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Oro Valley Real Estate News / Buyer – Seller TipsQualifying the Buyer for your Oro Valley Property
Either you or your agent will want to weed out potential buyers who cannot afford to purchase your Oro Valley home. Items to investigate include the buyer’s debt and credit history, current income and employment, the availability of cash for a down payment, the time the buyer needs before closing on the home and the buyer’s level of interest in your home as compared to other properties.
Oro Valley HOME BUYING PITFALLS TO AVOID
Buying your Oro Valley home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them.
Make sure that when you put in an offer on any Oro Valley home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.
Bitten by the Oro Valley Home Improvement Bug?
Money isn’t everything however so that if the most important consideration for remaining in your Oro Valley home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Oro Valley house torn up for weeks at a time makes your blood run cold, it really doesn’t matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.
Buying Oro Valley Real Estate...Will it Pay?
With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Oro Valley faster by choosing a 15-year loan instead of a 30-year loan.
As a Oro Valley real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Oro Valley can be a very good idea.
Choosing Your Oro Valley Neighborhood
You’ve probably heard about the three major determinants of Oro Valley values are: 1) location, 2) location and 3) location. This is not only true about real estate in Oro Valley; it is true about real estate in general. If you cannot afford what you want where you want it, give up something inside the house rather than settling on a lesser location.
What Makes Oro Valley Sell?
Books have been written about this topic but to be concise, successful sale depends on six factors: Price; Terms; Location; The Home’s Condition; The Home’s Accessibility and the Marketing exposure the Oro Valley receives.
Price is what a willing seller and a willing buyer agree on. Price is determined by the current market, which fluctuates causing home values and prices to fluctuate. Often Oro Valley that does not sell is over-priced for the current market. Terms can vary as well. Some owners want payment in full, some are willing to carry a second.
Location is a major consideration in pricing and desirability for Oro Valley. Has the neighborhood gone to pot or does it look like a street at Disneyland? Are there open spaces nearby or is the home located in the middle of commercial district?
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Oro Valley Arizona AZ Homes and Real Estate For Sale
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