Phoenix Real Estate Blog

What the Commission Lawsuit Means for Home Buyers and Sellers

Exploring the implications of the commission lawsuit on real estate.

The real estate industry has been buzzing with talks surrounding the recent commission lawsuit, prompting a wave of inquiries. Let’s break down the essential changes that have emerged from this settlement, cutting through the noise to what truly matters.

  1. MLS listings update.  A pivotal change is that listing agents can no longer specify the commission offered to buyer’s agents within the MLS listings. This alteration aims to foster a more transparent negotiation process concerning agent compensation.

  2. Buyer’s compensation agreement.  Buyers will now enter into a compensation agreement with their buyer's agent. This contract will outline the compensation the agent will receive upon successfully finding a home, negotiating the deal, and facilitating the closing process. It signifies a shift towards clear, upfront discussions about agent fees.

"While these changes are noteworthy, they are not revolutionary."

Contrary to some of the dramatic speculation, these changes are not expected to drive down home prices. Sellers’ motivations remain unchanged; they continue to aim for the highest possible return on their homes. Additionally, the buzz around the financial gains for individuals from the class-action lawsuit settlement seems to be overstated. The anticipated...

Boost Your Home's Worth: Unveiling the Core Essentials for Resale Success

Three key aspects of home renovation that can bring you the best ROI.

What improvements bring the most value when selling a home? While many sources may suggest cosmetic updates like adding an extension, renovating the kitchen, or upgrading bathrooms, it's essential to delve into the core aspects of home maintenance that can significantly impact its resale value. Here are three critical areas that not only contribute to the longevity of your home but also play a pivotal role in shaping buyer perceptions:

1. Roofing. One of the foremost considerations should be the condition of your roof. If it has surpassed the 20-year mark or if there are current leaks, addressing these issues is paramount. Buyers are often deterred by the prospect of shelling out substantial sums for roof replacement. Therefore, ensuring your roof is in top condition can alleviate concerns and enhance the overall appeal of your property.

2. Air conditioning units.  Well-functioning air conditioning units are crucial, especially in warmer climates. Regular servicing is essential, and during maintenance, consider requesting temperature readings, known as "splits." This involves measuring the temperature where air enters the system and comparing it with the air exiting the ducts. A well-maintained AC system not only improves comfort but also instills confidence in potential buyers.

"What improvements bring the most value when selling a home?"

3. Swimming pool maintenance. If your property includes a swimming pool, its condition can significantly influence buyers' decisions. Whether you have...

Do You Need To Disclose a Death in Your Home?

Here’s what you need to know about disclosing deaths on your property.

I wanted to touch base this month and share a thought-provoking question that recently came up—a bit of a dark subject but an important one nonetheless. The question raised was whether sellers are obligated to disclose any deaths that occurred in a home, whether by natural causes, suicide, homicide, or otherwise.

In Arizona, where I operate as a real estate agent, sellers are not legally required to disclose such information. Interestingly, this is consistent with the laws in 35 out of the 50 states in the U.S.

However, there's a crucial distinction to be made.  While sellers aren't obligated to disclose deaths in the home, withholding material information could potentially lead to legal trouble. For instance, in the case of Lerner versus DMB Royalty in 2011 or 2012, the buyer sued the seller for failing to disclose that a registered sex offender lived nearby. Although the seller initially won the case, they settled on the basis of misrepresentation when it was revealed that the seller had misled the buyer about the reason for their move.

"You should always disclose important information."

In essence, if sellers are directly asked about deaths on the property, they have the choice to disclose or not. However, a...

Bob’s List of Tip Contractors for Your Home Improvement Project

Bob’s list is a compilation of vendors and contractors who can help you.

Spring cleaning! It’s that time of year again when we’re thinking about making some home improvements. I usually get several calls from past clients asking if I know someone who can do home renovations, whether it's a kitchen remodel, plumbing or electrical work, or even a good pool guy.

For those of you who have worked with me in the past, home renovations are something that I take seriously. I understand the importance of making repairs and improvements in your home. That is why I came up with a list of all my recommended vendors, contractors, and other people who could help you complete projects that you want in your home. 

"I recommend them for their quality work and professionalism, and clients have had a really good experience working with them."

The individuals on this list are people I know who have done work on my home or have worked for other clients that I collaborate with. I recommend them for their quality work and professionalism, and clients have had a really good experience working with them.

If you are interested in having a copy of this list, just let me know via email. You can also give me a call or put your email address in the comments section, and I’d be happy to send the list your way. As always, let me know if there’s anything I can do to help!

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Don’t Miss Out! Exclusive Insights on Mortgage Trends and Real Estate

Key statistics and trends that could shape your future in homeownership.

Recently, I stumbled upon an insightful article that had a lot of great stuff to say about the current landscape of mortgages and the broader real estate industry. This article explains the impact of the recent rate drops, highlighting a surge in buyer interest while underscoring the challenges posed by limited housing supply. Today, I’ll delve into key insights from this article and shed light on the implications for sellers, buyers, and the market as a whole.

Feel free to watch the full video or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction

0:54 — Problems with supply

1:22 — Critical stats on existing mortgages 

3:23 — Gen Z and Millennials missed the dip in rates during the pandemic

4:23 — How the market is doing

5:13 — Advice for buyers

5:44 — Wrapping up

If you have any questions about this topic or need help with your real estate goals, call or email me. I’m always happy to help.

 

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Protecting Your Property from Deed Fraud in Arizona

Empower yourself against deed fraud with Maricopa title alert.

As we gear up for the festive season, I wanted to bring an increasingly common issue to your attention–deed fraud. This issue is particularly prevalent in Arizona, and I want to share some ways you can protect yourself. Maricopa County has launched Maricopa Title Alert, a service that can significantly bolster your defenses against this type of fraud. Today, I'll be explaining how deed fraud occurs, particularly with vacant land and out-of-state property owners, and how you can use this new service to safeguard your property.

Feel free to watch the full message above or use these timestamps that will direct you to various points in the video:

0:00 — Introduction

0:15 — Deed fraud on the rise in AZ

0:52 — Maricopa Title Alert

1:51 — Out-of-state sellers

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Answering Your Burning Mortgage Interest Rate Questions

What expert Lizy Hoeffer has to say about the future of interest rates.

Right now, there’s a lot of uncertainty in the real estate market about interest rates. As you may know, rates are currently higher than they’ve been in a long time; however, there are rumors rates will decrease next year. Are these rumors valid, and how do recent geopolitical events around the globe affect rates? Today, I’m speaking to loan expert Lizy Hoeffer to answer these questions and more. 

As always, don’t hesitate to call or email me with any questions. I look forward to hearing from you!

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Stay on Task: Insights from 'Indistractable' by Nir Eyal

Uncover the secrets of staying “indistractable” and increasing productivity.

Are you ready to take back control of your day, and become indistractable? I know I struggled with keeping my days organized and free of distractions. Then I came across the book Indistractable by Nir Eyal, and it changed my life. Today, I’m discussing this fascinating read, and sharing examples of how it impacted my workday.

Feel free to watch the full message above or use these timestamps that will direct you to various points in the video:

0:00 — Introduction

0:51 — Indistractable

2:09 — Timeboxing

2:45 — My example of time boxing

6:09 — SaneBox

9:11 — Wrapping up

Remember, if you have any questions about my takeaways from Indistractable or the business of real estate in general, please don’t hesitate to reach out to me by phone or email. I would love to serve as your resource for all of your business needs.

For those interested, you can pick up a copy of the book here.

And you can also check out SaneBox by going here

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Will Interest Rates Drop? If Yes, When?

What homeowners need to know about the future of interest rates.

I have a recurring question that keeps coming up, especially in light of the recent decision by the Federal Reserve to keep interest rates unchanged. They opted not to raise rates by a quarter or half point, as they've done in the past.

Naturally, many people are asking me, "What's happening with interest rates?" Well, they have essentially remained unchanged following this decision. As of my latest check, they are averaging around 7.5%.

The next question on everyone's mind is, "When will rates drop?" Predictably, there are numerous forecasts out there, each economist providing their unique perspective. It's no surprise that you can ask ten different economists about interest rate predictions and receive ten different answers.

"By this time next year, rates will likely be lower. "

Check out this link for an article that does a commendable job of explaining the current situation and offers forecasts from three major players in the market: the Mortgage Bankers Association, Fannie Mae, and the National Association of Realtors. They've projected interest rates from the first quarter of 2024 through the fourth quarter of the same year.

The Mortgage Bankers Association has the lowest forecast at around 5.4%, representing a significant drop from today's rates. This could translate to nearly $1,000 in monthly savings on a $500,000 loan.

Next, the National Association...

Why Your New Home Needs a Thorough Inspection—Don’t Skip It!

This is why you shouldn’t skip home inspections even on a new build.

Today, I want to discuss an interesting observation during a recent home inspection of a new property. Surprisingly, we've encountered more issues in some new builds compared to homes constructed in the 1950s or 1960s. This can be concerning, but it raises a common question: Why should one invest $500, $600, or even $800 in a home inspection for a brand new house? I'll explain precisely why a home inspection is crucial, especially for new homes.

In this specific case, we examined a brand new home with an issue related to the AC unit. There was a noticeable half-inch gap between the unit and the ductwork. Essentially, the unit was cooling the entire attic, not the living space. When our inspector opened the unit's cover, the air blew so forcefully that it pushed his hair back, highlighting the problem. Furthermore, this improper cooling was evident as the house wasn't cooling down effectively. The inspector ventured into the attic to investigate further.

"If you or someone you know is purchasing a new home and contemplating skipping a home inspection because it's new, think again."

If you or someone you know is purchasing a new home and contemplating skipping a home inspection because it's new, think again. In today's construction environment, it's just as crucial, if not more so, than when buying a 50 or 60-year-old home. With the way homes are being built right now, making a thorough home inspection and getting a good inspector have become  critical steps.

If you have any questions about home inspections or need assistance,...