends, realizing that you are no longer a homeowner after 22 years of homeownership. Not too many things are going to soften that blow.
But, we are moving forward…Next week, it’s all about the move. And once we get out of here, I think things will start to get a lot easier.
