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Elite Results Realty Blog

Monday, March 29, 2021   /   by Vyral Marketing

Why We’re Seeing Both High Demand and High Prices for Homes

There are a number of reasons why both demand and home prices are continuing to rise. Here’s what’s happening.

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Many of my clients have been wondering why demand is staying strong even though prices continue to skyrocket. There’s not really a simple answer; instead, this phenomenon is occurring for a variety of reasons, including low interest rates, an influx of people moving into the Phoenix area, and the ongoing pandemic.
Interest rates are at their lowest in history, which has made homes more affordable in spite of increasing prices. On top of this, many homebuyers are moving in from different areas of the country. Arizona has been an affordable place to live in for years, and since so many people are now able to work remotely, more and more have taken the opportunity to move to our great state.
"Interest rates are at their lowest in history, which has made homes more a. ...

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  market updates

Friday, March 12, 2021   /   by Vyral Marketing

Buyers: How Much Must You Bring to the Table?

Here’s a deeper look at the total cost of purchasing a home right now.

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Traditionally, buyers have had to budget for some closing costs, a down payment, and any other fees associated with the lender. How much money does a buyer need to bring to the table in order to purchase a home in today’s red-hot market?
In every market, you’ll need a down payment. The specific amount will always vary depending on the loan type. VA loans usually allow you to put 0% down, FHA loans require at least 3.5% down, and conventional loans can be anywhere from 3% to 20% or more. Keep in mind that those are minimum requirements; if you’re willing and able, you can go beyond them.
"Buyers in today’s market may have to pay $3,000, $5,000, or even $10,000 over the appraised value."

In addition to your down payment, you’ll also need to pay closing costs, which include title fees. ...

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  buying a home

Friday, February 26, 2021   /   by Vyral Marketing

Will Home Prices Continue to Rise in 2021?

How long can we expect to see home appreciation continue like this?

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Many are happy to see that home prices have appreciated just over 21% in the last year, but the question becomes, “How long will this continue? What signs should we be looking for to know when the market will change?”
First, know that there are around 4,300 listings currently available on the market, where there would normally be around 30,000. That’s a drastic reduction of inventory. With just over 15 days of inventory on the market, that means if no other homes came on the market, we would sell out of everything in about two weeks.
When supply is low, home prices rise because there are more buyers available than there are homes for sale, and people who need to buy a home will pay more in order to outbid competing buyers on the market.
We’ll be watching these trends closely and let you know what w. ...

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  buying a home

Thursday, February 11, 2021   /   by Vyral Marketing

A Key Mistake for First-Time Sellers to Avoid

Don’t make the same mistakes I did when I sold my first home.

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I bought my first home in 2005 just before the peak of the market. Prices were going up, and I was tempted to sell it then for a huge profit, but I held on to it. After all, I needed a place to live, so I stayed there. Then I saw the market crash and my home’s value dropped significantly. At the same time, my family was growing, and I realized we needed a larger home so we’d have more space.
The big mistake that I made was selling my property while the market was down. I was able to buy another home, but selling my property at a deep discount was a loss. The reason it was such a monumental error is that the property has almost doubled in price since then; I could have had $100,000 of additional value to take advantage of. In the meantime, rents have also risen, so I could have taken advantage of that by turning ! ...

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  selling a home

Friday, January 29, 2021   /   by Vyral Marketing

When the Appraisal Is Lower Than the Contract Price

What do you do when an appraisal comes in lower than the contract price? I'll explain.

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When an appraisal comes in lower than the contract price, we first look for mistakes in the appraiser’s report. Appraisers are very busy, especially in today’s market, and sometimes they might overlook square footage, or the comparables they used might have been inappropriate. People can make mistakes. You can submit a rebuttal when this happens, but it’s rare to get the appraiser to change their opinion of the home’s value. After all, an appraisal is the appraiser’s opinion of the value based on their research.
Often, it’s easier to influence the appraiser’s opinion of value before that opinion has been formed. On our team, we reach out to the appraiser before they visit the property so we can influence them based on data that will help our clients get the best v. ...

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  buying a home, selling a home