Let’s sit back and take a look at what happened in 2023 in the Phoenix real estate market. There was a lot going on! Prices bottomed out at the beginning of 2023. Speculation on what the Federal Reserve was going to do was a daily discussion. Pundits were obliged to opine on what this would do to inflation and interest rates. Like I said, what a year!! And the big question, what did all of this do to prices and home sales. Buck up because that’s exactly what we’re going to discuss.
Waterfront or lakeside living is a hidden gem in the Phoenix area representing a very unique type of real estate for a desert environment. It represents less than 1% of the residential homes in the area and often overlooked by many potential buyers. Waterfront property can be categorized as waterview or waterfront where truly waterfront homes have better access to the lake and the activities that are allowed on the lake. Awesome lakeside views are another advantage that this unique real estate can provided.
Scottsale Ranch – Scottsdale’s Luxury Lake Community
The gem of Scottsdale Ranch, a lake community is Lake Serena, a 42 acre lake that allows pontoon boating, canoes and kayaking. There are many gated communities with waterfront views that will impress almost any buyer.
There are all kinds of fraud in our society today. Another one to be added to the list is title fraud. Unfortunately, it can be done without a property owner even knowing that it has taken place. Also disturing is the fact that many victims of this crime know the perpetrator. Within the last 12 months, Pinal County has implemented a system that can alert property owners of potential title fraud against their property.
This year has been like the last couple of years in the Phoenix real estate market, loaded with change. That’s the only constant. We need to look at the 2023 Phoenix real estate market update YTD. In particular, we are dealing with the effects of higher mortgage interest rates. This has affected both buyers and sellers. What about the housing crash that some forecasted at the first of the year. Did that come to pass? What happened with prices this year?
The Lakes at Rancho El Dorado is a 575 acre lake community in the city of Maricopa in Pinal county with a variety of floor plans from many different builders. Boating is allowed on the lake for non-motorized watercraft. A new 8 acre park with two little league ball fields is under construction within the community boundaries. For more information, see below.
The Maricopa county recorder recently rolled out a tool to help homeowners avoid title fraud. It has been on the rise and can be financially devasting to a homeowner. This title fraud alert tool notifies homeowners when a document is being recorded that has their name or the name of the business or trust. Instead of finding out months or years after the illegal act property owners can be notified almost immediately.
On May 25, 2023 the U.S. Supreme Court issued a ruling in the Tyler vs. Hennepin County case. The Supreme Court unanimously ruled that Hennepin County violated the 5th Amendment Takings Clause when it confiscated, sold and kept the entire amount of the sale. The $25,000 of Ms. Tyler’s equity was kept by the goverment when it was sold.
Some potential home owners want to look at something besides a block wall when they’re in their backyard. That’s where waterfront properties in Phoenix residential boating communities become very appealing. Then there are those that ask, “Does this lake allow boating?” This leads to another set of questions. For example, some lake communities don’t allow any type of watercraft or boats, and some only allow canoes or kayaks. Which ones allow electric pontoon boats? If you want to learn more about boat friendly lake communities in Phoenix, keep reading.
Once you’ve uploaded and sent all the documents that your lender has asked for, it’s your turn to ask the questions. How do you know the lender or loan officer has chosen the best loan program for you? Have they shared the closing costs that you’ll need in addition to the down payment? You need to make sure the lender explains some key issues when it comes to getting prequalified. Continue reading to learn more about the important topics you need to be discussing with your lender.