If you’re anything like most of my buyers, you’ve likely had your eye on your ideal neighborhood for some time now. Maybe you’ve taken drives through it, or walked down its streets. Maybe you’ve even toured a few houses and are still waiting on your dream home...

But guess what?

Sometimes that dream house isn't the best investment. 

Here’s the thing about houses…

Sure, they’re where we build our families, but they’re also massive investments. For most of us, buying a house is the biggest financial investment we’ll ever make.

And while we want to feel all warm and fuzzy about the idea of our picture-perfect home, it’s still important to consider resale value.

Here are 3 things to consider before you buy that dream house in your dream neighborhood...

Tip #1: Buyers Want Mid-Range Homes

You know what comes with that big, fancy house you’ve been eyeing? A big, fancy mortgage. Many people are happy to opt for a lower-priced home in their ideal neighborhood, making mid-range homes more in-demand. And when demand goes up, the price follows. If you take a look, you’ll find that mid-range homes actually bring in a higher price per square foot than bigger homes in the same neighborhood. This is a really important resale factor to consider.

Tip #2: Your Home Value Is Set By Your Neighbors’ Homes

Even if you have the least expensive home in the neighborhood, the expensive homes around yours will actually drive your home value up. But if you have the most expensive house? The other homes will drive your home value down. So buying a mid-range home may actually put a higher percentage of profit in your pocket when you sell down the road!

Tip #3: Your Home Will Be Harder To Sell In Tough Times

If the market shifts, and it does about every 7 years, you may be stuck at the top of the market in your area. In tough markets, buyers tend to opt for less expensive homes in hopes of getting a better deal.

All this makes it super important to work with an agent who understands the importance of resale value.

If you’re thinking of buying a home, I can show you what characteristics to look for, in order to help you get the maximum resale value if you sell down the road. 

Or, if you’re thinking of selling, I can help you determine the current value of your home by giving you a complimentary market analysis.

Either way, I’ve got you covered! Just send me a message or text me at [Phone]. No pressure, no sales tactics, just the help and guidance that you need.

Have a great week!

Russell Bateman

Russell Bateman | Realtor®  | HomeSmart Lifesstyles
602-644-1865 | [email protected] | www.russellbatemanaz.com

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Most people never think about selling a home before they buy it. That’s because the average home buyer will purchase based on an emotion, a memory, or even an impulse. 

They can live in the house for years and be completely happy, but issues may arise when they try to sell the home down the road... And discover that others see the home’s fanciful features as a fatal flaw. 

Markets are constantly changing, but it’s so important to look at these 3 ways that you can tell if a home is going to have resale potential:

#1 Great Schools

A home located in a good school district rarely loses value. All parents want their children to go to the best schools. Even if you don’t have kids, buying a home in a great school district will ensure that there’s always demand for your house when you try to sell. 

#2 Location, Location, Location

This is the number one rule of real estate. Generally speaking, most buyers want a home that is centrally located to parks, shopping, and amazing restaurants. Buyers also like views of the mountains, lakes, or city. They like cul-de-sacs, safe neighborhoods, and considerate neighbors. If you have a choice between choosing a home that has an amazing view versus an identical floor plan that doesn’t always opt for the former because it will have greater resale value than the latter.

#3 Good Bones

The structure and flow of the home itself can have a major impact on its resale value. For example, single-story homes are in much higher demand because people can live in a home forever if it doesn’t have stairs. Single-story homes are also cheaper to heat and cool. Homes with a pool are generally more desirable than a home without. Homes that face north can command a higher value for avid gardeners - and homes that face east can command a higher value for buyers who practice feng shui.  

There are so many small nuances that have a big impact on a home’s resale value. Browsing homes online can only take you so far. This is why it’s so important to get guidance from a great real estate agent who knows what buyers want. 

Your Realtor® should be able to help you make a good investment in your future home and help you purchase something in high demand if you decide to sell in the future. 

If you’re thinking about making a move (or know someone who is), I’m here for you! Just message me. No pressure, no sales tactics, just helpful advice and the guidance you need!

And finally, if you’re not thinking about making a move just yet, feel free to save this post for future reference, so you can come back to it! 

Have a great week!

Russell Bateman | HomeSmart Lifestyles
602-644-1865| [email protected] | www.RussellBatemanAz.com

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Often homebuyers navigating the real estate market tend to focus on the factors that suit their current needs and their foreseeable needs for the duration at the property. As a result, many overlook the home’s future resale value, which can be a big mistake when it comes time to resell.

The property’s location, size, layout, and condition all influence whether the home is a good investment, or whether you will have resale problems later on.

Here are a few things you might want to consider that will affect a home’s resale value down the road…

#1 - The Neighborhood

Location influences the value of real estate more than anything else. Homes in a desirable area will attract a larger pool of buyers, and competing buyers typically push prices up. And this is exactly what you want when you put the house up for sale in the future!

#2 - The Layout

Regardless of the square footage of the house, the configuration of the rooms plays an important role in establishing resale value. For example, bedrooms and bathrooms with poor layout or functionality could negatively impact the property’s value. Also, kitchens with an open floor plan are generally more desirable than ones with a closed layout.

#3 - The Upgrades

Some upgrades, renovations, and improvements can instantly boost a home’s equity.

For example, quick kitchen fixes will typically increase the value of your home, like replacing cabinet doors or adding new sinks and faucets. So will adding a home office or an extra bedroom.

#4 - The Schools

Even if you don’t have school-aged children, there’s a good chance a future buyer might - and guess what every single buyer with kids cares about? The quality of the schools. That’s why homes located in good school districts rarely decline in value.

#5 - The Landmarks

Homes with stunning views of the oceans, lakes, and mountains typically yield a higher resale value than homes without these amenities. When thinking about the resale value of your home, always consider the landmarks. Even if you don’t have a waterfront property, you can still feature valuable landmarks that buyers care about, so include things like proximity to parks, schools, shopping, or dining instead!

If you’re thinking about making a move (or know someone who is), I can help! Just or send me a text. No pressure, no sales tactics, just helpful advice and the guidance you need!

And finally, if you’re not thinking about making a move just yet, feel free to save this email for future reference so you can come back to it!

Have a great week!

Russell Bateman | Realtor® | HomeSmart Lifestyles
602-644-1865 | [email protected] | 

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There’s a lot of confusion about the difference between the role of an inspector and an appraiser. So here’s everything you need to know about the appraisal process (in 10 minutes or less). 

If you buy a home with a loan, the bank will send an appraiser. Unlike an inspector, the appraiser's sole purpose is to protect the bank’s investment in your home. The bank wants to know that the buyer isn’t overpaying, so if the buyer ever defaults on the loan, the bank can foreclose on the home and recover its investment. 

To determine the home's value, the bank’s appraiser will compare properties, similar to yours, that have recently sold in your neighborhood. These are called comparables, or “comps” for short. In addition to comps, the appraiser will also consider things like the home’s condition, age, and size to determine its value. Once the value has been determined, you’ll receive an appraisal packet with all of the details. 

Here are the 4 main components of an appraisal:

#1 A Walk-Through (Or Drive-By)

The bank’s appraiser will walk through the entire house to get an idea of the overall condition. They’ll also confirm the tax records and note any upgrades done to the home.

#2 Home Details

After the appraiser complete’s the walkthrough, they’ll compile all the details of the house into their appraisal software. They’ll enter important details like square footage, room count, bathroom count, and measurements.

#3 - Comparables

The appraiser will find comparable homes that have sold recently in the area. They’ll note all of the similarities to your home and include pictures from the MLS. 

#4 - The Evaluation 

The most important part of the appraisal packet is the evaluation. This evaluation is the amount that the appraiser deems the home is worth. This dollar amount will be sent to the bank, the buyer, and the seller so all parties know how much the bank is willing to lend. 

If the appraisal comes back higher than the agreed-upon price, the buyer will have peace of mind that they aren’t overpaying for the home. But the seller may not be so happy - and attempt to back out of the deal to get more money. 

On the contrary, if the appraisal comes back lower than the agreed-upon price, then the buyer may feel like they’re the ones getting the raw end of the deal - and demand that the seller lowers the price - which means less money in the seller’s pocket. 

The ideal scenario is to agree on a price that aligns with the home's fair market value, so it’s a win-win for both parties involved. This is why it’s so important to have a great real estate agent on your side. A good Realtor® can price the home correctly, to begin with, and communicate the value to the appraiser throughout the appraisal process. 

If you’re thinking about making a move (or know someone who is), I can help! Just reply back to this email or send me a text. No pressure, no sales tactics, just helpful advice and the guidance you need!

And finally, if you’re not thinking about making a move just yet, feel free to save this information for future reference, so you can come back to it! 

Have a great week!

Russell Bateman | HomeSmart Lifestyles
602-644-1865 | [email protected] | RussellBatemanAZ.com

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What Is A Title Company?

What if you bought a home, moved in, then found out that the home actually belongs to someone else? Believe it or not, this was a relatively common phenomenon back in the day. 

Someone would sell a home, thinking that they had a legal right to do so. Then a long-lost spouse, relative, or neighbor would come out of the woodwork, claiming that the home was sold illegally, because they owned the title. 

Thankfully, title companies prevent this from happening today.

What Do Title Companies Do?

• They will do a thorough background check to make sure that the owners do actually own the property. 
• They will also look for any outstanding liens, mortgages, judgments, unpaid taxes, leases or easements. Then, they will provide you with a detailed report about what they found.
• They also issue title insurance. So if they made a mistake during escrow, and someone has the legal right to claim the title on your home down the road, you’ll be compensated adequately. 

Depending on the area, the cost for these services can be anywhere from [$175 to $1000+] and they’re typically required by the bank when you’re taking out a loan. But even if it wasn’t required, every buyer should still work with a good title company, because the peace of mind they provide is worth every penny! So be sure to ask your Realtor® which Title companies they recommend, then ensure that their recommendations are reputable. 

If you’re thinking about making a move (or know someone who is), I can help! Just call or send me a text. No pressure, no sales tactics, just helpful advice and the guidance you need!

And finally, if you’re not thinking about making a move just yet, feel free to save this information for future reference, so you can come back to it! 

Have a great week!

Russell Bateman | Realtor® | HomeSmart Lifestyles

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