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Elite Results Realty Blog

Tuesday, July 21, 2020   /   by Vyral Marketing

Which Renovations Increase Your Home’s Value the Most?

Here are the renovations to consider to boost your home’s value.


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Many people in today’s market are refinancing their homes and pulling equity out so they can afford upgrades. As a result, one of the most common questions I’m getting right now is: Which renovations increase my home’s value the most?

The kitchen and bathroom areas will give you the most bang for your buck, and in the video above, I’ve provided several slides of renovations that I’ve been a part of to help demonstrate some basic tips you can apply to your home.

First, open up your kitchen as much as possible. For example, the kitchen at 0:59 could be improved by removing the walls that separate it from the living room. You can also add more counter space or an island with bar seating. Other options include refurbishing the cabinets, replacing appliances, and refinishing the floors.
&l ...

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  selling a home, owning a home

Monday, July 6, 2020   /   by Vyral Marketing

Should You Have Representation When Buying a New Build Home?

Should you have buyer representation when buying a new home from a builder?


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Some people think you can save money by not using an agent to buy a new build home, when in fact, that’s not the case. There are no cost savings if you purchase without an agent; if you go directly to the builder, they’ve already built in the commission. Sometimes, we can even negotiate a discount—I’ve negotiated $10,000 in savings on a new home from the builder when two representatives said that there was no way they could go under the list price. Those savings represented more than 3% of the new home’s value!

That’s why it’s so important to understand that the representative of the new home is there to protect the interests of the builder. They’re only there to get the most money possible for the builder.

Registering with a buyer’s agent is the b ...

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  buying a home

Wednesday, June 24, 2020   /   by Vyral Marketing

How Can Buyers Compete in This Hot Market?

Buyers: Here’s how to gain an edge in our market.


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Right now, we’re seeing a lot of bidding wars in our hot seller’s market, and I’ve personally seen multiple-offer scenarios with $10,000, $20,000, and even $50,000 above asking price. In many cases, buyers are waiving appraisals and inspections altogether—that’s how crazy it can be out there!

So, as a potential buyer, how can you compete? Thankfully, there are real solutions that don’t involve getting yourself into a financial situation you’re not comfortable with. Recently, we helped one buyer get an offer accepted for less than asking price and beat out 10 other buyers in a very competitive price range. They didn’t have to wave appraisals or inspections either! Here are just a few of the ways that can happen for you:
1. Make your offer stand out. Working with a buyer who’s a ...

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  buying a home

Wednesday, June 10, 2020   /   by Vyral Marketing

How Mortgage Rates Are Calculated

Here’s why current mortgages rates hover around 3.5%, not 0.5% or 2.5%.


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Oftentimes, people will wonder why mortgage rates don’t follow suit when the fed funds rate drops significantly—as was the case at the onset of the COVID-19 pandemic and our current recession. The truth is, in today’s market, mortgage rates are not determined by the fed funds rate.

Though not calculated on the fed funds rate, mortgage rates do align closely with the 10-year Treasury yield. If you look at the history of the 10-year Treasury, you’ll notice that that yield tends to be about 2% lower than mortgage rates.

Back in 2007, when we saw the market crashing, mortgage rates were at 6.5% to 7%, and the Treasury yield was at 4.5% to 5%. It took a couple of years for the Fed to step in and start buying Treasury bonds, which caused the rates to go down.
 

The 10-year ...

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  elite results realty, buying a home, market updates

Friday, May 15, 2020   /   by Vyral Marketing

Are We Headed for Another Great Recession?

Here are my thoughts on how our current recession relates to 2008.


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What would it take for us to have prices go down during this recession like they did in the Great Recession of 2008? During the Great Recession, lending essentially stopped and out-of-work homeowners were simply out of luck.

During this recession, however, the government has allowed mortgage forbearance, thereby allowing people to stay in their homes. The government has also lowered interest rates and foreclosures in Arizona are near all-time lows.

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  market updates