Tuesday, December 5, 2017

Debunking Down-Payment Myths


The National Association of Realtors (NAR) describes difficulties with down payments as “what many consider the greatest barrier to homeownership.” And according to the NAR, there are a lot of misconceptions surrounding down payments. Perhaps the misconceptions shouldn’t be all that surprising, though. Following the market crash of a decade ago, no down-payment home loans disappeared. Potential home buyers began accepting that they’d have to put 20 percent down. As the economy and housing market rebounded, lenders weren’t as tightfisted. Minimum credit scores to qualify for a mortgage began dropping. And so did down-payment requirements. Many people don’t have to put 20 percent down to buy a home. In fact, statistics show that the majority of home buyers don’t do this. The NAR lists the 20-percent fallacy among its four biggest myths surrounding down payments. Here are the other three DOWN-PAYMENT MYTHS:

1. Low down-payment programs are only for first-time buyers. There are first-time buyer incentives that offer help in several areas, including down payments. And all the promotion and pushing of first-time buyer programs may lead some to believe that buyers of their second or third homes don’t qualify for down-payment assistance when, in fact, they do.

2. It’s difficult to qualify for down-payment assistance. Again, there are programs for lower-income home buyers that help them with a home purchase. But there are down-payment assistance programs for even those who make over the local median income.

3. You can’t use grants, gifts, or loans. Some of these rules vary from lender to lender, but plenty of lenders allow home buyers to use gifts from family members and grants toward a down payment. Also starting to become more popular are no-interest loans that help toward down-payment funds and aren’t due until the house is sold. There are also online resources that help explain down-payment assistance. The housing department in each state shares information online about loan and grant programs that are available. The Federal Housing Administration and Department of Housing and Urban Development sites are also worth checking out.
Article by Any Presentations 



Silver Alliance Realty is here to help you with all your real estate needs.
We make buying and selling your home SIMPLE!


Contact Silver Alliance Realty

Mary Platt
Designated Broker
(602) 618-6764



Tuesday, November 7, 2017

Perks of Selling or Buying a House over the Holiday Season

Spring is often considered the best time of year to sell. Families can find their dream house, make their purchase, and move in all before the new school year starts. But there are perks for home buyers and sellers who decide to list at the end of the year.

Perks for Sellers

Since most sellers wait until spring to list their home, there are typically fewer homes available for sale over the winter holidays, which means less competition. If sellers price their home competitively and stage it right, they can make their house stand out from the sparse crowd, catching the attention of more buyers.

When You’re Selling . . .

You can still celebrate the holidays but keep it simple. Instead of hosting a large party, invite a few family members and friends for a quiet dinner in, or head to a restaurant to keep your kitchen tidy and open-house ready. When decorating, remember that not everyone celebrates the same holidays in the same way. Stick to more neutral decorations that transcend any religious event like candles and winter flowers such as paper whites and poinsettias. Whatever decorations you use, keep them to a minimum so your house remains the center of attention.

Perks for Buyers

Despite the limited selection, buyers can also benefit from purchasing over the winter holiday season. Often a homeowner will put their house on the market in winter because they can’t or won’t wait until spring―that is, they need an immediate sale. Buyers who purchase during the winter holidays might find sellers more willing to negotiate on price or contract terms.


When You’re Buying . . .

Buying a house is stressful enough without the added pressure of celebrating a family holiday at the same time. To enjoy the season, prepare for your purchase in advance. Before you start your home search, figure out what type of home you want and where it should be located. Decide on a budget and get pre-approved for a mortgage. And don’t RSVP “yes” to every party invitation you receive; you will need to keep some time available for viewing homes with your agent. 
Article by Any Presentations 


Silver Alliance Realty is here to help you through all your real estate questions and concerns.  We make buying and selling your home SIMPLE!


Contact Silver Alliance Realty

Mary Platt
Designated Broker
(602) 618-6764



Tuesday, October 17, 2017

Buyer Demand Still High, but Supply Running Out

Many Americans mistakenly believe that owning a home is beyond their means. Both homeowners and renters have the misconception that buyers need a down payment of at least 20 percent before they can qualify for a mortgage and purchase a home. But this is a home-buying myth, according to William E. Brown, president of the National Association of Realtors (NAR), who said, “Every month this year, roughly 60 percent of buyers who financed their purchase with a mortgage made a down payment that was 6 percent or less.” Buyers with steady jobs and reasonable debt loads can find mortgage options that suit their current level of savings.

Homes Selling Quickly

Those who qualify for a mortgage may have a difficult time finding a property to purchase, though. In July, an average property remained on the market for 30 days; this is two days longer than June’s pace but an impressive six days shorter than July 2016. Of all the homes on the market in July, 51 percent of them sold in less than one month. What’s more, for the past four months the average listing went under contract in under a month.

First-Time Buyers

The lack of supply will lead to more competition in the market this fall. This is not welcome news to first-time buyers; this group accounted for 33 percent of all housing market activity in July. This is up 1 percent from both a month ago and a year ago. For all of 2016, first-time buyers represented 35 percent of the market.

Some Gains, Some Losses

Although the demand for homes is high among first- time and veteran buyers alike, the lack of inventory is putting pressure on the sales pace. Existing-home sales increased in the South and West in July, but these gains were tempered by drops in the Northeast and Midwest. Overall, home sales fell 1.3 percent to a seasonally adjusted annual rate of 5.44 million, the lowest rate of the year to date; however, the sales pace is still 2.1 percent higher than July 2016. 
Article by Any Presentations 

Silver Alliance Realty is here to help you through all your real estate questions and concerns.  We make buying and selling your home SIMPLE!


Contact Silver Alliance Realty

Mary Platt
Designated Broker
(602) 618-6764



Tuesday, October 10, 2017

Check These Fall Maintenance Items Off Your To-Do List

Now that summer is gone and fall is here, it’s time to start your autumn to-do list. Here are some great fall projects:

Plant Beautiful Fall Blooms
Late summer and early autumn are perfect times to plant late-blooming flowers. Whether you accent
your front porch with hanging baskets or line your front walkway with colorful blooms, you can
enjoy gardening well into the fall season. 

Improve Your Outdoor Lighting
Autumn means longer nights and shorter days and is an ideal time for a lighting upgrade. If you have been meaning to add a spotlight above the front door, or if you long for a stone pathway lined with low-maintenance solar lights, fall is the perfect time to complete these projects.

Touch Up Your Exterior Paint
You do not have to repaint your home’s exterior to give your property the protection it needs. Just check for peeling and chipping paint and do your own small touch-ups. A few timely touch-ups now will protect your home and extend the life of the original paint job.

Clean Out Your Gutters
Debris can collect in gutters, which keeps rainwater from drain- ing properly. Once the water backs up, it can run onto the roof and down the siding, causing damage to the home. Clearing the gutters and redirecting water downspout extensions so water drains at least three to four feet away from the foundation can keep these things from happening. If you don’t feel comfortable on a tall ladder, you can hire a professional to clean and check the gutters.

Turn Your Ceiling Fans to Run Clockwise
In the summer, your ceiling fans are such a wonderful way to help keep your home cool. But did you know ceiling fans are also a great way to enjoy warmer air when the days get cooler? Run- ning your ceiling fans clockwise creates an updraft while simultaneously pushing down warm air from the ceiling.

Swap Out Your Furnace Filter
Fall is the perfect time to give your heating system a tune-up, and changing out the filters is a good place to start. You may also want to schedule a professional inspection and cleaning to keep your furnace running at peak efficiency all season long.

Clues in the Attic: Fall Roof Checkups Made Easy

"Roofs actually create an insulated barrier that helps trap heat inside, and most attic spaces are located right below them,” says Jason Joplin, program manager of the Center for the Advancement of Roofing Excellence, “That makes them perfect for spotting potential problem areas and damage without worrying about falling off a ladder."

Here’s What to Look for While up in the Attic:
• Water Leaks: After a rainstorm, shine a flashlight into the attic to check not only for dripping water and condensation but also for water stains on the ceiling, walls, and floors. All signal that H2O is finding its way beneath your roof’s shingles or behind its flashings.

• Ventilation: “Think of the attic as the lungs of the house,” advises Joplin. “It has to be able to breathe in order to function properly.” Which is to say, vents stuffed with debris need to be cleared.

• Animal Damage: Call a pest-control pro if you spot any of these telltale signs: nests, droppings, and gnawed wood, wires, or insulations. 
Article by Any Presentations 

Contact Silver Alliance Realty

Mary Platt
Designated Broker
(602) 618-6764
Mary@PlattTeamAZ.com


Wednesday, September 6, 2017

How to Know If a House Is a Good Investment

You want to find a house that is not only a comfortable fit for your family, lifestyle, and budget but also, ideally, a solid invest- ment. When you purchase an investment-worthy home, you’ll have the option to rent it out, draw on your equity, or sell it for a profit when your family is ready to move on to a different house. Here are some tips for determining if a specific house is a good financial investment:


Average Days on Market (DOM) Is Low
Keep an eye on the average DOM for your area. If the average is steadily decreasing over time, with buyers snapping up houses more and more quickly, then it is more likely that a house in that area will be a sound investment. If, on the other hand, most houses seem to be lingering until listings become stagnant because supply outstrips demand, you may want to consider a different neigh- borhood or even a nearby town for your home purchase. You may get a good deal under these circumstances, but your home value is unlikely to increase anytime soon, and if you need to sell in the near future you may end up taking a loss.



Located in an Up-and-Coming Neighborhood or Growing Market
Sometimes the ideal home investment is in a neighborhood that used to be a little rough around the edges but has recently become more popular. This scenario often leads to getting a good deal now and a quickly appreciating home value in the near future, a true win-win situation. Your home will be safe and comfortable for your family and you won’t have to spend a fortune. Neighborhood features to look for that show your home will only become more desirable to prospective renters or buyers in upcoming years include the following:

 Gourmet grocery stores, trendy coffee shops, farm-to-table restaurants, and boutiques
• Good public and private schools
• High degree of walkability and cycling trails

Growing markets are also a sign of a good investment. Is the home in an area with low unemployment and great job opportunities? Are more businesses moving to your city? This is not only great news for your family in the short term (since it means excellent job prospects if you decide to switch companies or careers) but also bodes well for your home’s value increasing. 
Article by Any Presentations 




Wednesday, August 9, 2017

Three Reasons Now Is a Great Time to List Your Home for Sale


Housing market conditions are challenging for buyers in many parts of the country; sellers, meanwhile, are finding the market favorable. Inventory levels are low and sales prices are high. In some markets, multiple offers have become prevalent. And in a blow to first-time buyers everywhere, fewer affordable homes are coming onto the market. Despite all this, existing-home sales climbed in the month of May; every region except the Midwest posted month-over-month and year-over-year sales increases.

1. Low Inventory

According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), “Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.” In May, 1.96 million existing homes were available for sale, an inventory increase of 2.1 percent from a month earlier. However, for the past 24 months, inventory has fallen year over year, and May was no exception: inventory was 8.4 percent lower than last year. At the current sales pace, the current housing stock could last only 4.2 months, down from 4.7 months a year ago.

2. Selling Quickly

Due to the inventory shortages, homes are not sitting on the market for long. In May, the time it took for a home to go from listed to sold was on average 27 days. This is the shortest time frame recorded since NAR began tracking the number of days on the market in May 2011. Of all the homes sold in May, 55 percent were on the market for less than 30 days, another all-time-high record.

3. Prices Up

With high demand and low inventory, home prices climbed to a record-breaking high. In May, the median existing-home price reached $252,800, a 5.8 percent increase from a year ago. This is the highest recorded median sales price, overtaking June 2016’s peak of $247,600. What’s more, this is the 63rd month in a row of year-over-year sales gains. According to Yun, “Home prices keep chugging along at a pace that is not sustainable in the long run.” Unless the market sees an increase in the number of listings in the affordable price range, housing affordability may be affected. 
Article by Any Presentations 

If you are interested in selling your home in Arizona, contact Silver Alliance Realty!


Mary Platt • Designated Broker
(602) 618-6764 • Mary@PlattTeamAZ.com








Tuesday, August 1, 2017

Planning for Solar? Follow These Steps



Residential solar panel installations are on the rise in the United States—according to the US Department of Energy, more than one million American homes have had solar panels installed as of May 2016. However, utilizing solar energy for your home only makes financial sense if the panels can generate electricity for less than what you are paying your utility company. That means that while living in a sunny location is key, your state’s utility costs are also a factor. Before you schedule a solar installation assessment, answer these basic questions to help you determine if solar is a good fit for your home:

Does your roof have unobstructed, clear access to sunlight for most of every day?
• Is there ample roof space or an area large enough to mount the system? 
 Is the investment worth it?
 Can you meet requirements for local permits?

Selecting the Right System

Evaluate your energy consumption patterns before selecting your solar system components, so you can choose the appropriate photovocaic (PV) system size for your home, and help reduce your overall electrical use. Begin by performing a load analysis, which should include:

 Recognizing your current consumption trends
 Examining your utility bills for the past year
 Calculating your energy consumption

A Grid-Connected or Stand-Alone System?

A grid-connected PV system uses power from your utility’s grid when it does not produce enough energy. When your system produces excess electricity, your utility provider is required to buy it. With net metering, your provider pays retail price for excess power that you send back through the grid.

Choose a stand-alone PV system if:
 You live in a remote location and it would be more cost-effective.
 You are planning to install a hybrid electric system that also uses a small wind electric system.
 You have minimal power needs.

Before purchasing a system, research city or county permit requirements. These will include an electrical permit, building permit, or both. Most PV providers will roll the permit prices into the complete system price.

For more information about solar installation in your community, contact the North American Board of Certified Energy Practitioners to locate a certified solar installation professional. 
Article by Any Presentations 


www.SilverAllianceAZHomeSearch.com

Mary Platt 
Designated Broker
(602) 618-6764
Mary@PlattTeamAZ.com


Wednesday, July 26, 2017

Always Start Your Home Search With Pre-Approved Financing

Today’s real estate market moves swiftly. Often, buyers find they need to act quickly to avoid missing out on their perfect home. In today’s market, sellers are receiving multiple offers, allowing them the luxury of choosing an offer that’s to their exact liking. So, what can buyers do to increase their chances of enticing sellers with their offers?

The Benefits of Mortgage Pre-Approval

Pre-approved financing gives buyers a significant edge over those whose competing offers do not have a mortgage preapproval letter.  For home sellers, an offer that’s accompanied by a pre approval letter shows that the buyer is serious. The seller (and the seller’s agent) sees that the buyer has done his or her homework and is ready to purchase the home as quickly and as smoothly as possible. When faced with two similar offers, the offer backed by mortgage pre-approval is almost universally preferred. For buyers, beginning a home search by getting pre-approved for a mortgage provides even more benefits. Your pre-approval gives you a firm budget to work with, saving you from the heartache of falling in love with a home that’s outside your financial reach. 

Additionally, having pre-approved financing sets you on track for a smoother home purchase. Pre-approved buyers close more quickly and are less likely to come up against unexpected delays or difficulties.  The process of buying a home is stressful and has many stages.  Taking these steps in the proper order is the best way to minimize your stress.


How Much House Can You Afford?

Buying a home doesn’t begin with looking at the area’s real estate listings. It begins, as with most things, with financing. With a mortgage pre-approval in hand, you’ll know what you can afford. Much of the waiting involved in choosing and obtaining a loan will be behind you as you search for your perfect home. You’ll still have a short wait when your actual loan goes through underwriting. However, as long as you don’t make any changes to your financial status, the loan application process is much shorter if you’ve already been pre-approved. Best of all? By being pre-approved when you make an offer on a home, you’ve given that offer its best chance to be accepted. In today’s fast-paced real estate market, that’s no small advantage. 
Article by Any Presentations 

Tuesday, July 18, 2017

Our Proven Marketing Methods - How We Advertise Your Home

Our goal when selling your home is to get the highest price with the fastest close date.  We do this by providing professional and first class service while giving  your home maximum exposure to the real estate market! 
• Drone Pictures & Video:  Drone pictures and video are the latest form of real estate marketing.  This bird’s eye view not only increases the property’s appeal, but also gives potential buyers a chance to admire the local neighborhood.

• GoPro Virtual Tours:  GoPro virtual tours are on the forefront of real estate technology. These videos are shared to Silver Alliance Realty’s Facebook, Instagram, Youtube, Google+, and more.  A virtual tour makes your home stand out!

• E-mail Campaigns:  Platt Team AZ  has 17 years of networking experience in the Arizona real estate industry. We are able to directly feature your home in our e-mail campaigns that are sent to our large contact database.

• Postcards:  When listing a home with Platt Team AZ your home will be advertised with stunning, professionally printed postcards delivered to over 100 homes surrounding the property.

• Flyers:  Standard for all Platt Team AZ listings are bold, bright-colored flyers to be left inside the property and at the post for potential buyers.

• Social Media:  Graphics and videos of your home will be professionally designed and shared with all of our online community.

• Open Houses:  Open houses are a great opportunity to invite potential buyers in to visit the home for sale.

• Real Estate Websites:  We advertise on several real estate websites including, Zillow, Trulia, Realtor.com, and more.  Silver Alliance Realty is proud to be a premier listing agent on Zillow.


     


Contact Platt Team AZ today to get started on the home selling process!

Mary Platt
Designated Broker
(602) 618-6764
Mary@PlattTeamAZ.com

Tom Platt
REALTOR®
(602) 615-8470

Wednesday, June 21, 2017

Benefits of Working with a Local, Family-Owned Brokerage

Silver Alliance Realty is a local, family-owned real estate brokerage based in Glendale, AZ. Our Designated Broker, Mary Platt, has 17 years of experience as a top-tier REALTOR® in the state of Arizona. Silver Alliance Realty's culture is centralized around our clients and their satisfaction with their real estate transaction. As a client of Silver Alliance Realty, you can expect the highest level of professional representation throughout all stages of the home buying or selling process. We understand that all clients are unique with their individual situations and needs. We will be readily available to answer all of your questions and keep you up-to-date and informed. We strive to achieve the most efficient communication practices as possible.

Silver Alliance Realty has access to the most advanced real estate technologies available.  This includes access to Arizona's Regional Multiple Listing Service (ARMLS). Your home will be listed for sale on all major industry websites as well as two distinct Silver Alliance Realty websites. We are using the latest Drone and GoPro technologies to photograph and capture video footage in order to create stunning virtual tour videos and effective online media advertisements. Your home will be marketed through social media and e-mail blasts. High quality, custom print marketing products will also be created. These include full-color, full-page flyers and open house postcards. Silver Alliance Realty has an in-house graphic designer working specifically for you on your home. Our proven marketing and services plan will get your home SOLD!

At Silver Alliance Realty, CLIENTS ARE OUR FIRST PRIORITY! We will see your transaction throughout the entire process, from beginning to end, every step of the way. Here are just some of the many benefits of working with a local, family-owned real estate brokerage:
  • Personalized Attention
  • Specialized, Direct Strategy
  • Personalized Marketing Plan (Drone & GoPro)
  • Face-to-Face Meetings and Direct Communication with Broker
  • Quick Communication Response Time
  • Top-Tier Agent Representation
  • Mary & Tom Platt Have Combined 26 Years of Experience



Contact Silver Alliance Realty today to get started!

Mary Platt
Designated Broker
(602) 618-6764
Mary@PlattTeamAZ.com

Tom Platt
REALTOR®
(602) 615-8470
Tom@PlattTeamAZ.com

www.SilverAllianceRealtyAZ.com


Thursday, June 15, 2017

How Homeowners Can Make the Most of a Home Appraisal

A home appraisal is an important step in refinancing or selling a house. Understanding the process can help the seller or the refinancing homeowner earn the best marks possible on an appraisal report.
An appraiser will count the number of bedrooms and bathrooms, measure the square footage, and use neigh- borhood sales as a gauge to help settle on a dollar value for your home. These are variables you can’t change, at least not in the short term. What you can change will take some time, but it is completely doable.

Hire the Right Appraiser

Sometimes the lender providing the refinanced loan selects the appraiser for you, but if you are in the position to hire your own appraiser, seek a licensed professional who has experi- ence in your local area.

First Impressions Count

A clean home may not add dollars to its value, but a dirty home can definitely subtract from it. Prepare your home and property inside and out to look its best. The appraiser will take photos of each room and look inside every closet.

Make Sure To

Tidy up the landscaping and haul off outdoor trash. Clean and declutter indoors, especially on open surfaces. Lock up pets and deodorize the house.

Keep a List of Upgrades

Did you add more insulation to your home? Mention it. Before the visit, prepare a list of small or extensive indoor and outdoor projects that you have completed while owning the home (up to fifteen years) for the appraiser to reference later. Provide copies of receipts and records for expensive materials and contracted work. Even if you did the work yourself, a home improvement project, such as a new bath vanity and faucet, will be worth more than the cost of materials, so include the small improvements too.

Be Smart about Updates

Say you have a little money to spend— where will it go the furthest? Obvious fixes like dripping faucets are easy to remedy, but if time is the issue, prioritize improvements by focusing on condition, like painting dingy walls, or updating cheap lighting. When you’re spending money before an appraisal with hopes of improving the value, consult an expert first—an experienced real estate agent can spot the most glaring issues within minutes, and they’re savvy about making home-improvement dollars stretch.
Article by Any Presentations 

Wednesday, April 26, 2017

Home Improvements You Can Do in 24 Hours or Less



Sprucing up your home doesn’t have to take up a lot of time. To help you spring into warm-weather home improvement, here are six simple projects that take 24 hours or less to accomplish:

• Pressure Wash Siding and Walkways. Power washing exterior home areas makes siding and walkways look fresh.

• Organize Your Mudroom. Whether it’s a formal mudroom or a corner of the entryway, every house has a spot where shoes, backpacks, and other personal items collect. Organize that area with hooks for hanging and cubbies or shoe racks for storage.

• Add a Wow Factor to Your Entryway. Large planters with hardy, bright blooms add curb appeal when positioned on either side of the front door.

• Spruce Up the Deck for Summer Enjoyment. A refinished deck looks great and doesn’t have to be a lot of work. SuperDeck® from Sherwin-Williams goes on fast and easy and protects the integrity of your wood deck.

• Update Kitchen Cabinets. Add new knobs to give your cabinets a face-lift.

• Swap Pillows and Throws. Switching out pillows and throws is a great way to give seasonal flare to your living room décor.
Article by Any Presentations 

For more information about Arizona real estate visit Silver Alliance Realty's websites
www.SilverAllianceRealtyAZ.com
www.SilverAllianceAZHomeSearch.com
www.Facebook.com/Platt.Team.AZ



Wednesday, April 12, 2017

What's Up With Mortgage Rates?


Mortgage rates nationwide are starting to rise after several years of record-low rates. What does this mean for home buyers and sellers? Here are a few points to consider:


The Real Estate Market Remains Strong

Real estate remains an excellent investment, and real estate markets across the country are consistently strong. In many local markets there is high demand but low inventory, and buyers are quickly snapping up homes despite rising rates. While buyers may have plenty of competition, it also means they can feel confident in their real estate investment, especially when buying in a part of the country where housing is in demand.


Mortgage Rates Are Still Affordable, Historically Speaking

While current rates are higher than they were at this time last year, they’re still considered quite affordable from a historical perspective. Rates are expected to remain under 5 percent for the foreseeable future, as they have been for the past ten years. Compare today’s average mortgage rates to the average rate of 5.67 percent in 1996, or the whopping 10.13 percent average in 1990, and you can easily see that current and projected rates are still quite affordable by most objective standards.


Rates Are Expected to Rise in 2017

Most experts expect that rates will either rise slightly in 2017 or fluctuate slightly over the course of the year. Many experts think mortgage rate averages in 2017 will hit the 4.5 percent mark, with some predicting average rates inching up closer to 5 percent. If you plan to buy a home later in the year, you may want to keep these ballpark estimates in mind when figuring out your home budget. And remember these are just guesstimates; nothing is set in stone.


Buyers Can Still Get Great Rates

Although mortgage rates are rising, it’s still possible for individual buyers to negotiate and find lower rates. This sometimes involves “buying down” your mortgage, which means paying additional money upfront to take points off your mortgage rate. The general idea is to pay more money now to save money on your mortgage over time. This can make a lot of sense if you have extra cash on hand and plan to hold on to your home for a long time. Keep in mind that if mortgage rates go down in the future, you can always refinance your loan to get a lower rate and reduce your payments or get more favorable loan terms. 
Article by Any Presentations 


For more information about Arizona real estate visit Silver Alliance Realty's websites:
www.SilverAllianceRealtyAZ.com
www.SilverAllianceAZHomeSearch.com
www.Facebook.com/Platt.Team.AZ

Wednesday, March 15, 2017

Strong Home Sales in 2016, but a Lack of Inventory in 2017


Despite affordability issues and low inventory, 2016 had the best existing-home sales in a decade. At 5.45 million sales, existing-home sales haven't set a pace this fast since 2006, when sales reached 6.48 million; in comparison, sales in 2015 topped out at 5.25 million. According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), "Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market."

In Demand, but Low Supply
Sales in the last month of the year were soft. Existing-home sales fell in December to 5.49 million, dropping 2.8 percent, but sales were still 0.7 percent higher than a year earlier. Low inventory combined with high mortgage rates and home prices took their toll on December's sales. Inventory in the last month of the year fell by 10.8 percent to 1.65 million existing-homes available for sale; at the current sales pace, this is enough inventory to last only 3.6 months. A year ago, supply levels would have lasted 3.9 months. This is the 19th month inventory has fallen year over year. What's more, this is the lowest inventory level recorded since NAR began tracking the housing supply in 1999. Unfortunately, housing construction is still stuck at recessionary levels. Unless more is done to address regulatory issues, new home construction will not be able to address the demand that will arise from current population and economic growth trends. As a result, housing affordability for both buyers and renters will continue to be a concern.

What You Don't Know Can Cost You
Many home buyers are in the dark when it comes to down payments. NAR's Profile of Home Buyers and Sellers recently asked non-owners how much of a down payment was needed to purchase a home. A surprising 87 percent believed more than 10 percent of the purchase price was needed; in reality, down payments for first-time buyers have come in at 6 percent for the past three years. Repeat buyers typically have a down payment of 14 percent. This disconnect between the actual down payment required and the amount buyers think they need may lead to a lack of confidence among first-time buyers. "There are mortgage options available for creditworthy borrowers with manageable levels of debt and smaller down payments," according to William E. Brown, president of NAR. This is good news for the 87 percent of non-homeowners who would one day like to buy their own home. While low inventory and high home prices have made home buying a challenging goal, it's not as far out of reach as first-time buyers believe.

Regional Breakdown
Northeast - Existing-home sales annual rate of 760,000; a decrease of 6.2 percent from November but an increase of 2.7 percent from December 2015.

Midwest - Existing-home sales annual rate of 1.28 million; a decrease of 3.8 percent from November but an increase of 2.4 percent from December 2015.

South - Existing-home sales annual rate of 2.25 million; while unchanged from November, it is an increase of 0.4 percent from December 2015.

West - Existing-home sales annual rate of 1.2 million; a decrease of 4.8 percent from November but an increase of 1.6 percent from December 2015.

Article by Any Presentations 

When you are ready to buy or sell real estate in Arizona give Silver Alliance Realty a call - We make buying and selling your home simple.
Mary Platt • (602) 6186764 • Mary@PlattTeamAZ.com

Friday, January 6, 2017

5 Reasons to be Represented in your New Home Purchase


5 Reasons to be Represented in your New Home Purchase:

1)  Buyer Representation by a skilled Buyer’s Agent is FREE to the buyer. Take advantage of it!

2)  Builders will not give discounts to an unrepresented buyer.  Commissions by builders to real estate brokers are contracted and will not change.

3)  The site agent is legally bound to represent the best interests of the Builder, NOT the Home Buyer. This period    of non-representation is from date of written contract to date of move in.

4)  Experienced Buyer’s Agent can and will negotiate in the best interests of their Home Buyer right up to the close of escrow.

5)  Experienced Buyer’s Agent will be there for their clients at the Home Design Center and all Final Inspections to be sure all items go smoothly.

*Per builders’ rules, we as your REALTORS® must be present with you on your first visit to a new home site.

Call Platt Team AZ today to start building your dream home!
Mary Platt - (602) 618-6764
Tom Platt - (602) 615-8470