Prescott Arizona Sellers questions, answered!

Selling you homeIf you are thinking of selling your home in Prescott I’m sure that you are overwhelmed with questions. I have compiled a list of common questions below to help ease the anxiety associated with selling.

What is a comparable otherwise known as a comp?

Comparables or comps for short, is a list of recently sold properties that are similar in size, age, location and they offer similar amenities that your house contains. Comparables are used by appraisers and real estate agents to determine the fair market value of your home. 

I have a realtor however, someone showed up at my house unannounced for a tour, should I let them in?

As always you should never let anyone into your home unannounced. Your realtor follows a set of protocols for making appointments and serious clients will contact a professional real estate agent to view a home. I caution you to be leery of the person who unexpectedly knocks appears at your doorstep expecting to be let into your home. If this ever should occur simply have them wait outside and contact your realtor immediately.

What is a lockbox?

A lockbox holds the key to your home and is only available to members of the local Prescott Az MLS. The lockboxes have a tiny microprocessor inside and can only be opened with an electronic key. A hollow metal box that attaches to either the front doorknob or some other secure place nearby, inside the hollow area of the box is another matchbox-sized box that contains a key to the house. When an agent opens the lockbox, that smaller container slides out, revealing the key.

All of the electronic keys that have been assigned to your home have a unique identifier. When a Real Estate agent opens the box, the microprocessors inside "registers" who the agent is who opened it. In addition to the Realtors name, the date and time that the home was access is also identified.

Once someone has accessed the lockbox the information is stored in the electronic key and an email is sent automatically to the listing agent, usually within the hour of the accessing the lockbox.

How much will it cost to sell my home?

Many of the fees associated with selling a home in Prescott are based on several factors. The factors include the purchase price. In short a definitive answer is hard to come by; however, I have provided the following items as a general list of expenses a seller can expect to pay.

Please note that some items are negotiable between the buyer and seller. If you have an agreement with the seller make sure that it’s written into the purchase contract

  • Home inspection
  • Pest inspection
  • One half of the escrow fees (Fee is split with the buyer)
  • Recording fees (Fee is split with the buyer)
  • Payoff of Seller mortgage
  • HOA transfer fee (If applicable)
  • Assessments
  • Real estate commission
  • Title insurance
  • Septic inspection
  • Survey, well inspection, home warranty (This is negotiable with the buyer)

Should I leave when my home is being shown?

You should leave your home when it’s being shown to allow potential buyers the ability to be free to envision your home as their own and to feel comfortable to talk openly about the features of your home that they like or dislike.

With you being present during the showing the potential buyers may feel like they are intruding causing them to hurry through your home which could result in a lost buyer.

It’s best to let the prospective buyer’s agent walk them through as they know their client’s likes and dislikes and can point out the features of your home and answer their questions during the showing.

Once I sell my home can I turn off the utilities?

The utilities must remain on in the home the entire time it remains a listing and during the escrow period so that showings, inspections, and the final walk-through can be completed.

Still have questions about selling your home in Prescott? Click here to contact the Kathleen Yamauchi Real Estate Group to learn more!

 

What is the difference between prequalification and preapproval?

Pre-approvedBuying a home whether it’s your first home purchase or you’re a seasoned veteran, it’s to your advantage to get either pre-qualified or pre-approved for a loan. The difference between the two are often not fully understood and I would like to provide you with an understanding between the two so that you can enjoy your house hunting experience.

Pre-qualification in short is a quick and simple process that can be done either on the phone or at your initial meeting with a loan officer. Pre-qualification is based on housing and debt ratios. By getting pre-qualified you will have an idea of how much house you can afford and what loan program options will fit your particular situation.

Benefits to getting pre-qualified

  • Getting pre-qualified for a given loan amount allows you to shop for a home with the comfort of knowing your price range.
     
  • Once you have found the home of your dreams being pre-qualified can also speed the process of obtaining a mortgage.
     
  • Pre-qualification gives you an advantage with agents and sellers when you submit an offer over those who aren’t as you have demonstrated that you are a determined and qualified buyer.
     
  • Proof of pre-qualificaiton is required with the submission of the Arizona Residential Purchase Contract. A residential purchase contract is simply your offer for the home and again, prior credit approvals can expedite the closing of your loan.

On the other hand getting pre-approved to buy a home requires more detailed information from both you and outside sources which is necessary to complete your loan. Once the information has been gathered it is then submitted to an underwriter for review of all of the documentation. An underwriter checks over the figures and makes sure that all of the documentation is in order before deciding on an approval.

If the Underwriter issues an approval of your loan with additional conditions to be met, it is considered approved; however, the outstanding conditions will need to be satisfied before your loan is considered fully approved. Once the pre-approval process is complete, you will be given a letter that is typically valid for 60 days stating that you have been pre-approved and the lender is willing to give you a loan.

Want to learn more about getting started on getting pre-qualified or pre-approved? Click here to Contact Kathleen Yamauchi Real Estate Group or call 928-771-1111 today!
 

 

Are people rude where you live? Come to Prescott for some friendly relief!

Welcome to PrescottTravel + Leisure magazine recently came out with a list of the rudest cities in the U.S. and Phoenix and Scottsdale, AZ made the list. The list was based on reader’s response when asked about their trips to U.S. cities and how well they were treated by locals during their visit.

Phoenix was actually voted as the second rudest in the U.S. with New York and Philadelphia following close behind.

With the polls complete why not consider Prescott Arizona home? Prescott’s weather alone makes it an inviting city and if you combine that with friendly locals it’s not surprising that Prescott AZ has been dubbed “Everyone’s Hometown.”

The downtown culture of Prescott AZ offers an enjoyable year-round experience with an eclectic mix of restaurants, shops, and year-round entertainment providing an enjoyable experience for all, especially during the Christmas season. Located 96 miles northwest of the not so friendly Phoenix in the Bradshaw Mountains of central Arizona and an elevation of 5,400 feet, and an area population of roughly 40,000, Prescott AZ is an ideal, friendly place to live.

Prescott Arizona also has an abundance of beautiful homes for sale. We offer historic homes from the turn of the century to modern architectural marvels tucked into a beautiful mountainside. In addition to the wide selection of beautiful homes, many of the homes have views of our scenic mountains including Granite Mountain, Thumb Butte, and the Bradshaw and Mingus Mountain ranges.

Does downtown living fit your lifestyle? Prescott offers homes near the famous Whiskey Row and Courthouse Square within walking distance from these historic landmarks.

Wherever you choose to live, you will experience pleasant locals and be close to the many natural wonders in the area from National Forest lands to one of the many lakes in the area. Perfect for hiking, biking or simply relaxing.

Come to Prescott to experience a welcoming environment. Click here to contact Kathleen Yamauchi Group Real Estate to learn more today!
 

Brexit may not be such a bad thing for Homebuyers

Home buyingAlthough the full repercussions of Brexit (British Exit) remains to be seen, there was a bit of sunshine for homebuyers as the average rate for a 30 year fixed mortgage dropped .6% from last year. The decline came in the wake of the United Kingdom exiting the European Union.

In 2015 the average mortgage rate was 4.08%. The rate recently dropped to 3.48% and 15 year mortgages also fell from 2.83% to 2.78%.

So what does this mean to a homebuyer? According to CNN Money this is a great time for those in the market to buy a home and even for those who have considered refinancing their current home. With rent prices continuing their climb, perhaps now is the time for you to consider buying a home.

Curiously enough I recently read an article on realtor.com and Arizona made the list as one of the cities across the country with some of the smallest rental units. In Tucson, Arizona a studio apartments can be as small as 398 square feet with one and two bedrooms averaging 595 square feet to 907 square feet. Although I do realize that not everyone in Arizona is calling such a small space home the fact of the matter is that rent prices continue to soar and your hard earned money only benefits the property owner. With the national average of rent coming in at $1204 a month as reported in May by rentcafe.com, Brexit could be your exit from the rental market and a new beginning as a homeowner in Prescott.

Prescott Arizona is just 96 miles northwest of Phoenix in the Bradshaw Mountains of central Arizona. With an elevation of 5,400 feet, the weather here is generally mild, with a four-season climate, annual snowfall of 24 inches, and annual rainfall of 19 inches. What better place to call home!

If you would like to learn more about home mortgage rates in Prescott and the home buying opportunities it presents, click here to contact the Kathleen Yamauchi Real Estate Group today!