Phoenix Real Estate Industry News

This is why you shouldn’t skip home inspections even on a new build.

Today, I want to discuss an interesting observation during a recent home inspection of a new property. Surprisingly, we've encountered more issues in some new builds compared to homes constructed in the 1950s or 1960s. This can be concerning, but it raises a common question: Why should one invest $500, $600, or even $800 in a home inspection for a brand new house? I'll explain precisely why a home inspection is crucial, especially for new homes.

In this specific case, we examined a brand new home with an issue related to the AC unit. There was a noticeable half-inch gap between the unit and the ductwork. Essentially, the unit was cooling the entire attic, not the living space. When our inspector opened the unit's cover, the air blew so forcefully that it pushed his hair back, highlighting the problem. Furthermore, this improper cooling was evident as the house wasn't cooling down effectively. The inspector ventured into the attic to investigate further.

"If you or someone you know is purchasing a new home and contemplating skipping a home inspection because it's new, think again."

If you or someone you know is purchasing a new home and contemplating skipping a home inspection because it's new, think again. In today's construction environment, it's just as crucial, if not more so, than when buying a 50 or 60-year-old home. With the way homes are being built right now, making a thorough home inspection and getting a good inspector have become  critical steps.

If you have any questions about home inspections or need assistance, feel free to reach out. We’re here to help.

Sharing an important update on the latest market trends and changes.

Curious about the latest shifts in the real estate market? Our comprehensive market update is here to provide you with the insights you need to know about 2023’s market. From housing inventory to buyer demand to evolving pricing trends, we're breaking down the key dynamics influencing the current real estate landscape. This is what you need to know before entering the market. 

 As always, don’t hesitate to call or email us with any questions. We look forward to hearing from you!

Today I wanted to talk to you about the Home in 5 Advantage Program. This is a government grant program that gives you 5% towards your down payment and closing costs.

We have sold more than 100 homes using this program since it was launched in 2012. Recently, there have been rumors that the program is almost out of money, so anyone who wants to cash in on this program needs to do so quickly.

There are a few requirements you need to meet in order to be considered eligible for this program.

First of all, the maximum home purchase price for this program is $300,000. Right now, there are 3,600 homes currently on the market priced between $200,000 and $300,000, so you do have a lot of options to choose from. Your mortgage payment would run from $1,100 to $1,500. If that’s about what you’re spending on rent, you could purchase your own home today with no money out of pocket.

You may wonder about the extra $5,500 or $6,000 you would be responsible for after you get the grant money. Don’t worry - in most cases, we are able to get the seller to pay that so you can get into the home without putting any money down.

This program will get you a 30-year fixed rate home loan, whether you are using an FHA, VA, or USDA loan. Remember, this program gives you a grant, so you don’t have to repay the money from Home in 5 Advantage.

You only need a 640 credit score, which is pretty low. The maximum debt-to-income ratio allowed is 45%. If you’re not sure what yours is, call us and we can help you figure it out.

There is no first-time home buyer requirement for this program. You could be buying your second, third, fourth, or even fifth home and still qualify.

The maximum qualifying income is $88,000. If you are making more than that, you won’t necessarily qualify for this program. However, there are other programs available, such as FHA loans, which only require 5% down.

Finally, if you are active military or a veteran, the down payment assistance is increased to 6%.

If you have any questions about this program, now is the time to ask them. Take advantage of this program before the funding runs out. Give me a call or send me an email. I would be happy to help you!

“I think Bob and his staff went above and beyond. We had several open houses in the first two months that our property was on the market. Bob and his sales staff manned the house every weekend and did an excellent job of displaying our property to the public. We had multiple offers on our property and at the end of the day were able to sell the home for a very satisfactory price. I would definitely recommend Bob to anyone considering listing their home for sale.”

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I wanted to quickly address some major misconceptions about the Phoenix home buying market with you today. These are things that many potential homebuyers take as true, but simply aren’t.

The first is the thought that you need to put 20% down in order to purchase a home. This is just not true. You can actually get into a home for as little as 3% down with an FHA loan. In the Home in Five program, you can even put 0% down out of pocket by using a government grant program. 

The other big misconception out there is that you need this crazy high credit score of 750 or higher to purchase a home. In fact, I just read something today that said 54% of loans go to people with FICO scores between 600 and 750. Don’t let that scare you away!

If you’ve had a couple hiccups and your score is in the 600s, don’t be discouraged from buying a home! Give us a call or send us an email today and we’ll be happy to answer any questions or concerns you may have.