Sell your home in 2009
May 22, 2009
Home selling is mostly common-sense. However, it is such an emotional decision, that it often hard to follow your mind and instead follow your heart.
These are the 5 most common mistakes that sellers make when trying to sell a home.
- Price your home right. Not what you want or need, but what the market dictates.
- No offers in a month. Lower prices at least 3%
- Price your home based upon comps of sold properties (within 3 months); Not active listings!
- Incentives such as contribution towards closing costs allow buyers to come up with less money making it easier for the borrower to obtain a loan.
- Do not overprice your home with the idea you have room to negotiate. Buyers will make offers on lesser priced homes.
As you can tell, most of the so-called secrets of real estate selling are price driven. Most homes, like most products in the economy, sell predominantly be price or value.
No one will pay 10% more for a car, if they can go next door and pay less for virtually the same car.
Real estate, although, not a commodity acts very much the same way.
For advice on home selling, always interview at least one real estate professional or more to get a true picture of the market in your area.
Here are the names of a few respected real estate professionals.
- Minnesota- Kermit Johnson
- Michigan- Andrea Crossman
- Atlanta - Ryan Ward
- Houston- Betty Bargoil
- Reno - Joe Salcedo
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Copyright © 2009 By James Wexler, All Rights Reserved. *Sell your home in 2009
Contact James Wexler (480) 221-8080 for all your Phoenix | Scottsdale area Real Estate needs.
Good News for Phoenix AZ Real estate (sort of)
December 20, 2008
Ok, ok, …. Maybe good news for the metro Phoenix area real estate and the housing market is pushing it a little. And I don’t at all want to sound happy or overjoyed as area residents in Scottsdale, Tempe and Desert Ridge home values, and people’s net worth slightly deteriorate.
However, after everyone catches their breath from this real estate and housing market news and looks a little deeper past this fright filled front page headline it may a little more easily digested as a case of “Glass Half-Full” versus “Half Empty”…. Here’s one man’s humble of Why!!
Take these 5 reasons. (stay tuned, I will go into detail of each tomorrow
1) It’s a Buyer’s market
2) Lenders easing credit
3) Lower interest rates
4) Reduction in inventory
5) Consumer confidence
Yes, this so called “good news” I am finding in what are agreeably are recent cloudy days, may be of little , (although these days, a little can be a lot), consolation for home sellers .
However, as I always say, Buyers dictate a market. And we need the above factors , all of which stimulate buyer’s to actually BUY!! Ultimately, reducing the glut of homes on the market will cause a follow through of rising home values.
Yes, residents of Tempe, Fountain Hills, Mesa, Peoria, and the area of Desert Ridge, and the golf communities of DC Ranch, this will happen, one day. I promise.
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Copyright © 2008 By James Wexler, All Rights Reserved. *Good News!!! Real Estate prices fall a record in Phoenix area*
Contact James Wexler (480) 221-8080 for all your Real Estate needs.
Coldwell Banker - A Message to Customers
December 7, 2008
I am a real estate broker with Coldwell Banker in Scottsdale AZ. There are a lot of great real estate brokers and real estate agents at many firms.
One thing that impresses me with Coldwell Banker is their mission statement to clients, prospective clients and communities. I though it was important to share it today. 
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Mission Statement
NRT is a family of companies dedicated to creating exceptional real estate experiences for our customers and communities through the passionate delivery of Truly Remarkable Service.
We pledge to promote a fun, fulfilling and respectful environment, one that is open to change and innovation, providing personal growth opportunities for all.
Business Principles
- We consistently treat everyone with courtesy and respect.
- We are Goodwill Ambassadors who always speak positively about our industry, our company and each other.
- We identify and anticipate the needs of others and are empowered to take actions that exceed their expectations.
- We embrace our Vision and Mission believing that our individual performance affects the success of everyone.
- We are committed to personal growth, professional development and innovation in the pursuit of excellence.
- Our demeanor, appearance and facilities reflect our high standards.
- We encourage an open exchange of ideas throughout our organization.
- We are committed to identifying inefficiencies and communicating concerns, thus enabling us to improve our performance and systems.
- We are responsible for protecting the assets and resources of our company.
- We utilize our superior tools, resources and systems to provide our customers with exceptional service and guidance.
- To provide the highest level of customer service, we support our family of companies and strategic partners.
- We seek opportunities to recognize excellence.
- As people of integrity, we conduct ourselves with the highest ethical standards.
- We foster a culture where diversity is valued, quality of life is enhanced and individual aspirations are encouraged and fulfilled.
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Copyright © James Wexler *Coldwell Banker - A Message to Customers*
If you are considering life in Fountain Hills AZ or living in a golf community, hire an agent who is an expert in Fountain Hills AZ golf properties and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale AZ
Why Loan Modifications for phoenix az real estate?
November 12, 2008
There is a lot of news about loan modifications. In fact, due to the decline in home prices of Phoenix AZ real estate, we are a national leader in loan modifications.
On Monday, Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers.
Previously, Bank of America halted foreclosures in California and more then 2,000 homes in greater Phoenix. JPMorgan Chase & Co. won’t put any more homes into foreclosure for the next 90 days while it implements a plan to help borrowers stay in their homes.
Yesterday, and most significantly, government sponsored entities and lending giants, Fannie Mae and Freddie Mac held a major news conference to announce that they too would be modifying loans for hundreds of thousands of borrowers.
The loan modification is here to stay. It may even pass sub-prime and credit crisis as the financial word of the year for 2008.
The question is : What is a Loan Modification ??
A loan modification is a permanent change in one or more of the terms of a mortgagors loan which allows the loan to be reinstated and results in payment the mortgagor can afford.
Loan modifications typically involve a reduction in the interest rate on the loan, a fixed rate mortgage vs. adjsutable rate mortgage (ARM), the term of the loan, principal, interest and fees (the arrears ) added to the loan balance to bring you current. A loan modification can consist of any and or all of the above.
The next question: Why would a bank or lender or the government want you to modify your loan?
The government, through such programs as the Hope for Homeowners Act is pressing banks and lending institutions to work with borrowers in what is called “Loss mitigation” to modify loans for qualified borrowers.
Believe it or not, legal fees and related foreclosure costs for a home that is lost in foreclosure is often more costly to a bank then a loan modification (assuming the borrower can and still wishes to pay).
Short sales have been the most common form of loss mitigation. In a short sale, a bank agrees to take less money then the borrower owes when the home is sold. Bank have been (somewhat) adverse to short sales as they do not recover any interest, fees, principal in arrears, take a drastic loss int he home and lose a potentially paying customer.
Loan modifications have now emerged as the best alternative for banks as a way to keep a borrowers in the home , borrowers continually paying interest (which is how banks make money), and maybe most importantly keeping less bank owned real estate hitting the market for sale which further drives down prices.
Keep in mind that the government has established loan modification to help prevent more Americans from losing thier home. It is not something to be afraid of at all. In fact, for many, it is the best thing they have done since the day they bought their home.
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Copyright © James Wexler *Why Loan Modifications for Phoenix AZ Real Estate?*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
Hold a Raffle to sell your Gilbert AZ home!
November 11, 2008
We all read the news. We know the stock market is struggling. Likely, if you read this blog, you are more concerned with the Phoenix AZ real estate market. And, for the most part Phoenix AZ real estate and Scottsdale Real estate is selling, but slowly.
It is a challenge for homeowners to sell a home at fair market value as sellers are (in most places) competing wit
h short sales, foreclosures and bank owned homes (REO). These types of listings are priced at significant discount to resale market prices as a net amount a sale is less important to banks and short sale listings.
As a result, if you really want to sell a home in most parts of Phoenix AZ, Peoria AZ, Chandler AZ, Gilbert AZ and Glendale AZ, you need to price your Phoenix AZ real estate near the price of neighboring REO’s and Phoenix short sales.
There is a growing trend that I have been hearing more and more of and wanted to offer it as a solution to selling your home at a fair price and relatively quickly.
It is called a Home Lottery or Home Raffle. Here’s how it works.
- Let’s say you own a home in Gilbert AZ
- You want to sell your home at $250K
- You do not want to pay a Gilbert AZ real estate agent to list the home.
- You do not want to pay a Phoenix AZ real estate agent to bring a buyer
- Hold a raffle. (please see your local guidelines about the legal requirement for non-profit organizations to conduct the raffle)
- Non-profit should conduct/Advertise raffle or lottery tickets at $100.
- Offer that $10/each ticket goes to a local charity
- Receive some radio and other advertising for free as a result
- Sell 3,000 tickets for a total of $300K.
- One lucky winner, will own the Gilbert AZ home , ‘dream home’ for only $100. Not bad, right ?
- And you get to help donate $30,000 to charity while you sell your home at at a ‘dream price’.
Q: Is it legal ?? IMPORTANTLY, I am NOT an attorney. I do not know the laws in your area, jurisdiction or state.
Although, each state has different laws, I have been told by Ser Greene at USA Home Raffle , one of the leaders in helping conduct Home Raffles , that these raffles must be held by Non-Profit organization. Otherwise, as stated above, they would be illegal.
Make sure you speak with local governments about raffle, sweepstakes and lottery laws as such a priced item may require certain guidelines and registration.
I wish you the best of luck and happy selling!!
Contact your bank a real estate professional to help you through the process.
Make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with auctions and lottery sales.
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Copyright © James Wexler *Hold a Raffle to sell your home!*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
Vote No on Proposition 100 - Real Estate Sales Tax in Phoenix AZ
November 2, 2008
Several weeks ago, I wrote an Op-Ed article about , Arizona Proposition 100, known by its supporters as the Protect Our Homes Act, will be on the November 4, 2008 ballot .
I encouraged Phoenix AZ real estate owners to Vote Yes on proposition 100 that, in essence , would 
‘prohibits the government from charging any new tax on the sale or transfer of real property in Arizona“
However, after receive some harsh criticism for my ‘biased’ opinion, I though it only fair that I play devil (no pun intended) advocate and outline the reasons to Vote No on Proposition 100.
Voting “NO” on Propostion 100 would ensure the ability (if necessary) to tax real estate.
- A real estate sales or transfer tax would provide revenue for Arizona to get through tough economic times.
- According to Andrew Morrill, Vice President of the Arizona Education Association, the current economic downturn has caused the state a $2.2 Billion deficit.
- A stronger tax base means a stronger economy.
- A stronger economy means higher-quality public schools, health care, information systems, public roadways and better law enforcement.
- We have low state and sales tax compared to the rest of the Country. A real estate sales tax would provided badly need revenue while keeping Arizona taxpayers under the national average.
- Voting No would lift the protection of the wealthy real estate corporations and wealthy special interests and add a small tax that could provide towards special needs.
- Untie the hands of policy makers should we need additional revenue for major economic expansion in Arizona
To read the opposing viewpoint, you can visit www.protectourhomes.com and www.NoNewTaxes.com for more information.
Phoenix AZ real estate owners and Scottsdale Real estate owners ,…..
Vote No on Proposition 100 in November.
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Copyright © James Wexler * Vote No on Proposition 100 - Real Estate Property Taxes in Phoenix AZ *
Contact James Wexler (480) 221-8080 for your Phoenix AZ| Scottsdale AZ Real Estate needs
Call me for a private tour of new homes in Phoenix, Scottsdale and Peoria and to learn more about life in Scottsdale AZ and living in luxury communities in Phoenix AZ.
Be Careful of Cash-Offers on Scottsdale Real Estate
October 31, 2008
So you finally got an offer on your home. The close of escrow is in 30 days. You can put a deposit on your the home you just made an offer. In fact, when the seller tells you that your purchase cannot be contingent on the sale of your home, you say ‘no problem’, the offer is a cash-offer. Call the movers; right? Wrong!
I don’t want to take the wind out of your sails. But No, wait just moment.
There is a new, somewhat surprising, trend happening in the greater Phoenix real estate market where buyers are making cash-offers with no intent of closing in cash.
First of all, Phoenix real estate is selling. Buyers are making offers on Scottsdale real estate and homes in Peoria, Glendale and Gilbert.
Typically, the offers come on homes that are either short sales and bank owned homes (REO). As a result, when Scottsdale homes or Paradise Valley AZ homes are priced at such a steep discount, there are often multiple offers.
Eager buyers, sensing a great deal, are fearful of losing out on their offer, so to make it more attractive to the buyer, they make it a cash-offer. When, in fact, they have no intention , or ability, to close in cash.
Is this illegal? No! Unethical? Maybe. Nonetheless, it is happening.
Here’s what to do to protect yourself if you are selling your home and want to make sure a cash-offers is legitimate.
- Ask for proof of funds - Although, a buyer may very well have the funds available with no intent to use them to close, it is at least , a deterrent and at best some confirmation of financial capability of the buyer.
- Ask for larger earnest deposit - if the buyer is planning on a cash close, a larger earnest deposit should not be intimidating.
- Demand a second deposit after the inspection period of larger more significant amount .
- Clarify breach and possible financial remedy in counter-offer if buyer does not close in cash
I know this is an aggressive stance for sellers to take in the sluggish Phoenix real estate market. However, if you have a home that is attracting offers, you need to protect you best interests.
Do not accept offers purely based upon price. You need to give yourself the highest chances of closing. If the property does not close, you are more than one month down the road. We all know home prices can drop significantly in one month. Thus costing you more money. More importantly, you are likely losing the other potential buyers.
Make sure you use an Phoenix AZ real estate agent or a Scottsdale real estate agent who is experienced in writing counter-offers and protecting the interest of sellers when negotiating offers.
Best of luck and happy selling.
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Copyright © James Wexler *Be Careful of Cash-Offers on Scottsdale Real Estate*
Contact James Wexler (480) 221-8080 for your Phoenix AZ| Scottsdale AZ Real Estate needs
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with short sales and bank owned transactions.
Loan Modifications - Civil vs. Attorney
October 28, 2008
Yesterday, I wrote a post explaining to Phoenix AZ real estate owners how they can avoid foreclosure and stop the bank from foreclosing through a Loan Modification:
Loan modification is a procedure whereby a loan payment plan is altered due to the hardship of the borrower. 
Believe it or not, Loan modification, which is a type of “loss mitigation” program. Loss mitigation programs, like loan modification, were established by the federal government in order to help prevent foreclosure.
Other loss mitigation programs include:
- Short Sale
- Short Re-Finance
- Forbearance
- Deed-in-lieu of foreclosure
There are 2 types of Loan modification. Civil and Attorney.
Both types of loan modifications should:
- reduce your interest rate to a fixed rate of 5%-5.5%.
- Loan modification should add interest, penalties, fees, etc.. onto the back-end of the loan.
- Finally, you should try to amortize your new loan past 30 years or more.
Civil based loan modifications offer the same services you could do yourself. However, the process requires detailed paperwork, organization and time. So, for a little bit of money, you can have a company do all of this for you. It is quite an emotional relief as well to have a company communicate with your bank on your behalf.
For a little bit more money. (sometimes a lot more money), you can use a
attorney based loan modification company. Although, both companies do the same thing and generally have the same knowledge of State and Federal laws and lending regulations, there is no doubt that banks seem to react more quickly in dealing with lawyers.
A common tactic , that is quite effective in this market, is that attorney based loan modification companies find and prepare sound arguments and founded accusations of predatory lending and threaten lawsuit if the banks choose not to comply with the loan modification.
If you would like to save money and can deal with emotional and time consuming headaches of preparing a loan modification package and working with your lender then you can always try a loan modification yourself.
However, if you have the extra money, it is generally always considered wise to get a qualified attorney on your side.
Contact your bank and a loan modification company to help you through a difficult , but manageable process.
Make sure you work with a loan modification company who is experienced with short sales and bank owned transactions.
One expert in the field is Corey Goldstein. If you are outside of Arizona and need help or advice call Corey Goldstein Today.
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Copyright © James Wexler *Loan Modifications in Phoenix AZ - Civil vs. Attorney *
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
Congratulations - you sold your Phoenix AZ home now you have to move
October 21, 2008
You did it you sold your Phoenix AZ or Scottsdale AZ home. Congratulations. Now the fun part. Moving
It’s a given no one likes moving. Fun is not a word associated with moving. However, it doesnt have to be traumatic either.
Here are some tips & advice on moving process to cause as little pain as possible.
Plan Ahead
- Send change of address to: Post office (give forwarding address), charge accounts and credit cards, subscriptions (change notice requires several weeks), and friends and relatives.
- Contact gas, electric, and telephone companies in new location to arrange for immediate service.
- Arrange insurance on the new home prior to the transfer of property.
- Discontinue deliveries, electricity, water, gas, newspapers, and garbage collection, etc.
- Cancel club memberships.
- Transfer car title registration, if necessary, as well as driver’s license, city windshield sticker, and motor club membership.
- Arrange for transporting pets and obtain immunization records from the vet.
- Carry traveler’s checks for quick, available funds.
- Service the car for the trip.
- Disconnect the telephone.
One Week Before Moving
- Clean and air out your stove.
- Defrost refrigerator and freezer 24 hours before leaving.
- Place charcoal or baking soda inside refrigerator and freezer to dispel odors.
- Dispose of all open cans and jars that cannot be tightly sealed.
- Remember to pack your telephone directory for future reference.
On Your Moving Day
- Leave a copy of your travel itinerary with a friend or relative.
- Carry all currency, jewelry, and personal papers (birth certificates, deeds, and documents).
- Double check closets, drawers, and shelves to be sure they are empty.
Now the fun begins. You have the keys to your new home and you can move-in and unpack (ok, not fun). However, you are establishing roots in your new ‘dream home’ and can begin to create a lifelong amount of memories.
Enjoy this process, and make it much more settling with the help of an experienced Phoenix AZ Real estate agent.
Best of Luck and Congratulations! - james
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Copyright © James Wexler *Congratulations - you sold your Phoenix AZ home now you have to move*
If you are considering life in Phoenix AZ or living in Scottsdale AZ hire an agent who knows the area and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale
Phoenix az real estate is stronger than media would have you believe
October 6, 2008
As a Phoenix real estate agent, it is my job to share accurate information to home buyers and sellers. Unfortunately, I cannot control the Phoenix real estate market, I can only provide the most detailed information to my clients and together make an informed decision.
Understandably, people are nervous about the Phoenix real estate market. I would venture to say, a bit frightened if they read the newspapers and watch local television. 
However, I want not only may the doomsday media be wrong about the direction of the economy and real estate market, things are definitely not as bad as the news may have you believe.
It was just a few months ago that oil prices hit $146/barrel and gas prices at the pump hit an average of nearly $4.50/gallon in many parts of the country. Further, everyone, not just the doomsday media and the water-cooler conversation predicted we were going to $200/barrel and more than $5/gallon at the pump. Worst, said the prognosticators, was that there was no end in sight to rising oil prices.
Today, however, Oil prices briefly fell to an eight-month low below $90 a barrel.
Granted this is a small positive by-product of speculation that the financial crisis will cause less demand for oil. However, a 40% gain (to the consumer) in oil prices in just over 2 months is very telling. It goes to show that the media and the so-called experts were wrong. Way wrong!
Could they be wrong about Phoenix real estate?
Yesterday, I showed a home to a buyer in a Scottsdale golf community called Triple Crown. They buyer called me first thing this morning and told me that he had locked in a very low fixed rate mortgage as rates dropped sharply and wanted to make an offer.
The buyer feels that the market has leveled off. If it hasn’t quite leveled off, he feels that he can lock in a low fixed interest rate which lowers his payment more than expect.
I am not saying that the real estate market will see a 40% rebound in prices like oil. However, things are rarely as bad as the media would have you believe. And clearly, a recovery or stabilization in pricing and market conditions can (clearly) come quite quickly.
Read the news. However, the words are not gospel. Like the weather, the experts are rarely correct as conditions can change quickly.
If you have been planning on buying a home in Phoenix, Scottsdale, Fountain Hills, Peoria, Glendale or Mesa, and you can lock in a low interest rate in which the monthly mortgage payment is comfortable for you, now could be a great time to buy. Remember, everyone said gas was going to $5/gallon. Today I paid $3!!
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Copyright © James Wexler *Phoenix az real estate is stronger than media would have you believe*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix Arizona Short Sales and Scottsdale Arizona short Sales.
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