Why Purchase a Home, and What are the Steps Involved?
Many homeowners are compelled to Buy vs Rent for the following reasons:
- Ultimate privacy; no answering to a Landlord or Manager
- An opportunity to build wealth over time. Many people have retired from their property investments gains.
- Fun: you can enjoy making improvements to the property, and put your ideas into action.
- Forced savings: instead of rent payments going out the window, a portion of your mortgage payment goes toward the principal, thus lowering the balance owed on the home.
- Pride of Ownership: enjoy being a part of a community of other homeowners. The deep sense of satisfaction you experience while enjoying the company of others in your home is priceless.
- Tax advantages: Currently interest and mortgage property tax can be used to lower taxable income.
- Stability: Fixed rate mortgages keep payments the same, unlike renting which can mean payment increases. Whether you rent or buy a home, you are still paying for a home.
- Investment Income Opportunity: Many people end up converting their home into an income producing property, creating additional tax write-offs and increased equity.
Thinking about Your Ideal Home
- If you could choose your ideal time frame to move into your new Scottsdale or Phoenix home, when would that be?
- What do you like/dislike about your current property and surroundings?
- Where do you want to move to? What city, neighborhood, or community? Are you only looking at homes for sale in Scottsdale and Phoenix?
- Describe your ideal home: Beds/Baths, square footage, pool, backyard size, gated, HOA, etc.
- Have you spoken to a Lender?
- How much can you afford?
- How long have you been searching for a Phoenix Area Home, if at all?
- What is your ultimate home goal? Best price? Find something quick? Locate your ideal home now? Find the right style?
Why Consider Working with Dennis Carr, Realtor in Phoenix, AZ?
- He Listens First: He seeks to understand before advising. He then sets up a strategic plan best suited to execute your goals.
- He is easy to work with: You will never be pressured to make a decision you are not comfortable with.
- Personal Service: He personally communicates with you during the transaction, and does not pass you off to a staff member once your contract is signed and moving forward.
- Dedication: Dennis is a full-time Real Estate Professional in Phoenix, Arizona. He is dedicated to understanding home values, best deals, and most popular areas in the Phoenix Metro Area.
- Experience: Dennis has personally executed 100’s successful Real Estate Transactions from start to finish. He knows all aspects of the process. He is Licensed in both Arizona and California.
- MLS Research: He searches the MLS for the best new properties daily. He understands and has the right tools to identify the best deals
- Networking: He networks with other like-minded professional Realtors, and often learns about ‘coming soon’ properties before they are listed.
- Market Knowledge: He personally views new properties that come on the market to identify hot deals and upgrades.
- Negotiation: Dennis tenaciously negotiates on your behalf, creating the best deal possible for you, and beating out other offers as well.
- Contract Deadlines: He handles all of the contract timelines so you can relax and focus on packing
- Details: He handles the inspections, negotiation, and any needed repair requests while looking out for your best interests
- Extended Team: He has an extended team of brokers, agents, inspectors, title officers, escrow officers, licensed contractors, and additional resources to make the experience turn-key for you.
- Empathy: He understands the enormity and importance when his clients are Buying or Selling a home. He takes their success personally and strives to create excellent outcomes.
- Company Affiliation: Dennis works with Homesmart, the largest real estate company in the valley. With over 6,000 agents, he has an added advantage of deep networking and housing opportunities.
Summary of My Steps to the Buying Process
- I will help you navigate the search process:
- Local MLS to find Scottsdale and Phoenix Homes for Sale
- Neighborhood Information Research
- Tours/Showings/Seller Appointments
- I will guide you through the mortgage pre-qualification & financial steps:
- Shopping for Lenders
- Savings, Credit, etc.
- Preparing for a Complete Application
- Closing Costs
- I will introduce you to our vast network of partners and support services
- I will arrange inspections for your home, and meet the home inspector in person to review items on the report and obtain personal feedback.
- I will negotiate and advise you throughout the purchase process while paying close attention to the detailed paperwork of your real estate transaction.
The Inspection Process
Home inspections occur once your home is under contract. While the main home inspection is key, other optional inspections include wood destroying organism inspection, survey, septic/well, structural, and mold. The main home inspection is a good place to start, and something every buyer should do to protect their investment. Appliances, heating/cooling, electrical, plumbing, roof, attic, foundation, and structure are all common elements of a home inspection.
The final walk-through is when you are able to make sure the home is in the same condition as when you first viewed it. It is also the time to check to make sure that any repairs agreed upon have been completed. It is important to have the home inspection report and a list of any agreed-upon repairs with you to reference during the walk-through.
Buyer Tips and Advice
- Prepare before getting too involved in your search. There have been many occasions when a Buyer has found their dream home, only to realize they were beat out by another buyer who was already pre-approved for the same home they fell in love with. Make sure and talk with a few lenders, and choose the one you feel comfortable with. Go through the pre-qualification process so you have peace-of-mind. Be in a “GO” position before starting to search seriously.
- Don’t move money around during the purchase period. Once you are pre-qualified, don’t buy a car, furniture, or make any other financial commitments. Your Debt to Income Ratio (DTI), may suffer, and your home closing may not go through due to your loan not being approved when it is time to finalize the purchase. This can cause you to lose your good faith deposit also.
- Don’t change jobs. Since your loan is based on income, changing a job will impact your DTI and more-than-likely cause you to be disqualified for your home loan.
Enjoy the House Hunt!
- Visit the neighborhoods you are interested in. There are many Scottsdale and Phoenix home listings for buyers. However, are they noisy at night? Any funny smells? Traffic noise?
- Talk to neighbors. Do they like living there? Are there any nuisances they did not think of before buying? Are they satisfied with the school district? Where do they go for medical care? How much are utilities? Is the HOA good?
- Visit local stores and adjacent neighborhoods. Are people happy? Does the traffic flow nicely?
- Use Google as a resource to learn more. Use google maps to view surrounding areas, power lines, sewer treatment plants, commercial buildings, etc.
- New Construction Projects: make sure I attend your first visit to any new construction projects. If I am not with you, give them one of my cards, or at a minimum, let them know you are working with me. I cannot look out for your best interests if I am not involved in your transaction. Contrary to popular belief, going straight to the Salesperson at a new homes development will not get you a better deal. Owners agree upfront to pay commissions on every real estate transaction, and this cannot be discounted by going straight to the salesperson representing the developer/owner.
You Will Find Your Perfect Phoenix Area Home
After working with countless home buyers, it’s extremely rewarding to see the look of “this is the one”. The excitement that ensues creates a wonderful feeling for me. You will know when “the one” is in front of you. Word of caution: there often is a feeling of uncertainty after the offer is accepted. You will realize you have made a commitment, and talk with friends and family about it. They will want to protect your best interests, and sometimes second guess your decision (price, neighborhood, condition, quality, etc) . Often their well-intended advice is framed on past experiences, which may differ from your current needs.
This is exciting! You are well-prepared and are ready to find your perfect Dream Home. Take a deep breath. Let’s roll up our sleeves and get to work! Dennis Carr can be reached at 480.825.2870. His Homesmart Biltmore office is located at 3333 E Camelback Road, Suite 150, Phoenix, AZ 85018.
To Create a Unique Experience by Providing Superior Service, Dedication, Communication, and Execution of Your Goals.