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Does Solar Add Value To Your Home?

August 31, 2018 by

Yes, No, Maybe

My favorite answer. Frustrating at times but it is true.

Let’s dig down…

Leasing Solar- No

If you are leasing a solar system you don’t own it so it is not adding value to the home.  Even if the solar lease has been pre-paid. The savings you may see on utilities is a bonus to the resident.  But the solar panels when leased do not add value.

Purchased Solar – Yes and Maybe

If you own the solar, it does add value to the home.  You own it and it conveys with the property.  YEAH!

If you purchase Solar and pay the solar off up front, most definitely the solar adds value to your home.  If you paid $30,000 for your solar, don’t expect to get $30,000 back in value.  Remember you also got about 10% back in tax credits, reducing what your out of pocket really was to around $20,000.  Depending on the age of the system, and the KW production of the system the value added will be something around or more likely below the $20,000.

If you purchased Solar with a loan, and you are still paying on that loan, the value added is different.  Like above, you still received your tax credits and may have used them to reduce the loan balance, also reducing your payment.  That is delightful on your wallet, especially over time.  Until you have paid down the loan, and have more equity in the system, the value it gives your home is significantly less.  And as the system ages your equity increases… you are not likely to reach the same value given to the homeowner who pays for the system up front until the loan has been paid off.

See, Yes, No, Maybe

If you are considering Solar, give me a call I am happy to share my knowledge with you.

Irene 480-788-0171

Filed Under: General Real Estate, Solar Tagged With: , , , , , , ,

Have you heard of a HECM?

September 20, 2017 by

Have you heard of a HECM?

Home Equity Conversion Mortgage?

Are you or your spouse 62?

You could live in your home without any mortgage payments.  Did you know that?

Its true.

 

Jacqui Hamilton
Concord Mortgage
jacqui.hamilton@concordmg.com
623-900-1935

Filed Under: General Real Estate, Loans, Lending & Credit Tagged With: , , , , , , , , , ,

What do Harvey and Irma mean for you and having your new home built?

September 6, 2017 by

As Irma heads to Florida, Houston is in the early stages of picking up the wet pieces and trying to look forward to sunshine filled and dry days.  

One area that is affected nationwide after a disaster like major Hurricanes is building supplies.

Building time frames will get longer in Arizona, and other states not affected by Harvey and Irma.   

Suppliers prioritize their materials to those locations hit hardest. (and it is mandated by the government that they do)  Builders in other areas and states have delays in their construction due to lack of materials.  This also means that the builders don’t require as many employees to just hang around and wait to swing their hammer.  The combination of lack of materials and fewer on hand workers result in delayed construction build times.  

If you are already contracted with a builder for your new home, plan on your closing date being pushed out.  If you are about to have a builder start your home, and they previously informed you of a 5-7 month build time.  That just got extended to 7-9 months.  

The builder purchase contract has a clause to allow them up to 2 years to get your home built.  Now they don’t want to take that long, but they have the right to.  That clause exists for times like these.

Many of the construction workers will leave states where they have resided and move temporarily to the areas that have been ravaged by nature.  Creating another challenge of not enough construction workers available when the supplies are once again readily available.  

Our prayers and donations are directed to helping so many recover from unimaginable loss.  

 

Filed Under: General Real Estate Tagged With: , , , , , ,

Predictions for the Greater Phoenix Real Estate Market

December 14, 2012 by

This is a portion of an article written by our broker, Jim Sexton in the Arizona Journal of Real Estate and Business for December.   The first half of the article deals with variables to be resolved post election by the president.   Jim’s predictions follow:

 “2012 will have around 90,000 sales reported by ARMLS, which will be a 10-12% drop from 2011 numbers, but the overall dollar volume of those sales will be up almost 6% from 2011.  The average price per square foot will be up over 13% for 2012.  Using these trends, I believe that the number of sales in 2013 will remain around 90,000, although if I could give a range it would be 85,000-95,000 sales for the year.  I think prices will continue to bounce back.  I don’t expect another 13% increase, but I see a price improvement in the 5-8% range.  I expect active inventory to rise from the current less than 3 month supply to the more balanced 3-4 month supply.  Both short sales and REOs

will continue to decrease.  Distressed properties made up 70% of the market 2 years ago, 65% 1 year ago and currently are at 41%.  Look for that downward trend to continue to under 30%, with REOs below 10% and short sales dropping to around 20%.  Also expect to seeArizona’s population continue to grow and the building industry inPhoenix‘rise from the ashes’.  Both will continue the positive steps we’ve seen to our economic recovery for the region.”

 Based on Jim’s experience, knowledge and his great batting average we are expecting that 2013 will be a successful and positive year for real estate in our Valley of the Sun.

 

 

Filed Under: General Real Estate Tagged With: , ,

CantaMia – a new 55+ retirement community

June 7, 2012 by

dreamstime_l_5059099CantaMia is another great example of locating an Active Adult Community within or adjacent to a multigenerational community.   It offers the opportunity for the 55+ family members to enjoy their extensive exclusive Active Adult facilities as well as share the additional recreational activities with their families who live in the Estrella ranch community.   This I think is the best of both worlds.   It is also interesting to see that as families in Estrella grow and reach the empty nest stage, they are purchasing in the adjacent CantaMia!

CantaMia was designed by Engle Homes, but no construction was started. It was saved from bankruptcy by Joseph Carl Builders, who then joined with Avatar homes (AVHI on the NASDAQ) under the name of Vitalia by AV Homes.   The total number of homes when built out will reach 1700, a fairly small community by some standards.   The recreational activities however are equal to those of the much larger communities.  The 29,000 sq ft Village Center has indoor and outdoor pools, a beautifully equipped demonstration kitchen, an excellent variety of exercise and activity centers as well as a mini café and wine bar.  The workout room boasts a cushy bamboo floor and the computer room and fitness center have instructors from Estrella Community College.  The common areas use reclaimed water for irrigation in keeping with their entire energy saving theme.  There are 14 model homes to guide your home choice, with emphasis being on their Green building techniques.  Check the current prices on our website.  The builder is a member of the Environments For Living, and is a Green Certified Builder.  The homes have been tested for efficient use of utilities and are awarded very high scores. All homes include solar as an energy source.    In keeping with the Green living, the exercise, cooking and activity programs are designed to encourage healthy life choices.  CantaMia’s Sierra Estrella Mountain views and many lakes provide a tranquil and relaxing setting in which to enjoy your healthy retirement.

Filed Under: Arizona Active Adult Communities, Canta Mia Tagged With: , , , , , , , , ,

CantaMia, an Arizona Active Adult Community

June 5, 2012 by

I recently visited CantaMia and discovered this jewel in the Estrella Mtns

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Market Update – May

May 28, 2012 by

Talk Fusion Studio UTC.
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If you read the real estate news in your newspaper, any day now you will be reading that the real estate market has turned!   UP for a change. 

The right numbers are positive and the right numbers are negative….what I mean is the Sales prices are up.

 Really good news is that the percent of sales to list price is  98.3%.    The “make a low ball offer” period is over.  The lender owned homes are selling with multiple offers, almost to the point of bidding wars.   The number of “conventional seller owned” homes are up.

The right negative numbers are for inventory. The number of lender owned and distressed properties is way down.   Our inventory is very low, actually 47% lower than it was first quarter last year! With a total number close to 13,000.  April’s closings were 8400 The month supply is rated at about 1.5 months !    There are 20,500 sales shown as pending and Active with Contingencies. 

The Active Adult 55+ market presently has 2131 homes for sale with 898 sold in April, another 920 pending  and a current supply of 2.3 months.

These numbers are being repeated in select cities across the country, not just the Phoenix Valley of the Sun. 

To make things even better in the real estate world, the interest rates for the conventional 30 year mortgage  are hovering around the 4% level.

 

Filed Under: Market Condition Tagged With: , , , ,

How much do I need to put down on my home loan?

May 19, 2011 by

For conventional financing that answer is going to be: it depends. With great credit as little as 5% down has you in a conventional loan. With mediocre credit, 10%. But to eliminate the mortgage insurance you still need 20% down. Sometimes, with a bit more down, you may be able to get a better rate. Having a lender who will talk to you and find out what your needs are and presents different options is the best thing. Robyn Robertson from Suburban Mortgage (480-355-8106) talks to me in this video about different types of conventional loans and what is available today in the ever changing world of home lending.

Filed Under: Loans, Lending & Credit Tagged With: , , , , , , , , , , , ,

The home buying process, the loan and what you should know

May 12, 2011 by

Once you have found the house and had your offer accepted there is a lot that needs to be completed. If you get all your paperwork into the lender in advance that is one less thing that needs to be done in the first week.

Filed Under: Loans, Lending & Credit Tagged With: , , , , , , ,

Find out what you qualify for before house shopping

May 5, 2011 by

I sat down with Robyn Robertson from Suburban Mortgage today. (480-355-8106) We talked about how just over the phone in a quick conversation she could estimate what you should be able to qualify for in a loan. But before you head out and get serious, be sure to get all the documentation to her to confirm the numbers, and get the Pre-Qual form filled out. It not only helps when submitting your offer, but also makes the first week of the contract process easier with lending requirements already taken care of.

Filed Under: Loans, Lending & Credit Tagged With: , , , , , , ,
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