Tucson Real Estate Blogs » 2007

Tucson Real Estate & Golf Properties

Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
Contact Me

Archive for June, 2007

7 Steps To Buying A Home

June 29th, 2007 categories: Tucson Real Estate

Buying a home in Tucson Arizona may be slightly different than buying a home in other parts of the country. However, the basics are similar. Home buying is not complicated when you set up pillars of support and take seven steps to a successful purchase. I have prepared 7 steps to walk new home buyers as well as experienced homes buyers through the process of home buying.

Home Buying 101 - Finding a lender. Since buying a home requires money you have two choices, 1) pay cash, or 2) get a loan. The lender you choose can make a difference. Knowing how much you qualify for let you know what homes you can afford.

Home Buying 102 - Choosing the right REALTOR® can make your home buying a pleasure or nightmare. Making sure you have the right mix for you is crucial.

Home Buying 103 - Choosing the Title Company is your right in Arizona. Most REALTORS® have one or two Title Companies that they have confidence in.

Home Buying 104 - Searching for a home. Knowing what to look for when searching for a home helps to understand what to expect.

Home Buying 105 - Knowing what to do when preparing to make an offer. Anything is negotiable.

Home Buying 106 - Protecting yourself with a home inspection is a good investment. Having a home inspection is your right.

Home Buying 107 - Closing escrow. The final step in buying a home before you get your keys. What’s involved?

Authored by Doug Trudeau | Discussion: 4 Comments »

Tucson Real Estate - Home Buying 107

June 29th, 2007 categories: Tucson Real Estate

The final step in buying a home is Close of Escrow (COE). This is where everything comes together.

At COE all the instructions from the buyer, seller, lender, listing agent, and selling agent come together into what is called Closing Documents. The offer, counter offer, buyer inspection notice, seller response, appraisal have all been completed. In Arizona any repairs are required to be completed three (3) calendar days prior to COE. Loan documents are required to be submitted to the escrow officer three (3) calendar days prior to closing. There are still a few last minute things to do prior to closing.

Lender

Double check one to two weeks prior to closing to make sure that the lender has received all required information. Many times lenders will ask at the last minute for latest pay stubs, proof of paying off a credit card, confirmation of alimony payment, proof of insurance on the home, road maintenance agreements, etc. Following up early gives the buyer time to get information to the lender on time. Most lenders send all final paperwork to an underwriter. A vast majority of the time the underwriter asks for more information.
(more…)

Authored by Doug Trudeau | Discussion: No Comments »

Tucson Real Estate - Home Selling 101

June 27th, 2007 categories: Tucson Real Estate

Before putting a home on the market there are some serious questions to ask…

Is it a Seller’s market?
Is it a Buyer’s market?
Is it a Neutral market?
Do I want to sell my home?
Do I need to sell my home?

Seller’s Market

In a Seller’s Market the homeowner can afford to be a little, or sometimes allot, greedy. In a Seller’s Market there is an abundance of Buyers with not enough homes to buy. The mob Sellers Market mentality will overcome common sense. The media has a tendency to add to frantic buying by reporting on fast and high sales. Buyers panic and are afraid to miss out and have to pay 10’s of thousands if not hundreds of thousands of dollars more for a property in a matter of weeks or months. Builders start running low on supplies, labor, and time to build. Prices sky rocket out of control. It’s like swimming down the Niagara river. Eventually the Niagara Falls will take you down. Its disaster waiting to happen. The force and momentum of the market are like the water dragging everything in its path toward the falls. The losers are generally those who buy toward the end of the frenzy. The winners are the seller who sold an bought early. Over priced homes will sell. A Seller’s Market is not a healthy market.

(more…)

Authored by Doug Trudeau | Discussion: 7 Comments »

Housing Market and Predictions

June 25th, 2007 categories: Tucson Real Estate

Predicting the housing market is a combination of subjective and objective evaluations. It’s like looking into a crystal ball.

Subjectivity

From Wikipedia, the free encyclopedia

Jump to: navigation, search

In reason, subjectivity refers to the property of perceptions, arguments, and language as being based in a subject’s point of view, and hence influenced in accordance with a particular bias. Its opposite property is objectivity, which refers to such as based in a separate, distant, and unbiased point of view, such that concepts discussed are treated as objects.

Dusting off one of my graduate books I found some interesting formulas. One was the least-squares regression model for pricing homes. A strictly objective means of evaluation.

P=f(SQFT, BED, BATH, POOL)*

*Business Fluctuations – Forecasting Techniques and Applications, 2^nd Edition, Dale G. Bails and Larry C. Peppers.

Ah, memories of using the regression model in forecasting. What it does not take into consideration is location, existing sales, quality of fixtures, condition, parking, and a myriad of other factors.

Another formula was for seasonal factors.

Yt=B0+B1X1t+B2X2t+B3Q1+B4Q2+…BmQm

Multiple regression models are fine tools for predicting things like manufacturing. How many tires will be needed in 3 years based on today’s auto sales? How many refrigerators will be needed based on new home construction permits? How many light bulbs need to be produced over the next two years based on new home sales? How many disposable diapers will be needed based on number of births?

(more…)

Authored by Doug Trudeau | Discussion: 2 Comments »

Tucson Real Estate � Home Buying 106

June 24th, 2007 categories: Tucson Real Estate

Due Diligence and Inspections

Due diligence is addressing issues like insurance, surveys, legal access, easements, prior use of the property, zoning restrictions, CC&R’s (Covenants, Conditions, & Restrictions), etc.

Inspections are primarily concerned with physical condition, operating condition, infestation, safety, etc.

Seller Property Disclosure Statement (SPDS)

In Arizona, ask for an SPDS. This is where the seller is required to inform you of any physical problems, repairs or concerns with the property; what services you can expect to receive; etc. Failure to disclose is the number one cause of litigation. Comparing the SPDS with the inspections is advisable.

Comprehensive Loss Underwriting Exchange (CLUE)

Ask for a CLUE report. In Arizona the seller must provide a history of the past 5 years for any claim insurance. This is the area most overlooked. Compare to make sure that any claims match what is reported in the SPDS.

(more…)

Authored by Doug Trudeau | Discussion: 3 Comments »

« Previous Entries

Tucson Real Estate Blogs & Golf

Submit Email For Feed

Really Simple Syndicate