Have a closing coming up? Buying your next abode?  Well before you complain about being nickle and dimed by closing costs please read below from a recent Az Republic article:

“There’s good news for Arizona home buyers when it comes to mortgage closing costs.

Our state has the eighth lowest average closing costs in the nation.

However, fees are on the rise. Nationally, average mortgage closing costs have risen 6 percent, according to a new study by Bankrate.com.

Arizonans pay an average of $2,425 in closing costs on a $200,000 loan, the study found. The national average is $2,539, which is 6 percent higher than last year’s amount.

Texas has the highest average closing costs ($3,046) while Nevada has the cheapest ($2,265).

Although the national average has increased in the past year, some lenders haven’t raised their fees, said Holden Lewis, senior mortgage analyst for Bankrate.com, a personal finance website.

To get the best deal, he recommends comparing good faith estimates from at least three lenders.”

Well here is a little tidbit from yesterday’s Wall Street Journal about the Phoenix Market, which describes the overall feeling since the beginning of the year. Should be a revealing Spring to see how it shapes up! See below for full article:

America’s Hottest Housing Market Has Suddenly Cooled Down

By
• Nick Timiraos

After a remarkable rebound, the Phoenix housing market is cooling down.

Home prices in Phoenix posted their first monthly decline since 2011 in December, according to the S&P/Case-Shiller price index released Tuesday. Because it was among the country’s first hardest-hit markets to stabilize, Phoenix has served over the past two years as a bellwether of sorts for much of the Sunbelt that also experienced high levels of foreclosures and severe price declines. If Phoenix cools, that could portend ominously for parts of California, Nevada, and Florida that have shown similar rebounds in recent years.

The latest figures show Phoenix is off to a less than promising 2014. The number of homes for sale in January stood 29% above their levels of a year earlier, according to the Arizona Regional Multiple Listing Service Inc.

Meanwhile the number of homes sold in January fell 17% from last year, the sixth straight month in which sales have fallen from a year earlier.

The upshot is that it would take 5.9 months in January to sell the supply of homes for sale at the current pace. While that’s well below the worst levels of last decade’s housing bubble, it’s a three year high, and below the 3.8 months’ supply of a year ago and 3.9 months’ two years ago.

“Demand is really getting quite low. Each month it seems to get a little worse than I expect,” said Mike Orr, a real estate director at the W.P. Carey School of Business at Arizona State University.

Already, there are signs that the strong price rebound of the past two years has cooled. After 25 straight month-over-month gains, prices have now stayed flat or fallen in each of the last four months.

“Pricing ran up dramatically and quickly in Phoenix. It’s plateaued,” said Donald Tomnitz, chief executive of D.R. Horton Inc., in an earnings call last month. Mr. Tomnitz pointed to the large increase in existing homes for sale. “That’s a lot of competition for all sellers,” he said. “It’s a good market for us, but it’s not a great market—and it’s going to be weaker in 2014 than what it was in 2013.”

Last year, the problem for builders was that they were running out of homes to sell. “Their biggest problem now is not having enough people coming through the sales offices with good credit,” says Mr. Orr.

Data from Zillow Inc. show that home values in January stood 9% above their levels of a year earlier, down from year-over-year gains of 18% reported during much of last year.

Prices could turn negative “if the current situation lasts much longer,” says Mr. Orr. Still, there are very few foreclosures waiting in the wings—completed foreclosures were down by more than 50% from a year earlier in December—any price declines “will be much more orderly,” says Mr. Orr. Traditional sellers are much slower to reduce prices than banks.

A number of factors are behind the sales slowdown. Rising prices and big declines in foreclosed properties being offered for sale have led investors to lose interest. Investors accounted for just 19% of homes sold in December, according to Mr. Orr, down from a peak of nearly 40% in July 2012. Demand from Canadian buyers has also cooled as the exchange rate becomes much less favorable compared with a few years ago.

But Mr. Orr says it’s “over-simplistic to write this all off on investors,” said Mr. Orr. “It’s not just investors and it’s not just weather. We’ve had glorious weather here.”

Instead, Mr. Orr says demand from entry level buyers is weak, and that younger households seem more inclined to rent, either because they can’t afford to purchase, they can’t qualify for a loan, or they simply aren’t interested in ownership. “There’s no shortage of rental demand,” he said. “Any rental that is reasonably priced is getting multiple people applying.”

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An accurate column from today’s Republic regarding the market conditions, in most central locations however, sales are brisk!

Catherine ReagorThe Republic | azcentral.comTue Nov 5, 2013 4:52 PM

Most Sellers end up buying the Buyers a home warranty plan as part of the Purchase Contract, which is not such a bad thing for both parties. But not everybody is a fan, read on!

Pricey warranties don’t always bring peace of mind

STORY HIGHLIGHTS

1. Home warranties don’t necessarily cover everything in the home the way you want it covered
2. Home warranty companies have been the worst-graded category on Angie’s List for 8 years straight
3. Consumer protection and advice groups recommend putting money in to a home-maintenance fund instead

Major home appliances are costly to repair and expensive to replace. That’s why some homeowners spend hundreds of dollars a year to buy a home warranty, sometimes called a service contract.

Home warranties are supposed to provide peace of mind. But in many cases, people who try to use them when something breaks down experience disappointment and frustration.

Online bulletin boards are filled with complaints:

• “I’m highly disappointed and angry!” – Kathy of Cordova, Tenn.

• “They don’t do anything they said. All they want is your money.” – Mary of Lancaster, Texas”

• They made me wait a week, only to tell me my broken washer is not covered under my plan!!! So far, this is the second item they claim is not fixable under my plan!!! Save your money, and get your own repairs done!!!” – Rozelia of Oakland, Calif.

Home warranty companies have been the worst-graded category on Angie’s List for eight years in a row. Nearly half of the member ratings were unfavorable.

Cheryl Reed, the website’s director of communications, told me some of the complaints deal with poor service, but most result from unrealistic expectations about how a service contract works.

“People were disappointed because they just assumed the home warranty covered everything in their house in the way they wanted it covered,” she said. “They never really took the time to read the warranty and understand what the process was.”

For instance, you may think you need a new water heater, but the warranty company may decide it only needs to be repaired. Under the terms of the contract it’s their choice, not yours. Even worse, they may say the repair isn’t covered at all.

Angie’s List member Steve Donahue, who lives near Houston, complained after his home’s air conditioning system broke. The service technician diagnosed a number of problems, but the warranty company denied the claim. They said the humidifier hadn’t been properly maintained.

Donahue told me his system didn’t have a humidifier. You don’t need one in that part of the country. He called the warranty company to complain, but could never speak to anyone in charge.

“I paid a lot of money and I never did get much of a return out of it,” he said.

Stephen McDaniel, assistant executive director of the Service Contract Industry Council, told me he is concerned to hear about the complaints, but he doesn’t believe the industry has a problem. If people would read their contracts before they need service, he said, they would know what to expect.

McDaniel believes most people are happy they bought their home warranty. The ability to call for help 24/7, and have someone show up at your house within a set period of time, even after hours and on weekends if it’s an emergency, “is a valuable service” that’s worth the price, he said.

A PERK FOR HOME BUYERS

When you put your home on the market, you want a competitive edge. An increasing number of sellers believe a home warranty can add a little extra for the potential buyer.

Nearly 80% of the homes in California are being sold with a warranty right now, according to real estate expert Ilyce Glink, who runs the website ThinkGlink.

“Buyers view them as a sort of insurance policy should something go wrong,” Glink said. “Buyers may assume everything is covered, but typically it only includes appliances that are working properly on the closing date.”

So, an ongoing leak would probably not be covered. A swimming pool or sprinkler system typically requires separate coverage.

(Note: In most states, a home warranty is not insurance, even though it may be backed by an insurance policy.)

Service contracts that come with the home are typically for one year. Then you get inundated with offers to extend the coverage.

Glink’s advice: Don’t do it. She believes they are overpriced for the value they deliver. The problem may not be covered. The company may decide to repair rather than replace. Plus, you have to pay $50 to $100 every time the service technician comes to your house.

“Remember, their goal is to do everything they can to avoid paying for that repair or replacement,” Glink said.

The service contract council points out that anyone who has second thoughts about buying a home warranty can cancel at any time with a pro-rated refund.

IS THIS FOR YOU?

When you buy a house, you know things are going to break. Is it worth paying hundreds of dollars a year to repair or replace your furnace, washing machine, refrigerator or other major appliance when it breaks? Only you can decide.

The editors at Consumer Reportssay the peace of mind isn’t worth the price. “For most people, it makes more sense to put money in a home-maintenance fund,” they write.

One more important factor to consider: The warranty company decides which repair company comes to your house. You don’t have any say in that. If you have a trusted plumber, electrician or appliance service, a home warranty may not be for you.

The council strongly believes in the value of a home warranty and says it has the happy customers to prove it. The trade group promises to help anyone who has a problem with a member company.

My advice: If you didn’t get what you paid for, file complaints with the state agency that regulates these services and the Better Business Bureau. If you think you’re right, don’t back down.

© CNBC is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

Tom Ruff’s opinion of the local real estate market…he predicts the market will continue to rise based on lack of inventory. See below!

This article is from USA Today regarding home features that Buyers are willing to pay for…good advice for those thinking of selling!  Before making home improvements, try to think of your home as an investment property.

11 home features buyers will pay extra for

(Photo: Mick Hales, The Taunton Press)

STORY HIGHLIGHTS

1. Home buyers are willing to pay for some desirable extras
2. But they may not be willing to pay as much as you think
3. The top of the list runs from fireplaces to central air conditioning

Before making the decision to buy, people shopping for homes consider hundreds of factors. They include location of the house, the school district, size of the lot and also interior features. Most buyers insist on a house that grants most of their wishes, but shoppers often settle for a house without getting everything they want.

When it comes to certain interior features, many are willing to spend thousands of dollars above the price of the home to have them included. At least 60% of buyers said they would be willing to pay more for central air conditioning, new kitchen appliances and a walk-in closet in the master bedroom if they did not already have these features.

Many of the features homeowners desire involve the kitchen. They include stainless steel appliances and a kitchen island. The kitchen is a major focal point for home buyers, said Errol Samuelson, president of Realtor.com.

“People, in general, have shown more interest in having big and beautiful kitchens, and the kitchen is acting as an informal gathering place,” Samuelson said in an interview with 24/7 Wall St. “We have gone from the ’70s where it was about Hamburger Helper … and now we’ve got the Food Network where people are more interested in exploring cooking.”

The desirability of some characteristics vary depending on the home buyers’ age. In the survey, more people age 35 to 54 found the internal features of a house to be very important in making a decision than any other age group. When people are younger and buying their first home, they are primarily interested in jumping into the real estate market to build equity, and the features are less important, Samuelson said. “For the younger demographic, home is a place to sleep and a place to store your clothes, but you are out all the time,” he said.

When people get older, settle down with a spouse and start raising a family, they still consider the home and its features as investments. However, they often start to build more of a connection with the house, and the details of the home become important to improving quality of life in the home, and less so for long-term investment. The house becomes a “personalized area that separates [the occupants] from the outside world,” Samuelson said.

While a high percentage of people said they would pay more for some features, how much they were willing to pay was not necessarily that high. Although six in 10 home buyers without a walk-in closet said they would be willing to pay more for a house with one, those people said they would only spend an additional $1,350, much less than what a walk-in closet typically costs.

CUT COSTS: Make home improvements pay off

ARTISTIC HOMES: Custom houses like you’ve never seen

The features described are not necessarily the most important deciding factor for potential home buyers, Brendon DeSimone, a Realtor and real estate expert with Zillow, told 24/7 Wall St. When looking at house, he said, the first things people consider are factors such as the neighborhood, the school district and the difficulty of the commute to work.

“Everything starts with location,” DeSimone said in an interview. “You can have the best house in the world, but if it’s not in the neighborhood and school district where everyone wants to live, you are just not going to look at it.”

Using data from the National Association of Realtors, 24/7 Wall St. reviewed the 11 features that most homeowners were willing to pay more for. We also looked at the median amount that these people would be willing to pay to obtain that feature. In addition, we looked at data from the National Association of Realtors about whether prospective home buyers found certain features to be very important. That information was further broken down by factors such as home buyers’ age, whether they were looking to move into a new or previously owned home, and whether someone was a first-time or repeat buyer.

Based on those factors, here are the 11 most desirable home features:

11. One or more fireplaces
> Percentage of home buyers willing to pay more: 40%
> Amount willing to pay extra: $1,400

Some 40% of home buyers without a fireplace said they would spend additional money for at least one and cough up an extra $1,400. The fireplace, while always popular, was less necessary when several TVs were going in the house all at once, Samuelson said. But he speculated that having a home with fireplaces may become more popular in the future as people spend less time watching TV and more time on tablets and e-readers. These people may find the fireplace a good place to cozy up and use their devices, he said.

10. Eat-in kitchen
> Percentage of home buyers willing to pay more: 40%
> Amount willing to pay extra: $1,770

The people most interested in an eat-in kitchen tend to be in the 35-to-54 age range, with 30% of those prospective home buyers indicating this is “very important” in a house. Meanwhile, just 21% of those under 35 years of age and 20% over 55 feel the same way. More people, especially those who are raising families, want kitchens that look into family entertainment rooms. Some have even made it a family hangout by placing big-screen TVs and other electronics in the kitchen. “Buyers who are in families want to be in one space and do it all,” DeSimone said.

9. Home less than 5 years old
> Percentage of home buyers willing to pay more: 40%
> Amount willing to pay extra: $5,020

Some people simply want a newer home. For those willing to pay more for a newer home, the median that people would dole out was more than $5,000. Although this is a lot of money compared to most features, that money could be a wise investment in the long run. Maintenance costs are considerably less in newer homes compared to older homes, Samuelson pointed out. He also noted that newer homes tend to be much more efficient, attracting people who are environmentally conscious.

8. Stainless steel appliances
> Percentage of home buyers willing to pay more: 41%
> Amount willing to pay extra: $1,850

Like most features, stainless steel appliances are most important to people between the ages of 35 to 54, with 23% considering them to be a “very important” investment, compared with just 16% of those under the age of 35 and a mere 11% of those over the age of 55. From a cost perspective, stainless steel appliances are not necessarily the best investment. Samuelson noted that stainless steel wears out far easier than most other common materials. Also, the children in the house can also get their fingerprints on the appliances, requiring more cleaning. However, Samuelson said people are primarily driven to buy stainless steel appliances because they look more attractive.

7. Kitchen island
> Percentage of home buyers willing to pay more: 48%
> Amount willing to pay extra: $1,370

Kitchen islands are most important to people ages 35 to 54, with 24% indicating that it is a “very important” characteristic. Just 19% of people under 35 and 13% over 55 considered this feature important. DeSimone noted that kitchen islands often come in handy for those who are raising a family. It provides additional room to put out food for the family and allows the kitchen to become more organized. Although the desire for a kitchen island is high, those who do not have one but want one are only willing to shell out $1,370, less than most other features.

6. Ensuite master bath
> Percentage of home buyers willing to pay more: 49%
> Amount willing to pay extra: $2,030

Once again, the ensuite master bathroom tends to be more important to people ages 35 and older. “It kind of goes to the ‘home is my sanctuary’ mentality,” Samuelson said. This, along with a walk-in closet in the master bedroom, has become more important in the past 10 years or so. Many people are eager to make their bathroom more “homey” by doing things such as installing televisions on the wall. The fact that many master bathrooms have two sinks is also an appealing option for married couples, Samuelson added.

5. Hardwood floors
> Percentage of home buyers willing to pay more: 54%
> Amount willing to pay extra: $2,080

Some 25% of buyers under the age of 35, and 28% of those between 35 and 54, considered hardwood floors “very important” when looking for a home. Only 17% of people ages 55 and up felt the same way. In previous generations, homes with carpets were considered better in order to conserve energy, DeSimone said. Even today, older people are more likely to feel more comfortable with carpeting because the insulation makes the home a little bit warmer. But for younger people looking to have many guests at the house and for people with children, hardwood floors are desirable because they are easier to clean than carpets.

4. Granite countertops
> Percentage of home buyers willing to pay more: 55%
> Amount willing to pay extra: $1,620

Among homeowners between the ages of 35 and 54, 24% viewed granite countertops as “very important,” compared to 18% of people under 35 and 18% of people over 55. Although just one in every five prospective home buyers said granite countertops were very important, 55% of those who bought a home without such a countertop said they would pay extra for it. Both DeSimone and Samuelson agreed that the granite countertop is more of a style issue than anything else. “There has been more emphasis on the beautiful kitchen these days, and granite countertops are a part of that,” Samuelson said.

3. Walk-in closet in master bedroom
> Percentage of home buyers willing to pay more: 60%
> Amount willing to pay extra: $1,350

A whopping 60% of homeowners were willing to pay extra for a walk-in closet in the master bedroom, with 44% of people between the ages of 35 and 54 viewing this feature as “very important,” compared to just 35% under the age of 35 and 36% of people 55 and older. DeSimone said the walk-in closet is desired for two main reasons: space and status. The space is very desirable for people as they get older and acquire more clothes, allowing people to be more organized. Having a walk-in closet in the master bedroom is also a status symbol. When giving a house tour, DeSimone said, people want to say, “Hey, check out my closet,” in the same way they say, “Hey, have you seen my new kitchen?”

2. New kitchen appliances
> Percentage of home buyers willing to pay more: 69%
> Amount willing to pay extra: $1,840

About 69% of homeowners said they were willing to spend more money for new kitchen appliances. Unsurprisingly, people who are looking to buy a new home find this far more important than people who are eyeing previously owned homes. People who are the first to live in a specific house tend to want everything to be new in the house because they consider the house truly “their own,” DeSimone said. People also do not want to have to deal with the stress of broken appliances. “They don’t want to come home after a horrible stressful day at work and find the dishwasher isn’t working or the fridge is making noises.”

1. Central air conditioning
> Percentage of home buyers willing to pay more: 69%
> Amount willing to pay extra: $2,520

Nearly seven in 10 homeowners said they would be willing to pay more on central air conditioning — the same as new kitchen appliances and more than any other feature. Central air conditioning was considered “very important” by more than 60% of people in all age groups. Samuelson noted that although people were willing to shell out approximately $2,500 for the feature, that is far less than what it would actually cost to install central air conditioning. “There is a difference in people’s preference and what they are willing to pay for,” Samuelson said. “They may want the steak but are on a macaroni budget.”

Per the front page of today’s Arizona Republic, it’s a Seller’s market until more inventory balances out the market. See article:

By Catherine Reagor and Ryan KonigThe Republic | Mar 25, 2013 11:40 AM