The Closing Process Can Be More Involved Than You Think

The closing process isn't a crazy one, but it's usually longer and more involved than most people think when they sell their house.

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When you sell your house, there are few specific things you can always expect during closing.

While we're still in a seller's market, it's not as easy as simply getting an offer on your house and closing the next day. In fact, many sellers misunderstand how involved the process really is. 

The first step after getting an accepted offer on your property is the buyer's 10 days of due diligence unless you agreed on something different. The standard 10 days in the Arizona purchase contract gives them time for any type of inspections. 

Within those 10 days, they will either cancel the deal because they don't like the property or there are too many repairs, give the seller the option to fix certain items, or just accept the property as-is and move forward. 

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95% of buyers in our market use loans, so they'll need an appraisal.

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From there, you as the seller have a certain amount of time to address what you'll do. After that process comes the appraisal process.

Most cash buyers won't get an appraisal, but 95% buyers in our market use loans, so they'll need an appraisal. A third-party appraiser ordered by the bank will go to the property to make sure it's worth the agreed upon price. 

These two processes are the big hurdles in the closing and typically take about 20 to 25 days. That's why the closing as a whole usually takes around 30 to 45 days. Other steps include getting the home ready to move out and getting the title squared away with the title company, among other things. It's not a crazy process, but it can be longer than most people think.

If you have any other questions or you're thinking of buying or selling a home here in the Tucson market, give me a call or send me an email. I'm always happy to help!

Don't Make This Mistake With Your Mortgage

When you start looking for financing to buy a home, there’s one key mistake that many buyers make that you should try to avoid at all costs.

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When you talk to a lender for the first time, there’s a big mistake that many people make that you should try to avoid. 

That mistake is signing up with the first lender you talk to.

Whenever you work with us, we like to recommend a lender and also that you get a second opinion. You’re not obligated to work with our preferred lenders; you can work with whoever you want.

However, we really want to make sure you know not to just stick with the first lender you talk with, just like you wouldn’t work with the first doctor that told you that you need knee surgery. You’d get a second or third opinion.

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You wouldn’t work with the first doctor that said you need knee surgery, would you?

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We also see buyers work with a lender who gives them a good interest rate, but we’ll recommend they speak with one of our lenders who can actually beat that interest rate. You always want to explore your options.

Getting a better rate will save you a lot of money in the end, so always be conscious of it. Our rule of thumb is to work with the best of two or three lenders that you speak with.

If you need a recommendation for a great mortgage lender or you’re thinking of selling your house, don’t hesitate to give me a call or send me an email. I’m always happy to help.

Why Now Is the Best Time to List Your Home

A lot of people have been asking me when the best time to sell is. The answer is right now, and here’s why.

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A common question I get asked is, “When is the best time to put my home on the market?” The answer is now.

I know you may think that I’m just trying to get your business, but the truth is the market has extremely low inventory right now, which means there are more buyers out there than there are properties available.

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Right now is the best time to list your home.

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Because of this, we’re seeing a lot of multiple offer situations which are driving up sale prices. If you’re trying to get the most amount of money in the least amount of time, I definitely recommend putting your home on the market right now.

If you have any other questions or are looking to buy or sell a home, please feel free to give me a call or send me an email. I would be happy to help!

Why Buyers Need an Experienced Agent

In today’s competitive market, it is more important than ever for buyers to hire experienced real estate agents.

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Why is it important to work with an agent who has a lot of buyer experience?

In today’s market, inventory is very low, which causes a lot of issues. If you want to buy a home, you are facing a lot of competition. Last year, if you submitted an offer on a house, it was probably the only offer on that property. Today, even if you make an offer on a home the day it hits the market, you could be competing with as many as four other buyers.

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Submitting an offer is different from getting your offer accepted.

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That makes things really challenging for buyers right now. You need an experienced agent who can get your offer accepted. We are still able to get a lot of buyers into homes because we have many savvy techniques to get an offer accepted.

It’s one thing to work with a nice agent but you have to ask yourself, “Does this agent have what it takes to get my offer accepted?” Any agent can submit an offer, but getting an offer accepted is another story.

If you have any questions about navigating the current market, just give us a call. We would be happy to help you!

What Do Rising Interest Rates Mean for You?

Interest rates recently went up. What does that mean for buyers? Will they continue to rise? I’ll go over everything you need to know today.

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Recently, interest rates went up. What does that mean for you?

Rising interest rates are not a bad thing; in fact, they indicate that the economy is improving. Ultimately, it’s still a good time to buy a home because you won’t have to pay the 9% interest rates of the past. Depending on your credit score, you might not have to pay more than a 5% interest rate.

However, we recommend locking in a low interest rate on a 15-year or 30-year mortgage now, as interest rates should continue to rise.

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Interest rates will continue to rise, so now is a great time to buy.

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With the new year, our market will have a lot of activity. However, inventory is still low, so make sure you get pre-qualified now. That way, when your dream home comes on the market, you will be able to make an offer right away. Getting pre-qualified also gives you an advantage in this market, as we are still seeing multiple offers due to low inventory.

If you have any other questions about interest rates or our current real estate market, just give me a call or send me an email. I would be happy to help you!