Are You Ready For Some FOOTBALL?
Pathetic. A word frequently associated with the Arizona Cardinals. Not just because of their record as a football team but because their home stadium was, to be blunt, pathetic. Sun Devil Stadium is a great stadium for a college football team. Bleacher seats, no cup holders, blazing hot sun. For a college student, it creates the perfect combination of reasons for have another adult beverage. For the Arizona Cardinals, it created another reason to call the team pathetic.
Not Anymore!
Seven days from now the Arizona Cardinals will host the Pittsburg Steelers at the new Cardinals Stadium in Glendale, Arizona. Honestly, the most highly anticipated event to happen to the West Valley and possibly all of Phoenix. The Cardinals now have a permanent home. The positive effect this has on the West Valley of Phoenix is hard to quantify. The destination retail, dining, and residential spaces planned at the Westgate City Center is nothing short of impressive. The electronic billboards and signage will represent the largest grouping of media outside of New York's Times Square. Glendale, Arizona coming in second to New York City, who would have thought?
Yesterday I visited the new stadium. The team shop is open and very impressive. I was floored by the level of customer service displayed by the staff and security. I was even able to get an interior picture of the stadium with the field in place.
This signals the next chapter for the West Valley of Phoenix. We will finally be able to compete with other major residential areas as far as shopping and amenities are concerned. This bodes well for our property values and for our futures.
Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com http://www.azhomebuyerhelp.com/
Saturday, August 05, 2006
Sunday, July 30, 2006
Creative Reasons for a 1031 Exchange
Creative Reasons to use a 1031 Exchange
Deferring capital gains tax is the primary reason most investors use a 1031 Exchange. Who can argue with that? It really is a great reason, but it is not the only reason to use a 1031 Exchange.
Maybe the investor is hoping to put their equity to work for them and desires to own multiple income producing properties. One way to achieve this is to use the equity from a single relinquished property and replace it with 2 or 3 income producing properties. Not only is there the possibility of multiple income streams but this also reduces the exposure should an issue arise (high vacancy rate, etc.) with one of the properties.
What about the investor who no longer desires to be a landlord. A 1031 Exchange would provide the opportunity to exchange an apartment complex for a large parcel of raw land in a high growth area. Another benefit of a 1031 Exchange is to allow the owner of a single investment property to purchase multiple investment properties for his or her heirs avoiding a possible family eruption if a single property was to be divided among multiple individuals.
When making the decision to sell an investment property don't hesitate to ask your REALTOR for creative suggestions on the replacement purchase. If you are interested in learning about the advantages of a 1031 Exchange, please visit http://www.myaz1031.com/ for an overview and to request more information. If you or your organization would like a presentation on 1031 Exchange, feel free to contact me. Programs vary in length from 50 minutes to 3 hours.
Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.azhomebuyerhelp.com/
Deferring capital gains tax is the primary reason most investors use a 1031 Exchange. Who can argue with that? It really is a great reason, but it is not the only reason to use a 1031 Exchange.
Maybe the investor is hoping to put their equity to work for them and desires to own multiple income producing properties. One way to achieve this is to use the equity from a single relinquished property and replace it with 2 or 3 income producing properties. Not only is there the possibility of multiple income streams but this also reduces the exposure should an issue arise (high vacancy rate, etc.) with one of the properties.
What about the investor who no longer desires to be a landlord. A 1031 Exchange would provide the opportunity to exchange an apartment complex for a large parcel of raw land in a high growth area. Another benefit of a 1031 Exchange is to allow the owner of a single investment property to purchase multiple investment properties for his or her heirs avoiding a possible family eruption if a single property was to be divided among multiple individuals.
When making the decision to sell an investment property don't hesitate to ask your REALTOR for creative suggestions on the replacement purchase. If you are interested in learning about the advantages of a 1031 Exchange, please visit http://www.myaz1031.com/ for an overview and to request more information. If you or your organization would like a presentation on 1031 Exchange, feel free to contact me. Programs vary in length from 50 minutes to 3 hours.
Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.azhomebuyerhelp.com/
Sunday, July 23, 2006
1031 Exchange Basics
1031 Exchange Basics
1031 Exchange Basics
The rules for a 1031 Exchange are complex. This is a basic overview with the understanding that each transaction is different. When assembling your 1031 Exchange team, a CPA is a must to ensure your individual situation is accurately addressed. That being said, the basic rules are always the same.
1) Only investment properties qualify for 1031 exchanges, not personal residences. 2) You have 45 days from the date of transfer of the relinquished property to identify replacement property. No exceptions. 3) The exchange must be completed within 180 days or the tax due date. For this reason, exchanges initiated after October 15 require exceptional vigilance.
Once you have decided to sell a qualified property, contact your CPA and a REALTOR with 1031 Exchange experience. Both are vital to a successful transaction. The CPA will be able to advise you of your current financial situation and help you chart a path for the future. The REALTOR will be able to assist you with the proper documentation and guide you through the steps involved. He or She can also help you select a 1031 Exchange Qualified Intermediary (QI). Replacement PropertyThere are no limits on the value or number of properties that may be relinquished in an exchange.
There are limitations on how many replacement properties may be identified. One of the following three rules must be adhered to.
Three Property Rule
A maximum of three properties may be identified without regard to the fair market value (FVM) of the replacement properties.
200 Percent Rule
Any number of properties may be identified as long as the aggregate value does not exceed 200% of the relinquished property.
95 Percent Rule
Any number of properties may be identified if, by the end of the exchange period (180 days), the aggregate market value of acquired property is at least 95% of the aggregate market value of all properties identified.
Properties for replacement must be identified in writing on or before the end of the 45 day identification period. I will discuss more about documenting your exchange and holding periods in the next post.
If you would like more information on 1031 Exchange or the current Phoenix real estate market you can contact me Tracy Thompson 623-326-0597, Tracy@TalkToTracyHomes.com or visit my website http://www.AZHomeBuyerHelp.com
1031 Exchange Basics
The rules for a 1031 Exchange are complex. This is a basic overview with the understanding that each transaction is different. When assembling your 1031 Exchange team, a CPA is a must to ensure your individual situation is accurately addressed. That being said, the basic rules are always the same.
1) Only investment properties qualify for 1031 exchanges, not personal residences. 2) You have 45 days from the date of transfer of the relinquished property to identify replacement property. No exceptions. 3) The exchange must be completed within 180 days or the tax due date. For this reason, exchanges initiated after October 15 require exceptional vigilance.
Once you have decided to sell a qualified property, contact your CPA and a REALTOR with 1031 Exchange experience. Both are vital to a successful transaction. The CPA will be able to advise you of your current financial situation and help you chart a path for the future. The REALTOR will be able to assist you with the proper documentation and guide you through the steps involved. He or She can also help you select a 1031 Exchange Qualified Intermediary (QI). Replacement PropertyThere are no limits on the value or number of properties that may be relinquished in an exchange.
There are limitations on how many replacement properties may be identified. One of the following three rules must be adhered to.
Three Property Rule
A maximum of three properties may be identified without regard to the fair market value (FVM) of the replacement properties.
200 Percent Rule
Any number of properties may be identified as long as the aggregate value does not exceed 200% of the relinquished property.
95 Percent Rule
Any number of properties may be identified if, by the end of the exchange period (180 days), the aggregate market value of acquired property is at least 95% of the aggregate market value of all properties identified.
Properties for replacement must be identified in writing on or before the end of the 45 day identification period. I will discuss more about documenting your exchange and holding periods in the next post.
If you would like more information on 1031 Exchange or the current Phoenix real estate market you can contact me Tracy Thompson 623-326-0597, Tracy@TalkToTracyHomes.com or visit my website http://www.AZHomeBuyerHelp.com
What is a 1031 Exchange?
What is a 1031 Exchange
What is a 1031 Exchange?
Tax Code Section 1031 allows real estate investors to sell property that has been held for investment or productive use in trade or business and defer capital gains and depreciation recapture taxes if they acquire “like-kind” property of equal or greater value and reinvest all of their equity. The fundamental principle is to permit the property owner to continuing investing and defer taxes that would normally be due on the gain from the sale.
Advantages of a 1031 Exchange:
- Properties that have been held for an extended period of time and are “tax-locked” can be freed up.
- Deferred capital gains tax
- Money available for reinvestment instead of going toward taxes
- Heirs can receive a stepped-up tax basis equivalent to fair market value
Basic Rules of a 1031 Exchange:
- Properties must be exchanged for ‘like-kind’ property
- Property must be held for investment or productive use in trade or business
- Replacement property must be identified within 45 days
- Exchange must be completed within 180 days or the tax dues date, whichever is earlier
In the next post, I will describe the basic steps to a 1031 Exchange.
If you would like more information on 1031 Exchange or the current real estate market you can contact me Tracy Thompson 623-326-0597, Tracy@TalkToTracyHomes.com or visit my website http://www.AZHomeBuyerHelp.com
What is a 1031 Exchange?
Tax Code Section 1031 allows real estate investors to sell property that has been held for investment or productive use in trade or business and defer capital gains and depreciation recapture taxes if they acquire “like-kind” property of equal or greater value and reinvest all of their equity. The fundamental principle is to permit the property owner to continuing investing and defer taxes that would normally be due on the gain from the sale.
Advantages of a 1031 Exchange:
- Properties that have been held for an extended period of time and are “tax-locked” can be freed up.
- Deferred capital gains tax
- Money available for reinvestment instead of going toward taxes
- Heirs can receive a stepped-up tax basis equivalent to fair market value
Basic Rules of a 1031 Exchange:
- Properties must be exchanged for ‘like-kind’ property
- Property must be held for investment or productive use in trade or business
- Replacement property must be identified within 45 days
- Exchange must be completed within 180 days or the tax dues date, whichever is earlier
In the next post, I will describe the basic steps to a 1031 Exchange.
If you would like more information on 1031 Exchange or the current real estate market you can contact me Tracy Thompson 623-326-0597, Tracy@TalkToTracyHomes.com or visit my website http://www.AZHomeBuyerHelp.com
Friday, July 21, 2006
Foreclosures
Facing Foreclosure?
Foreclosures
I receive a lot of calls from people wanting to purchase foreclosure properties. For me, I cannot hear the word foreclosure without feeling a pang of sadness. Homeownership embodies the American Dream. Although the “white picket fence” is a rare find in the desert, those wishing to achieve the American dream, are not. Today we are going to take a quick look at the foreclosure process. There is no way I can possibly explore everything about foreclosures, so this will be a very brief overview.
Foreclosure is the legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. The foreclosure process in Arizona starts with the Notice of Trustee's Sale (NTS). When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower. The Trustee shall give written notice of the time and place of sale legally describing the trust property to be sold by each of the following methods: Publication of the notice in a general circulation newspaper, posting of the notice on a conspicuous place on the property to be sold, recording of the notice with the county recorders office. By the time the NTS is advertised in the newspaper, you are already six weeks into the foreclosure process.
Prior to the actual trustee’s sale, the borrower has options to explore that could prevent the foreclosure process and potentially keep their credit from being permanently damaged. For most homeowners, facing the loss of their home is devastating and many choose to ignore the situation rather then explore the avenues available to avoid foreclosure.
Selling a home is an alternative for borrowers that are unable to reinstate the loan and face eminent foreclosure. This option allows a home owner to try to salvage his or her credit, pay off the loan, and retain any remaining equity in the home. By informing the lender of this option, the lender may delay the foreclosure proceedings in order to allow sufficient time to sell the home.
In certain cases, the lender may allow the borrower to sell the home when the proceeds from the sale are not sufficient to pay off the existing loan. This is known as a short sale. A borrower should check with his or her lender to discuss this option. Furthermore, the borrower may have to pay taxes on any loss the lender writes off from the short sale. A borrower should consult his or her tax professional before agreeing to a short sale.
If Keeping Your Home Is Not An Option -- Call Your Lender
Sale: If you can no longer afford your home, your lender will usually agree to give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to obtain the services of a real estate professional who can aggressively market the property.
Pre-Foreclosure Sale or Short Payoff: If the property's sales value is not enough to pay the loan in full, your lender may be able to accept less than the full amount owed. This option can also include a period of time to allow your real estate agent to market the property and find a qualified buyer. Monetary help may also be available to pay other lien holders and/or help toward paying a few moving costs.
Assumption: A qualified buyer may be allowed to assume your mortgage, even if your original loan documents state that it is non-assumable.
Deed-in-lieu: Your lender may agree to allow you to voluntarily "give back" your property and forgive the debt. Although this option sounds like the easiest way out for you, generally, you must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option. Also, this option may not be available if you have other liens such as judgments of other creditors, second mortgages, and IRS or State Tax liens.
If you would like more information about foreclosures please contact Tracy Thompson 623-326-0597. Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.AZHomeBuyerHelp.com
Foreclosures
I receive a lot of calls from people wanting to purchase foreclosure properties. For me, I cannot hear the word foreclosure without feeling a pang of sadness. Homeownership embodies the American Dream. Although the “white picket fence” is a rare find in the desert, those wishing to achieve the American dream, are not. Today we are going to take a quick look at the foreclosure process. There is no way I can possibly explore everything about foreclosures, so this will be a very brief overview.
Foreclosure is the legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. The foreclosure process in Arizona starts with the Notice of Trustee's Sale (NTS). When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower. The Trustee shall give written notice of the time and place of sale legally describing the trust property to be sold by each of the following methods: Publication of the notice in a general circulation newspaper, posting of the notice on a conspicuous place on the property to be sold, recording of the notice with the county recorders office. By the time the NTS is advertised in the newspaper, you are already six weeks into the foreclosure process.
Prior to the actual trustee’s sale, the borrower has options to explore that could prevent the foreclosure process and potentially keep their credit from being permanently damaged. For most homeowners, facing the loss of their home is devastating and many choose to ignore the situation rather then explore the avenues available to avoid foreclosure.
Selling a home is an alternative for borrowers that are unable to reinstate the loan and face eminent foreclosure. This option allows a home owner to try to salvage his or her credit, pay off the loan, and retain any remaining equity in the home. By informing the lender of this option, the lender may delay the foreclosure proceedings in order to allow sufficient time to sell the home.
In certain cases, the lender may allow the borrower to sell the home when the proceeds from the sale are not sufficient to pay off the existing loan. This is known as a short sale. A borrower should check with his or her lender to discuss this option. Furthermore, the borrower may have to pay taxes on any loss the lender writes off from the short sale. A borrower should consult his or her tax professional before agreeing to a short sale.
If Keeping Your Home Is Not An Option -- Call Your Lender
Sale: If you can no longer afford your home, your lender will usually agree to give you a specific amount of time to find a purchaser and pay off the total amount owed. You will be expected to obtain the services of a real estate professional who can aggressively market the property.
Pre-Foreclosure Sale or Short Payoff: If the property's sales value is not enough to pay the loan in full, your lender may be able to accept less than the full amount owed. This option can also include a period of time to allow your real estate agent to market the property and find a qualified buyer. Monetary help may also be available to pay other lien holders and/or help toward paying a few moving costs.
Assumption: A qualified buyer may be allowed to assume your mortgage, even if your original loan documents state that it is non-assumable.
Deed-in-lieu: Your lender may agree to allow you to voluntarily "give back" your property and forgive the debt. Although this option sounds like the easiest way out for you, generally, you must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option. Also, this option may not be available if you have other liens such as judgments of other creditors, second mortgages, and IRS or State Tax liens.
If you would like more information about foreclosures please contact Tracy Thompson 623-326-0597. Copyright 2006. Tracy Thompson is a member of the National Association of Realtors, The Arizona Association of Realtors and the Glendale Board of Realtors. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.AZHomeBuyerHelp.com
Saturday, April 08, 2006
Before You Buy a Home in Arizona
Phoenix, West Valley, Interest Rates
I was contacted by a buyer who had expressed serious interest in purchasing one of my listings. Numerous emails and phone calls over a 10 day period assured the buyer he was making a great choice for him and his family. I had held off telling the seller there was serious interest as experience had me cautious enough to know better. The buyer made an offer. I had spoken with his loan officer the prior week and felt very comfortable with his financial situation. I was prepared to present the offer to the seller I just needed one little thing. The LSR.
Here is where the happy story falls apart. Of course, had this been the summer of 2005, the buyer would have had 10 Phoenix minutes to decide while the seller was fielding offers from five other buyers.
The Arizona LSR is a Loan Status Report. It is basically a form that gets filled out by the loan officer which states how much the buyer is qualified for and if there are things hinging on the qualification (sale of another property, for example). Most good agents won’t even drive a buyer around without one. More on why later.
I call the buyer’s loan officer and leave a message. He does not get back with me that day. The next morning comes and goes, no phone call. OK, maybe he is busy, sometimes I get really busy. I call him. He is not excited. This is about to become a sad story. Two things happened during the 2 weeks the buyer was thinking. Two Very Bad Things (good movie by the way). The buyer, excited about the prospect of moving, purchased a new car to park in his new garage, and interest rates went up. A Perfect Storm (also a good movie if you are into disasters).
Lesson number one: DO NOT buy anything when shopping for a home. Nothing. I advise all my clients of this but unfortunately this one chose to have selective hearing. Lesson number two: A home is probably the largest purchase you will make. You should take your time and make the right decision. You should also know that while you are taking your time, interest rates change everyday and one little change can be enough to keep you from qualifying for the home of your dreams. OUCH.
Why won’t I show homes to people without LSR’s? This is pretty straight forward. Until the buyer knows exactly what they are qualified for, it is unfair to both of us to look at properties. It is unfair to the buyer because they might qualify for more and could be looking at homes that are larger or that have other amenities. The buyer might also qualify for less. Few things are more depressing then driving a Porsche only to find out you can afford a used Yugo. The situation is pretty unfair to the agent also. Real Estate agents are almost never paid by the buyer and almost never get paid until a successful close of escrow. By expecting an agent to show you homes without a loan approval, you are asking them to provide their services absolutely free with little hope of ever being compensated.
The moral of my story? I have strange taste in movies. OK, that is true but not the moral. If you are planning to purchase a home speak to a loan officer first. Find out exactly where you stand financially. Don’t make any purchases or do anything strange with your credit without speaking to your loan officer first. Don’t get upset with real estate agents who won’t show you homes without a loan qualification. Most of us are independent contractors, we pay huge sums of money to our brokers and to maintain our licenses, and we do not get paid unless a transaction closes.
Contact me today for more information on loan qualifications, the Phoenix and West Valley real estate market, or to talk about bad disaster movies. Tracy Thompson 623-326-0597 tracy@talktotracyhomes.com
I was contacted by a buyer who had expressed serious interest in purchasing one of my listings. Numerous emails and phone calls over a 10 day period assured the buyer he was making a great choice for him and his family. I had held off telling the seller there was serious interest as experience had me cautious enough to know better. The buyer made an offer. I had spoken with his loan officer the prior week and felt very comfortable with his financial situation. I was prepared to present the offer to the seller I just needed one little thing. The LSR.
Here is where the happy story falls apart. Of course, had this been the summer of 2005, the buyer would have had 10 Phoenix minutes to decide while the seller was fielding offers from five other buyers.
The Arizona LSR is a Loan Status Report. It is basically a form that gets filled out by the loan officer which states how much the buyer is qualified for and if there are things hinging on the qualification (sale of another property, for example). Most good agents won’t even drive a buyer around without one. More on why later.
I call the buyer’s loan officer and leave a message. He does not get back with me that day. The next morning comes and goes, no phone call. OK, maybe he is busy, sometimes I get really busy. I call him. He is not excited. This is about to become a sad story. Two things happened during the 2 weeks the buyer was thinking. Two Very Bad Things (good movie by the way). The buyer, excited about the prospect of moving, purchased a new car to park in his new garage, and interest rates went up. A Perfect Storm (also a good movie if you are into disasters).
Lesson number one: DO NOT buy anything when shopping for a home. Nothing. I advise all my clients of this but unfortunately this one chose to have selective hearing. Lesson number two: A home is probably the largest purchase you will make. You should take your time and make the right decision. You should also know that while you are taking your time, interest rates change everyday and one little change can be enough to keep you from qualifying for the home of your dreams. OUCH.
Why won’t I show homes to people without LSR’s? This is pretty straight forward. Until the buyer knows exactly what they are qualified for, it is unfair to both of us to look at properties. It is unfair to the buyer because they might qualify for more and could be looking at homes that are larger or that have other amenities. The buyer might also qualify for less. Few things are more depressing then driving a Porsche only to find out you can afford a used Yugo. The situation is pretty unfair to the agent also. Real Estate agents are almost never paid by the buyer and almost never get paid until a successful close of escrow. By expecting an agent to show you homes without a loan approval, you are asking them to provide their services absolutely free with little hope of ever being compensated.
The moral of my story? I have strange taste in movies. OK, that is true but not the moral. If you are planning to purchase a home speak to a loan officer first. Find out exactly where you stand financially. Don’t make any purchases or do anything strange with your credit without speaking to your loan officer first. Don’t get upset with real estate agents who won’t show you homes without a loan qualification. Most of us are independent contractors, we pay huge sums of money to our brokers and to maintain our licenses, and we do not get paid unless a transaction closes.
Contact me today for more information on loan qualifications, the Phoenix and West Valley real estate market, or to talk about bad disaster movies. Tracy Thompson 623-326-0597 tracy@talktotracyhomes.com
Wednesday, April 05, 2006
Phoenix Homes are Heating Up
Phoenix is starting to heat up.
Air Conditioning. In Arizona, you are hard pressed to find two more important words in the middle of August and 115 degree heat. I grew up back east and really didn’t understand why anyone would wish to live in a desert. Of course, I didn’t really understand central air conditioning either. It was not until I was 24 and living in Maryland that I first experienced the wonder of central air. Window A/C was the norm growing up and having more then 2 window units in the entire house was considered a luxury.
Air conditioning in Arizona is not a luxury, it is a necessity. No matter how many ways one can say ‘it is a dry heat’, 115 degrees is hot and fatalities occur at that temperature. When selling a property in Arizona, the A/C, heat, electric, and other systems are guaranteed to be in working condition. If during the inspection period the buyer determines these items to be non-functioning, they must be repaired by the seller.
For many, April signals the month to get ready to sell your home. If you are in the preparation stages, get your air conditioning system checked now before the heat of summer causes backups with all the local contractors. If you have a home warranty, you might want to contact them first to be sure you understand what is covered prior to having your system serviced.
You can contact me, Tracy Thompson 623-326-0597 Tracy@TalkToTracyHomes.com for a list of maintenance items to be attended to before you sell your home. If you are unsure what systems are guaranteed by the purchase contract, let me know and I will help you go over the items.
Air Conditioning. In Arizona, you are hard pressed to find two more important words in the middle of August and 115 degree heat. I grew up back east and really didn’t understand why anyone would wish to live in a desert. Of course, I didn’t really understand central air conditioning either. It was not until I was 24 and living in Maryland that I first experienced the wonder of central air. Window A/C was the norm growing up and having more then 2 window units in the entire house was considered a luxury.
Air conditioning in Arizona is not a luxury, it is a necessity. No matter how many ways one can say ‘it is a dry heat’, 115 degrees is hot and fatalities occur at that temperature. When selling a property in Arizona, the A/C, heat, electric, and other systems are guaranteed to be in working condition. If during the inspection period the buyer determines these items to be non-functioning, they must be repaired by the seller.
For many, April signals the month to get ready to sell your home. If you are in the preparation stages, get your air conditioning system checked now before the heat of summer causes backups with all the local contractors. If you have a home warranty, you might want to contact them first to be sure you understand what is covered prior to having your system serviced.
You can contact me, Tracy Thompson 623-326-0597 Tracy@TalkToTracyHomes.com for a list of maintenance items to be attended to before you sell your home. If you are unsure what systems are guaranteed by the purchase contract, let me know and I will help you go over the items.
Saturday, March 25, 2006
How a Little Beef Jerky can make you a Hero
I've had this on my websites for quite some time, but it bears repeating here.
Let me be upfront about this. I love my family, I love my dogs, I hate beef. Haven't touched the stuff in over 25 years. No, I'm not a vegetarian, and there is a rather lengthy boring reason but suffice it to say, I just don't eat beef. That being said, I support Beef Jerky and all it stands for and here is why...
Whatever your feelings are about our involvement in Iraq, our soldiers deserve all the support they can get. Our country has an all volunteer military made up of people who make numerous sacrifices so we can all sleep safely at night. In the interest of full disclosure, along with not liking beef, I married a man who dedicated 20 years of his life to serving in the United States Air Force so I might be a bit biased.
Our soldiers overseas love beef jerky. Love it. Devour the stuff. So I have decided to use my little corner of the Internet to get the word out that our soldiers need our help. Please click any of the links below to find out how you can help a soldier by sending a care package of magazines, gum, raisins, beef jerky, and more. If you don't have the time or the resources to send a care package, how about sending an email to show your support?
Please, be a hero, take a minute today to thank a soldier. AnySoldier.com and AmericaSupportsYou.mil are great organizations. You can also check out Operation Military Care, K9 where you can find out how to make a donation to support the brave K-9 teams who are serving in a war zone.
Let me be upfront about this. I love my family, I love my dogs, I hate beef. Haven't touched the stuff in over 25 years. No, I'm not a vegetarian, and there is a rather lengthy boring reason but suffice it to say, I just don't eat beef. That being said, I support Beef Jerky and all it stands for and here is why...
Whatever your feelings are about our involvement in Iraq, our soldiers deserve all the support they can get. Our country has an all volunteer military made up of people who make numerous sacrifices so we can all sleep safely at night. In the interest of full disclosure, along with not liking beef, I married a man who dedicated 20 years of his life to serving in the United States Air Force so I might be a bit biased.
Our soldiers overseas love beef jerky. Love it. Devour the stuff. So I have decided to use my little corner of the Internet to get the word out that our soldiers need our help. Please click any of the links below to find out how you can help a soldier by sending a care package of magazines, gum, raisins, beef jerky, and more. If you don't have the time or the resources to send a care package, how about sending an email to show your support?
Please, be a hero, take a minute today to thank a soldier. AnySoldier.com and AmericaSupportsYou.mil are great organizations. You can also check out Operation Military Care, K9 where you can find out how to make a donation to support the brave K-9 teams who are serving in a war zone.
Tuesday, March 21, 2006
How my Blackberry has changed my Real Estate Business – Part 2
How my Blackberry has changed my Real Estate Business – Part 2
In part 1, I whined about my cell phone service going down. In part 2, I’ll try to stop whining and explain why it was such a big deal.
During the late 1970’s Atari introduced a wildly popular video game system which my parent’s blessed my sister and me with. Pong was awesome. Shortly thereafter, Atari introduced a home computer, the Atari 400. It was an 8k system which hooked up to the TV and used cassette tapes for storage. No 11” floppies for Atari, nope, they used cassette tapes which were frequently mangled by the tape deck. Again, this was awesome. I subscribed to ‘Compute’ magazine and spent hours and hours typing their programs into my Atari so I could have something magical appear on my TV screen. Frequently, the magical thing would turn out to be a colored square that would flash changing colors. It was revolutionary. That flashing square would change many lives, mine included.
I was drunk with power. A teenager from Lakewood, Ohio was able to make a flashing colored square on her TV screen, what would they think of next? My Atari led me to the Radio Shack TRS-80, affectionately referred to as a ‘Trash 80’. IBM was developing home PC’s and word processors were somewhat affordable for the home user.
Fast-forward to the early 1990’s. Bill Gates, Compuserve, Apple PC’s. All would have a massive impact on the world. Home PC’s finally became within reach for the home user. That is, if you had a spare $3000 for the basic PC which might even include a printer. I jumped on board the home PC bandwagon, learned as much as I could about Windows (version 3.something) and never looked back.
All of his just basically established me as a huge geek. My name is Tracy and I am a huge geek. So let me just skip over the next decade and get to the point. I really do love my career. Real Estate fascinates me. All of the various nuances, the ebbs and flows of the market and the unpredictability of it all make for exciting work.
Real Estate has also allowed me to leverage my geek side by creating venues where technology allows me better serve my clients. I maintain 2 major websites (www.TalkToTracyHomes.com and www.AZHomeBuyerHelp.com) and 4 small sites. All of which combine different technologies to assist me in getting information to the masses.
I’ve had a lot of success building my business online and using the Internet to provide the best service possible to my current clients. Then I purchased a BlackBerry.
I really did spend a long time researching PDA’s. I even bought a Dell AXIM handheld. The Dell AXIM was useful, fun, and worked as expected. Where it failed for me is in not being a phone and having spotty network connections. I needed to be able to access my email 24 hours a day.
I was pushed into getting the BlackBerry when I dropped my phone for the 937th time and it decided it had had enough. The BlackBerry waved to me from the corner of the phone store and the rest is history. When I realized I could store pictures of my listing on my phone to show to prospective buyers at a moments notice, I was sold.
How I functioned before I’ll never know. Before BlackBerry, a day of appointments meant a day without email (even with my laptop, getting a wireless connection while out of the office is a roll of the dice). Now, I can schedule a day at the doctor or a trip out of town and not miss a beat. I can ever receive faxed offers on my listings on my Blackberry. One day, a few months ago, I was at a Phoenix Suns game when I was emailed by an old client who wanted to list a property. By halftime, we had worked out the details. All in email. The best part was the man sitting next to me (not my husband but the stranger on the other side of me) asked me what I was doing and when I explained to him I was listing a property for a client he became very interested. He asked for the details on the property and while he decided he didn’t want that particular home, he still has me searching for one for him.
So you can see how I panicked when my cell service failed last week. The Phoenix real estate market is flush with real estate agents. Being a step ahead of my fellow agents gives me a competitive advantage when it is time to negotiate the best deal for my clients.
If you would like more information on how to use technology to best help you buy or sell your next home, contact me today. Tracy Thompson 623-326-0597
In part 1, I whined about my cell phone service going down. In part 2, I’ll try to stop whining and explain why it was such a big deal.
During the late 1970’s Atari introduced a wildly popular video game system which my parent’s blessed my sister and me with. Pong was awesome. Shortly thereafter, Atari introduced a home computer, the Atari 400. It was an 8k system which hooked up to the TV and used cassette tapes for storage. No 11” floppies for Atari, nope, they used cassette tapes which were frequently mangled by the tape deck. Again, this was awesome. I subscribed to ‘Compute’ magazine and spent hours and hours typing their programs into my Atari so I could have something magical appear on my TV screen. Frequently, the magical thing would turn out to be a colored square that would flash changing colors. It was revolutionary. That flashing square would change many lives, mine included.
I was drunk with power. A teenager from Lakewood, Ohio was able to make a flashing colored square on her TV screen, what would they think of next? My Atari led me to the Radio Shack TRS-80, affectionately referred to as a ‘Trash 80’. IBM was developing home PC’s and word processors were somewhat affordable for the home user.
Fast-forward to the early 1990’s. Bill Gates, Compuserve, Apple PC’s. All would have a massive impact on the world. Home PC’s finally became within reach for the home user. That is, if you had a spare $3000 for the basic PC which might even include a printer. I jumped on board the home PC bandwagon, learned as much as I could about Windows (version 3.something) and never looked back.
All of his just basically established me as a huge geek. My name is Tracy and I am a huge geek. So let me just skip over the next decade and get to the point. I really do love my career. Real Estate fascinates me. All of the various nuances, the ebbs and flows of the market and the unpredictability of it all make for exciting work.
Real Estate has also allowed me to leverage my geek side by creating venues where technology allows me better serve my clients. I maintain 2 major websites (www.TalkToTracyHomes.com and www.AZHomeBuyerHelp.com) and 4 small sites. All of which combine different technologies to assist me in getting information to the masses.
I’ve had a lot of success building my business online and using the Internet to provide the best service possible to my current clients. Then I purchased a BlackBerry.
I really did spend a long time researching PDA’s. I even bought a Dell AXIM handheld. The Dell AXIM was useful, fun, and worked as expected. Where it failed for me is in not being a phone and having spotty network connections. I needed to be able to access my email 24 hours a day.
I was pushed into getting the BlackBerry when I dropped my phone for the 937th time and it decided it had had enough. The BlackBerry waved to me from the corner of the phone store and the rest is history. When I realized I could store pictures of my listing on my phone to show to prospective buyers at a moments notice, I was sold.
How I functioned before I’ll never know. Before BlackBerry, a day of appointments meant a day without email (even with my laptop, getting a wireless connection while out of the office is a roll of the dice). Now, I can schedule a day at the doctor or a trip out of town and not miss a beat. I can ever receive faxed offers on my listings on my Blackberry. One day, a few months ago, I was at a Phoenix Suns game when I was emailed by an old client who wanted to list a property. By halftime, we had worked out the details. All in email. The best part was the man sitting next to me (not my husband but the stranger on the other side of me) asked me what I was doing and when I explained to him I was listing a property for a client he became very interested. He asked for the details on the property and while he decided he didn’t want that particular home, he still has me searching for one for him.
So you can see how I panicked when my cell service failed last week. The Phoenix real estate market is flush with real estate agents. Being a step ahead of my fellow agents gives me a competitive advantage when it is time to negotiate the best deal for my clients.
If you would like more information on how to use technology to best help you buy or sell your next home, contact me today. Tracy Thompson 623-326-0597
Saturday, March 18, 2006
How my Blackberry has changed my Real Estate Business – part 1
How my Blackberry has changed my Real Estate Business – part 1
This past Wednesday, my cell phone service stopped. I tried to call a client and after 4 rings got one of those fast busy signals. My first thought was there was something wrong with my client’s phone. I went so far as to email him telling him he had phone issues. Oh, was I wrong. Soon thereafter my land line starts to ring. I can tell by the caller ID it is my husband and I prepare to give him a hard time for not calling my cell (we have one of those free calls to those on the same service plans) and he informs me my phone is not working and the message says my number is not in service. This causes me to immediately panic. How many clients are going to freak when they get a message my phone is no longer in service? How can I function without my cell phone? How will I go on breathing without life support???
After a quick search, I locate a phone number for customer service and use the land line to contact them. At this point, I could easily spend the next 15 paragraphs telling you about my 2 hours on the phone with customer service resulting in them telling me my Blackberry was faulty and directing me to the nearest store for a new SIM chip. Needless to say, I am basically pulling my hair out. I am convinced I will need to enter a 12-step program if I don’t get my cell phone fix soon.
I trot down to the local store and am shocked to see it is packed. At least 15 people, all with the same panicked facial expression I am currently sporting. Oddly, most of them are just standing around, frozen in place, staring at their phones. It is as if Tom Cruise just ran through town announcing the arrival of the aliens.
I find my way to a customer service person and explain my issues with my faulty Blackberry. You can tell she is holding back a laugh. She takes a step back from her protective counter, thus creating more distance between us, and slowly says “Ma’am, when you were on the phone with customer service, didn’t they tell you one of our cell phone towers was down and nobody has service?” It is at this moment the room starts to spin and I wonder if I am about to lose consciousness.
“So there is nothing wrong with my Blackberry?”
“Nope”
In the interest of maintaining a PG-13 site, I will leave out the next hour of my day and just let you imagine what was going through my head. Eventually I returned to my office and composed email to everyone I thought might call me letting them know I was without my life support system. Using my land line, I was still able to do business and function but I just felt so lost.
Why am I sharing this? Well I guess if I wanted to defame my cell provider, I could name them here for the entire world to see, but we all have bad days and it just happened to be a bad day for them. Everyone makes mistakes and has circumstances beyond their control. I’m quite satisfied with my service and usually go for months at a time without having to contact my provider. Could they educate their customer service people to check to see if service is out in a specific area before troubleshooting the phone? Absolutely. In fact, I emailed the company, not to complain, but to suggest that this step was possibly missed during my phone call. The support person who handled my call was new. She will probably handle the next call differently.
I’m sharing this because it really hit me how dependant I am on technology and just how much of my business is cultivated because of that technology. We will get into that in part 2.
This past Wednesday, my cell phone service stopped. I tried to call a client and after 4 rings got one of those fast busy signals. My first thought was there was something wrong with my client’s phone. I went so far as to email him telling him he had phone issues. Oh, was I wrong. Soon thereafter my land line starts to ring. I can tell by the caller ID it is my husband and I prepare to give him a hard time for not calling my cell (we have one of those free calls to those on the same service plans) and he informs me my phone is not working and the message says my number is not in service. This causes me to immediately panic. How many clients are going to freak when they get a message my phone is no longer in service? How can I function without my cell phone? How will I go on breathing without life support???
After a quick search, I locate a phone number for customer service and use the land line to contact them. At this point, I could easily spend the next 15 paragraphs telling you about my 2 hours on the phone with customer service resulting in them telling me my Blackberry was faulty and directing me to the nearest store for a new SIM chip. Needless to say, I am basically pulling my hair out. I am convinced I will need to enter a 12-step program if I don’t get my cell phone fix soon.
I trot down to the local store and am shocked to see it is packed. At least 15 people, all with the same panicked facial expression I am currently sporting. Oddly, most of them are just standing around, frozen in place, staring at their phones. It is as if Tom Cruise just ran through town announcing the arrival of the aliens.
I find my way to a customer service person and explain my issues with my faulty Blackberry. You can tell she is holding back a laugh. She takes a step back from her protective counter, thus creating more distance between us, and slowly says “Ma’am, when you were on the phone with customer service, didn’t they tell you one of our cell phone towers was down and nobody has service?” It is at this moment the room starts to spin and I wonder if I am about to lose consciousness.
“So there is nothing wrong with my Blackberry?”
“Nope”
In the interest of maintaining a PG-13 site, I will leave out the next hour of my day and just let you imagine what was going through my head. Eventually I returned to my office and composed email to everyone I thought might call me letting them know I was without my life support system. Using my land line, I was still able to do business and function but I just felt so lost.
Why am I sharing this? Well I guess if I wanted to defame my cell provider, I could name them here for the entire world to see, but we all have bad days and it just happened to be a bad day for them. Everyone makes mistakes and has circumstances beyond their control. I’m quite satisfied with my service and usually go for months at a time without having to contact my provider. Could they educate their customer service people to check to see if service is out in a specific area before troubleshooting the phone? Absolutely. In fact, I emailed the company, not to complain, but to suggest that this step was possibly missed during my phone call. The support person who handled my call was new. She will probably handle the next call differently.
I’m sharing this because it really hit me how dependant I am on technology and just how much of my business is cultivated because of that technology. We will get into that in part 2.
Thursday, March 16, 2006
Phoenix Real Estate Pre-Qualification and Pre-Approval
One of the most important steps in the Phoenix home buying process is receiving pre-approval for a home loan. Many buyers apply for a loan and obtain approval before they find the home they want to buy. Why? The pre-approval step takes only a few hours and will save you a tremendous amount of time looking at homes that may be below what you qualify for or above what you can qualify for. Taking this step also affords you the opportunity to get to know your lender and the process he or she will take to assist you in your home purchase. To get the process started, I have added numerous loan calculators to my web site. Just plug in some simple information and you can get a snap shot of what you qualify for.
When purchasing a home in Arizona there are a variety of loan programs that are available. These different loan programs offer different rates, terms, and down payments. Many loan programs require no money down. Many individuals do not own a home simply because they don't know how easy it can be. Often times you can own a home for less than you pay in rent.
Pre-qualifying will help you in the following ways: Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose to make and you won’t waste time considering homes you cannot afford. Pre-approval will help you in the following ways: A seller may choose to make concessions if they know that your financing is secured and you can select the best loan package without being under pressure.
Sometimes similar sounding terms can have vastly different meanings. For instance, the difference between buyers who are pre-qualified and those who are pre-approved can make a huge difference in the length of time it may take your home sale to close.
A buyer who is pre-qualified is one whose lender has determined how much he/she can borrow based only on information they have provided to the lender. Nothing has been verified to determine the buyer's true creditworthiness. The buyer must fill out a loan application and go through the lender's approval process at a later date.
When a buyer has been pre-approved, the lender has already done a credit check and verification of employment and deposit. The lender's pre-approval is actually a commitment to loan the buyer up to a certain pre-determined amount. The only thing missing is the lender's appraisal of your home to confirm its value. When seeking a pre-approval, it's important to not misrepresent the facts on your application. If a lender learns later that you've misrepresented or omitted information on your application, your pre-approval may be rescinded.
An offer from a pre-approved buyer can save days or even weeks off the closing process. In Arizona a purchase contract must be accompanied by a Loan Status Report which states at which stage of the loan process the buyer is currently.
Please keep this in mind when you are ready to make your next home purchase. There is really never a good reason not to represented by a licensed Realtor®. Copyright 2004-2006. Tracy Thompson is a member of the National Association of Realtors®, The Arizona Association of Realtors® and the Glendale Board of Realtors®. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. Sign up for Tracy’s free weekly newsletter at www.TalkToTracyHomes.com/newsletter
When purchasing a home in Arizona there are a variety of loan programs that are available. These different loan programs offer different rates, terms, and down payments. Many loan programs require no money down. Many individuals do not own a home simply because they don't know how easy it can be. Often times you can own a home for less than you pay in rent.
Pre-qualifying will help you in the following ways: Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose to make and you won’t waste time considering homes you cannot afford. Pre-approval will help you in the following ways: A seller may choose to make concessions if they know that your financing is secured and you can select the best loan package without being under pressure.
Sometimes similar sounding terms can have vastly different meanings. For instance, the difference between buyers who are pre-qualified and those who are pre-approved can make a huge difference in the length of time it may take your home sale to close.
A buyer who is pre-qualified is one whose lender has determined how much he/she can borrow based only on information they have provided to the lender. Nothing has been verified to determine the buyer's true creditworthiness. The buyer must fill out a loan application and go through the lender's approval process at a later date.
When a buyer has been pre-approved, the lender has already done a credit check and verification of employment and deposit. The lender's pre-approval is actually a commitment to loan the buyer up to a certain pre-determined amount. The only thing missing is the lender's appraisal of your home to confirm its value. When seeking a pre-approval, it's important to not misrepresent the facts on your application. If a lender learns later that you've misrepresented or omitted information on your application, your pre-approval may be rescinded.
An offer from a pre-approved buyer can save days or even weeks off the closing process. In Arizona a purchase contract must be accompanied by a Loan Status Report which states at which stage of the loan process the buyer is currently.
Please keep this in mind when you are ready to make your next home purchase. There is really never a good reason not to represented by a licensed Realtor®. Copyright 2004-2006. Tracy Thompson is a member of the National Association of Realtors®, The Arizona Association of Realtors® and the Glendale Board of Realtors®. To find out more about home buying and selling, contact Tracy at 623-326-0597 or email Tracy@TalkToTracyHomes.com. Sign up for Tracy’s free weekly newsletter at www.TalkToTracyHomes.com/newsletter
Tuesday, March 14, 2006
Dogs
I know, this has absolutely nothing to do with the Phoenix real estate market but it's my blog and I want to talk about dogs today.
Unlike my dogs, I have that whole opposable thumbs thing going which means they have always depended on me for some basic hygiene assistance. I'll be honest, I firmly believe the dogs wager on how much they can make me look like a total idiot when I try to brush their teeth or clean their ears. Let's not even discuss trimming their nails.
Chuck (the Wiener) was pretty good about the whole grooming thing. He would put up a small fight with teeth and ears but as least he would let me do it. When Jackson (the Boxer) entered the picture, he decided it would be a lot more fun to see how much toothpaste could end up on me rather then on his teeth. Ear cleaning is out of the question and I have had 2 groomers refuse to ever do his nails again. Jackson is a true Boxer at heart and has no problem demonstrating his boxing ability when confronted with nail clippers.
All I have to do is open the drawer containing the nail clippers and toothbrush and it sends Jack in a complete frenzy. He runs around the house, jumps on the furniture, plays keep away all the while quietly laughing at my idiotic behavior while I chase him around the sofa. The general calamity causes Chuck to make a howling noise reminiscent of an Otter being crushed by a Grizzly Bear.
My desire to regain some dignity in front of my dogs has sent me on an exhaustive search for doggie dental products. Greenies were out of the question after reading about the dogs that died after using them. Both the traditional toothbrush and the rubber finger-tip brush proved to be more painful then useful. Yes, I could take them in for a proper cleaning from the vet but I was looking for daily or at least weekly care.
I found it. Yee-haw. So I’m taking time away from my chosen career to tell you about the Easy Brush. There are 2 sizes the Large Dog Toothbrush
and the Small/Medium Dog Toothbrush.It is awesome. It looks like a dog bone with a bristle end. Jack and Chuck fight over it. They behave as though I gave them a t-bone steak. Absolutely amazing. I don’t know if it is the way the toothpaste tastes or what, but they love it. Just give it to your dog for about 2 minutes every other day and they brush their own teeth. Very cool. One caveat; the first few times both dogs had bleeding gums. The package instructions warn of this and tell you to keep a close eye on the pup when he is chewing.
The worst part of the toothbrush is trying to get it away from the dogs at the end of the 2 minute brushing. Both Chuck and Jack grab the bone and let me chase them around the house. Possibly this is their way of ensuring I still lose my dignity when taking care of doggie hygiene.
I’ve dedicated a section of my website to pets. Check it out. I have tips for moving and reducing the stress on your pet. There is also a section where you can submit a picture of your pet to be posted on my site. I also post sale and discount offers from major retailers so you can keep up with the latest pet trends.
If you would like to see your pet online, email me or visit my website http://www.AZHomeBuyerHelp.com for more information.
Monday, March 13, 2006
Do You Need a Home Inspection?
Before You Buy Phoenix Real Estate
Do you really need to have a home inspection before buying? In a word, yes. Most homebuyers take into consideration what the cost of paying the home’s mortgage, taxes and utilities will be, but fail to factor in home repairs and maintenance. A home with many defects that is selling for a low price may be a great value for a homebuyer who is very handy and has the time and money to make the needed improvements.
On the other hand, buying a home that requires a lot of repairs may be a big problem. Do you have the ability, the finances, and the resources to make repairs? Are you prepared to spend from a few hours to what might be weeks without air conditioning or even plumbing? A proper home inspection can help warn you of potential problems before they happen.
Your REALTOR should explain the purchase process, make and negotiate the offer and prepare contracts. Once the contract has been accepted your Realtor will assist you in making arrangements for your home inspection. In Arizona, most contracts only allow 10 days for you to obtain all necessary inspections. Plan on attending the inspection and ask question while it is going on. Don’t be afraid to speak up if you don’t understand something. This will soon be your new home and you should feel good about your purchase.
Some of the things the inspector will be looking for include; Foundations: Look for cracks or water seepage, Insulation: Look for condition, adequate rating for climate, Doors and Windows: Look for loose or tight fits, condition of locks, condition of weather stripping, Roof: Look for age, conditions of flashing, pooling water, buckled shingles, or loose gutters and downspouts, Ceilings, walls, and moldings: Look for loose pieces, drywall that is pulling away, Electrical: Look for condition of fuse box/circuit breakers, number of outlets in each room, Plumbing: Look for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation, Water Heater: Look for age, size adequate for house, speed of recovery, energy rating.
That’s not even half the list, but I think you get my point. A home inspection is a crucial component of the home buying process. Now you can complete your home purchase with confidence about the condition of the property and all its equipment and systems. From the inspection, you will have learned many things about your new home, and will want to keep that information for future reference.
To find out more about home buying and selling and Phoenix real estate, contact Tracy Thompson at 623-326-0597 or email Tracy@TalkToTracyHomes.com. http://www.TalkToTracyHomes.com or http://www.TalkToTracyHomes.com
Thursday, March 09, 2006
Are there available Investment Properties in Phoenix?
The Phoenix Real Estate Investment Market
Last summer I could count on at least one phone call per day from an out-of-state investor who either found me online or had been referred to me from another investor. Almost all of the calls had the same theme: Do you have any occupied investment properties? Do you have any new builds? Easy questions to answer one year ago: No, and No. For good measure I would also let the caller know about the difficulty in finding a tenant and even if one could be found, don’t even think about cash flow.
What a difference a year makes. Today on the Arizona Multiple Listing Service there are multi-unit properties available, most are correctly priced and with a little effort should cash flow nicely. I am able to find numerous tenant occupied properties which might not exactly cash flow but with steady appreciation are positioned to be solid investments. As a matter of fact, there are enough investment properties in Phoenix, El Mirage, Glendale, and Avondale that I can send a daily email to interested clients with new listings. If you would like to receive this list, visit my website or email me Tracy@TalkToTracyHomes.com.
New Builds are an interesting market at the moment. I’ve always been a proponent of builders putting restrictions on non-owner occupants. There were some developments with over half of the homes available for rent last year. Situations such as this caused almost all of the Phoenix new home builders to put one and two year owner-occupied only restrictions on their sub-divisions. Investors were outraged and agents were frustrated but in the end decisions such as these usually prove to be prudent.
This year we are looking at a different market. Phoenix area builders have started to again offer co-broke fees to agents and rebates and incentives to buyers. This has created a double-positive situation for the buyer. Buyer’s can once again bring their REALTOR with them to purchase a new build giving the buyer the protection they deserve. Last year many of the builders removed any compensation for buyer’s agents causing the buyer to be unrepresented or creating a situation where a kindly REALTOR was expected to work for free. While I love my chosen profession, not receiving compensation for services rendered can be a bitter pill to swallow.
Arizona new home builders are also offering some very attractive rebates and incentives for buyers. Pools, patios, upgraded flooring, and landscaping packages are just a few of the promotions hitting my email this week. I keep a list of upcoming developments and the incentives being offered. Feel free to sign-up on my site, call 623-326-0597, or email me to receive updates.
Some Phoenix new home builders are even allowing a limited number of out-of-state buyers. I have found the list of builder changes daily with supply and demand but it is possible to buy a new build home as an investment property. Visit the section on investment properties at my web site http://www.AZHomeBuyerHelp.com for more information.
Sunday, March 05, 2006
Phoenix, West Valley Commercial Growth
West Valley Commercial Growth
Having lived in the West Valley of Phoenix for the past eight years, I am easily excited whenever I see any construction having the potential of being a future restaurant or shop. Not that I wasn’t fond of the neighborhood dairy or egg ranch. Actually, I miss having a working farm just down the street where I could purchase fresh produce. I’m just a little relieved at the prospect of quality dining and shopping without having to drive to Scottsdale.
The Southwest corner of 99th Ave and McDowell is to be the new home of Gateway Crossing. Prospective tenants include Claim Jumper, Islands Fine Burgers and Drinks, Paradise Bakery & Café, Best Buy, Chipotle, Rumbi Island Grill, and more. The first phase is to be completed in early 2007.
At Dysart and McDowell ground has broken on Pei Wei, NYPD Pizza and (I cannot wait) Sprouts. I cannot hold my breath much longer waiting for AJ’s to set up shop in the Far West Valley so I will have to be satisfied with Sprouts. Across the street on the northwest corner, a Buffalo Wild Wings Grill & Bar is set to be built. Over the years, I enjoyed many a wing at BW3 in Ohio and am really looking forward to having one close to home.
As I hear (and can confirm) of more shopping/dining opportunities, I’ll post them here and on my website at AZHomeBuyerHelp.com. If you know of a new development in the area, drop me an email and let me know.
Having lived in the West Valley of Phoenix for the past eight years, I am easily excited whenever I see any construction having the potential of being a future restaurant or shop. Not that I wasn’t fond of the neighborhood dairy or egg ranch. Actually, I miss having a working farm just down the street where I could purchase fresh produce. I’m just a little relieved at the prospect of quality dining and shopping without having to drive to Scottsdale.
The Southwest corner of 99th Ave and McDowell is to be the new home of Gateway Crossing. Prospective tenants include Claim Jumper, Islands Fine Burgers and Drinks, Paradise Bakery & Café, Best Buy, Chipotle, Rumbi Island Grill, and more. The first phase is to be completed in early 2007.
At Dysart and McDowell ground has broken on Pei Wei, NYPD Pizza and (I cannot wait) Sprouts. I cannot hold my breath much longer waiting for AJ’s to set up shop in the Far West Valley so I will have to be satisfied with Sprouts. Across the street on the northwest corner, a Buffalo Wild Wings Grill & Bar is set to be built. Over the years, I enjoyed many a wing at BW3 in Ohio and am really looking forward to having one close to home.
As I hear (and can confirm) of more shopping/dining opportunities, I’ll post them here and on my website at AZHomeBuyerHelp.com. If you know of a new development in the area, drop me an email and let me know.
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