Tags Articles tagged with "Home sales"

Home sales

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By Dayv Morgan

Dayv Morgan

Traditionally, a down payment on a home is 20 percent of the sales price. This allows a buyer to avoid paying a monthly fee for private mortgage insurance. But saving up 20 percent is often a struggle for potential homebuyers. The median sales price in Maricopa is around $210,000, which would require $42,000 down.

This is why down-payment assistance (DPA) programs remain in demand. In 2016, the Pathway to Purchase (P2P) program allowed Maricopans to receive a grant of 10 percent of the price, up to $20,000, to be used towards the down payment. The P2P program returned last month for selected zip codes, including most of Casa Grande, but unfortunately Maricopa was not on that list.

There are still other DPA options for homebuyers in Maricopa. And DPAs are not just for first-time homebuyers.

Administered by the Arizona Industrial Development Authority, the HOME Plus Home Loan Program provides a 30-year fixed-rate mortgage combined with DPA up to 5 percent. The assistance is provided in the form of a three-year, no interest, no down payment, second mortgage, completely forgiven at the end of three years. The DPA can be used toward the down payment, closing costs or a combination of the two. Active military and veterans can receive an additional 1 percent.

For those who do not qualify for these programs, there is still a standard 3.5-percent down FHA loan program, which is the most common in Maricopa. The 0-percent down USDA loan program also still exists, but is only for specific geographical areas, and not an option within the city limits of Maricopa.

A 620 credit score is often thought to be the minimum to qualify for financing. Many renters don’t begin to even think about looking for homes until their score is in the 600s. FHA actually sets a minimum score of 580, but mortgage companies often will add their own “overlays” on top of the federal guidelines, bringing it back up to a 620.

Fortunately, there are some lenders with niche programs available to help potential buyers with less-than-great credit.

Carrington Mortgage Services, for example, has options for VA and FHA loans with a credit score as low as 500. The FHA loan requires a higher down payment of 10 percent, but the VA product does not require any down payment at all.

The previously mentioned HOME Plus program has a 620 credit score with most lenders, but there are several companies that will accept scores under 620, including Flagstar, Carrington, Bank of America and Quicken Loans.

Every lender will likely have different requirements for qualifying. In addition to credit score and down payment, other factors such as debt-to-income ratios and cash reserves will come into play. Based on your personal situation, your real estate professional and lender can direct you to the best financing programs available.

 

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Success.
844-811-7653
DayvMorgan@gmail.com


This column appears in the September issue of InMaricopa.

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By Dayv Morgan

Dayv Morgan

Considering Arizona’s abundant sunshine, rooftop solar panels are an appealing feature for homebuyers looking at a resale home.

Market indications show that the value of solar panels is often less than sellers hope for when selling, however. In the last 12 months, over 2,000 homes were sold in Maricopa through MLS. Of those, only 87 (4 percent) were listed as having solar panels; 63 were leased and 24 were owned.

According to DecisionData.com – based on two ZIP codes in Maricopa – let’s consider two scenarios: owned solar panels and leased solar panels.

Owned solar:
A residential 5kW solar system will save a Maricopa resident up to $111 per month. A 10kW system will double your savings. That’s significant given the dramatic increase in electrical power consumption in summer months due to A/C usage. Rising electricity costs and higher-than-average electricity usage means more opportunities for savings with solar even as rebates and incentives have decreased over the years. The average cost for a new system is $18,000–$20,000. When selling, the added value to the sale price amounts to only about $10,000. Nonetheless, it still only takes about four or five years to break even if you factor in the annual savings on electricity.

Leased solar:
Leased solar panels are technically not part of the home. Anyone buying the home may have to qualify with the solar company. Buyers may need a higher credit score than even the mortgage company requires to assume the lease, which may still have 15 years remaining. Homes with leased solar typically sell slower than homes with no solar, and may even sell for less. Furthermore, leased solar does not add value on the appraisal and lease payments often increase annually. Also, with most lenders, it increases a buyer’s debt-to-income ratio and, thus, decreases a buyer’s purchasing power.

Tips for selling:
Emphasize how much money you save. (Don’t be afraid to brag!) Provide buyers with written documentation on annual savings to help them understand kW and panel efficiency; they are more likely to see value if you can quantify the savings. Is it $100 per month? Three hundred? Include info in the MLS or leave a copy of recent electric bills on kitchen counter.

Help buyers recognize the value over the long term.

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Success. He can be reached at DayvMorgan@gmail.com.


This column appears in the August issue of InMaricopa.

 

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By Dayv Morgan

Dayv Morgan

 Maricopa has seen a recent surge in new home construction. Many people find it enjoyable to tour model homes, and soon find themselves contemplating an upgrade to a brand-new house. If you’re looking, perhaps it’s time to contact a Realtor.

Commonly, people believe there is a financial penalty to using a Realtor when buying a new home. That is not the case. It’s cost-free to use your own agent. The commission is paid by the builder. Also, it’s wise to take your Realtor along when you begin looking at models, because typically a builder will not allow you to have an agent once you have completed a registration form.

The seller will not give a lower base price simply because a buyer purchases without an agent. Often with completed spec homes, the opposite is true. Your Realtor can research how long a home has been on the market and help negotiate a reduced price or additional upgrades, such as appliances or landscape packages.

Another misconception is that it’s not necessary to have a Realtor when you buy a brand-new home. Here, it’s important to keep in mind the sales agents at the model homes are employees for the builder. They represent the builder’s best interests, not the buyer’s. A local agent can help point out things about the community, its location, and details such as HOA fees, amenities offered, the home’s orientation and exposure to the sun or proximity to the train tracks, road noise, etc.

Your Realtor may recommend you have a licensed home inspector view the home before closing; another practice that occurs with resales but is often overlooked with new homes.

When I moved to Maricopa in 2006, it was a housing boom and a strong seller’s market. When I decided to buy a new home, I was at the mercy of the builder, and had to agree to all their terms. Waiving a home inspection was one of the requirements. The sales representative convinced me, because the home came with a builder’s warranty, everything would be fine. Twelve months later, the builder was bankrupt, corporate offices were closed, and any possibility of making a warranty claim was gone.

Fortunately, the house had no structural issues. I have heard many examples, however, of home inspectors finding major problems such as missing insulation in walls or attic, disconnected AC ducts, or missing roof tiles. Even national builders and licensed contractors can make mistakes. It is important not to assume everything will be done perfectly. Anything that was installed incorrectly, if not caught during the warranty period, could end up costing hundreds or thousands of dollars when you plan to sell. The average home inspection costs about $350. It is certainly worth the peace of mind to have it done.

 

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Success. He can be reached at DayvMorgan@gmail.com.

 

 

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Photo by Dick Barkley
1. 41600 W. Springtime Road
The most expensive home sold in Maricopa from March 16-April 15 is a new-build in Province. The Simone model of Meritage is 2,500 square feet on a 6,600-square-foot lot. It is all on one level with a great room, master suite with bay window and a den along with two guest rooms. There is a double oven in the kitchen and double sinks in the master bathroom. Its asking price was dropped by $16,500.
Sold: March 31
Purchase price: $366,000
Square feet: 2,553
Price per square foot: $143.36
Days on market: 134
Builder: Meritage
Year built: 2016
Bedrooms: 3
Bathrooms: 3
Community: Province
Features: All brand-new features, quiet neighborhood for 55-and-up only, courtyard, and all the amenities of the gated community
Seller’s agent: Joseph A. Elberts, Meritage Homes of Arizona
Buyer’s agent: Non-MLS agent
2. 42505 W. Blue Suede Shoes Lane, Province, $345,000
3. 42806 W. Darter Drive, Province, $320,000
4. 41758 W. Cribbage Road, Province, $316,180
5. 42444 W. Blue Suede Shoes Lane, Province, $310,000

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Photo by Raquel Hendrickson
1. 44953 W. Fred Cole Lane
The least expensive home sold in Maricopa from March 16-April 15 is a historic, 60-year-old home in a historic area south of the railroad track. Selling for $1,000 above its listing price, it had only one owner – which gave the street its name. It has been remodeled and includes lots of updates and a workshop area.
Sold: April 7
Purchase price: $120,000
Square feet: 1,248
Price per square foot: $96.15
Days on market: 3
Builder: Unknown
Year built: 1957
Bedrooms: 3
Bathrooms:  2
Community: Estrella Park
Features: Brick construction, 11,000-acre lot, chain link fence, new flooring, double oven, new farmhouse style kitchen sink and center island
Seller’s agent: Stephanie Sandoval, Arizona Cash Back Brokerage
Buyer’s agent: Vicki King, Realty Executives
2. 19422 N. Smith Drive, Maricopa Meadows, $128,975
3. 40412 W. Helen Court, Smith Farms, $129,000
4. 43839 W. Rio Grande Drive, Rancho El Dorado, $130,000
5. 18282 N. Alicia Court, Desert Passage, $132,000


This article appears in the May issue of InMaricopa.

 

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Photo by Mason Callejas

MOST EXPENSIVE HOMES SOLD

1. 21868 N. Balboa Drive

The most expensive home sold in Maricopa from Feb. 16 to March 15 was on the market for nearly a year but finally sold after dropping its asking price by more than $20,000. The two-story house sits next to The Duke at Rancho El Dorado and has views of three holes. It also sports nearly all of the amenities expected in Maricopa’s high-end homes, including a private swimming pool in an oasis of a back yard.

Sold: Feb. 24
Purchase price: $372,500
Square feet: 4,066
Price per square foot: $91.61
Days on market: 311
Builder: Hacienda
Year built: 2004
Bedrooms: 4
Bathrooms: 2.5
Community: Rancho El Dorado
Features: Two stories on golf course with private pool, custom paint, granite counter tops, landscaped yard, built-in BBQ, swim-up bar, patio, RV gate
Seller’s agent: James Leonard, Tru Realty, LLC
Buyer’s agent: Robert H. Rowe, The Maricopa Real Estate Company

2. 22049 N. Balboa Drive, Rancho El Dorado, $315,000
3. 20931 N. Get Around Drive, Province, $312,000
4. 42604 W. Mallard Lane, Province, $293,000
5. 44022 W. Palo Abeto Drive, Palo Brea, $274,500


This article appears in the April issue of InMaricopa.

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Photo by Mason Callejas

LEAST EXPENSIVE HOMES SOLD

1. 19966 N. Condrey Ave.

The least expensive home sold in Maricopa from Feb. 16 to March 15 became a symbol last year of the problems that arise in the Heritage District. On the market since December, it sold March 7 for $46,000 after being listed for $35,000. The previous owners bought the 1957 house before realizing how much money and insurance would be required to mitigate its floodplain location.

Sold: March 8
Purchase price: $46,000
Square feet: 1,535
Price per square foot: $29.96
Days on market: 55
Builder: Unknown
Year built: 1957
Bedrooms: 3
Bathrooms: 1
Community: Maricopa Manor
Features: Unique, sturdy building on large lot, currently gutted by renovation work
Seller’s agent: Julia Romero Gusse, The Maricopa Real Estate Company
Buyer’s agent: Geoffrey Adams, Realty ONE Group

2. 36562 W. San Pedro Drive, Tortosa, $113,000
3. 37001 W. Bello Lane, Sorrento, $ 129,000
4. 42489 W. Sparks Drive, Rancho El Dorado, $130,000
5. 35846 W. Velazquez Drive, Tortosa, $132,000


This article appears in the April issue of InMaricopa.

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Photo by Mason Callejas

1. 22252 N. Reinbold Drive

The most expensive home sold Oct. 16-Nov. 15 in the city of Maricopa was a four-bedroom home on a 10,454-square foot lot on The Duke at Rancho El Dorado. The 11-year-old home sold for $302,000, an increase of 6 percent from its 2013 selling price but significantly less than the asking price of $345,000. The two-story home includes a pool, fire pit and loft with lots of natural light from large windows.

Sold: Oct. 29
Purchase price: $302,000
Square feet: 3,954
Price per square foot: $76.37
Days on market: 223
Builder: Hacienda Builders
Year built: 2005
Bedrooms: 4
Bathrooms: 3
Community: Rancho El Dorado
Features: Play pool, covered patio, golf-course views, kitchen upgrades, master suite, separate den, two fireplaces, built-in BBQ
Seller’s agent: Darla McCormick, RE/MAX Platinum Living
Buyer’s agent: Heather Schmidt, The Maricopa Real Estate Company

2. 20479 N. Wishing Well Lane, Province, $299,900
3. 43245 W. Knauss Drive, Villages at Rancho El Dorado, $298,000
4. 42809 W. Sparks Lane, Rancho El Dorado, $297,500
5. (TIE) 19074 N. Ibis Way, Senita, $295,000
              42615 W. Corvalis Lane, Glennwilde, $295,000
              43813 W. Maricopa Ave., Senita, $295,000


This article appears in the December issue of InMaricopa.

Pat Lairson

By Pat Lairson

Even though the year is not quite over, let’s look at the numbers for the 2016 housing market in Maricopa and compare it to the previous year. If you are planning to buy or sell your home in 2017, these numbers will help guide you and give you an idea of what you might pay for a home or how long it might take to sell your home.

home-sales-2016

These numbers do not take into account the number of new builds that closed as they are not listed on the Multiple Listing Service. Overall, there is about a 10-percent increase in the number of homes closed from 2015 to 2016, and just over 11-percent increase in price per square foot. These numbers certainly reflect a stronger real estate market, yet the market growth is steady and reasonable.

More new builders are coming into Maricopa, and I will be more specific in January about a builder that may be returning that we have not seen in a while. The good news is, builders are “filling in” the empty lots in various subdivisions. Although depending on the price points for new homes, this can make it more competitive for the resale market. If 2017 is your time to buy or sell your home, we are still positioned for growth.

Even though interest rates have been fluctuating a bit after the election, they are still low. If you want to list your home, our current inventory is 314 subdivision homes available for sale, with 59 of those homes being in the adult community of Province.

Have a wonderful holiday and feel free to contact me or a local Realtor with any questions or for a more in-depth market analysis.

Pat Lairson, Realtor
520-280-5862
PatLairsonRealtor@gmail.com


This column appears in the December issue of InMaricopa.

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Photo by Mason Callejas

The most expensive home sold in Maricopa Sept. 16-Oct. 15 is a luxury house in Province. Its selling price of $480,000 was $100,000 higher than the last time it sold four years ago but $19,900 under its asking price. The seller updated the kitchen, baths and flooring. The lot also came with a casita, pool, patio and three-car garage.

Sold: Oct. 8
Purchase price: $480,000
Square feet: 3,174
Price per square foot: $151.22
Days on market: 56
Builder: Engel Homes
Year built: 2006
Bedrooms: 4
Bathrooms: 3.5
Community: Province
Features: Lakefront property with casita and private pool, master bedroom with bay windows, professionally decorated, upgraded appliances and flooring
Seller’s agent: Loretta Milkey, The Maricopa Real Estate Company
Buyer’s agent: Kerry Jackson, United Brokers Group


This item appears in the November issue of InMaricopa.

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The least expensive home sold in Maricopa Sept. 16-Oct. 15 is a HUD-owned home in Alterra South. Its selling price of $119,700 was more than $10,000 short of what owners were seeking from the property. The 1,366-square foot home is on a 5,175-square-foot lot.

Sold: Oct. 5
Purchase price: $119,700
Square feet: 1,366
Price per square foot: $87.63
Days on market: 28
Builder: Unknown
Year built: 2006
Bedrooms: 3
Bathrooms: 2
Community: Alterra South
Features: Basic home with open floor plan, kitchen island, covered patio and fire pit
Seller’s agent: Bernardino Ramos, RE/MAX-Preferred Choice
Buyer’s agent: Neil D. Rutt, Revelation Real Estate


This item appears in the November issue of InMaricopa.

The value of the home on Balboa Drive has increased 30 percent since 2008. Photo by Raquel Hendrickson

44924 W. Balboa Drive

The least expensive home sold in the city from March 17 to April 17 was in Acacia Crossings. The two-bedroom home went for the asking price of $104,900. It last sold during the recession in 2008 for $80,000 after being on the market for nearly a year. This time around, it was for sale just five days.

Date sold: April 16
Purchase price: $104,900
Square feet: 981
Price per square foot: $106.93
Days on market: 5
Builder: Unknown
Built: 2004
Bedrooms: 2
Bathrooms: 2
Community: Acacia Crossings
Features: Big back yard with watering system, two-car garage, all appliances including washer/dryer, two houses from a common area
Seller’s agent: Dayv Morgan, HomeSmart Success
Buyer’s agent: Richard M. Borden, Keller Williams Arizona Realty


This item appeared in the May issue of InMaricopa.

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22105 N. Diamond Drive

The most expensive home sold in Maricopa from Feb. 16-March 15 was in The Lakes at Rancho El Dorado. The single-level home with four bedrooms and three bathrooms sold for $399,900. It has a self-cleaning swimming pool and fronts one of the lakes the subdivision is known for. Its closing price was 12.6 percent higher than when it last changed hands in December 2014.

Date closed: Feb. 19
Purchase Price: $399,900
Square feet: 2,849
Price per s.f.: $140.36
Days on market: 46
Builder: Meritage
Built: 2008
Bedrooms: 4
Bathrooms: 3
Community: The Lakes at Rancho El Dorado
Features: 15,682-square-foot lot, private pool, lakefront, upgraded floors and cabinets, custom entertainment center, reverse osmosis
Seller’s agent: Merrill A. Jencks, West USA Realty Revelation
Buyer’s agent: Ryan Atwood, ProManage Realty, LLC


This item ran in the April issue of InMaricopa.

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Photo by Devin Carson

The real estate market in Maricopa is still a buyer’s market, but how should young couples looking to own a home prepare themselves? We went to the experts to find out.

What do you see as the biggest challenges for young couples trying to buy a home in Maricopa in today’s market?

“The biggest challenge for younger buyers seems to be having enough cash for closing costs. In addition to a down payment, they typically need $4,000 to $5,000 additional cash to pay their closing costs, unless they can convince the seller to pay the costs on their behalf. Also, the lenders will review their bank statements and stipulate a minimum amount a cash ‘reserves’ to have after closing.”  – Dayv Morgan, HomeSmart Success

“One of the biggest challenges for a young couple buying a home in the Maricopa real estate market today is to make sure they budget everything into their monthly expense and not just look at the cost of their monthly mortgage and impounds. I make sure I disclose the cost of utilities so they can factor that into their total monthly expense.”  – Pat Lairson, The Maricopa Real Estate Company

“The newlyweds’ biggest issue will be financing and down payment. That’s why is it’s never too early to visit with your Realtor and put together that checklist of their ‘must haves,’ wants and needs to determine what the price range may be.” – Terry Sperry, Coldwell Banker

What should be on their financial checklist before they contact a Realtor?

“Before contacting a Realtor, any buyer should make sure that they have a pre-qualification letter from a lender that has done a thorough review of their financial situation. I’ve seen many hopeful home buyers end up disappointed and without a home because they got a pre-approval based on verbal information that was incomplete, or they started looking for homes in a price range that they later found out they could not afford.” – Morgan

“A Realtor and lender can help you get a financial checklist in order so if you don’t have one first, don’t worry. Call your Realtor anyway. It is good to know your FICO score before deciding if you even want to proceed with buying a home. There is a loan bond program out right now that is perfect for couples or individuals just starting out that could help them get into a home for little or no money down. Ask your Realtor for more details.”  – Lairson

“Best tips are not to change jobs or residence during the process. Do use your credit as normal but stay current on all payments.  However, don’t make any large purchases or make large deposits or financial contracts without discussing first with your lender.”  – Sperry

Maricopa’s January Home Sales (Excel)