AZ Real Estate 02-19-2017

Page 1

WWW.AZCENTRAL.COM

|| S U N D AY , F E B R U A RY 19 , 2 017

|| 1R

E M A I L U S AT N E W S T I P S @ A R I Z O N A R E P U B L I C . C O M O R C A L L U S AT 6 0 2 - 4 4 4 - N E W S ( 6 3 9 7 )

CATHERINE REAGOR REAL ESTATE

TIMING THE WAVES OF RATE CHANGES

Phoenix home values climb, but taxes are still wild card

MICHAEL BURGE NERDWALLET

So you want to refinance, but mortgage rates are rising. Don’t worry — you haven’t missed the boat on your refi opportunity. Mortgage rates are still historically low, and they aren’t expected to exceed 5 percent in 2017, according to many economists and mortgage ana-

Metro Phoenix homeowners, your latest property valuation is in the mail. Chances are you will be pleased to see it, though possibly a bit confused by some of the numbers. The average increase in Valley home values during the past year is about 8 percent, according to the Maricopa County Assessor. That’s almost double 2015’s increase. “The housing market in Maricopa County has now nearly recovered from the recession,” said Assessor Paul Petersen. Despite last year’s increase our home valuations still seem low, but that’s on purpose. The assessor generally values houses about 10 to 20 percent below market value to cut down on appeals and any potential to inflate values. The full-cash value median price for Valley homes reached $197,600 in 2016, according to the assessor. The median sales price for the area last year was about $240,000. Then there’s that other number on your home’s government assessment: the limited-cash value. It will typically be lower than full-cash value, which is a good thing since it’s the figure your property taxes are based on. And due to Prop. 117, passed by voters in 2012, increases to your house’s limited-cash value are capped at 5 percent a year. So your property taxes aren’t guaranteed to climb 8 percent, if your home’s value climbs that much. But your home’s taxes aren’t actually capped at 5 percent either. Arizona has one of the most complicated property tax systems in the country. For starters, you won’t be taxed on your home’s most current valuation for about 18 months.The lag was built in to give homeowners enough time to appeal if they thought their values were too high or low. Petersen and others have lobbied to simplify the state’s property-tax system because now appeals can be done online and don’t take months. But for reasons I haven’t been able to understand, those reform efforts failed. So the bill you receive in the fall will be based on your home’s valuation from 2015. And your property taxes could dip, inch up 2 percent or jump more than 20 percent. It all depends on where you live in metro Phoenix and how much

lysts. Here are eight tips to help you successfully refinance your mortgage as rates rise. 1. Make your move fast: Even though rates aren’t expected to shoot through the roof this year, they’ll likely stay on a steady, upward trajectory. “If you’re thinking about refinancing, now probably is the time to do it,” says Lauren Lyons Cole, a certified financial planner and money editor at Consumer Reports, adding that rates are probably not going to be lower than they are right now. It’s worth doing your research to see what rate you can get and then acting swiftly before it’s too late. 2. Prepare in case rates drop: You’ll want to get your refinance application in

as soon as possible, not only to catch low rates before they rise, but also to avoid a backup in refinance applications should rates suddenly fall, according to Casey Fleming, author of “The Loan Guide: How to Get the Best Possible Mortgage.” “This is the biggest mistake I think people make,” Fleming says. “If you’re not in the pipeline ready to go when the interest rates start moving down, all of a sudden you have to get in the back of the line, and oftentimes you miss the dip in the rates.” Fleming says that you’re not obligated to lock in a rate when you submit your ap-

“If you’re not in the pipeline ready to go when the interest rates start moving down ... oftentimes you miss the dip in the rates.”

See REFINANCING, Page 3R

“THE LOAN GUIDE”

CASEY FLEMING

%

% %

%

%

%

% MALLORY PRICE/GANNETT AND GETTY IMAGES

Purchase or Refinance Loan amounts between

Refinance 150,000 to Now! $417,000 $

• No Points • No Fees • No Closing Costs

See REAGOR, Page 3R

You don’t have to pay a lot in fees to get a great rate!

480.607.7906

or visit us at scoutmortgage.com 9304 E Raintree Dr., #110 Scottsdale, AZ 85260 Visit us on Facebook

This advertisement is a solicitation by Scout Mortgage, Inc. for a mortgage loan. Loan amounts $150,000 to $417,000. 15 or 30 Year Fixed. Closing Costs paid at closing include title, recording, processing, underwriting, and escrow fees. Prepaid taxes/insurance not included. Good credit required. Owner Occupied homes only. Verifiable income required. Impounds may be required. Consolidating debt may increase rate. Your rate and term may vary. Not all applicants will be approved. Call for details. MB0903218/NMLS# 56553

AR-0008630733-01

SCOTTSDALE | 8234 East Del Cadena Drive | Open Today 1–4PM

SCOTTSDALE | 10387 North 99th Street | Open Today 1-5PM

ON THE WATER. A masterpiece of design and craftsmanship, MLS# - 5454941 this 2003 re-built estate features an impressive library with Alder Bedrooms - 4 bookcases, all en-suite bedrooms and rare temperature controlled vaulted safe room with alarm system. Marble floors, beautiful Bathrooms - 5 Pool - No view windows, intricately finished raised over 10’ ceilings, added insulation, widened hallways and high quality 2x6 outer Sq. Ft. - 4,029 construction. Stainless appliances, radon-free manufactured Garage - 3-Car Garage counters and striking cabinetry in the kitchen. Luxurious Lot Size - 10,406 sq. ft. master. Lush emerald yard with McDowell Mountain views ZIP Code - 85258 and expansive patio with roller shields. Mature pomegranate, fig, lemon and orange trees. Storage and work area in the 3 car Online Pics - ThoseCallaways.com garage. Sail boat conveys! – Joseph Callaway. Price - $1,355,000

WATERFRONT JEWEL ON 42-ACRE CENTRAL MLS# - 5535734 SCOTTSDALE LAKE. Featuring a panorama of lake and mountain Bedrooms - 4 views, this stunning waterfront beauty is snuggled deep inside the idyllic community of Scottsdale Ranch, one of the area’s most highly Bathrooms - 3.5 Pool - Yes sought after neighborhoods. Sunlit living room w/arched plantationshuttered picture windows. Family room w/beamed ceiling, brickSq. Ft. - 3,665 surround fireplace. Kitchen w/jet-black granite. Grand staircase ZIP Code - 85258 ascends to guest bedrooms, loft/game room, view-balcony. Resort backyard w/waterfall pool, spa, pavered patios, trim of towering Online Pics - BaldwinTeam.com Price - $1,250,000 palm trees, bistro barbecue island, stone steps leading to private boat dock. Community biking/walking paths, tennis courts. Visit tourfactory.com/1693995. Inside: details, directions.

Brought to you by Those Callaways, Luxury Circle International (480) 596-5751

see more inside AR-0008628267-01

Brought to you by Sandra Baldwin and Tom Foss, Launch Real Estate

see more inside


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.