Check out all the events going on in Prescott come April, brought to you by our friends over at Lawyer’s Title!
Check out all the events going on in Prescott come April, brought to you by our friends over at Lawyer’s Title!
This is our gorgeous new listing in Hidden Valley Ranch on 1295 Coyote Road. Built on a corner lot, this home backs to Hidden Valley Ranch common area and the seasonal Banner Creek.
Walking in the front door, you are welcomed in by high vaulted ceilings complete with beams. This home was originally built as the builder’s own home, which tells you the time and care that went into creating it. The Great Room and formal dining areas in this home are expansive and offer a lot of natural light through the Anderson wood windows complete with plantation shutters.
Making your way into the kitchen, you find that it is a large open space, inviting to all your future guests. With a wall oven, desirable kitchen island with cook-top, granite counters, and plenty of counter and cabinet storage space, you will be able to make this kitchen your own.
Opening up into the family room, it boasts built-ins and a grand hearth with a wood burning fireplace. This room is perfect for relaxing and getting cozy with those you love most.
Rounding out the main level are one bedroom, one bathroom, and one laundry room. On the upper level you have the very spacious master suite bedroom with dual vanities and a jetted tub. Three more bedrooms take up the upstairs living with a full bathroom, laundry chute, and a walk-in linen closet.
Outdoor amenities include a two and a half car garage, a covered back deck and grassy yard to enjoy all seasons, and a separate fenced in dog run for your fur family.
This home is move-in ready and a blank slate for anyone wanting to do a little updating and some fresh coats of paint to make it their own.
Interested in seeing this home? Call our office today at 928-771-1111. We’d love to assist you with this home, or any other home you might be interested in!
If you’ve bought or have been trying to buy a home over the last several years, you know that the market has been absolutely crazy, and that includes Prescott!
Homes would go under contract before officially being on the market. Homes would go active and within one day there would be multiple offers on the property, and people would find themselves in a bidding war. Homes were going for over asking price and more than they were actually worth. This is called a Seller’s market and it was hot, and it was not slowing down for anyone!
With all that going on, unless you were a cash buyer, could put in an offer on the property within the first day, or could make an over asking price offer, your chances of landing the contract were slim.
Because Prescott’s market is higher priced than others, the affordability that 2019 seems to be promising might not affect us greatly, but some help is better than none, right?
Here are a few key changes in the market this year:
There will be more homes available to buy. With tight inventory on homes, many buyers have decided to wait it out because by the time they call their agent, the home they were looking at has already sold. Who can compete in a market like that? How this will be changing is more new builds in our area, which brings increased inventory. The problem is that new inventory might not always be in your price range, or if it is (most in the 200-300k area), it also seems to be a lot of other people’s price range and you’ll still have some competition.
Soaring prices will slow down. Even though the inventory of homes has been tight over the last few years, the prices of those homes have done nothing but rise (like we said, it’s a seller’s market). In 2019, that looks to be slowing down slightly. Home prices will continue to rise to be sure, but they will rise at a much slower pace now. According to Realtor.com, there will be a “2.2% increase in home prices this year – compared with a nearly 5% increase last year.” Prices don’t look like they’ll stop rising completely, so it’s best to buy as soon as possible to begin building on your home equity.
Rents are rising and will not stop. Speaking of rising prices and building equity, another reason to buy is so that you can stop wasting your money on renting and start investing in your home. While buying a house is a very expensive adventure and can seem scary, keep in mind that along with home prices, rental prices are rising as well. A top dollar market means that those who are able to buy and turn those homes into rentals for extra income have to charge more for rent. Think of how much they need to make on rent just to cover the mortgage, not to mention make a profit off their investment. We know that buying is a lot of cash up front, but it is also a lot of cash saved later on by building equity in your home and not having to give your money to a landlord every month.
Mortgage rates are lowering. Mortgage rates were predicted to rise in 2019, but they have actually been dropping. Lower mortgage rates are good news for buyers because it significantly helps with home affordability. Higher rates means a higher mortgage, which means pushing a home’s price over what you’ve been pre-qualified for, where obviously, lower rates means the opposite. However, Realtor.com thinks these lower rates are only temporary because of the long-term direction of mortgage rates seems to point to them going back up because of our strong economy.
We hope these pointers give you some hope about trying to buy a home this year, or at least make you consider that perhaps you’ve waited long enough and it’s time to take the plunge. If you’re waiting for another crash, it doesn’t look like that is going to happen. The time to buy is now!
To talk about possibly buying a home, or to get a better idea of what this might look like, we would love to help! You can call us at 928-771-1111.
Last week we talked about older homes and renovation loans. In conjunction with that topic, we thought it would be interesting to take a look at what home features new home buyers and future home buyers would consider the most essential in their house hunts.
When you’re looking to renovate your home, or perhaps are getting a renovation loan to remodel the new home you’re buying, it is always important to not only think of what you like and want, but what other buyers might like and want when you go to re-sell your home someday. You may not believe this is applicable to you if you plan to stay in your home for the rest of your life, but you never know what life will throw at you and it is always best to be prepared. Perhaps you will get a sudden job relocation and have to move, or decide to move to be closer to your family and grandchildren? Whatever the case, never say never.
With that in mind, here are some of the high-priority home features The National Association of Realtors (NAR) found that buyers today have on their checklists when looking for a new home:
As you can see, most of the home features on this list might not be ones we would think of first. While having things such as an updated kitchen and bathrooms, new flooring, and fresh coats of paint are nice, they weren’t in the top ten high-priority features among buyers. What buyers really seem to care about are things that help them save money on utility costs, give them extra storage in the home, and help make the outdoor living of the home better.
Talking about utility costs, NAR states, “While consumers may rank certain energy-saving features highly, they may not be motivated to pay more for them. Sixty-eight percent of consumers said they are concerned about the environment and would like an environment friendly home, but they were not willing to pay extra for one. However, when asked if they would pay more for a home to save $1,000 a year in utilities, the responses changed. Forty-six percent of respondents said they’d pay an average of $1,000 to $9,999 more for a home to save $1,000 per year on their utility bills; 37 percent would pay $10,000 or more.”
This is definitely something to keep in mind if replacing your appliances is on your list of things to do or to budget for in your home renovation.
Other features that ranked high among buyers in this survey included:
In conclusion, if you are thinking about renovating your home or getting a renovation loan in your new home purchase, you might want to consider these features. These are what other buyers find desirable and would perhaps pay more money for, which would maximize on your investment when you sell one day. We aren’t saying spend all of your renovation money on these things – you have to make your home your own and do the things that you want as well – but keep them in mind when considering what’s really important and where perhaps a portion of your budget should go.
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!
Fairway Independent Mortgage Corporation
We’d like to introduce you to our amazing agent Jodi Petkovich. Jodi and her husband John have lived in Prescott for ten years now with their three kids, and they have loved every moment.
As a former teacher, Jodi brings ‘class’ to her duties as an agent as well as a fabulous sense of humor, constantly making those around her laugh. Her kindness, generosity and professionalism are what you’ll love most about her and are what make her unforgettable. She studies the needs of her clients to help them achieve their transactional goals, always seeking her client’s best interest at heart. Her extracurricular activities include making melodies and spending time with her husband and three children and serving in intercessory ministry.
Her husband John owns his own successful plumbing business called Bar None Plumbing. They do everything from basic plumbing issues to water heaters, to flood prevention services, and seek to bring the highest quality service to their customers.
John and Jodi’s three children are Ronnie, Taylor, and Riley. Ronnie is recently married and a worship pastor at a local Church in town. Taylor is currently making his nation and family proud; serving in our country’s military, though he is missed every day by his family. Lastly, Riley is a freshman at Prescott High School and she loves soccer, playing on her schools high school team as well as on a club team.
We love Jodi and we know you will too! Here are some things that Jodi’s clients have had to say about her:
“Jodi Petkovich was a great help and went out of her way to be accommodating for us to get through our purchase. She was super quick to respond every time I contacted her.”
“We worked exclusively with Jodi Petkovich and we couldn’t be more pleased with our experience. During the entire process Jodi was, to put it into simple terms, a wonderful gift. We were looking at Prescott very seriously and clicked on a property for more information and within minutes we got a call from Jodi. Over the course of many months she went above and beyond to help us find the right property and was at our side every step of the way through a challenging buying process. You can’t find a harder working, dedicated, responsive and knowledgeable professional than Jodi. I’ve dealt with many real estate agents in the past (one was a high school friend) and while all were very good at their job, I’d put Jodi on the top of the list when it comes to my experience. My wife and I highly recommend her services and the team at the Kathleen Yamauchi Group.”
“Where to start? Jodi was amazing her professionalism and knowledge was top notch. She listened to what we wanted and found the right home for us in record time. The loan officer we had even said the closing went so well because of Jodi and her quick response and attention to detail. I highly recommend her.”
Jodi is amazing!
Whether you’re looking to buy or sell a home, chances are you’ve looked at a few real estate websites to see what the market is like out there right now. A lot of these sites, while very helpful in other ways, can tend to be a bit misleading when it comes to prices.
If you’re a buyer, these sites take the price the home is listed for and then break it down to give you an estimate of what your monthly mortgage might be. While sites like Zillow and Trulia state that these numbers are just estimates, a lot of times people see them and believe that is truly what they will have to pay monthly, and have hope they would be able to afford the home they’re looking at. These mortgage estimate numbers can be wrong because it doesn’t take into account how much of a down payment you will be paying, which can vary depending on your loan and loan program you’re using, or how much you can afford. Some loan programs are as low as 0% down payment, while others require the 20% customary down payment. Another reason these numbers might not be accurate is that money such as taxes and Escrow payments that get tacked onto your monthly mortgage may vary greatly depending on when you buy.
So then, what should you do if you are a buyer trying to figure out what you can afford? We recommend first speaking to a lender and getting prequalified to buy. This will not cost you anything and it will give you an accurate dollar amount of what you can afford in a home and in a monthly mortgage payment.
If you’re a soon to be seller, you go on these sites to look at what they’re predicting your home might be worth. Sites like Trulia, Zillow, and Realtor will have an estimate of what a home is worth when you look up the address, and this may be a number you look at to help you determine what your home is worth. The problem with these numbers is often times they are derived from automated valuation models and can be very inaccurate. What your home is worth depends entirely on what kind of real estate market you are in (because it varies from town to town), what your home looks like compared to other homes, the amount of land you have, upgrades done, and so much more!
What we suggest for people looking to sell their home is calling a real estate agency. Most agencies will do a CMA for free. A CMA is a Comparative Market Analysis, which compares your home to others like it that have sold in the area with similar criteria (area, year built, number of bedrooms, upgrades, etc). This will hopefully give you a very accurate idea of what your home is worth and what you can list it for rather than just having a guesstimate.
We don’t want to shoot down the real estate sites we love, we are just saying to read what even they say on their websites… that those numbers are estimates and can be inaccurate and not precise depending on your home, your situation, and so many things. For more accurate numbers, follow our tips above about seeing a lender or contacting an agency.
If you need help with either of those things, we would love to assist! You can call our office today at 928-771-111 to speak to an agent about helping you get pre-qualified or creating a CMA for your home to find out how much it could be worth.
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.
With all the snow we received during the “snowpocalypse,” you might have noticed the not so great condition of our roads in the aftermath. As the snow piled up and was plowed away, plus the snow melting and then refreezing overnight, there has been some damage to the cities asphalt.
This continual scraping of the roads was unavoidable and we are so grateful to the crews for keeping our streets open and safe, but what is happening now with the damaged roads? What is happening with all the potholes and uneven surfaces? Well, just like getting the snow plowed away, our city is hard at work. Focusing on large potholes first, they’ve already begun to work on repairing our roads to make sure they are as safe as possible.
Some of these repairs may be temporary so they can get to as many as they can as quickly as possible, but they are working hard to fill the holes and repair our streets.
If you’re wondering how you can help with this endeavor, you can do so by notifying the city of any potholes or damages in the road you notice. Visit the city’s website here to report a problem. You can also call the Street Maintenance Division at 928-777-1126. Drive safe out there!
Here is a list of all the events going on in Prescott in March brought to you by our friends over at Lawyer’s Title.