Nationwide Seller’s Market Reigns as Home Prices Climb

Nationwide Seller’s Market Reigns as Home Prices Climb Nationawide Sellers Market Reigns as Home Prices Rise

Despite record low inventory for the month, October home sales increased 2.5 percent year-over-year and kept 2017 prices ahead of 2016, according to this month’s RE/MAX National Housing Report. Thirty-seven of the fifty-three metro markets in the November RE/MAX National Housing Report posted sales increases over October 2016. Meanwhile, inventory gauges were at their lowest point for an October in the report’s nine year history. The Months Supply of Inventory dropped to 3.3 – the lowest for any October in this housing report. It was mirrored by the Days on Market average of fifty-one days, also a new low for October for the report and a full week faster than the selling rate of homes in October of last year.

“The housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country,” said Adam Contos, RE/MAX Co-CEO. “With job growth and increased household formation, buyers will struggle and may even be priced out of the market until home building catches up.”

The Median Sales Price of $224,000 increased 3.3 percent over last October and was $19,000 higher than the same month in 2015. The median price remained on a par with the prices of last spring that kicked off the peak summer selling season.

The average Days on Market for homes sold in October 2017 was fifty-one, up two days from the average in September 2017, and down seven days from the October 2016 average. To access the housing report infographic, visit: rem.ax/2cYFT50.

If you are looking to sell your Arizona home or are ready to buy a Phoenix home, please contact The Voss Team today.

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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5 Thanksgiving Day Hacks That Will Save You Time

5 Thanksgiving Day Hacks That Will Save You Time

5 Thanksgiving Day hacks that will save you timeThanksgiving is almost here and soon the kitchen will be abuzz with activity, cooking and delicious smells. But for many, the stress of decorating, food prep, and cooking can take away from the true spirit of the holiday; relaxing and being thankful. Managing Thanksgiving dinner takes organization, forethought, and taking on many tasks at once. So here are 5 Thanksgiving Day hacks that’ll save you time in the kitchen.

1.) Put your tots in the dishwasher: When there’s no time to scrub dozens of potato by hand, put them through a rinse cycle in your dishwasher and cook away!

2.) Potato power: Want to make the perfect mashed potatoes that they’ll be talking about for generations to come? Well pop those tots out of the dishwasher and add a little baking soda after you mash them. Thanks to a chemical reaction (yay science!) adding a pinch baking powder to your potatoes can make them fluffier.

3.) Host a potluck: Does the thought of preparing an entire Thanksgiving meal by yourself send you into a panic attack? Go nontraditional and host a potluck. It’s a fun way to make sure the whole group can still get together for some tasty food and there’s guaranteed to be at least one dish that each of your guest will like.

4.) Buffet style serving: If you have a table the size of a matchbox with no room for all your Thanksgiving Day goodies, why not serve Thanksgiving dinner buffet style? Not having to figure out how to fit everything on the table will save you loads of stress, and if everyone’s serving themselves, there’s a chance you may actually get to sit down with a plate of food at some point.

5.) Keep décor simple: There’s no need to stress out and bookmark every Pinterest pin that ever existed to decorate for Thanksgiving, especially when you’re pressed for time. While you’re at the grocery store picking up all the trimmings, just pick up some gourds, apples and other pretty fall produce. Then, cluster them on your table for an elegant Thanksgiving look. A few candles, a tablecloth and one or two accent pieces are all a Thanksgiving table really needs. After all your hard work, the food should be the star.

Whichever of these 5 Thanksgiving Day hacks you decide to use, try not to stress or over plan. This is a holiday ripe with enjoying time with your loved ones and inevitably, something will not go as planned. Just relish the day and have a Happy Thanksgiving!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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Little White Lies that Hurt Your Home Buying Chances

Little White Lies that Hurt Your Home Buying Chances

Little White Lies that Hurt Your Home Buying ChancesAt some point in our lives, we’ve probably had to tell a little white lie. And while most of us feel a little fib here and there won’t hurt anything, when it comes to buying a home, honesty is always the best policy. And because obtaining home financing and an affordable mortgage can be a tough process for homebuyers, it’s understandable that some would chose to stretch the truth to work in their favor. Turns out, those small untruths can come back to hurt you and backfire in a major way in your home buying process. Here are little white lies that hurt your home buying chances.

Main Home

Who will occupy the house is the most common white lie when it comes to home buying. A home buyer may tell a lender they are purchasing the home as a primary residence but are in fact planning to rent it out as an investment property. Buyers do this to obtain a lower interest rate and lower down payment as lenders charge a higher interest rates and down payments on investment properties as opposed to primary residences. Lenders consider this stealing money from them by making them take on more risk than they agreed to and if caught, you could lose your home financing.

Income Errors

Obviously how much income you make has a huge impact on qualifying for a home loan. But being dishonest about the amount of money you make can hurt you more than you think. Your lender is going to verify all of the financial information you provide on your application, so if your tax returns, bank statements, W-2 forms, and supporting documents don’t support your income claims, you likely won’t get the loan. It’s best to just be honest and not doctor your statements or fudge the numbers to obtain financing.

Debt Secrets

One of the most important factors to getting approved for a home mortgage is your debt-to-income ratio, which is how much of your income you have to pay out each month to cover all your debts. So some borrowers will fib and hide certain debts on their mortgage application to try to make it look like they owe less than they do. The reason this could blow up in your face is that established creditors report your debt and payment history to the credit reporting agencies which are pulled by your lender. So they will definitely find discrepancies on what you owe versus what you say you owe. Also, when you sign off on a mortgage, one of the things you sign is a statement that the information you’ve provided is accurate to the best of your knowledge. So if the information on your application is not accurate, then that’s mortgage fraud. Penalties for mortgage fraud range as high as thirty years in prison and a $1 million fine.

Little white lies have no place in the home buying process, because altering the facts in any way that affects your cost or ability to get a home loan is likely to hurt your home buying chances. Need help with the home buying process? Contact The Voss Team today and we’ll help you find the right home. And that’s no lie!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

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3 Common Home Buying Myths You Need to Drop

3 Common Home Buying Myths You Need to Drop

3 Common Home Buying Myths You Need to DropBuying a home is likely the biggest investment you’ll ever make in your life, so it pays to know how to separate the truth from the myths. Here are 3 common home buying myths you need to drop!

MYTH #1: You don’t need a real estate agent.

Every once in a while, buyers will get it in their head that the home buying process is an easy do-it-yourself process that will save you more money if you take care of it yourself. The hope is to avoid paying part of the agent’s fee or commission. But managing the real estate investment process on your own is not easily accomplished and can end up costing you more if you don’t know what you’re doing.  Also, REALTORS serve a purpose; they’re experienced in a way the average homebuyer isn’t when it comes to negotiations. More specifically, they can perform a comparative market analysis and set up showings, home inspections, and appraisals. Agents save you time, and we all know time is money.

Myth#2: A 30-year fixed mortgage is the best deal.

Many home buyers believe that 30-year fixed mortgages are not only the best deal but also the only option. Turns out, that’s just not true. If you plan to keep the home for that long then a 30-year fixed mortgage will likely be the best choice for you. However, if you only intend to keep the home for five to seven years, a fixed rate for seven years could be more appropriate. The longer you fix the rate, the higher your interest rate will be so you could be paying a higher rate for nothing if you don’t plan accordingly. Know what you want and how long you plan to keep your home long before you select your mortgage to select the best mortgage plan for you.

Myth #3: A twenty percent down payments are always required.

Many potential home buyers shy away from purchasing an Arizona home for fear of being unable to come up with a twenty percent down payment. And seeing as how not everyone has a down payment stashed in their savings account, many lose countless years saving up for a requirement that may not even be necessary. In fact, depending on your qualifying loan, the down payment can be as little as 3.5 percent, which is the rate for an FHA or even zero percent down for a VA loan. A down payment assistance program may also be an option for Arizona home buyers.

Don’t let these 3 common home buying myths keep you from making smart real estate investments or locating the perfect home for you. If you would like to purchase a Phoenix home, please contact the Voss Team today. We will be happy to assist you with your home search and help you meet your real estate needs.

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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