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7 things to avoid after applying for a mortgage

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7 Things To Avoid After Applying for a MortgageCongratulations! You’ve found a home to buy and have applied for a mortgage!

You’re undoubtedly excited about the opportunity to decorate your new home. But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Following is a list of 7 things you shouldn’t do after applying for a mortgage! Some may seem obvious, but some may not!

1. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.
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Filed Under: Money Matters, News for Buyers Tagged With:

Homes selling above listing price finally on the decline

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Homes Selling For Above Listing Price Finally On The DeclineThanks to the historic inventory shortage, competition for homes in markets across the country has been fierce, and Green Valley has been no exception. That competition has driven up home prices. For more than a year, it has not been uncommon for homes to sell for above the listing price.

But it looks like that trend is finally starting to shift, which is excellent news for buyers.

According to a recent article from Zillow, the number of homes selling for above the asking price saw steady declines in the second half of 2018. In December, only 19.4 percent of homes in the US sold for above the asking price—the lowest rate in nearly three years.

So if you’ve been thinking about buying a home, now is a great time to make a move. The fact that fewer homes are selling for above the asking price means that competition is finally starting to cool — so you should be able to get a much better deal on your home purchase.

Filed Under: News for Buyers

Modest inventory growth expected in 2019

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Modest Inventory Growth Expected In 2019For the past few years, historically low inventory has been driving up competition (and prices) for real estate in markets across the country. But it looks like 2019 is going to see that (finally!) start to shift.

While gains are expected to be modest, housing inventory is at least going to be heading in the right direction in the upcoming year, which is good news for home buyers.

According to Realtor.com’s 2019 Housing Forecast, national inventory increases are projected to hover right under 7 percent for 2019 (which is in stark contrast to last winter when inventory hit the lowest level in recorded history). Some types of properties will see more growth than others—while entry-level buyers will see only modest changes in inventory, higher-priced properties (and higher-priced markets) should see a more notable change in available inventory in the upcoming year.

If you’ve been thinking about buying a home but haven’t been able to find a property in this competitive market, it looks like things are finally starting to shift in your favor — and (hopefully!) finding a home in 2019 is about to get a lot easier.

Filed Under: News for Buyers

Buyers more likely to buy existing homes vs. new construction

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Existing Homes Vs. New ConstructionMany people believe that when it comes to real estate, buyers want something brand new. But according to a recent report, the vast majority of buyers end up purchasing existing homes.

According to the New Construction Consumer Housing Trends Report 2018, only 38 percent of buyers in 2018 even considered purchasing new construction. And the percentage that ended up buying a brand new home? Only 11 percent.

The study results reveal three key areas that influence home shoppers who considered new construction but ultimately choose an existing home — location, timing and price. The appeal of a new home is often outweighed by limited models, availability, “cookie cutter” neighborhoods, and the fact that buyers might wind up putting a lot more money into their purchase — and sooner than they expected (landscaping, window coverings, for example).

If you’ve been thinking about selling your house, now is a great time to make a move. With 89 percent of buyers ultimately purchasing existing homes, your property is exactly what a huge portion of buyers are looking for.

Filed Under: News for Buyers, News for Sellers Tagged With:

Homeowners see significant equity gains in 2018

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Homeowners See Significant Equity Gains In 2018A home is an investment — and, like any investment, you want it to increase in value over time.

Well, in 2018 homeowners definitely got their wish.

According to the most recent Homeowner Equity Insights Report from CoreLogic, homeowners in the U.S. who currently hold a mortgage (which covers about 63 percent of all properties) saw an equity increase of a whopping $775.2 billion from Q3 2017 to Q4 2018 — an increase of 9.4 percent year over year. On average, homeowners gained an impressive $12,400 in equity in Q3.

Chances are, you have more equity in your home today than you did a year ago. But most experts predict appreciation to slow in 2019. So if you’ve been thinking about making a move, now is a great time to take advantage of your increased equity and sell your home.

Filed Under: Home Ownership, News for Buyers, News for Sellers Tagged With:

Home values projected to increase 6.3% in 2019

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Home values projected to increase 6.3% in 2019Buying a home is an investment. And, like any investment, you want to make sure it’s going to deliver a healthy return.

According to recent projections, it looks like real estate is expected to pay off in a major way in 2019.

According to recent data from Zillow, the US Median Home Value is projected to grow a healthy 6.3 percent in 2019. So, if you were to purchase a home for $250,000 at the beginning of 2019 (in other words, now), that same home is projected to be worth $265,750 — an increase of $15,750.

Bottom line: Real estate is projected to provide some healthy returns in 2019, so if you’ve been thinking about investing in a new home, now is a great time to make a move.

Filed Under: Home Ownership, News for Buyers, News for Sellers

4 hidden costs of not owning your own home

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4 hidden costs of not owning your own homeThere’s no arguing there’s costs associated with owning a home. But the opposite is also true; there are also definite costs associated with NOT owning a home.

The benefits of buying vs. renting has always been a hotly debated topic, with most people believing that — at least in the short term — renting is more cost effective. But most people don’t consider the hidden costs of not owning a home and sinking all of your money into your rental.

Here are four sneaky ways that not owning a home will cost you:

1. Your pricing is never guaranteed

When you own a home, there are no surprises when it comes to your monthly housing costs. Once you lock in your mortgage, your payment will remain constant throughout the length of your loan (unless you decide to refinance in the future). The stability of having a mortgage gives you the peace of mind of knowing what to expect each month — and not having to worry about unpleasant surprises that completely throw off your budget.

When you don’t own a home, you’re at the mercy of your landlord; they can (and often will) change the price of your rent often to keep up with market prices.
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Filed Under: Home Ownership, News for Buyers, News for Renters

No GVR dues increase in 2019, but new members to pay more

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Green Valley Recreation GVRGreen Valley Recreation (GVR) has approved its 2019 budget that doesn’t include a member dues increase, but new members will pay a higher first-time fee.

The $11.5 million operating budget approved Dec. 4, will hold 2019 membership dues steady at $493. According to GVR documents, this is a “one-time” stay for keeping member dues flat and the 2020 budget could include an increase.

The 2019 budget, however, calls for an increase in the New Member Capital Fee, with the fee increasing 6 percent over 2018 to $2,616. The one-time new member fee is charged to new residents when purchasing a home with a deed-restricted GVR membership.

Tenant cards ranging from 1 day to 2 months would increase $5 under the new budget; three-month tenant cards would climb $10, from $105 to $115; and four-month to one-year tenant cards would jump $15.

Filed Under: Local News Tagged With: ,

Here’s the one aroma to help you sell your house quickly

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Here’s the one aroma to help you sell your house quicklyTrue or false? When you’re selling your home, you should bake cookies before a showing or an open house. After all, who doesn’t like the smell of freshly baked cookies?

Well, it isn’t like you can Betty Crocker your way to a sale, let alone at the highest price possible. Your entire house still needs to be appealing. A batch of cookies isn’t going to hide bad odors enough or divert people’s attention from a messy house that needs repairs.

Picture (and smell) this — a buyer shows up to a house and the homeowner has:

  • Two dogs laying on the sofa (wet from being in the rain).
  • Five cats roaming around. They share one unclean litter box and use every piece of furniture as scratching posts.
  • A well-used ashtray in each room.
  • A teenage son who has a pile of gym clothes under his bed.
  • A freshly-baked batch of cookies on the table with a sign that says “Enjoy a warm cookie while enjoying our house!”

Think the buyer’s gonna want to grab a cookie, let alone buy the house? Nope. There’s more of a chance their son will figure out how to do his own laundry. You’d think that’s far-fetched, but we real estate agents and our buyers actually walk into houses not too far from this reality.
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Filed Under: News for Sellers

Dairy Queen re-opens after nearly 5 year absence

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Dairy Queen re-opens in Green Valley after nearly 5 year absenceBlizzard and Dilly Bar fans rejoice… Dairy Queen has re-opened in the Green Valley / Sahuarita area.

The restaurant, located at 1051 W. Beta St., is back after a nearly 5-year absence. DQ and the attached gas station closed abruptly in 2013 when the owner of both businesses went into bankruptcy. A new owner of the property reopened the gas station in April 2016, but the DQ remained closed until a new franchise operator could be retained.

The restaurant serves the core DQ soft-serve menu of Blizzards, sundaes, cones and more, along with Orange Julius original drinks and fruit smoothies (but no “Braizer” burger and sandwich menu as it had previously in that location). In addition to drive-thru service, the DQ lobby has 12 tables with seating for 48 people, along with outdoor tables and umbrellas.

Filed Under: Local News Tagged With: , ,

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Russ Fortuno

I'm a Southern Arizona native and full-time Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ