Homeowners: Your Home Must Be Sold TWICE

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.

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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

16002 W Jenan Drive Surprise, AZ 85379

$589,000

4 Beds

2.5 Baths

2,484 SqFt

Status Active

MLS # 6780813

Property Type Single Family Residence

Price Type --

Easy to Show this Beautiful move in ready home located in Greer Ranch subdivision. This 4 bedroom 2 1/2 bath split floor plan with great room is perfect for entertaining guests. Granite counter-tops and beautiful staggered cabinets with large walk in pantry and separate coffee bar area make this kitchen a cook's dream. Gorgeous Master Bedroom and bath. Large laundry room/ pantry with door to the side yard. Raised flower bed along the entire backyard block wall and large grass area along with extended covered patio make for a gorgeous outdoor haven and play area. RV gate with 10' side yard is ready for your creative touch. 3 car garage includes a deep sink. New Paint Inside and Out, Stainless Appliances 1 year old, Luxury Vinyl Plank Floors throughout , New Upgraded Carpet in Bedroom

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21539 S 215th Place Queen Creek, AZ 85142

$589,000

4 Beds

3.5 Baths

3,245 SqFt

Status Active

MLS # 6668740

Property Type Single Family Residence

Price Type --

NEW Exterior Paint!!! Welcome to this stunning 4 bedroom, 3.5 bath model home nestled in the heart of Queen Creek. Showcasing the builder's finest work, this 3,245 sqft house offers spacious, luxurious living, combined with refined style. Unique to this home is a versatile finished basement - a rare find in the community, perfect for any lifestyle needs. Watch Video Link!

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8744 E Via De La Luna -- Scottsdale, AZ 85258

$589,000

3 Beds

3 Baths

1,675 SqFt

Status Active

MLS # 6673641

Property Type Single Family Residence

Price Type --

Rare 3/3 in desirable McCormick Ranch on a quiet dead-end street. Easy access to schools, shopping, Talking Stick Entertainment District, Dbacks spring training, etc. New dual-speed AC unit with 10-year warranty assures you stay cool affordably! Lovely community pool lets you cool down and not deal with the headaches of maintenance. Please email all offers for quickest response. Supra shackle is now up for easy access! Agents show at your leisure - lockbox installed, no need to schedule.

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9122 W Circle Drive Strawberry, AZ 85544

$589,000

3 Beds

2 Baths

2,027 SqFt

Status Active

MLS # 6703166

Property Type Single Family Residence

Price Type --

Feel the peacefulness of Country Living and bring your horses - 2 horse coved corral is included. Nestled on a secluded 0.40 acre lot, this private home boasts a spacious 2027 sq ft of living space. As you step inside, you are welcomed with a generous great room adorned with cathedral ceilings and a warming gas fireplace, offering a cozy ambiance for gathering or quiet evenings in. The allure of outdoor living is evident with covered back deck overlooking a sprawling yard, providing a perfect setting for outdoor dining, sitting around the fire pit or simply soaking up nature's beauty. Upstairs is a sizable primary bedroom which provides a tranquil sanctuary, vehicle an open loft area offers versatility for various lifestyle needs. This is horse property with two stalls. The 2-car garage has a full attic making for ample storage. NEW HVAC SYSTEM heat and A/C

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35737 N Loemann Drive San Tan Valley, AZ 85143

$589,000

4 Beds

3.5 Baths

3,219 SqFt

Status Active

MLS # 6714599

Property Type Single Family Residence

Price Type --

Welcome to 35737 N Loemann Dr., a stunning home nestled in the highly desirable area of San Tan Valley. This gorgeous property boasts 4 bedrooms, 3.5 baths, and an expansive 3,219 sqft of living space on an 8,265 sqft lot that backs onto the serene Empire Park. As you step inside, you are greeted by a spacious open floorplan that perfectly balances luxury and functionality. The gourmet kitchen is a chef's dream, featuring a large island/breakfast bar, walk-in pantry, granite countertops, stainless steel appliances, reverse osmosis system, and a water softener. The main floor houses a large primary suite complete with a spacious ensuite and a walk-in closet, providing a perfect retreat. Upstairs, you'll find a second suite and all bedrooms come with their own walk-in closets, ensuring ample storage space for everyone. A huge loft and a media room add to the home's versatility, making it ideal for both relaxation and entertainment. The great room opens to an expansive backyard with a view fence overlooking Empire Park, a covered patio, and plenty of space for a custom pool, perfect for entertaining family and friends. Additional features include a 3-car tandem garage and an RV gate for extra storage. Pride of ownership is evident throughout this meticulously maintained home. Don't miss the opportunity to make 35737 N Loemann Dr. your new address in San Tan Valley, AZ.

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2947 E Rose Lane Phoenix, AZ 85016

$589,000

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6722709

Property Type Townhouse

Price Type --

Views, views, views!! Come see this remodeled Biltmore condo overlooking the magnificent Biltmore golf course. This home features an updated kitchen with stainless steel appliances, completely remodeled bathrooms, new flooring throughout, a good-sized living room and dining room with fireplace, a Split Master, and incredible views of the golf course and mountain from every window and patio. The AC unit was replaced in 2021. One car garage, lush landscaping, Amazing gated community with multiple pools and tennis courts. Within walking distance to all of the Biltmore amenities, world-class hotels and golf courses, shopping, restaurants, entertainment, theaters, library, access to major freeways, 15 minutes to Sky Harbor, and more.

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4624 E Superstition Boulevard Apache Junction, AZ 85119

$589,000

3 Beds

2 Baths

1,484 SqFt

Status Active

MLS # 6727460

Property Type Single Family Residence

Price Type --

Up to 20K in interest rate buy down and closing costs in Seller concessions on a full price offer. This horse property offers luxury and country living with no HOA. Key features include full slab Quartzite countertops, book-matched backsplash, soft-closing white shaker cabinets, GE slate appliance package, slate range hood, gas cooktop, Walt Disney collection lights, antique copper sinks and hardware, vaulted ceilings, abundant natural light, open floor plan, all-new flooring, new windows, storage shed, private water, and septic system. Enjoy mesmerizing views of the Superstition Mountains. Some tour this amazing home.

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5254 Starlight Drive Happy Jack, AZ 86024

$589,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6747257

Property Type Single Family Residence

Price Type --

Escape to your own serene retreat with this stunning 3-bedroom, 2-bathroom cabin nestled in the heart of the forest. Situated on almost an acre of lush, wooded land, this home offers the perfect blend of rustic charm and modern comfort. Perfect for family or guests, each room offers warmth and comfort with beautiful wooden accents. Enjoy updated amenities while maintaining the cabin's rustic appeal. Open floor plan with large windows that bring the beauty of the outdoors inside. Whether you're looking for a weekend getaway or a full-time residence, this cabin offers the perfect setting to unwind and connect with nature. Don't miss out on this rare opportunity to own a piece of paradise!

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2320 E La Jolla Drive Tempe, AZ 85282

$589,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6747506

Property Type Single Family Residence

Price Type --

Recently remodeled home in Tempe conveniently located near AZ-101, AZ-202, and US 60 and just minutes away from Tempe Marketplace, ASU, and Sloan Park. This home is beautiful inside and out and features so many modern touches and attention to detail. The kitchen boasts shiny Carrera quartz countertops, stainless steel appliances, shaker cabinets, subway tile backsplash and a large kitchen peninsula perfect for seating multiple people. The decor in both bathrooms blends well with the rest of the home and the guest bathroom also features a Carrera quartz countertop. Additional updates include luxury vinyl plank flooring, new carpet in all bedrooms, fresh paint inside and outside, epoxy in the garage, new custom tall shower door, new tub, and new dual flush toilets. You can also find new light fixtures throughout the home and post lights in the front yard that are dusk to dawn aluminum solar lamps. The backyard has plenty of space to gather around the sparkly blue pool and underneath the large, covered patio. There is also an RV gate and RV parking area located on the west side of the home that is closed off from the rest of the backyard, a perfect spot to park your RV or any other type of vehicle or ATV.

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32508 N 133rd Drive Peoria, AZ 85383

$589,000

4 Beds

3 Baths

2,249 SqFt

Status Active

MLS # 6749403

Property Type Single Family Residence

Price Type --

**WINNER of the Peoria/Vistancia BEST Home on TOUR!!!*** Experience the allure of this beautiful home in Vistancia Village! Offering 4 beds + den, 3 baths, desert landscape, and a 2-car garage w/paver driveway. Home exudes refined style with layered crown molding, neutral paint, tons of natural light, & wood-look tile floors w/carpet in bedrooms. Enjoy the seamless design of an open layout paired with surround sound, making entertaining a bliss! The gourmet kitchen boasts SS appliances, a walk-in pantry, quartz counters, white shaker cabinetry, mosaic tile backsplash, and an island w/breakfast bar. The den provides versatility! Main bedroom has a barn door that opens to the ensuite with dual sinks & a walk-in closet. Outback, you have artificial turf and a travertine-covered patio w/ceiling fan! You'll surely love the mountain views! Just WOW!!

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1250 W Sand Dune Drive Gilbert, AZ 85233

$589,000

4 Beds

2.5 Baths

2,036 SqFt

Status Active

MLS # 6755373

Property Type Single Family Residence

Price Type --

Discover this fully updated, cul-de-sac home surrounded by 3 lakes in the highly coveted Islands community in Gilbert AZ. Located alongside the green belt with views of the lakes, this 4 bedroom, 2 1/2 bath home has been completely updated with custom wood shutters, bamboo wood flooring & new HVAC units. Discover the chef's kitchen equipped with double ovens, custom cabinetry, granite countertops & travertine flooring. The great room features custom wood shutters, a cozy fireplace & strikingly vaulted ceilings which lead into the downstairs primary bedroom, which offers a private entrance to the backyard, dual vanities, separate shower/tub & walk in closet. Enjoy entertaining in your North/South exposure backyard, perfect for hosting friends & family. Community center pool & spa. Must see

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2901 N Miller Road Scottsdale, AZ 85251

$589,000

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6762164

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath home on large lot close to schools and all that Old Town Scottsdale has to offer, including Restaurants, Galleries, Museums, Live Entertainment, and Scottsdale Stadium. Spring Training home of the San Francisco Giants and much more. A great location to live and great Air BnB potential RV gates in both front and backyard. Circular Drive in front for easy access, Dual Pane Windows Granite Countertops, Soft Close Cabinet Drawers and Stainless Steel Appliances in kitchen. Beautifully landscaped backyard with lots of space for entertaining. This home is a must see!

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