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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25409 N 40th Lane Unit 0 Phoenix, AZ 85083

$599,000
4 Beds
3 Baths
2,134 SqFt
Status Active
MLS # 6786652
Property Type Single Family Residence
Price Type --
DROP DEAD GORGEOUS PERFECT FOR ENTERTAINING ...A LARGE FAMILY...WORKING FROM HOME...CLOSE TO MANY AMENITIES

10696 S 297th Avenue Palo Verde, AZ 85343

$599,000
4 Beds
3.5 Baths
2,317 SqFt
Status Active
MLS # 6771316
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Buckeye, AZ! This luxury residence sits on a one-acre lot with an efficient irrigation system, ensuring a lush green landscape year-round. Inside, enjoy a grand foyer leading to an open-concept living area, featuring four spacious bedrooms and three and a half elegant bathrooms with high-end finishes.The gourmet kitchen boasts top-of-the-line stainless steel appliances and a large island, flowing into the dining area and inviting great room, where large windows frame breathtaking mountain views. Step outside to a private patio, perfect for outdoor dining, overlooking the expansive yard. Surrounded by other luxury ranch homes, this peaceful neighborhood offers the ideal blend of tranquility and exclusivity. Experience the best of Arizona living in this home!

1436 N Bernard -- Mesa, AZ 85207

$599,000
4 Beds
2.5 Baths
3,556 SqFt
Status Active Under Contract
MLS # 6784104
Property Type Single Family Residence
Price Type --
''Investors here is the opportunity you've been waiting for. This Incredible 2 story home is perfectly situated in the sought after community of Sierra Estates. A fantastic floor plan with spacious living area and vaulted ceilings throughout. Great use of the over 3500 sq ft featuring 4 bedrooms 2.5 baths and gorgeous vaulted ceilings. The Back yard has outdoor kitchen, with pool and open space. Bring your vision and skills to a home that is ready for you to make it shine. Mostly cosmetic repairs needed and will be an incredible investment opportunity for some sweat equity.

38446 N Hazelwood Circle Cave Creek, AZ 85331

$599,000
2 Beds
2 Baths
1,400 SqFt
Status Active
MLS # 6785606
Property Type Single Family Residence
Price Type --
Better than a condo and no HOA! 2 bed/2 bath remodeled, 1400 square foot Cave Creek Casa. Covered front porch and fully enclosed back patio. Detached 160 SF Art Shed. RV parking space with 30 amp post. Located in the town core and 1 block to restaurants and shopping. Upgraded 200 AMP electric panel. Newer ''alternative septic''. Zoning is MR. Just under 1/4 acre with incredible views.

31013 N 41st Place Cave Creek, AZ 85331

$599,000
3 Beds
2.5 Baths
2,096 SqFt
Status Active
MLS # 6787652
Property Type Single Family Residence
Price Type --
Welcome to this spacious and inviting home in highly sought-after Tatum Ranch! With over 2,000 square feet of living space, this bright and open floor plan features soaring vaulted ceilings, a striking wrap-around fireplace, plantation shutters, first floor primary suite and a new first floor A/C unit. The open-concept kitchen is perfect for entertaining, complete with stainless steel appliances, plenty of counter space and pantry. The generous primary bedroom is a true retreat, offering a private patio entrance, a beautiful arched window that bathes the room in natural light, and a luxurious en suite with dual vanities, a soaking tub, and a walk-in closet. The upstairs versatile loft provides the perfect space for a home office or flex room. Step outside to enjoy the spacious covered patio, extended patio, and mature landscaping--perfect for relaxation or gatherings. The extended garage adds valuable storage or workspace. Enjoy the wonderful amenities of Tatum Ranch, including nearby parks, trails, shopping, dining and world-class golf. Don't miss this gem!

1401 Old Jerome Highway Clarkdale, AZ 86324

$599,000
3 Beds
2 Baths
1,401 SqFt
Status Active
MLS # 6787713
Property Type Single Family Residence
Price Type --

10005 E Michigan Avenue Sun Lakes, AZ 85248

$599,000
3 Beds
2 Baths
2,075 SqFt
Status Active
MLS # 6781481
Property Type Single Family Residence
Price Type --
Location is everything for this 3BR, 2BA golf course home in the fun active adult community of Cottonwood in Sun Lakes. Literally steps from the clubhouse and all its many amenities, this meticulously maintained home features a great room w/vaulted ceilings, electric fireplace with stunning, expansive golf course views. Kitchen features painted cabinets, some newer appliances, and an expanded breakfast area with bonus storage. New carpet in all three bedrooms. Large, expanded primary suite w/walk-in shower, dual sinks, modern lighting and a bonus sitting area with extra closet space. Extra deep, south facing covered patio and a serene backyard with mature landscaping. Enjoy the many amenities in Cottonwood: golf, tennis, pickleball, multiple pools, lots of clubs and wonderful restaurants.

160 N Forgeus Avenue Tucson, AZ 85716

$599,000
3 Beds
2 Baths
1,840 SqFt
Status Active
MLS # 6781329
Property Type Single Family Residence
Price Type --
Prestigious Sam Hughes Neighborhood in a limited 9 lot home community on Forgues Ave. This 2 story, 3bedroom, 2 bath home is located in the heart of Sam Hughe walking distance to Sam Hughes Elementary and even the old Rincon Market now as Floras Market Run. All Garages are in the back of the homes allowing great curb appeal. This home has only been owed by one family. Large living room with built in entertainment area. The down stairs has a step down to living room area from entry. Step down to hallway to bathroom and 2 bedrooms. Stairway upstairs for split master bedroom private with master bath. Roman jacuzzi bath tub, pedestal sinks, separate shower. Large walk-in... closet. Vaulted ceilings, separate laundry room, 2 car garage entry from laundry area. Kitchen with eat in area and built in ovens. Back yard enclosed with jacuzzi and grass area. Investor property. Needs remodeling. Power of attorney is selling home and limited info. Home is being cleaned out and pictures coming soon. Selling home As Is. Nov 30th viewing available BY APPOINTMENT ONLY between 10am-2pm. Proof of funds required prior to viewing. Email to co-listing agent. See private remarks regarding access, notices. DO NOT DISTURB elderly resident! All offers are being reviewed in 30 days. No EXCEPTIONS. Offers accepted with 2 additional back ups.

29817 N 223rd Avenue Wittmann, AZ 85361

$599,000
4 Beds
3 Baths
2,561 SqFt
Status Active Under Contract
MLS # 6778300
Property Type Single Family Residence
Price Type --
Fantasic custom home that is priced to sell. The open floorplan has split master with 2nd guest quarter or master on opposite side. The two other bedrooms are split off and have a jack and jill bathroom with private vanities. The back yard has a block wall around the perimeter with an RV Gate on both sides. Extra large back patio has tongue and grove ceilings. Beautiful upgraded quartz cover the countertops. Beautiful Custom wood cabinets throughout make this home extra special. Kitchen island is 4X9 w breakfast bar overhang. Exterior was just painted. This is on a 4 part shared well w huge storage tank. The surrounding homes are excellent custom homes. Bring your horses and your toys. No HOA

19766 W Heatherbrae Drive Litchfield Park, AZ 85340

$599,000
4 Beds
3 Baths
2,585 SqFt
Status Active
MLS # 6733049
Property Type Single Family Residence
Price Type --
Discover the charm of Verrado living in this stunning home, just a short walk from shopping and dining, and conveniently located 2 miles from the I-10 and 3 miles from the 303. This residence boasts one of the neighborhood's most popular floor plans, featuring 9+ foot ceilings for a spacious ambiance throughout. The primary bedroom is thoughtfully separated from the other three bedrooms, ensuring privacy. Two of the additional bedrooms share a Jack and Jill bathroom, accessed through a versatile ''teen room'' area, which could also serve as an ''in-law'' suite. The fourth bedroom is located down the hall, providing further flexibility. The expansive kitchen is perfect for entertaining, equipped with a gas stove, dual ovens, and a built-in microwave. You'll lov oversized island and ample cabinet space for all your culinary needs. The kitchen seamlessly connects to the great room, making it an ideal spot for gatherings with family and friends. Step outside through the double sliders to enjoy the backyard's lap pool, built in 2023 and pre-plumbed for gas heating. The home is also outfitted with numerous electrical outlets and pre-wired ceiling fans throughout. Additional insulation was added during construction to help keep cooling costs low during peak months. This property comes with an assumable VA loan with a balance of approximately $370,000 at an attractive 2.9% interest rate. Don't miss this opportunity to experience the best of Verrado living!

4290 Highway 82 -- Elgin, AZ 85611

$599,000
3 Beds
3 Baths
2,809 SqFt
Status Active
MLS # 6547141
Property Type Single Family Residence
Price Type --
This stunning property offers panoramic views and sits on just over 13 acres, making it a true retreat! The home features a spacious great room with a cozy fireplace and Saltillo tile flooring throughout. Enjoy the Arizona room with a spa, perfect for relaxation. The country kitchen boasts tile countertops, an island, ample cabinetry, a gas stove, and a walk-in pantry. The layout includes Jack and Jill guest bedrooms, each with walk-in closets, and a guest bathroom featuring dual sinks, a walk-in shower, and a linen closet. Unwind under the covered patio, enhanced by the shade of mature pine trees, or take in the serene front courtyard with its desert garden. This property also includes a two-car attached garage that doubles as a workshop. Barn with covered shelter and fencing.

4780 Starlight Drive Happy Jack, AZ 86024

$599,000
3 Beds
2 Baths
1,401 SqFt
Status Active
MLS # 6769681
Property Type Single Family Residence
Price Type --
Welcome to your cozy getaway, where modern comforts meet rustic charm in a captivating single-family haven. Nestled amidst beautiful trees on a desirable lot with graveled circular drive, this home offers the perfect escape without compromising conveniences. Step inside this cozy sanctuary and be greeted by the warmth of tongue and groove ceilings and walls, coupled with the open, airy feel of vaulted ceilings, creating an inviting atmosphere throughout. This creatively designed home includes 2 bedrooms and a bath downstairs, as well as a loft/bedroom upstairs with a bathroom and balcony, ideal for both entertaining guests and relaxing after a long day.The open-concept living area is a true centerpiece, featuring a stunning fireplace that anchors the room and offers a perfect escape without compromising conveniences. Step inside this cozy sanctuary and be greeted by the warmth of tongue and groove ceilings and walls, coupled with the open, airy feel of vaulted ceilings, creating an inviting atmosphere throughout. This creatively designed home includes 2 bedrooms and a bath downstairs, as well as a loft/bedroom upstairs with a bathroom and balcony, ideal for both entertaining guests and relaxing after a long day.The open-concept living area is a true centerpiece, featuring a stunning fireplace that anchors the room and offers a perfect sitting area to watch the beautiful flames with a glass of wine, perfect for cozy evenings in. Transition effortlessly from indoor to outdoor living with the expansive deck, surrounded by great trees that provide a serene and picturesque backdrop. Enjoy outside dining, morning coffees, or simply unwind while taking in the beauty of your natural surroundings .The kitchen is accented with modern conveniences, including recessed lighting that enhances the chic and functional design ideal for crafting culinary delights as you entertain. a built-in wine cooler, reach in pantry and a breakfast bar. Storage and organizational needs are effortlessly met with a detached garage, providing ample space for vehicles and hobbies alike.This gem at Starlight Drive promises more than just a home; it's a lifestyle of tranquility with the convenience of modern living. Don't miss your opportunity to own this unique property that blends comfort, style, and nature creating the perfect setting for cherished memories. This home is great for a weekend getaway or full time living. Escape the heat and come watch the wildlife from your deck, jump in your side by side or go for a hike.

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