Valley of the Sun Real Estate Show (general)
The show about anything and everything YOU need to know about YOUR Real Estate needs in Phoenix Arizona and surrounding areas of the Valley of the Sun.

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Syndication

Real Estate Marketing Ideas for Realtors

in this episode of Valley of the Sun real Estate Show I am joined by George Cuevas and we cover some different ideas of how Realtor can help build their brand and market not only their properties but also themselves. the episode was origianlly recorded on Blab.im. if you have not checked it it you should. it is a great live streaming platform that is easy to use and is very engaging.

Direct download: Marketing_final.mp3
Category:general -- posted at: 3:26pm PDT
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What to know before you purchase Investment Properties in Phoenix Arizona

In this episode of Valley of the Sun Real Estate Show I spend some time with Jason Hartman and he shares his thoughts on purchasing a home, investment properties and leveraging to diversify your portfolio.

Jason Hartman is in the top 1% of agent in the country and owns his own bokerage company in Irvine CA and has been in reaal estate in one capcity or another since the early 80's. He has been purchasing investment properties all across the country and is an expert on what ot look for when doing so. If you are looking to purchase an investment property then you will want to hear what he has to say.

www.jasonhartman.com

Direct download: Interview_with_Jason_Hartman_final.mp3
Category:general -- posted at: 11:42am PDT
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In this episode of Valley of the Sun Real Estate Show I will be joined by local Phoenix Realtor Javier Espinoza with Remax New Heights Realty and we will be going over the decision making process for renting and for purchasing a home. If you are undecided on what you should do then this will hopefully help you with your decision. 

Extremely low mortgage rates and rising rents in Phoenix have led some people to dive into homeownership more quickly than they’d originally planned. However, others are choosing to wait. The truth is, there’s no one right answer when it comes to determining whether to rent or purchase a home.

There are a number of considerations you must make when making this decision. Renting and buying both present a number of pros and cons, and your own financial situation may be the biggest factor of all.

Pros & Cons of Renting

Despite the fact that you can’t build equity, renting offers you the most freedom and flexibility, especially if you are on a month-to-month lease.

 

Advantages

  • No Maintenance Is Required. In most cases
  • It’s Easier to Move. When your lease is up you can move to a different home with out the hassel of selling
  • You Can Avoid Owning a Depreciating Asset.. There is no gaurentee of appreciation with any asset.

Disadvantages

  • Your Monthly Payment Can Increase. Rents have been rising in Phoenix, so you may be facing an increase in your monthly housing payment as soon as your current lease ends.
  • You Don’t Build Equity. When you rent, your housing payment provides you with a place to live, but will not provide you with an asset to sell when you are ready to move.
  • You Don’t Receive Tax Benefits. Homeowners can deduct their mortgage interest payments and their property taxes from their federal income tax, which reduces the final cost of homeownership. Renters cannot deduct any of their housing expenses.
  • You Can’t Paint or Remodel Without the Owner’s Approval. While some landlords are kind enough to let you paint your apartment, you’ll have to get their permission and consult on the color. If you want to make other changes or upgrade an appliance you’ll have to put in a request with your landlord or apartment manager.

Pros & Cons of Buying a Home

Homeownership is not for everyone, but there are some financial and emotional advantages that can be enticing.

Advantages

  • You Can Build Equity. Historically, homes rise in value anywhere from 4% to 6% per year. Even if your home doesn’t increase in value, though, you’ll be building equity as you pay down your mortgage as long as your home maintains its value.
  • You Can Take Advantage of Tax Breaks for Homeowners. Homeowners can deduct their mortgage interest payments and property taxes. These deductions offset the cost of your housing.
  • Your Housing Payments Will Stay Stable. As long as you have a fixed rate mortgage
  • You May Be Able to Use Your Home as an Investment. If you buy a home and choose to leave it, you can rent it out rather than sell and generate income. 
  • You Can Settle in a Community. Once you commit to owning a home, you are more likely to become more involved in your community because you know you’ll be there for years. 
  • You Have the Freedom to Decorate as You Please. One of the joys of homeownership is the ability to change your environment to suit your tastes. 

Disadvantages

  • You Have to Pay for Your Own Maintenance. As a homeowner, you must spend time and money keeping your home in good repair. 
  • Your Home Is an Illiquid Asset. If you would need to sell because of a job relocation or change in your circumstances, you may not be able to sell your home as quickly as you would like or for as much money as you want.
  • You Must Pay Property Taxes. Property taxes can go up, making your home less affordable.
  • Your Home Could Lose Value. As many people have learned the hard way, there’s no guarantee that your home will increase in value over time.
  • Buying a Home Requires a Cash Investment. You need to use up your savings for a down payment and closing costs and for other expenses of homeownership. 
  • Homeowners’ Insurance Is Mandatory If You Have a Mortgage. As a renter, renters insurance is recommended but not required. 

Important Questions to Consider

1. How Long Do You Expect to Live There?

 

2. What Are the Costs of Buying?

 

How to Calculate Your Costs
When you rent a home, you typically need to make a security deposit and pay a month or two of rent. As long as you take care of your home, you’ll get your security deposit back when you move. But buying a home costs considerably more money upfront, which is why you need to stay in the home for a few years to build equity and earn a return on your investment.

To start, you need cash for an earnest money deposit when you make an offer on a home, usually anywhere from $500 to $1,000, or as much as 5% of the sales price. You also need to make a down payment of at least 3.5% of the home price with an FHA loan, or 5% to 20% with a conventional loan. On a $100,000 home, this will be at least $3,500. 

In addition to your  down payment, you have to pay closing costs – usually 2% to 5% of the home price depending on your local real estate market. Other costs of homeownership include moving costs, paying for inspections (such as a home inspection and a termite inspection), repairing or replacing appliances if necessary. It’s essential that you consider all these costs within the context of the cash you have available to you. The last thing you want, for example, is to live in an unfurnished home or one in need of repair, because you spent everything you had funding the home purchase.

3. What Are Your Future Plans?

 

4. Do You Have the Ability to Finance a Home Purchase?

If you’re considering buying a home, your first step should be to meet with a lender to determine whether you qualify and, if so, how much you can borrow. Your ability to qualify depends on several major factors:

 
  • Credit Score
  • Income
  • Debt-to-Income Ratio
  • Assets

If you fall short on any of the above criteria, you may be better off renting until you can improve your credit score and save more money.

couple buying house

Final Word

Buying a home is a major decision that shouldn’t be taken lightly, but when faced with rising rent and low mortgage interest rates that make purchasing more affordable, you should take the time to consider the pros and cons of both renting and buying. Long-term homeowners, even those whose homes lost value during the recession, can build wealth that can be used to fund their retirement or pay for college. As long as you can comfortably afford your housing payments and are emotionally prepared to commit to homeownership, buying a home can be a smart financial move.

 

Direct download: Final_cut.mp3
Category:general -- posted at: 3:55pm PDT
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The Leading Phoenix Housing Indicator that YOU don't know about

In this episode Mike Orr speaks about a Phoenix Housing Indicator that YOU don't know about. Jayson Bates, the lender who has been know to take a turn down and turn it arund into an approal will go over his opinion on the market as well.

Housing Formation. This is truly a leading indicator of where the Phoenix Housing market may be heading. If you want to know where housing might be heading then this is the episode for you. 

Direct download: Phoenix_market_2014_with_Mike_Orr_take_2.mp3
Category:general -- posted at: 11:31am PDT
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In this show I will let you know your options for purchasing a home after you have had a bankruptcy. If you have had to file bankruptcy and now would like to purchase a home then this is th eshow for you. I will go over what the lenders are looking for and what they will ask form you. I have helped many people who did not think that they could purchase a home after a bankruptcy and I would like to share with you what lenders are looking for so that you are prepared for the "You're approved!" and not the "We can not help you at this time". That is not something that anyone like to hear. So if you are looking to Purcahse a home in Arizona nd you have had a Bankruptcy then this is the show for you. 

If you have any questions for me I can be reached at valleyofthesunrealestateshow@gmail.com or you can reach me at 602-573-3101. I would love to help you. 

Direct download: Buying_a_Home_After_Bankruptcy_Podcast.mp3
Category:general -- posted at: 5:08pm PDT
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