6 MLS Photo Tips to Attract Buyers
August 31, 2008
The new AZ Regional Multiple Listing Service has launch the FlexMLS system which vastly improves the ability to view listing photos and virtual tours.
Good Phoenix area Real Estate agents will do well by their clients if they take advantage of this system to layout pictures/virtual tours to get them inside your home.
Ultimately, the goal of MLS Listings is to advertise (quickly) a snapshot of your home so buyers want to go see for themselves why they should buy your home (hopefully).
Here are 6 important tips to best showcase your home to prospective buyers.
- Front View Elevation pictures - make sure you take pictures past noon with the sun at your back to provide the best lighting
- Do Not have the Realtor for sale sign in the front yard when taking the MLS photos
- Take the elevation so it takes up the majority of the photo - no one cares about the driveway and street in front of the home
- All interior lights on and windows open - think bright and cheery
- Remove unnecessary furniture to add size and space in the rooms
- Leave something to the imagination so people will come look for themselves.
I do highly recommend you ask your real estate agent to spend the $79 to hire a true professional who prepares a virtual tour and provides the MLS photos.
Though, make sure you are at the home and instruct them with the above important tips to best showcase your home.
There is one extra step that statistics do prove that help homes sell more quickly and at better prices. That tip is professional staging.
The tips may sound the same as how you layout the MLS listing photos and is why I mention them that can help ensure your home stands out from the others on the market.
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Focus on the front entry. This is literally the “first impression” a buyer has to your home.
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Clean and clean and Clean. A clean home smells good - think new car smell
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Remove personal items like family photos and unique collectibles. You want the buyers focused on your home.
I have included an excellent professional staging company if you choose to stage your home: phone Calie Waterhouse
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Copyright © James Wexler *6 MLS Photo Tips to Attract Buyers*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Life in DC Ranch - Scottsdale AZ
August 30, 2008
DC Ranch in North Scottsdale is one of the most spectacular communities amongst the many wonderful places to live in all of Greater Phoenix.
DC Ranch is an intimate golf and exclusive community designed by DMB Partners as a premier resort, retirement and golf community nestled in the McDowell Mountains. 
This 3,700 acre master planned community is one of the most desirable place to live, not only in Scottsdale, but Arizona.
Tree-lined streets, family parks, walking paths through breathtaking desert landscape and community centers with pools, fitness club and recreational facilities add to the intimate and pleasant nature of the community which is broken up into 4 unique villages.
The reputation of DC Ranch and its prestigious sister golf community, Silverleaf is unparalleled in the greater Phoenix area and all of Arizona.
The DC Ranch resort lifestyle affords some of the most desired locations in Scottsdale with access to highways, great schools, boutique shopping and fine dining cuisine just steps from your front door on DC Ranch Market Street.
The restaurants and shopping are one of a kind, even for Scottsdale and have now extended to Canyon Village with restaurants Grazie Wine Bar and Cafe’ Ted.
Situated next to the DC Ranch Village Health Club, an 81,000 square foot state of the art health and fitness club that includes children’s day care, mountain biking rentals and large heated pools, is DC Ranch Crossing which today is celebrating their grand opening anchored by AJ’s fine foods.
If you have considered living in Scottsdale. I highly recommend you visit the on site sales office on Market Street or the model homes of the high-end builders throughout DC Ranch.
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Copyright © James Wexler *Life in DC Ranch*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Borrow from IRA to pay off Debt ?? Bad Idea!
August 29, 2008
Americans are well known for their infatuation with debt and their inability to save.
However, there have been two places that Americans have managed to save to accumulate wealth. 
- The first is their primary residence, their home (believe it or not).
- The second is in retirement plans such as IRA and 401Ks.
The primary reasons these investment vehicles have been successful amongst the free spending is that they are both forced savings plans. People will pay their mortgage first. Before any bills. If you have a fixed rate mortgage , principal will accrue and likely offer a nice savings nest egg down the road.
The retirement plans/IRA also are often pre-tax withdrawals prior to receiving your after-tax paychecks. Again, a forced savings.
Amidst these surviving opportunities to save money for later in life is a growing problem that is happening much too often.
Americans who are facing difficult financial situations are pillaging both these valuable resources. Now, there are circumstances that require a move to empty a 401K or get a (HELOC) /Home equity line. Though, these are last resorts. And, sadly, more and more frequently, people are taking on new debt (yes, these are loans) to pay other debt.
The problem with taking from a Home Equity Line is that you rarely pay off the debt. Most hope to sell their home at some point in the future. However, debt accumulates quickly. Also, you are paying interest (more than 7%) on your own money. If your home grows at historical rates, you are just breaking even; not at all saving for the future.
Taking money from an retirement account poses a whole new set of issues. There are serious tax implications for early withdrawal distributions that you must be aware.
These tax issues need to be explained by a CPA only!
Also, and most dangerously, it is very rare that someone every repays their IRA or 401K. Typically, if you need money for financial hardship, you rarely pay it back in a lump or installments. Ultimately, that money is not working for you over the years and you will pay the price when you need that money down the road.
When people are struggling the predators come out with promises and untold offers to reduce debt and offer debt consolidation.
It may sound callous. However, Yes, I do mean to scare you.
Be careful these are the last 2 options are taking on more debt from your home equity lines or borrow money from your IRA’s / 401k’s to pay off other debt.
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Copyright © James Wexler *Borrow from IRA to pay off Debt ?? Bad Idea!*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
What goes up like a Rocket and down like a Balloon?
August 28, 2008
Do you need 3 guesses? Probably not. It’s Home Prices in Phoenix, AZ.
In Maricopa County, Arizona which includes Phoenix, Scottsdale, Paradise Valley, Fountain Hills, Mesa, Peoria and Chandler home prices exploded from 2001-2005; Skyrocketing more than 100% in most places.
In fact, the Wall Street Journal reported Maricopa County as the fastest growing real estate market up more than 40% in 2005 alone.
Hence, the proverbial real estate bubble.
And we know what happened next, things slowed down considerably. And most experts would say that the resulting steep decline in home prices over the following 3 years was the Real Estate bubble bursting.
However, I am going to argue with these analysts and say that the Housing Bubble did not burst in Greater Phoenix. And that’s the problem.
Lynnsy Logue describes it perfectly, “America’s housing bubble has not exactly burst. It’s just sprung a leak the size of your average mortgage banker.
Real estate is tied to a lot of personal emotions. Real Estate agents and other industry professionals would try to convince you that it is a business decision that must be made with what is the best financial result in mind. Although, in theory this may be what is best for financial health, we know this does not happen.
On Wall Street when stocks drop, they drop fast. In fact, often times, before recovery can occur there must be one significant event causing a popular Wall Street term “Capitulation’. Like hitting rock bottom.
At that point, consumers (hopefully) regain confidence and stability returns and in time, prices rise again.
Unfortunately, this does not happen in real estate. When someone wants to sell their home. They leave it on the market for extended periods of time. If the home does not result in offers, the seller typically small price reductions. Rarely, enough to initiate a quick sale.
This behavior is a snap shot of what has transpired in real estate over the past several years.
If the bubble burst, home prices would have dropped 30% and the pain would have been over and done with. Much like tearing off a band-aid. It hurts, but its over quickly.
Instead, like air leaking out of a balloon as it slowly drops from the sky, we are watching slow 1-3% quarterly price declines. Slow torture. Very Painful.
Why is any of this important ???
If you want to sell your home, you let the bubble burst.
If you have your home on the market for a maximum of 30 days and do not receive an offer it is priced to high. Period!!
You need to lower the price of your home 3-5% minimum. If you do not receive any offers within 3 weeks. Your home is priced too high. Period!
If you really need to sell your home then let the bubble burst. It hurts initially. However, ultimately, it is the less painful option.
Here are the names of experts in pricing and selling homes quickly in today’s market.
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Copyright © 2008 James Wexler *What goes up like a Rocket and down like a Balloon?*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Short Sales Suck ! - 7 Reasons Why!
August 27, 2008
Short sale specialists will tell you that you are missing the boat if you are not involved with these transactions in the greater Phoenix real estate market.
I could not disagree more adamantly.
Here are 7 Good Reasons not to get involved with short sales.
- Average time to get acceptance (or more likely a denial) from a lender is more than 75 days. Some agents say longer.
- There is no guarantee the offer will get accepted at or near that price because the majority of Realtor list homes at random arbitrary prices that they think or hope the banks will accept.
- estimates as high as 80%, some say 90% of offers on short sales do not consummate in a closed escrow
- 3 month waiting periods prevent buyers from looking for other houses which often result in opportunities lost.
- REO /lender owned listings are now priced as well or better than short sales. Make your offers on these homes.
- Lenders are more inclined to reject offers that do not have financing with large down payments. Many FHA offers are rejected due to high decline ratios and lengthy underwriting times.
- Banks are just not cooperative. In most cases, they prefer to reduce current REO inventory. Further, they can often collect PMI from insurers if the home actually is foreclosed upon.
I have prepared short sale packages for approval for sellers. I have negotiated contracts with bank asset managers. I have represented buyers with success. I have watched buyers wait and wait and miss out on other opportunities.
If you are thinking about buying a home, skip short sales. They Suck!
Instead, make offers on the many REO and lender owned properties on the market.
There are REO at as much as 50% discount to 2005 prices in Phoenix, Scottsdale, Carefree, Peoria and Fountain Hills.
If you want an experienced agent who can help find you an REO home, call any of these experts:
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Copyright © 2008 James Wexler *Short Sales Suck ! - 7 Reasons Why!*
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
AZ Homeowners “Bill of Rights” - Proposition 201
August 26, 2008
If there is one positive that comes from the fallout of the Arizona real estate crisis is better regulation.
I am not talking about over-regulation or Government interference.
I am speaking of a revised set of laws and practices that will better protect the consumer and public from deceptive sales practices and require higher levels of seller culpability.
Buyer beware is not enough. 
In my opinion, current Arizona law does not give home buyers enough protection against deceitful sales people accountability for seller remedy of problems.
Currently on the November Ballot is the Arizona Homeowners Bill of Rights- Proposition 201 Particularly pointed at new home builders, the goal is to
“provide homeowners with improved rights to deal with construction defects and shady home sales practices.”
The Bill of Rights for Arizona Homeowners would
- providing a 10-year warranty on new homes.
- homeowners would have the right to demand either the builder correct construction defects or compensate the homeowner.
- Homeowners also could participate in the selection of contractors to perform the repair work
The Building Industry is the main opponent of the bill claim who argue this draft of the AZ Homeowners Bill of Rights is overreaching are not happy that the Bill
- Prohibits two parties from agreeing to resolve their disputes without going to court
- Forbids defendants from recovering attorney’s fees even if case was frivolous
- Allows PROSPECTIVE buyers to file suit so you don’t even have to own a home to file suit
- Assures that all disputes, either large or small, go to court raising costs for everyone
- Mandates that home builders pay homeowners for repairs with no requirement that they prove that the defect exists or is even the builders fault.
I am a big supporter of Buyer rights, consumer protection and seller responsibility. I agree with buyers, there needs to be better mechanisms in place to protect from bad business practice.
However, I am not a supporter of the Bill in this form.
The sustainability of the building business is critical to the Arizona economy. The Phoenix real estate market is hampered and needs better pricing.
Today is not the time to ask builders to increase the cost of home production which this bill does by definition.
I do agree with Don Lathem, treasurer of the committee
“One easy way for builders to stay out of court is to build high-quality homes and either correct construction defects or compensate homeowners. ”
However, increasing costs as preventative medicine at this time is not the answer.
What is needed are strict and more severe penalties when builders, sales people or any home seller acts deceptively, deceitfully or fraudulently.
If you are interested in supporting the Bill or wish to sign a petition against the AZ Homeowner Bill of Rights , …
you can contact the Arizona Secretary of State or Vote “Yes” or “No” on Proposition 201 in November.
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Copyright © 2008 James Wexler *AZ Homeowners “Bill of Rights” - Proposition 201 *
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
11 Tips to Sell Your Home. Fast!
August 25, 2008
There are a record number of foreclosures and short sales on the Phoenix and Scottsdale real estate market. As a result, it is increasing difficult for sellers to get offers on homes that are priced at fair market value.
There are many things you can do to elevate your chances.
Try these 11 Tips to Sell Your Home Fast!
- One Chance to make a First Impression - keep lawn trimmed, landscaping neat, driveway empty, welcome mat and sharp front door - remember buyers are visualizing coming home.
- Repairs / Pre-inspection - minor flaws not only detract from a homes value, they lead buyers to wonder what else is wrong that they cannot see
- Stage your home for a quick sale - staging works. Statistics show that sellers get better price offers in a much more quick time frame
- Bedroom and Baths help sell homes - remove excess furniture, make beds, clean bathrooms, add scented flowers or candles
- Let there be light - open shades, draperies and turn on lights - dark rooms are depressing , light is cheerful
- Music to my ears - light music sets a mood, make sure it is not loud, turn off televisions
- Too many cooks in the kitchen - let the buyer walk and talk freely, they did not come to the house to talk to you or your agent
- Silence is Golden - buyers are here to see the home, if there is something to point out, do it while at the front door, and let them talk.
- Forget Animal Rights - pets should be out of the way, and out of the house, people love their own animals. not yours in what may be their new home
- Agent should show your home and hold open houses . Not you! - sellers love their house because it is their home. However, buyers are need to be able to talk freely, ask questions and raise concerns that they may not feel comfortable doing in your presence.
- Price Right, Price right , Price Right - all of the above do not matter if you don’t PRICE YOUR HOME RIGHT, this is the # 1 rule, secret and is 90% (or more) of your chance for success. The other 10% you ask?? Price your home right!!
Despite what the newspapers say, homes are selling. However, competition and inventory on the market are at all-time highs.
You have to give yourself the best chances to
- get your house seen
- get them through the front door
- get them to see your house as their home
If you follow these 11 Tips to sell your home fast, the above 3 rules will follow.
If you need help, contact any of these quick home sale experts:
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Copyright © 2008 James Wexler, *11 Tips to Sell Your Home Fast!*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.
Rent to Own Nightmare
August 24, 2008
I have been writing short sale nightmare stories in Phoenix, Scottsdale, Peoria, Fountain Hills and Tempe for some time. 
I have shared stories about banks ignore offers that request Down Payment Assistance. There are banks that will only accept cash offers.
I have spoken about lenders wanting additional monies for buyers using FHA loans. I have even spoken about sellers .
I also shared a seller nightmare with short sales who had money in a bank account frozen due to a pending short sale with that same bank.
Today, we have a new and very said story about the little buyer that could. and then couldn’t.
Let’s call him Mr. First Time homeowner.
Mr. First Time homeowner found a condominium in Scottsdale that he loved. He put in an offer , which got accepted. However, 6 months ago during the loan application process the bank canceled 100% majority financing. So, unfortunately, the buyer that could, could not qualify for a loan without 5% down payment.
Mr. First Time homeowners agent , being the astute agent who could think outside the box suggested a 100% lease-option program which would allow several things to happen.
- Mr. First Time homeowner could lock in the home at today’s prices.
- If the house rose in value, (yes, believe it or not, this does happen) he was in contract at that price.
- If house decreased in value, he could buy at the lower price.
- He also had the ability to see if he liked the home, neighborhood, owning a condo
- Finally, the money each month accumulated for a down payment.
Sounds great right ?? Wrong.
Here’s what happened.
After 7 months of payments, Mr. First Time homeowner had enough accumulated that he again applied for a loan application.
However, as we know, the lending industry, including Fannie Mae and Freddie Mac has gone through great turmoil. Bank lending guidelines have gotten much more strict.
Now, the banks are telling Mr. First Time homeowner that he needs 20% down.
The buyer does not have that money. He cannot close the loan. Yes, he had a place to live, but now has paid money up and beyond the amount of a normal lease which for all intent and purpose has thrown out the window.
Further, he could have purchased somewhere else 7 months ago that qualified him under FHA loans and seller assisted down payments. However, his agent and the listing agent told him this would work.
This is a very sad situation for Mr. First Time homeowner.
Now, he has lost money, lost 6 months of time, and cannot buy any home as seller-assisted down payments are banned (as of October 1) and lenders are no longer taking new loan applications due to that time limitation.
I need to point out that this could have been prevented had the buyer’s agent properly prepared a lease-option contract with specific contingency clauses
These are complicated transactions. There are several types of rent-to-own programs like Lease Options and Lease Purchase.
Hire a real estate attorney or experienced real estate professionals who can prepare documents, explain and protect your interests.
Here are the names of several real estate experts who can help.
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Copyright © 2008 James Wexler, *Rent to Own Nightmare in Phoenix*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.
This is NOT a BAILOUT for Fannie Mae
August 23, 2008
Many Arizona Builders are drowning and Bankruptcy is the only life preserver.
Liar-loans and sub-prime mortgages are may total more than $100 Billion in losses according to Moody’s.
The lending industry is going through tough times. Some might use the word “Crisis”
IndyMac, First National Bank of
Lending giants Fannie Mae and Freddie Mac are on life-support. Most of Wall Street and some on
However, look up in the sky, it’s a bird, it’s a plane, it’s the FED to the rescue.
The FED, led by the Treasury Department has temporarily, which for means indefinitely, increased the amount of money that these GSE (government sponsored private entities), Fannie Mae and Freddie Mac can borrow from the United States Federal Reserve.
Many are calling this a Government bailout; and bailout is a bad word as most Americans want the government to mind its own business and let market economics take its due course.
I want to be clear. I am not a fan of government interfering with business.
However, THIS IS NOT A BAILOUT!
I interpret this move by the FED as a national security issue that takes extreme measures in extreme circumstances.
This is not regulations or a bailout. This is modernizing an industry.
These are new rules to prevent predatory lending, fraudulent borrowing, regulating CMO’s and other risky Wall Street investment vehicles, foreclosure prevention counseling.
These are moves to prevent a repeat of such events in the future.
The sustainability of Fannie Mae and Freddie Mac ensure the long-term viability of the mortgage and lending industry, the foundation of the real estate market and the lifeblood of our nation’s economy.
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Copyright © 2008 James Wexler *This is Not a Bailout for Fannie Mae *
Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs
Short Sale Nightmare Part III
August 22, 2008
Those of you who read my blog regularly know I have been calling for a ban on all short sales in Phoenix and the towns around the Valley like Scottsdale, Fountain Hills, Tempe, Peoria, Glendale, etc… .
There are a variety of reasons I am up in arms at the way short sales are handled.
Primarily, I am dismayed at the fact that many of the short sales are not in fact short sales at all. Most of these homes listed for sale as “Short sales” have not yet been approved by banks or lenders. 
Thus, they are not truly available for sale at those prices. For the most part, they are arbitrary numbers picked by Realtors.
I am equally angry about the way many of the banks are handling foreclosed homes listed on the ARMLS (AZ Regional Multiple Listing Service).
For example, I am hearing story after story about lenders who are looking away from FHA financing offers, offers with Down payment assistance and even denying offers from buyers who need help with closing costs.
Now, I have just heard a short sale horror story that may just push me over the edge.
In fact, this short sale nightmare may just cause me to run for office on behalf of buyers, sellers and real estate agents to ban short sales or bank owned property listings should they (the banks) not follow the same code of better business practice that all other parties are subject.
Here’s what happened:
- Mr. & Mrs. Buyer found the home they loved in Tempe, AZ.
- The property was listed at $250,000
- The Buyers offered $265,000
- Buyers asked for a seller contribution of $15,000 for closing costs & seller assisted down payment
- The net price to the seller would be $250,000; In essence, a full price offer
Did the seller accept this full price offer ???
The seller (bank) counter-offered that they would want an additional $1,000 more.
And the reason the foreclosed home asset manager gave was that..
“FHA financing takes an average of 10 days longer to close a loan than conventional financing. The $1,000 is to cover the extra lost interest or money paid to wait the additional 10 days”;
I wanted to scream. However, my mouth just hung open in disbelief. I am sure much like yours is right now!
Bank are accessing the AZ Multiple listing service to market to Realtors. This is not a marketing tool for consumers.
Mr Bank, If you are going to ask us to show your properties to clients then please work with us in the same manner you expect us to recpricate.
We all need to reach for a higher standard and code of conduct during times of waning consumer confidence in the entire real estate, mortgage and banking industry.
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Copyright © 2008 James Wexler *Short Sale Nightmare Part III*
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs
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