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Bullish or Bearish? Find Out If You Should Buy a Home

October 20, 2022 by Misty Garrison

Buy a Home in Tempe AZ

Is it time to buy a home or sell a property? The choice often depends on whether it’s a buyer’s market or not.

A buyer’s market is one where there are more real estate properties for sale than there are buyers. This happens for several reasons, but it’s caused when the economy weakens. This means that more people want to sell their homes than people who want to buy them.

Find Out If You Should Buy a Home in Arizona

If you’re considering buying a property, a buyer’s market can be a good time to do it. This is because there are more choices, and you may be able to negotiate a lower price. However, you should always research before inquiring.

Some signs of a buyer’s market include:

  • More Inventory: More properties are sold, resulting in increased house supply.
  • Lower Costs: Listings may go through several price cuts after the property has been on the market for a long time. This may also occur since the increase in house supply necessitates competitive prices.
  • Incentivization: Sellers might provide potential buyers with enticing incentives to secure the property’s sale, like flexible closing costs or credit to cover renovations.
  • Longer Selling Periods: Houses take longer to sell in a buyer’s market since there are more options, resulting in a growth in the market average.
  • Relisting of Properties: With more extended sale periods, sellers may relist the same home indefinitely after it’s been on the market.

Buyer Tips

If you’re looking to acquire a house in AZ during a buyer’s market, keep these in mind:

  • Be Patient: A buyer’s market is a good time to buy a property because more properties are available, and there is less competition from other buyers. There’s no need to rush.
  • Be Vigilant: Before making an offer on a property, it’s beneficial to see as many

properties as possible to understand better what is available on the market. This will help you find your ideal home and give you more leverage when negotiating prices.

  • Be Analytical: Analyzing comparable properties is important when negotiating the price of a property. By viewing similar properties in the area, you can get an idea of a fair price for the property you are interested in. Either a real estate agent or realtor can help look for and analyze comparable properties on the Multiple Listing Service (MLS).

Housing can be tricky to navigate. That’s why if you’re interested in a certain property, it’s important to research to see if the asking price aligns with similar properties in the area. Due diligence gives you a good idea of whether or not the property is overpriced.

A buyer’s market can be more difficult if you’re considering selling a property, especially in today’s tough financial times. The reason? Fewer buyers, so you may have to accept a lower price for your property. However, if you’re willing to wait, a buyer’s market can eventually turn into a seller’s market when there are more buyers than properties.

Your Next Move

If you’re willing to wait and go at it on your own, the above tips will help you buy or sell a property even when things look grim. But if you want professional help to buy a home in AZ, reach out to Mortgages by Misty today! I provide future homeowners with flexible financing to access beautiful communities, sunny weather, and a growing job market in the Phoenix metropolitan area. Call me at (480) 618-5358 today!

Filed Under: Buy A Home Tagged With: Arizona, Home Buying Tips, Tempe

Investment Property Loan Examples, Options & Requirements

September 28, 2022 by Misty Garrison

Investment Property Loan in Tempe AZ

If you’re contemplating purchasing an investment property, it’s important to understand the different types of investment property loans and the requirements involved. With the right loan in place, you can finance your investment and take advantage of the many benefits that come with owning an investment property.

What Are Investment Property Examples?

There are many types of investment property, but some of the most common examples include single-family homes, duplexes, townhouses, and small apartment buildings. These properties are usually purchased to generate income through rental income or appreciation of the property’s value.

Investment properties can be a great way to build wealth, but they also come with a certain amount of risk. It’s quite important to do your research on the examples and understand the market before investing in any property and taking out a loan.

What Are Investment Property Loan Options?

There are a few different types of investment property loans, each with its own set of eligibility requirements and terms. Here are some loan options you can choose to take out:

  • Conventional Loans. A conventional loan is a common loan type that is typically available through banks and credit unions. The eligibility requirements and terms of these loans can vary widely.
  • FHA Loans. An FHA loan is a loan that the Federal Housing Administration insures. These loans are available through participating lenders and are typically used by first-time homebuyers or those with low credit scores.
  • VA Joint Loans. A VA joint loan is a loan that is guaranteed by the Department of Veterans Affairs. These loans are available through participating lenders and can be used by eligible veterans to purchase a home.
  • Hard Money Loans. A hard money loan is an option secured by real estate. These loans are typically available through private lenders and are usually utilized by investors to purchase properties.

What Are Investment Property Requirements?

It’s also good to know the most general requirements that must be met in order to qualify for any investment property mortgage. Here are some examples of what’s needed:

  • Higher Down Payment. Investment property mortgages typically require a higher down payment than owner-occupied mortgages. The reason for this is that investment properties are considered to be a higher risk by lenders.
  • Higher Credit Score. In order to offset the aforementioned risk, lenders typically require a higher credit score from borrowers looking to finance an investment property. They may also require proof of income and assets.
  • Mortgage Reserves. Additionally, it is important to have mortgage reserves set aside. The presence of mortgage reserves will show the lender that you are prepared for any potential unforeseen expenses.
  • Rental Income Proof. Be sure to have proof of rental income ready to go. This will show the lender that your investment property is actually generating income and therefore is a sound investment.

Are You Ready to Purchase an Investment Property?

An investment property loan is a mortgage obtained to buy a property for investment purposes. There are several different types of investment property loans, each with its own set of requirements. Borrowers should carefully compare the options before choosing a loan.

Looking for investment property loans in Arizona? Mortgages by Misty can help you choose the right loan product to get your future Tempe home, getting attractive benefits and access to the Phoenix metropolitan area. Contact Misty today at (480) 618-5358.

Filed Under: Investment Property Tagged With: Arizona, Investment Property Loan Tips, Tempe

Breaking Down the Common First-Time Homebuyer Mistakes to Avoid

September 15, 2022 by Misty Garrison

By being aware of these potential pitfalls, you can avoid them and make the home-buying process smoother and less stressful. Some of the most common mistakes first-time homebuyers make include.

Identifying Common Mistakes First-Time Homebuyers Make

  1. Taking Out New Credit Cards, Loans, or Making Large Purchases After Your Preapproval as it Compromises Your Closing and Final Loan Approval. When you’re preapproved for a mortgage, it’s important to keep your finances in order to ensure a smooth and easy closing. This means that you should avoid taking out any new loans or making large purchases. If you take out new credit cards or loans, or make large purchases, your lender may reconsider your preapproval. This could lead to a delay in the closing of your home, or even a denial of your loan.
  2. Failing to Shop Around for the Best Mortgage Rate. One of the biggest mistakes first-time homebuyers make is not shopping around for the best mortgage rate. By getting several quotes from different lenders, you can ensure you’re getting the best rate possible.
  3. Not Getting Preapproved for a Mortgage. Another common mistake is not getting preapproved for a mortgage. By getting pre-approved, you’ll know how much you can afford and will avoid the disappointment of finding out your dream home is out of your price range.
  4. Not Considering All of Your Options. It’s also important to consider all of your options before buying a home. This includes looking at different neighborhoods, considering renting vs. buying, and weighing the pros and cons of new construction vs. older homes.
  5. Not Having Enough Money saved for a Down Payment. One of the biggest challenges for first-time homebuyers is saving up for a down payment. It’s important to save as much money as possible so you can avoid taking out a loan for your down payment.
  6. Not Getting a Home Inspection. Another mistake first-time homebuyers often make is not getting a home inspection. By getting a home inspection, you can identify any potential problems with the home and negotiate a lower price.
  7. Purchasing a Home that Uses Up All Your Budget. When you’re buying your first home, it’s important to be realistic about what you can afford. Don’t bite off more than you can chew by purchasing a home that uses up all your budget. It’s important to remember that you’ll also need money for things like repairs, maintenance, and property taxes. So, be sure to leave yourself some breathing room in your budget so you’ll have enough money to cover all of your expenses.

The Importance of Learning from Other First-Time Homebuyers’ Mistakes and Doing Your Research Before Unlocking the Home of Your Dreams

Buying your first home is a huge milestone in anyone’s life. It’s a time of excitement, anticipation, and sometimes a little bit of fear. Making mistakes when buying your first home can be costly, both in terms of money and time. That’s why it’s important to do your research and learn from the mistakes of other first-time homebuyers.

Are You Interested in Buying a Home in Arizona?

Mortgages by Misty offers first-time home buyer loans in Arizona, so if you need financial assistance in purchasing your home, contact us today to see how we can help make your homeowner’s dreams a reality!

Filed Under: Buy A Home Tagged With: Arizona, Home Buying Tips, Tempe

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Misty Yvonne Ocampo Crockett | NMLS #624292 | Barrett Financial Group, L.L.C. | NMLS #181106 | 2314 S Val Vista Dr, Suite 201, Gilbert, AZ 85295 | AZ 0904774 | CA 60DBO-46052 & 41DBO-148702 Licensed by Dept. of Financial Protection & Innovation under the California Residential Mortgage Lending Act. Loans made or arranged pursuant to a California Financing Law License | Equal Housing Opportunity | This is not a commitment to lend. All loans are subject to credit approval. | nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106

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