The Latest News & Events from Verrado Realty

Shopping for a Home While Saving Money at the Same Time

Let’s be honest, who doesn’t like to shop and save? We are in changing times, and now more than ever, it is important to compare mortgage rates before you buy a home. With the Federal Reserve trying to keep its benchmark interest rate at an all-time low, they are doing their part to make sure that credit markets continue to function. For Americans with good credit, taking advantage of these historically low-interest rates can be a great opportunity!

When you are buying a home and plan to finance the purchase, a loan pre-approval document from a lender must be presented with an offer. Before looking at homes it is advised to have that step taken care of. It does not mean that you are committed to that lender; you can shop and swap to another lender later if you find a lower rate.  Shopping a few different lenders may be a bit time consuming but it may be in your best interest. Rates can widely vary from one lender to another, and shopping is free!

Have the documentation the loan officer requests available when you are ready to shop.  Request quotes from at least three lenders, your current lender, a bank/credit union or any mortgage brokers, boutique or other, where you may have an established relationship. It is recommended that you make the requests on the same day for an accurate comparison. Rates change daily and can expire quickly. Make sure you review all the details of what each lender is offering, rates are not the only thing to consider. There may be other costs, fees and pertinent information within each loan estimate.

If “discount points” or “mortgage points” are mentioned, discuss what the rate may look like without them and that way you are comparing “like” terms, apples to apples. Whether you ultimately choose to buy the points or not, what is important is that you are comparing quotes with like variables when negotiating with lenders.

In any industry that involves human relationship, integrity and transparency are important. Taking the best deal is not always the smartest deal. Finding the right balance between a good lender and a good deal takes time. Ultimately, you may have a long relationship with your lender and want the best service as possible of course. Best of luck shopping for free!

Holly Nott

Verrado Realty

Associate Broker/Verrado Resident

Verrado Market Recap

Verrado Market Recap

by Tim Klimek, Associate Broker at Verrado Realty and 15-year Verrado Resident

Our Verrado Real Estate market is prospering with statistics up across the board. Looking back recapping the sales stats from 2019 from the stats recorded in 2018, our sales volume is up over 12%. Homes in Verrado sold quicker and for more money in 2019 than they did in 2018 with community home prices up over 3.5% and price per square foot up over 7%. The average sales price of a Verrado home in 2019 was slightly over $348K representing the highest average sales price recorded since 2007. In addition, the overall sales volume for 2019 was up over 17% in 2019 from 2018 with a total sales volume of over $138 million. This is the highest sales volume in the community’s history project-to-date. The good news doesn’t stop there, average days-on-market is down 13% from a 92-day average in 2018 to an 80-day average in 2019. This means Verrado homes are selling for more money and faster than they have in nearly a decade.

 

The Custom Home and Homesite markets are also seeing their fair share of success. The number of custom homes sold in 2019 was up over 33% from 2018 with an increase in the sales price of over 11%. There were also 21 custom homesite sales recorded in 2019 with golf course lots leading the way fetching over $66k premium than non-golf course homesites. The custom homes and homesite market are starting to see significant traction and neighborhoods are taking shape with increased activity, more rooftops and construction projects underway. Currently, there are at least 9 custom homes under construction with several in various stages of design. There has never been a better time to start planning your custom dream home in Verrado.

 

Finally, basic Economic principals of Supply and Demand should have home prices in 2020 surpassing these milestones set in 2019. With interest rates remaining low along with a robust economy and stock market should see homes values rise again this year. Supply in Verrado and across the country continues to be at record low levels. Verrado currently has approximately 40 resale homes listed on the MLS (Excluding New Builder Specs), which is an anemic number representing approximately 1% of total homes built in Verrado. Whether you are moving up or moving down, 2020 will be another historic year for real estate.

Energy Efficient Custom Home

 

5002 N Tuthill Road, Litchfield Park, AZ 85340

5 Bed | 2 Bath | 2,734 SF | $399,500 | Offered by Holly Nott and Pat Redfield 

 

This custom Ranch Style home is located on an acre of land with mountain views, solar panels, and a garage/workshop.

Features:

  • 2 x 6 exterior wall construction
  • Low-E windows for extra insulation and increased sound deadening
  • High definition home theater features a 12′ projection screen with audio.
  • New capacity water softener
  • Whole house water filtration
  • New energy-saving window screens
  • Owned solar panels
  • New 16 SEER primary AC unit
  • New Hot water heater
  • Stainless Steel appliances
  • New pool pump
  • Motorized retractable pool cover
  • LED lighting and dimmers throughout
  • Pre-wired for surround sound
  • Ecobee climate control thermostat
  • Detached Garage/ Workshop

 

Call today to schedule a private tour of this amazing home!

 

Holly Nott 203.981.5731 and Pat Redfield 203.912.3995

 

Tim Klimek Associate Broker Verrado Realty

5 Tips For Selling Your Home

by Tim Klimek, Associate Broker Verrado Realty

  1. Price it RIGHT… Do you want to LIST…? Or SELL?

Pricing your home correctly is so very important no matter if it’s a Seller’s Market or a Buyer’s Market.  You don’t want to price your home waiting for that one mythical Buyer; you want to price your home so you have enough interest to generate two to three offers. If you’re not getting activity within the first week on the market then PRICE more than likely has something to do with it.

 

  1. Pre-Inspection Home Inspection

Be proactive instead of reactive. Hire a home inspector to inspect your home prior to listing it on the market. Fix the items that need to be fixed and get your home dialed in. Nothing kills a deal faster than a lengthy list of repairs from a home inspector; this shows deferred maintenance and neglect. Getting a pre-inspection will be money well spent and can provide interested Buyers piece-of-mind.

 

  1. De-Clutter and Deep Clean

First impressions are everything, get your house clean and tidy before it hits the market and especially for the photos. Put away personal items and remove any clutter, less is more. The garage is a perfect place to store all the clutter so long as you’re not bursting from the seams. If you have too much stuff, think about a short-term storage unit to store your stuff during the selling process. Keep your home neat and tidy as you never know when the Buyer is going to request an impromptu showing.

 

  1. You Get What You Pay For

Do your homework and hire a seasoned real estate professional that knows your neighborhood. An agent with a vested interest in the same community would even be better. Get references, ask for a resume on how long they’ve been in business and how many homes they’ve sold. Get a marketing strategy identified upfront so you know your property will be appropriately marketed and what you can expect. Don’t be afraid to ask questions. And although referrals are great make sure you still do your due diligence, a fulltime experienced real estate professional can provide you valuable insight helping you negotiate to achieve your top dollar.

 

  1. Don’t be Duped by Online Estimates

There are many online real estate search engines out there but be careful, those estimates might be selling you short or setting you up for failure. The algorithms used by these companies cannot fully provide an accurate estimate of a home without seeing it…  There are so many variables that give a property its value and many are not determinable by square footage, market data and trends. When interviewing real estate professionals get them to provide you a comparable market analysis for your property, this will give you a professional’s expert opinion of your homes specific value considering the comps, upgrades and current market conditions.

Understanding Real Estate Lingo

When you are buying or selling a home you will run across many new and confusing terms and acronyms. I will address some that are important that you should look out for during your buying and selling process and shed some light to keep you better prepared before you embark on your next real estate venture.

Comparative market analysis (CMA): An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home-based on recently sold homes of similar condition, size, features and age that are located in the same area. In real estate we are consistently running CMAs to determine value. While preparing a CMA as a real estate agent we try to mimic the process of an appraiser in order to estimate the appropriate value for your home.

Closing costs: Fees associated with the purchase of a home that are due at the end of the sales transaction. Fees may include the appraisal, the home inspection, origination fees, a pest inspection, title and escrow fees and more. Buyers should budget for an amount that is 1% to 3% of the home’s purchase price.

Closing Disclosure (CD): A five-page document sent to the buyer three days before closing. This document spells out all the terms of the loan: the amount, the interest rate, the monthly payment, mortgage insurance, the monthly escrow amount and all closing costs.

Buyer’s Inspection Notice and Seller’s Response (BINSR): to request and negotiate repairs to the property.  The BINSR is an addendum to the Arizona Association of Realtors Residential Purchase Contract that allows, in an organized manner, the Buyer to request repairs and the Seller to respond

Seller Property Disclosure Statement (SPDS): Pronounced “Spuds” The SPDS is designed to protect YOU, the Seller.  It gives you the opportunity to disclose things about your home to potential buyers, so that they can make informed decisions. Sellers are legally obligated to disclose all known material facts about the property to the Buyer.  By putting everything is writing and handing it over to potential buyers it can help reduce the number of questions you have to field. The SPDS is an 8-page document and it will ask you about your ownership, building and safety information, utilities, environmental information, sewer or wastewater treatment, and more.

 

Brennen Kent, Realtor

Verrado Realty

4415 N. Sidney Street Video Home Tour

To view the full listing click here.

4 Bed | + Den | 2.5 Bath | 2,578 SF

This spectacular home in the Main Street District of Verrado offers privacy and mountain peak views. With a split layout and upgrades throughout this home is perfect for entertaining and easy living. The gourmet kitchen features a beautiful extended quartz center island, custom Duraform cabinetry, white matte porcelain tile backsplash, and GE Profile stainless steel appliances. The low maintenance backyard features artificial turf, inset concrete pads, drip system and plenty of room for a swimming pool.

Do not miss out on this amazing opportunity in Verrado. Call today to schedule a private tour of this beautiful home!

Offered by Holly Nott and Pat Redfield