Older Homes and Renovation Loans!

If you live in Prescott, chances are you understand how even though we have a lot of new build homes, the majority of homes here are fairly old. As you can see in the graphic below, of the 601 single-family homes currently listed in Prescott, Arizona, 426 of them were built prior to 2009!

Older homes can tend to scare buyers away, but that doesn’t always need to be the case. Perhaps baring homes with larger ticket item fixes such as roofs and foundation issues, other fixer uppers you view don’t need to be so scary. Older homes can not only be an investment opportunity depending on the area they are in, but with a little TLC, they can also have potential to be the dream home you’ve always wanted.

The problem here is that most people don’t have the money to both buy a home and then invest thousands of dollars into it to make it their dream home, so what are they supposed to do then?

The same could be said for those who already own their home. Perhaps they are living in a more dated house and would love to do some of those renovations they’ve always dreamed of. Knocking down a wall, getting granite countertops, and so many other things. Where do homeowners get the money to do this if they haven’t been able to save for it over the years?

The answer to both these questions could quite possibly be a renovation loan. A renovation loan can look like a lot of different things depending on what you are qualified for. With new home buyers it can mean rolling the cost of fixing up your home into the same loan you’re using to finance your home. This means you can renovate that fixer upper right away and not “sometime in the future.” For current homeowners, a renovation loan might look like refinancing to roll the coast of upgrading your home into your loan.

Can you imagine buying a home that you plan to “one day” make your own, but instead of one day, you get to renovate it right away? Or, can you imagine being a homeowner and finally being able to get rid of that gaudy shag carpet and laminate counters?

Well, a renovation loan might be your answer and they aren’t as scary as perhaps you’ve heard. Don’t believe us? Why not talk to the experts? Tamara Jakubos with Fairway Independent Mortgage Corporation specializes in renovation loans! Having helped numerous other clients with renovation loans in the past, she could tell you more about them and possibly help you with your own renovation loan.

Give her a call today, she’d love to answer your questions and see if you qualify for one of Fairway’s multiple renovation loan programs!

Tamara Jakubos

Fairway Independent Mortgage Corporation

tamara.jakubos@fairwaymc.com, 480-467-3010

Listing Feature – 2827 College Heights

Check out our sensational and affordable listing in the Villas at Sunrise Terrace. This home is entirely on one level with only one step from the garage into the home, and the interior of the home has been recently painted and a new roof was installed in 2017!

Boasting three bedrooms, two full bathrooms, and a two car garage, the home also has vaulted ceilings and attractive decorative touches. The spacious master suite has a French door to the back patio, the master bathroom with dual vanities, walk-in closet & separate bath tub and shower.

In the great room, cozy up on the window seat complete with plantation shutters and serene views of Granite Mountain in one direction, and the San Francisco Peaks in the other. The gas fireplace is the focal point in the great room, cladded in reclaimed wood and featuring a gorgeous wood mantle.

The kitchen features granite countertops, a plethora of cabinets and black appliances including built-in microwave, dishwasher, smooth-top electric range and refrigerator.

The backyard is perfect, topping off this great little house! It’s very low maintenance with the concrete patio flowing out into the open paver yard that is fully fenced.

Want to see this gorgeous home? Call our office today for your showing appointment! 928-771-1111.

Listing Feature – 2921 Vinny Drive

 

This is our new listing, an immaculate Cavco manufactured home, in the desirable Vista Verde Estates. Set on a quiet cul-de-sac, this home has a very desirable location right next to Willow Lake which has beautiful boulder views and flat nature trails for walking. Located in the city of Prescott, the home is close to city amenities like medical, grocery stores, and restaurants.

With three bedrooms, two bathrooms, and an attached two and a half car garage, this home has been extremely well-cared for. It is very clean and well maintained, making your move-in that much easier.

Offering a formal living room, informal dining spaces, and a deck for lounging in both the front and backyard, this home has a ton of extra space for you to make it your own.

The home also offers an open kitchen with a center island and large pantry, a master that is spacious and has an en-suite bathroom and walk-in closet, a separate indoor laundry room, and a two and a half car garage with room for storage. The outdoor living this home provides is the perfect place to enjoy your morning coffee with the surrounding trees that create a great sense of privacy. The backyard is completely fenced and has immaculate landscaping with mature, green trees, the entire landscaping of the home being low-maintenance.

Property Details:

  • $275,000
  • 1,387 Square Feet
  • 15 Acres
  • Built in 2004
  • 3 Bedroom
  • 2 Bathroom
  • 5 Car Garage

Interested in seeing this home for yourself? Call for your showing appointment today! 928-771-1111 OR e-mail us at info@kathleeny.com. We would love to answer any questions you may have!

Home Remodeling: Which Projects Are Worth It?

With home prices on the rise not only in Arizona, but also in almost every state, a lot of sellers have begun to opt for home remodels rather than selling their home. Or, they’ve decided to invest some money into upgrading their homes in hopes it will bring a good return when they do go to sell. Either way, any homeowner looking to do some remodeling must ask themselves this question: which projects are the most essential in increasing the value of my home?

While some may have the funds to do not only the maintenance to their homes, but also the expensive upgrades, in most cases we are left choosing between the new kitchen we’ve been dreaming of or replacing the old roof that is only going to last a few more years. So, the question is, which do you go for? The cosmetic upgrades to make your home more appealing to the eye, or the general maintenance that isn’t as easily noticed, but is often vital to the longevity of your home?

In most circumstances, realtors and contractors would agree that when it comes to choosing your projects for updating your home, the most important ones to tackle first are the ones that upgrade your home in its structural maintenance.

In Remodeling Magazine, the upgrades on homes that received the most money back for the value were projects such as replacing the siding (a 92.8% recoup) and replacing roofs and windows (an 80% recoup).

That isn’t what most of us want to hear, especially if we plan on staying in our homes and all we can think about is tossing those dirty kitchen cabinets or worn down carpets, and putting in nice wood. However, when you think about it realistically, it makes sense.

If you are staying in your home, you will spend all that hard saved money on a new kitchen, only to be hit with a larger bill a few years down the road when the roof or siding needs to be replaced.

For those selling sooner rather than later, it does not matter if the kitchen is sparkling new with granite counters and a farm tub sink, if there are too many big general repairs to be done, buyers will stay away. For example, the buyers may love the new kitchen you’ve installed, but if the roof is old and leaking, or the HVAC unit is at the end of its life, they will be scared away, or they’ll end up asking for those high end repairs at the end of the inspection period, at which point they could choose to walk away.

While Remodeling Magazine also showed that remodels such as minor kitchen updates (about $15,000 worth) also brought in about a 92.8% return on cost, in most cases, it’s the maintenance repairs that bring the most return on cost and that buyers would prefer to be done. These updates make sure the home is structurally sound and will last without a sudden tens of thousands of dollars repair.

No fancy kitchen is worth a faulty foundation or dilapidated roof, and most buyers will agree.

Listing Feature – 6235 Almosta Ranch

You have to see this amazing new listing in The Reserve At The Ranch in Prescott!

This is an amazingly luxurious contemporary, single level home.

With jaw dropping, sweeping long distance views of the surrounding mountain ranges, this home gives the feel of being surrounded by nature, but still sits in the town of Prescott.

Located in the gated upscale community of the Preserve at The Ranch, this property boasts over four private acres and sits on a knoll with beautiful serene views from its many walls of windows.

With 4445 square feet and having been extensively remodeled to create a more open and livable space, you will have plenty of room to make this home your own and entertain guests.

The renovations include a temperature controlled wine cellar, an inviting wet bar with gorgeous three dimensional bluestone tiles, and an all new dream kitchen with four ovens, an 8-burner Viking gas range, and a 48” Subzero. A portion of the home that was once a portion of screened in porch is now the new family room, inviting and spacious for all to enjoy the amazing views.

This home also has a lot of outdoor living space that truly puts the icing on top of the cake of this immaculate house, allowing you to enjoy the remarkable views from both the outdoors and from the comfort within your own home.

The outdoor living includes a lower flagstone patio with a fireplace surrounded by a seating area, an outdoor BBQ kitchen area, and an inviting sunken spa surrounded by decking and that rests on a peninsula jutting from the patio to allow you to take in all your incredible views.

Whether you are looking for some peace and quiet or a beautiful home to bring your friends and family for get-togethers, or maybe both, this home has it all!

Call for you showing appointment today at 928-771-1111.

Using a Real Estate Agent VS. For Sale By Owner

When looking to sell real estate, one of the first questions one asks is, “Should I use a real estate agent?”

While it might be tempting to forgo an agent in order to save money, and people often think “How much do they really do anyway?”- using a real estate agent could be one of the best choices you make in your future home sales, and we aren’t just being biased.

Statistics show that selling your home with the help of a real estate professional will get you a higher profit in the end – enough to cover the commission as well as put more money in your pocket. According to the National Association of Realtors (NAR), in 2017, “for sale by owner” (also known as FSBO) homes accounted for only 7% of home sales. On top of that, the average FSBO home sold for $200,000, compared to $265,500 for agent assisted home sales (www.nar.realtor). That’s a $65,500 difference!

Though marketing and selling your home may seem like a breeze, there is actually a lot of work and thought that go into what real estate professionals do. Here are three main points to consider when debating on whether you should sell your home FSBO or use a real estate agent:

  • First off there is setting a price for your home. When you do this yourself, you run the danger of either 1) setting the price to low, therefore cutting the earnings you could have potentially made, or 2) setting the price too high and having your home sit on the market for FAR too long, which makes the home look bad and will make buyers hesitant about it when you drop the price later on.

These two things often happen because those who put their homes on the market as FSBO try to use an online assessment tool to gage their home price, which are not reliable, or go off what neighbors claim they were offered. The real estate market varies and changes constantly, and when you use an agent to sell your home, you are getting someone who works in the fluctuating market on a daily basis. They will have the best knowledge and experience to price your home at just the right spot to ensure you get the most for your home.

  • Another issue with doing a FSBO is that marketing your home is not as easy as it looks. You may have it on a few social media sites and listing websites, however, your home is unlikely to get the amount of exposure it needs – the amount it gets with a real estate agency – without using an agent.

For example, as opposed to a few websites when listing a home FSBO, when a seller lists their home with the Kathleen Yamauchi Group, we market their home in all of the following ways: professional photography, distinctive signage, short message service (SMS) sign riders, our website kathleeny.com, matterport 3D video tours, print in Homes and Land Magazine, print in Prescott Woman Magazine, realtor.com, zillow.com, trulia.com, tourfactory.com, homesandland.com, listhub.com, point2.com, Instagram, Pinterest, Facebook, and the multiple listing services (MLS) in both Prescott and Phoenix.

When it comes to people marketing their home on their own, or with us, there is no comparison. We want your home to be exposed and viewable in as many places as possible to ensure we find a buyer, and we do everything we can to do that because we want to help you!

  • Lastly, one of the main reasons to use a real estate agent over listing your home as FSBO is the paperwork. Unless you have a background in contracts or law, this part of the transaction tends to get tricky. While every transaction has a contract, there can also be counter offers, the HOA Addendum, Lead Based Paint Disclosure, Seller Disclosures, any Addendums to change contract terms, Solar Lease Addendum, Buyer Contingency Addendum, Additional Clause Addendum, and more. Every transaction is different and you never know what you might need, but you will want to make sure that you are covered legally on every aspect of selling your home. If you use an agent, they will take care of everything for you, explain everything to you, and all you have to do is sign when you’re ready. This will help you avoid any liability and makes sure you will not open yourself up to any future lawsuits.

At the Kathleen Yamauchi Group, we seek to do all of the above for you and more! We want to make your real estate transaction as easy, stress-free, and painless as possible. We put your needs first, seek your best interest, and strive to remain a level of professionalism above reproach. With over fifty years of collective real estate experience, hearts that seek to help our client’s dreams come true and to continually improve ourselves, and a kindness and character that far outweigh the rest, you will not be disappointed with us.

If you’re interested in selling your home or looking to buy, check out our website at kathleeny.com, or give us a call at 928-771-1111. You could even stop by our office at 600 E. Gurley St, Suite A. We are open Mon-Sat from 9AM-5PM and Sunday from 11AM-3PM. We would love to talk to you, get to know you, and see how we can help you with your next real estate adventure!

 

 

 

The Slowing Market and Warning Against Overpricing Your Home

For the past few years now, the housing market has been at the top of its game! Prices continually rose without fail, homes lasted only a few days on the market and had multiple competing offers, and the market began to come back to its former glory of the pre-crash market with how well it was doing (without the scare of faulty lending habits and the scare of another crash).

At that time, wise sellers saw their opportunity to sell and sell their home for top of the market value, if not more than what it would actually appraise for. With homes going faster than people could keep up, can you really blame them? By the time you saw a newly listed home, it already had three offers on it. That’s how red hot the market had become!

Reviewing the market today, it is still doing well, but has definitely begun to cool down. In an article by marketplace.org, they stated, “Average home prices in the 20 biggest U.S. cities grew at the slowest pace in nearly two years in September, according to new figures from the S&P CoreLogic Case-Shiller Index. Prices are still rising but so are mortgage interest rates, making houses even less affordable, as sales of existing homes continue to decline.”

Gone are the days of homes only lasting a few days on the market before getting an offer – for now at least. Currently, homes are lasting a month, 2 months, 3 months, and so on. When taking on new sellers who are still looking to “strike it big” by listing their homes with an ambitious sales price, this slowing down of the market is something to keep in mind and something to inform them of.

One realtor in the same article mentioned above said that he comes prepared to inform prospective sellers of this new market. He goes to appointments ready with data showing how homes have been staying on the market for longer now and even shows them news stories about the slowing of the market. This is to help his sellers be more realistic about what price they are willing to list their home at and to ensure it doesn’t get listed too high. If the home is listed too high, it will sit on the market for longer and become harder to sell. If the home is listed at a more reasonable price, it will help it sell more quickly and easily.

If sellers are having this conversation with their real estate agent, it is best to keep in mind that their agent only has their best interest in mind. Remember, realtors work on commission, which is how you really know they are truly thinking of what is best for you – when they are encouraging you to not go too high on sales price.

We here at the Kathleen Yamauchi Group as well as realtors everywhere, adhere to a code of ethics in which we pledge to do what is best for our clients. We will work hard for you and to the best of our abilities to ensure you have as smooth of a transaction as possible!

So, those of you out there thinking of selling your home, keep this slowing market in mind. If you’re in the Prescott area, give us a call, we’d love to talk to you more about this and do a comparative market analysis on your home.

Forbes Magazine’s Take on the Rising Housing Market

With home prices rising every year, a question on many people’s minds has been, “Are we headed for another housing market crash?” For anyone who was affected by the last crash, or nearly escaped its clutches, this is a very real concern and question to be asking when we see prices rising the way they are.

However, while from the outside looking in it may appear as though things are escalating in a very similar fashion as they did ten years ago, when you look at the numbers and statistics comparatively, they are a lot different. The overall housing market is actually in a much better state than it has been in awhile and it is far better than it was when the crash occurred last time.

Recently we came across an article in Forbes magazine that will help explain the current housing situation further and perhaps ease some of the concerns we’ve all been having with this rising housing market.

Click here to read the article on forbes.com titled “Mortgage Debt Nears A Pre-Crash High, But That’s No Cause For Concern.”