Here are some things you ought to know, based on questions and comments that I’ve received over the past couple of weeks:
1. Mortgages still are available. You’ll need a decent credit score – 680 and up – and an income stream, but mortgages are available. Gone are the days of “no job, no money, no credit, no problem.” And that’s not a bad thing.
2. Placing a mediocre-quality townhouse in Scottsdale doesn’t make it any better to a similar townhouse constructed elsewhere in the Valley.
3. You can’t overrate easy freeway access in a metropolitan area the size of Phoenix.
4. The Canadian dollar will rise from the ashes of the past fortnight once the markets stop, look and realize the 14-cent (or so) freefall of the last two weeks was unfounded.
5. The economy’s not going to turn on a dime after the election. (For further reference, please see “Stock Market Reaction, 2000, Gore vs. Bush.)
6. You can sell your home tomorrow even in a neighborhood of bank owned homes. But you’d better be priced aggressively compared to your competition, and the REOs are your competition.
7. Staging a vacant home can be a dual-edged sword, unless you have an unlimited budget.
8. Golf course, waterfront and view lots still carry a premium and almost certainly always will when compared to the homes across the street.
9. Cash gives you additional leverage when buying a house but doesn’t give you a blank check when making your offer.
10. Determining the right price to offer when buying a home is equal parts art and science because human psychology is an inexact science.
BONUS: Real estate agents using their own photos remains dorky, but how do I stop when people keep asking me about Tobey? Maybe a beagle logo’s in order.
[tags]Phoenix real estate[/tags]