Solutions By Nick

Real Estate Agents can’s provide full service if they don’t…….

Nick's Arizona Real Estate Guide — Tue, 15 Nov 2011 03:05:23 +0000

In today’s world ” change is our only constant”. The same applies to the real estate profession. Trends in our country and community, financing, legal issues and technology, are constantly changing the way the real estate industry operates.

It becomes the responsibility of each and every real estate agent to keep up with the changes in the industry. This requires attending classes, seminars and conferences that are not a part of the Real Estate Department mandates.

I just arrived home from the National Association of Realtors National Convention. It is a four day convention featuring the best speakers and educators in our industry. The 400 plus exhibitors had the latest innovations in technology to make the real estate transaction a pleasant and seamless transaction.

In the next few days I will share some of the new things happening in our industry.

Nick Petra
Designated Broker
Arizona Real Link/Priority One
602-989-1592
Phoenix Metro MLS access: www.phoenixmetro.listingbook.com
access this great site and learn about real estate.

Smart Young person… planning for the future.

Nick's Arizona Real Estate Guide — Wed, 09 Nov 2011 02:25:13 +0000

I spent a delightful hour with a young person yesterday afternoon. He is now a registered nurse and wanted to know how to plan for his first real estate acquisition. The following are a few of the subjects we covered:

what is the home buying process
how much home should he buy
what reserves should a person have in addition to accumulating a down payment
how to establish credit
looked at personal life style goals to determine the type and location a a future home purchase.

No, he is not ready to buy a home for at least a year, but we agreed to meet on a quarterly basis and review his status. That is what every young person should be doing. I enjoy meeting with young people who are just starting out as well as with those that have questions about selling their home of many years and downsizing for retirement.

As a real estate broker for over 35 years and also being a Certified Financial Planner ( I only sell real estate) I bring a different perceptive to the real estate buying and selling process.

Calls and e-mails are always welcome. There is no charge for a visit:)

Nick Petra

Arizona Real Link/Priority One

602-989-1592

petra@azreallink.com

Instant Real Estate Riches, still don’t exist!

Nick's Arizona Real Estate Guide — Wed, 02 Nov 2011 03:16:46 +0000

Our troubled economy is forcing many people to look at alternative investments. In the real estate industry, just like in most other businesses, there are those that promise returns that sound very achievable but in reality, are very unlikely to achieve the promised return.

Yes, there are opportunities for those knowledgeable to make a return on real estate investments, but they will not be instantaneous.

I spent the afternoon visiting with a referral who has been retired for several years. The fear he was that his money was going to run out before he and his wife died. Watching too much TV, listening to get rich schemes in real estate ( make $10,000 or more each month) flipping made easy, etc. has led him to a decision to take all his remaining money and buy homes, fix them up and flip them.

Four hours later, after looking at his lack of ability to do repair work, his lack of knowledge about the real estate market and the ” what would happen if this investment did not work” he finally decided to rethink his position.

I was able to help this person, and we are looking at other solutions to his problems, but what if he called someone who just wanted to make a sale? There are a lot of people over 65 that are in similar situations, please don’t believe that easy and fast money can be made in real estate.

Always talk to someone before you leap into the unknown.

Nick Petra

Designated Broker

Arizona Real Link

petra@azreallink.com

www.phoenixmetro.listingbook.com

phone: 602-989-1592

Don’t sign without reading!

Nick's Arizona Real Estate Guide — Tue, 01 Nov 2011 04:52:25 +0000

It’s amazing how few people read the purchase contract when buying a home. In many cases it’s not just the contract, but many additional pages that cover negotiations, repairs, and many other aspects of the ;purchase process. Many agents tell their clients that these are standard contracts (there is no such thing when you add additional pages or have to fill in blanks) and buyers, in order to look “sophisticated” ,sign the documents with reading or understanding what they signed.

I give my buyers a “buyers package” which includes many items, among them is a blank copy of a contract. I make another appointment, not to look at homes, but to go over the paperwork that is involved in the purchase process.

After everything is reviewed and understood ( I also encourage the use of an attorney if needed) then we go look at properties. In many cases, the price, the location and other factors that were originally considered are changed by the buyer to conform to their new knowledge.

It’s a win-win situation.

Nick Petra
Arizona Real Link
petra@azreallink.com
www.phoenixmetro.listingbook.com

Are Real Estate Values Going Up?

Nick's Arizona Real Estate Guide — Mon, 31 Oct 2011 04:20:02 +0000

I was asked this very questions last evening at a Halloween party. Everyone was in a costume, dressed as political figures, movie stars, cowboys, and many other professions. I answered the questions by referring to the many different costumes present at the party. Because of masks and much make-up, some of the quests were difficult to identify.

I related our current industry position to the many costumes. Real Estate has many different faces at this time. Some areas may be increasing in value, others may be showing a decline. Some homes may be a good financial investment others not. Some may look like an ideal place to raise a family but perhaps they are wearing a disguise.

Most real estate today is in some form of a disguise. Buying and selling has become much more of a research activity for the buyer or seller. The key is to work with someone who can unwrap the disguise and guide you through the complex maze that short sales, lenders , “flipped Homes”, appraisers and some “real estate agents” are presenting to you. Some of these people don’t care, others want to make a fast dollar; your challenge is to find someone who cares about you and will guide you to the answers you need to make an informed decision.

Nick Petra

Designated Broker

Certified Financial Planner

Arizona Real Link Real Estate ( Serving the Phoenix Metro area since 1970)

e-Mail: petra@azreallink.com phone: 602-989-1592

Interest deduction

Nick's Arizona Real Estate Guide — Fri, 28 Oct 2011 02:56:29 +0000

One of the many benefits of home ownership is the ability to deduct your interest. Homeowners have been hit hard with the decline in real estate values. Unfortunately, many home owners were counting on their home equity to support them in the retirement year. With values drastically reduced. the interest deductions is one of the reason more people have not “walked” their home.

In addition to being a real estate broker for over 35 years, I am also a Certified Financial Planner. I review with home buyers and sellers why they are buying or selling and analyze with them, the benefits of home ownership from both a family and goal perspective as well as their long-term financial goals.

Know why you are buying or selling and look at the consequences of each move. Home ownership is still,in my opinion, one of the major benefits for the individual and creates stability in our community and national economy.

Nick J Petra

Realtor Emeritus

Licensed Arizona Real Estate Broker

Certified Financial Planner

petra@azreallink.com

602-989-1592

Real Estate is moving, but……

Nick's Arizona Real Estate Guide — Tue, 21 Dec 2010 00:51:38 +0000

Looking at the North East Valley, the lower priced homes are moving. I have seen more movement on homes not only bank owned, or short sales, but also regular sales.

I think that the bargain shoppers, both for owner occupied homes and for investment, are making a move. The larger lots seem to be the most popular in this area and I believe that this trend will increase in the first quarter of next year. Builders are starting to take another look at the larger lots, and some are buying older homes to lock in a price and then renting them out until the market comes back

There has not been an increase in existing home prices as the sales are, for the most part, the lower priced properties. Foreclosures will continue next year so I don’t forecast a rapid increase in home prices.

The media and lenders are still our worst enemies. The media keeps writing about doom and gloom ( a self fulfilling prophecy and most lenders are not interest in lending money or helping with loan modifications.

As in any downturn in the Real Estate Market, there are more opportunities for those that can afford to participate. There are parts of the Valley in which home prices are still dropping so knowing where and when to buy is critical.

Please call us with questions.

Have a great day!

Our recommendations still encourage a purchase, if you want to increase the size of your home or to move to a better location. Interest rates have had a little upward movement, but at this point I can’t tell what is going to happen in 2011.

The reluctant buyers lament

Nick's Arizona Real Estate Guide — Tue, 31 Aug 2010 03:11:16 +0000

” I hesitate to make a list of all the countless deals I’ve missed. I watched them through my fingers slip; The windfalls which I should have bought were lost because I over thought. I thought of this, I thought of that, I could of sworn I smelled a rat. And while I thought things over twice another grabbed then at the price. It seems I always hesitate them make up my mind much to late. A very cautious man an I…and that is why I never buy.

Today I cannot be enticed, for everything’s so overpriced. the deals fo yesteryear are dead. The markets soft and so’s my head. At times a teardrop drown my eye, for the deals I did not buy. And now the saddest words I pen, IF I’ D ONLY BOUGHT THEN.

With over 30 years in this business, I have heard this countless times. I’m afraid that I will hear it again as this market changes and prices and interest rates start to rise.

keep track of the market

Nick's Arizona Real Estate Guide — Mon, 30 Aug 2010 18:40:23 +0000

The best way to stay on top of the market is to track it yourself. I am offering a free subscription to my web site: www.phoenixmetro.listingbook.com . This will give you access to the Metro Phoenix Multiple Listing service and you can tract home prices in any neighborhood.

If you want a free market analysis for your home area please e-mail me at www.petra@azreallink.com.

Have a great day!

Renting a home is not all bad!

Nick's Arizona Real Estate Guide — Sun, 15 Aug 2010 03:28:31 +0000

We have been drilled in the American Dream, Home Ownership. Renting a home or apartment has been looked upon as a sign of “failure”. Perhaps the renters were the wise ones. While home ownership offers the potential of appreciation and tax advantages, it is offset by the cost of maintenance and the loss in value as we have experienced these past few years. It is also an asset that ties you down; moving to another part of the country, downsizing or up-sizing can be difficult if you can’t sell your home.

Renting can stabilize your budget and allow you to save for future needs. Not only in today’s market but in any market, if you are considering buying a home, buy below what you can afford. Being house poor or becoming house poor can have terrible consequences.

Always analyze what you need, and why you need it. Don’t look for instant gratification, but plan for the long term and the rent versus buy issue is a major part of that plan.