Tucson Power Group

Jodi Koch & Dave Stucky. Powerful Real Estate Solutions for Tucson, Oro Valley, and Marana.

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What is Escrow?

Once your offer on a new home or other property is accepted by the Seller, your transaction is placed “into escrow” – but what exactly does that mean?

Escrow: The deposit of funds, a deed, and other items to a neutral third party for the purpose of completing a real estate purchase.

Why Do I Need It?

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It facilitates the real estate transaction by managing the disbursement of funds and documents.

 

 

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It provides assurance that no funds or property will change hands until all instructions for the transaction have been completed.

 

Who Are The Key Players?

In many states, the escrow officer is know as the “closer.” In other states, licensed attorneys are required to handle escrows, but often work with a closer from a title company to do some of the processing.

The Buyer, Seller, and Lender will give instructions to the escrow officer to close the transaction.

The Real Estate Professional provides  the escrow officer the necessary information to create the escrow instructions.

The Escrow Officer is responsible for: adhering to the instructions set forth by the principal members of the transaction, processing the escrow in a quick and efficient manner, and closing the escrow when all terms have been met.

These Terms often include: completing a home inspection, purchasing homeowners insurance, completing negotiated repairs, paying all authorized bills, fees, and charges, disbursing funds in accordance with the instructions, and providing the closing or settlement statement.

Men shaking hands as a sign of friendship and agreement While a real estate professional may recommend an escrow company or officer, the buyer and seller have the right to choose their service provider.

 

What Is My Role?

Whether you are buying buyer of the buildingor selling, seller you’ll play a major role in the escrow process…

  • Read and understand the escrow instructions, agreements, or terms and conditions
  • Respond promptly to any correspondence regarding your transaction
  • Direct questions regarding your loan to your lender
  • Carefully review the closing statement

What’s In The Closing Statement?

The closing statement will include information such as:

  • Purchase price
  • Funds that will be deposited or credited to your account
  • Costs of all services
  • Payoffs on existing encumbrances or liens
  • Funds required to close the transaction

Thoroughly examine all closing documents. Safely store your closing statement and other escrow documents for tax purposes.

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Are you ready to Search For Homes or discover What’s My Home Worth?  If so, contact us today for your free consultation!

844-400-6040 or TucsonPowerGroup@gmail.com

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Real Estate 101 Series: ABCs of Real Estate

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4 Do’s And Don’ts Of Home Staging

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Don’t Use Beat-Up Or Ugly Furnishings

Great staging, either DIY or by a professional, includes choosing furniture that shows the room in the best light. And you don’t need to buy new to upgrade. A few hundred dollars on Craigslist can be money well spent.

leopardDon’t Create Distracting Themes Or Decor

Again, focus on your home, not your things. Think neutral, neutral, neutral.  You want the buyer to be able to picture themselves (and their things) in the home, not bet distracted by the jungle theme.

Do Keep Your Home Clean And Clutter Free

You want people to focus on your house, not your things.

Do Keep Things Consistent

You want your home’s story to be that it looked well put together and comfortable, not that it has one or two spaces that left a bad impression.

As always, if you need advice about home staging, talk to your REALTOR®.

Contact us today to set up your free consultation.

844-400-6040 or TucsonPowerGroup@gmail.com

What’s My Home Worth?

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Good Information Series: 5 Surprising Home Buyer Turn-Offs, 5 Fixes To Make (Or Not) Before Listing, 5 Things Neighbors’ Houses Can Tell You About Your Own

5 Things Neighbors’ Houses Can Tell You About Your Own

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How Unique Your Home Islots-of-signs

Are there 10 other homes of a similar size, with similar features from the same year for sale in your neighborhood? Then prep yourself to price competitively – or risk your home  potentially sitting on the market for longer than you like. But if your home is the only one of its kind, you may move quickly!

What Buyers Want

See what amenities are getting top dollar. If you have them, make them a key part of your marketing.  This is another instance where having a good REALTOR® on your side is key.

Asking Prices vs. Reality

The listing price is just that – a listing price. See what homes are actually selling for to better set your expectations.

The Temperature Of The Market

forsalesignwithcobwebsHow long are houses in your neighborhood sitting on the market? Days On Market stats will help you to refine your market price.

Your REALTOR® can help you understand when you are priced outside of the market, and what adjustments to make.

What Not To Do

Find homes near you that aren’t selling, then figure out why. See what missteps neighbors may have made in their homes or their listing strategy, and make sure to avoid them!

Want to know what your home is worth in today’s market? Contact us today to set up your free consultation.

844-400-6040 or TucsonPowerGroup@gmail.com

What’s My Home Worth?

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

More posts in the Good Information Series:5 Surprising Home Buyer Turn-Offs, 5 Fixes To Make (Or Not) Before Listing

4 Reasons to Google That Address

  1. four-reasons-to-google-that-addressFind Crime Reports And Data For Your Home And Environs
  2. To See The Maps
  3. To See If Megan’s Law Registrants Live Nearby
  4. To Learn About What’s Coming To The Neighborhood

downward-trend-imageFind Crime Reports And Data For Your Home And Environs: A search for an address or city and “crime reports” is most likely to turn up your local police or sheriff’s crime map or a list of local happenings. You’ll want to check if the home’s address is on any concerning lists, and see what the broader crime trends are like around the home, too.

To See The Maps:  Take a virtual walk around the block with Google’s Street View  and get a better sense of the neighborhood – especially if you’re relocating to a new place. And a satellite map can be really useful to get a broader lay of the land.

To See If Megan’s Law Registrants Live Nearby: Safety First. Megan’s Law requires law-enforcement authorities to make information available to the public concerning registered sex offenders in their neighborhoods. Googling your address and “Megan’s Law” will turn up a quick list of nearby registrants. Alarmism isn’t a good look, but this is information you should have.

To Learn About What’s Coming To The Neighborhood: Searching for the address,upcoming_events_icon neighborhood name, and city/state can also help you locate permit applications – particularly true for permits that require environmental or neighbor feedback. This way, you can know in advance about a new coffee shop coming in around the corner, or a large multi-year building project happening down the street.

 

Are you ready to begin researching your next home? Would you like to schedule a Buyer’s Consulation and receive a packet of information (with direct links) to aid your online research?

Contact us at 844-400-6040 or TucsonPowerGroup@gmail.com

Search For Homes

Tucson Power Group can help you with a residential sale or purchase anywhere in Southern Arizona. If you are in another area or state, we have a network of quality agents. Call us today, and we can help you find a competent agent in your town.

Merry Christmas from Tucson Power Group!

Merry Christmas from our Tucson Power Group family to yours. We will be available over the Holidays, so please reach out if you need us.

 

 

 

The Real Estate Market Is Hot!

The Tucson real estate market is getting hotter along with the weather! The key statistics are listed below, straight from the Tucson Multiple Listing Service. There are a few statistics that are  important to point out; The average days on market is the lowest it has been in a long time. Today in the Tucson market, it takes an average of 57 days to sell a home. In most areas of town, the average inventory is only about 3.5 months! Tucson is rapidly turning into a sellers market with evaluation occurring at most price points. Another key statistic is the number of conventional loan sales is higher than cash deals. This is a sign that while investor activity is still high, it is slowing. 

What does it mean? It means that if you are thinking of buying a primary residence or an investment property, you should probably consider doing it soon. Please be aware however that it can be very difficult to get an accepted offer these days. We are writing offers ABOVE asking price on a routine basis now, and many homes are receiving multiple offers. There are still opportunities to purchase short sale homes if you are patient. Many buyers will not consider these homes, so the demand is lower and there are still some great deals out there. If you are thinking of selling, what are you waiting for? The buyers are lined up waiting to buy your home!

Below are some highlights from the April Residential Sales Statistics:

 Total Sales Volume of $254,228,400, is a slight decrease
of .31% from March’s number of $255,010,096.
 The Average Sales Price for April of $192,160 is a .15%
increase from March’s $191,881.
 Average List Price for April, $198,491, is an increase of
.24% from March, and has increased 8.08% from April
2012.
 Total Under Contract rose in April to 2,829, a 4.31%
increase from March’s number of 2,712.
 Total Unit Sales decreased in April, going from 1,329 in
March to 1,323 in April.
 The Median Sales Price increased this month to
$157,000, a 4.63% jump from $150,050 in March.
 New Listings increased 2.49% from 1,931 in March to
1,979 in April.
 Total Active Listings decreased to 4,027 in April from
4,210 in March.
 Average Days on Market decreased to 57 in April, a
decline of 2 days since last month.
 Conventional loan sales were up 36.2% in April,
exceeding cash sales of 34.8% for the first month since
December 2012.

Don’t hesitate to contact us for more detailed information about your neighborhood, or a neighborhood you are interested in moving into.

 

Do Multiple Offers Mean You Are Overpaying?

Many of our home buyers recently have become concerned when they find the home they love, and find that there are multiple offers on the property. They are worried that they may overpay for the home. Is this concern justified? Well, everyone has an opinion about where the real estate market is headed from here, and we will stress what we always do about local real estate, that is, IT’S LOCAL! Speak with an active top real estate agent in your market to get counseling before you decide. That said, there are some general market conditions that we can look at to before you make a decision.

  1. Most professionals believe that we are at a cyclical low in the market. Real estate goes up and goes down just like any other market. An investor always tries to buy low and sell high. Which people are driving the market up in many markets across America right now? Investors. If you want to make money in real estate, you don’t have to be smart, just observant. Do what successful investors do, and right now they are buying.
  2. Interest rates are at or near all time lows, and it won’t last forever. When the economy recovers, and it always does, the rates will go up. It’s not a question of if, it’s a question of when.
  3. Demand for affordable properties is very high in many markets right now. This is why we see multiple offers on clean, well priced homes. The market determines the price, not agents, and not sellers. When there is steady increasing demand, prices go up. So instead of worrying about overpaying in a multiple bid scenario, focus instead on the other factors described here. Paying a few thousand more for a home is not an issue when you are looking at the big picture.
  4. Look at value, not price. Is buying a good value compared to renting? Based on the current market situation, absolutely. There is great value in the market today. It is hard for us to imagine anyone getting hurt by buying a home right now provided that they plan to be in in it several years or more. If your job is not secure, or there is good potential for relocation, you should probably rent until your situation is a little more stable.
  5. Do a detailed analysis about the cost of buying vs. renting. Spread it out over 3, 5, or 7 years, and evaluate the total cost. When you are looking at the buying option, be sure to factor in tax savings, evaluation potential, insurance savings, and the cost of repairs. Look for the bottom line difference after all of these items are considered.

So, before you let yourself get flustered about paying a little more for a home, remember to keep your eyes on why you thought buying a home was a good idea in the first place. Make sure you are taking advantage of the knowledge and experience of local real estate professionals. It is their job to understand your local market. Find a good one, trust their opinion, and get on with living in the home of your dreams!

Tucson Power Group at Keller Williams can help you find a seasoned professional for local advice anywhere in North America. Call us today! For more relevant real estate information, like us on facebook or follow us on twitter.

What Happened To All The Homes For Sale?

They’re sold that’s what happened! What a difference a year makes. As of May 2012, the inventory of homes in Tucson is down 37% from May 2011. The median price of sold homes was $140,000 for May 2012, that is up 10% from May 2011. Both sales and contracts are up significantly. The cry we are hearing from agents all over town is “there are no houses”!

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For many buyers currently in the market for a home, there are very few homes to choose from. We have a solid sellers market developing from the lower price ranges and steadily working it’s way up. The situation in Tucson mirrors what is happening in Phoenix, where the inventory is down even more over the same period; almost 45% from May 2011. It is also happening nationally in many markets, take a look at this article which shows that California is leading the way to a housing recovery, which is excellent news for all of us on the west coast.

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Many of the properties that are available are short sale and bank owned properties, since the non-distressed homes that are priced appropriately are being snapped up fast. The good news is that it is easier than ever to purchase a short sale or bank owned property since the process has improved over the last couple of years.

So if you are in the market for a new home, find a good agent that will work hard for you and get out there! If you are thinking about selling, put it on the market! There are people out there who want to buy your home!

Appraisals And Refinancing

Over the last couple of years, I have heard more and more horror stories about banks not being willing to refinance a home due to a poor appraisal. Distressed properties are a large part of the problem, and the appraiser not knowing the characteristics of the area  is another. Many times, the appraisers are coming in from another metro area and have no working knowledge of your local neighborhoods. This article gives some excellent tips for those who are concerned about getting the maximum appraisal amount for their refinance. If you are looking for a good lender in the Tucson area, please contact us. We work with some of the best in town.

Is Refinancing Your Loan In Your Best Interest?

We are convinced that the country is at or near a cyclical low in real estate prices, and now is an outstanding time to invest in real estate. The proof is in the amount of investors snatching up rental property at bargain prices. At the same time, for those who are already in the home of their dreams and are focused on other things in their lives, refinancing might be a great way to lower your monthly payment and lock in a great rate for the future. Interest rates remain at historic lows.

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Perhaps you do want to buy a new home, but cash-flow is tight. Lowering your payment might be a great way to put some money aside for that future upgrade. Is is still very difficult for some to get refinanced with the recent tightening of the money supply. Here is an article that might give you some tips to improve your chances in lowering your monthly payment, and getting the best possible rate.

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