Homeowners: Your Home Must Be Sold TWICE

Homeowners: Your Home Must Be Sold TWICE | Simplifying The Market

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.

Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, as compared to an appraiser’s evaluation of that same home.

Bill Banfield, VP of Capital Markets at Quicken Loans urges anyone looking to buy or sell in today’s market to remember the impact of this challenge: 

“While a 1 or 2 percent difference in home value opinions may not seem like a lot, it could be enough to derail a mortgage.

A homeowner [or a buyer] could be forced to bring more cash to closing in order to make a mortgage work if the appraisal is lower than expected. On the other hand, if an appraisal comes in higher, they could be surprised with more equity than they had planned. Either way, if owners are aware of their local markets it will lead to smoother mortgage transactions.”

The chart below illustrates the changes in home price estimates over the last 12 months.

Homeowners: Your Home Must Be Sold TWICE | Simplifying The Market

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to discuss this and any other obstacle that may arise.  Give me a call to discuss – J.P. Cook – 602-320-4253.

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2136 E Paradise Lane Phoenix, AZ 85022

$1,200,000
4 Beds
2.5 Baths
2,930 SqFt
Status Active
MLS # 6766023
Property Type Single Family Residence
Price Type --
Set to complete December 2024 Trade Conformity for True Freedom: The Solara Estate Welcome to The Solara Estate at Paradise Lane, —a masterpiece set to complete in December. Elegance meets the freedom to live life on your terms. With no HOA and an expansive RV garage, this property is perfect for those who crave convenience & flexibility. This isn't just a house; it's a lifestyle waiting for you to step in. Picture this: You drive up and are instantly greeted by the circular driveway entrance. You park right in front and you walk through those impressive 8-foot pivot doors. The soaring 16-foot ceilings & oversized windows let in an abundance of natural light, filling the space with warmth and vibrancy. This is more than a grand entrance; it's an invitation to live boldly. Now, let's talk about the heart of the home the kitchen. Imagine double waterfall islands dressed in exquisite quartz, against creamy white oak hardwood floors. A double oven for those culinary masterpieces, and a 36 cooktop that's begging for your next dinner party. Oversized Pantry with cabinetry Whether you're a seasoned chef or just love hosting, this kitchen is your canvas for creativity. Every detail in The Solara Estate tells a story. The white oak solid wood cabinets and hardwood floors bring a sense of warmth, while sleek floating vanities and a striking 100 fireplace add a touch of sophistication. And the master suite? It's your personal spa retreat, complete with a freestanding tub and a his-and-hers closet that dreams are made of. But let's not forget about the craftsmanshipit's a harmonious balance of strength and elegance, thoughtfully designed to embrace sustainability. With energy-efficient spray foam insulation, soundproof interior walls, and a tankless water heater, this home is built not just for today, but for a future that respects our planet. Now, imagine living herejust minutes away from shopping, dining, and those breathtaking hiking trails that call your name. Just 5 min from the coveted Basis School. The Solara Estate is a rare gem in this serene North Phoenix neighborhood, offering contemporary charm and ample space for all your adventures and toys. And here's the kicker: the landscape and pool are a blank canvas, ready for your personal touch on an over 20,000 square ft. lot. Dreaming of summer barbecues by the pool? Need to build a workshop or guesthouse? The possibilities are endless. Just keep in mind, all renderings are conceptual and subject to change. Pool to be completed after closing. This is more than a real estate opportunity; it's a chance to claim your own slice of paradise. At The Solara Estate, you're not just buying a home; you're embracing a lifestyle of true freedom. Don't miss out on this exclusive opportunity to live the life you've always dreamed of. Your new beginning starts here!

6019 E Paradise Lane Scottsdale, AZ 85254

$1,200,000
4 Beds
2.5 Baths
2,897 SqFt
Status Active
MLS # 6784815
Property Type Single Family Residence
Price Type --
This is a Must-See home in North Ranch, a most desirable community in N. Phoenix (w/a Scottsdale Address). Located in the Golden Zip Code - 85254 - A SCOTTSDALE Address with Phoenix City Services and Taxes. It is right across the street from Jack Rabbit Park an open Grassy Area excellent for tossing a Ball or a Frizzbee or flying a Kite. 4 bdrms, 2.5baths + pool and large yard. NO HOA! This is the Perfect Home for an expanding family. Many upgrades have been made to enhance this home. Come take a look.

19208 E Appleby Road Queen Creek, AZ 85142

$1,200,000
6 Beds
3 Baths
3,446 SqFt
Status Active
MLS # 6784465
Property Type Single Family Residence
Price Type --
Remarkable home designed for country living in the city, an equestrian enthusiast's dream! Starting w/a 2-car garage & circular driveway. Enter through double doors to large great room w/ tall vaulted ceilings, beautiful bay windows, & a light inviting vibe. HUGE open floor plan w/recessed lighting that illuminates every corner. An island, subway tile backsplash, granite counters & abundant cabinetry accentuated by crown molding complete a spotless kitchen. Great room looks out to a spacious paved porch, lush grass w/irrigation rights, 20 mature fruit trees, large pasture & an oversized 30x40 steel shop perfect for hobbies/toys. The perfect family home w/4 bed, 2 bath & 2 bed,1 bath in a luxurious casita. Not enough room? The casita opens to the big house making one large home. Owner's retreat won't disappoint, boasting plush carpet, double door entry, sunny bayed window sitting area, an ensuite w/dual sinks, & a walk-in closet. The vast backyard provides a covered patio, fragrant citrus tree, storage shed, large barn, stall, & lots of room for all your toys. Horses will love to roam! Act now before it's gone!

10603 W Electra Lane Peoria, AZ 85383

$1,200,000
4 Beds
3 Baths
2,795 SqFt
Status Active
MLS # 6784984
Property Type Single Family Residence
Price Type --
*30X50 RV GARAGE WITH AC & electric gate to backyard* Gorgeous single level home on almost 1/2 acre featuring 4 bedrooms, 3 full baths and an office. Home has a split 3 car garage on the house along with tons of concrete for additional parking. Enter through the wrought iron glass door into this light and bright home. With wood plank tile everywhere but the bedrooms, large kitchen with huge island, white cabinetry, stainless steel appliances and upgrading lighting throughout. Backyard is lovely & low maintenance with tons of pavers, synthetic grass and a large covered patio. RV Garage has built in cabinets, 220V, & AC. Other features include: 8' doors, 12' ceilings, tons of recessed lighting throughout the home. Close to the ''Four Corners'' offering shopping, restaurants, gyms, etc.

18029 W San Miguel Avenue Litchfield Park, AZ 85340

$1,200,000
3 Beds
3.5 Baths
3,915 SqFt
Status Active
MLS # 6784999
Property Type Single Family Residence
Price Type --
RUSSELL RANCH! Love the high 12ft ceiling throughout. Huge Formal Liv & din rms with Travertine flooring & plantation shutters thru-out. Open island chef's kitchen with tall 42in cabinets & tons of granite countertops space + walk-n pantry. Enjoy the family rm gas fireplace, wet bar area too! Master suite w dual master Elfa closets, walk-n tiled shower & jet tub! Sep. his & her toilets rms & dual vanities. Den has access to the pool & easily converted to 4th Br. Bedrooms 2-3 are good size w Private baths. Step outside to your resort style backyard, beach entry pool with water & fire pot features, raised travertine sundeck. Entertainers Ramada + gas plumbed BBQ & outdoor Fireplace kit. 16 ft Gate w extra concrete slab for the RV & toys! Extra power 120/30 plug in. Gated dog run area

4320 W Arabian Trail Flagstaff, AZ 86005

$1,200,000
3 Beds
3.5 Baths
2,761 SqFt
Status Active
MLS # 6786753
Property Type Townhouse
Price Type --
Incredible opportunity for this beautiful 3-bed/3.5-bath with views of the #16 tee box in the highly desired Flagstaff Ranch Golf & Country Club. This is sophisticated townhome living in this expansive 2,761-square-foot residence. Boasting 3 spacious bedrooms, each with its' own en-suite bathroom, this home is the perfect lock and leave mountain home. The open-concept layout features light-filled living spaces, a modern kitchen with premium finishes, and a serene primary suite with a spa-inspired ensuite and balcony views overlooking the golf course. Additional bedrooms offer comfort and privacy, perfect for guests or family. Outdoor areas and tasteful architectural details elevate the charm of this home.

12000 N 144th Way Scottsdale, AZ 85259

$1,200,000
4 Beds
4.5 Baths
3,287 SqFt
Status Active
MLS # 6788378
Property Type Single Family Residence
Price Type --
Located in a cul-de-sac, backs to the open desert, very short walk to a hiking trailhead. Enter thru a charming courtyard, the spacious & versatile floorplan includes 4 ensuite bedrooms, high ceilings & tall windows throughout. Upgrades include floor-to-ceiling office built-ins, Pella windows & doors, plantation shutters, stone flooring, 8' solid core doors, granite counters in bathrooms, and recently updated & upgraded cabinetry. Close to internationally renowned Basis School and Scottsdale Schools, Mayo Clinic, golf courses, hiking trails, top valley restaurants and spectacular natural scenery. This home is a must-see! Seller Carry at 5% would be considered.

37269 N 100th Place Scottsdale, AZ 85262

$1,200,000
3 Beds
3 Baths
3,130 SqFt
Status Active Under Contract
MLS # 6761023
Property Type Single Family Residence
Price Type --
Private and Peaceful. This lovely home in the intimate gated community of Montecito at Mirabel is tucked away on nearly an acre of beautiful high Sonoran Desert landscape. Pavered driveway, walkways and extended patios add to the serene setting. Backing to acres of natural area open space, this desirable open concept floor plan offers the ultimate indoor/outdoor living experience. The large great room includes a wall of disappearing glass doors and remote sun shades. Beautiful built-in cabinet on one wall includes 75'' TV and electronics along with room for your books and special art pieces. Stainless appliances, Wolf gas cook top, generous pantry, extended wood cabinetry with granite counters complete the large eat-in kitchen. Separate Primary Suite has double door access to the back patio, plantation shutters, walk-in and linen closets and bath with tub and walk-in shower. The Two guest suites include Jack & Jill bath and walk-in closets for plenty of storage. Office/den has a separate double door exit to front walk way, plantation shutters plus a third bathroom in the nearby hallway. There's a lovely separate Dining Room off the foyer and a Butler's Pantry close by. Enjoy quick and easy access to North Scottsdale, Carefree and Cave Creek shopping and dining. This location is truly great for those who enjoy boating etc. year round at Bartlett Lake to the east or Lake Pleasant to the west or explore the Tonto National Forest with your 4 X 4 rigs.

5420 E Skinner Drive Cave Creek, AZ 85331

$1,200,000
4 Beds
3 Baths
2,450 SqFt
Status Active Under Contract
MLS # 6757263
Property Type Single Family Residence
Price Type --
Welcome to your dream home, an amazing property built in 2020, set on 1.27 acres with an RV garage and no HOA! You'll love the layout of this home that exudes elegance and comfort. Friends and family will enjoy gathering in the open-concept kitchen, which features an oversized stone island, a lovely backsplash, SS appliances, and an abundance of natural light. The home chef will appreciate the convenience of a walk-in pantry, a gas range, a wall oven, and a built-in microwave. Your spacious primary bedroom, complete with an ensuite bathroom featuring dual sinks, serves as the ideal retreat. Two additional bedrooms share a jack & jill bathroom, while a fourth bedroom offers flexibility, along with a formal dining area that could easily be transformed into an office or game room. The RV... Garage is 1,250 sq ft (25' x 50') w/15' ceilings and a Bathroom! The attached 3-car garage is equipped with ceiling-mounted storage racks. Whether you're relaxing on your front or back patio, you'll delight in the desert vibes and the occasional visit from wildlife. You'll feel a world away, yet be just minutes from shopping, dining, and the 101. Design your ideal outdoor space - there's ample room for a pool, casita/ADU, a pickleball court, or horse enclosures; the possibilities are endless! A 12' RV gate provides convenient access to the backyard. Additional features include Hunter Douglas window treatments throughout (light filtering AND room darkening in bedrooms), adjustable shelving in the pantry and all closets, low-voltage lighting, a laundry room w/utility sink, citrus trees and more! Water softener was replaced in 2023.

27000 N Alma School Parkway Unit 2034 Scottsdale, AZ 85262

$1,200,000
3 Beds
3 Baths
2,627 SqFt
Status Active Under Contract
MLS # 6773564
Property Type Townhouse
Price Type --
Incredible opportunity to own this highly customized Townhouse in Pinnacle Pointe. Located directly across from Four Seasons Scottsdale, Troon North with views out every window, this 2627 sqft, 3 bed, 3 bath Townhouse offers the ease of lock-n-leave living while giving you some of the best views in the Valley. This property is loaded with custom features including a private wood paneled handicap accessible elevator, wood floors, open chef kitchen with stainless steel KitchenAid appliances, granite countertops, accent lighting, walk-in pantry, and large laundry room. From the open great room you'll enjoy sunsets and city lights from your HUGE double retractable sliding window systems, and wrap around patio with newly installed motorized sunshades.

6240 E Helm Drive Scottsdale, AZ 85254

$1,200,000
5 Beds
3 Baths
3,252 SqFt
Status Active Under Contract
MLS # 6778939
Property Type Single Family Residence
Price Type --
WOW! Spacious home in COVETED 85254 close to Kierland, Scottsdale Quarter & only 6 houses down from neighborhood park! TRUE 5 bedroom w/4 up & 1 down - makes great guest room or home office. Laundry chute leads to INCREDIBLE, oversized laundry room w/tons of counter space, built-in desk & sink. BEAUTIFUL, on-trend wood laminate floors (installed 2022) everywhere except stairs & bedrooms. Plantation shutters, updated bathrooms (2022), granite counter surfaces throughout! Kitchen features gas cooking & overlooks HUGE pebble-finish, diving pool & spa. Large covered patio, artificial turf & putting green for easy care outdoor entertaining! 3 car garage has epoxy floors, built-in cabinets & exit to backyard. PREPAID SOLAR, gas cooking/heating/dryer = energy efficiency! This is THE one!

15312 E Verbena Drive Fountain Hills, AZ 85268

$1,200,000
3 Beds
2.5 Baths
2,741 SqFt
Status Active Under Contract
MLS # 6780433
Property Type Single Family Residence
Price Type --
Built in 2016, this stunning Fountain Hills home offers modern luxury and a thoughtful layout. Featuring a split floor plan with 3 bedrooms, 2.5 baths, a dedicated office, and a spacious 3-car garage, it provides both style and functionality. The open-concept kitchen, complete with high-end appliances and a wine cooler, is perfect for entertaining, while plantation shutters add charm throughout. Outside, enjoy a solar-heated saltwater pool set against breathtaking desert views. The AC system is an energy efficient 5 zone Carrier HVAC System. With seamless indoor-outdoor flow and high-end finishes, this home is a standout in a desirable Arizona community.

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