Quail Creek Homes | Russ Fortuno, Tierra Antigua Realty

Tips for Home Buyers

Real Estate Blog

Home Buyers Guide Out-of-State Buyers

What home insurance does (and doesn’t) cover

What home insurance does — and doesn’t — cover

Getting homeowners insurance when you purchase a house is a non-negotiable. But while standard home insurance policies provide a high level of coverage and protection, they don’t cover everything — and in order to protect your home (and your investment), it’s important to understand what potential issues might fall outside your home insurance umbrella.

Here are a few things that you may be surprised to learn that your homeowner’s insurance doesn’t cover:

  • Floods. While home insurance typically covers water issues like burst pipes, if your home is flooded due to a hurricane or excessive rain, most standard home insurance policies won’t cover the damage. In order to get coverage, you’ll need to purchase additional flood insurance.
  • Earthquakes. Similar to floods, most standard home insurance policies don’t cover earthquakes—so if you want coverage, you’ll need to buy a separate earthquake insurance policy.
  • Renovation damage. If you’re doing major renovations on your home—like gutting the interior or replacing the roof—most home insurance policies won’t cover the damage. If you want to protect yourself in the case of damage caused by the contractor, you’ll need to purchase a renovation policy.
  • Termites. Pest control and insect infestations can be prevented with proper maintenance, so the cost to remove termites and repair their damage is generally not covered by your homeowners insurance.

So, what does this mean for you? If you’re thinking about buying a home, it’s important to understand the limits of your home insurance policy, and that you purchase additional coverage or maintenance agreements when necessary to protect your home.

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Do you have enough money saved for a down payment?

Do you have enough money saved for a down payment?

One of the biggest misconceptions for home buyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20 percent down to buy a house.

A recent survey by Point2Homes notes that 88 percent of buyers say “they have significantly less savings than the average national down payment amount, which is $62,600.”

Thankfully, neither 20 percent, nor $62,600., is not the amount every buyer needs for a down payment. There are many different options available. That amount can also be significantly less, depending on the purchase price of the house.

According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:

“In 2019, the median down payment was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers.”Continue Reading

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Should you buy a retirement home sooner rather than later?

Should you buy a retirement home sooner rather than later?

Every day in the U.S., roughly 10,000 people turn 65. Prior to the health crisis that swept the nation in 2020, most people had to wait until they retired to make a move to the beach, the golf course, or the senior living community they were looking to settle into for their later years in life. This year, however, the game changed.

Many of today’s workers who are nearing the end of their professional careers, but maybe aren’t quite ready to retire, have a new choice to make: should I move before I retire?

If the sun and warm weather are calling your name and you have the opportunity to work remotely for the foreseeable future, now may be a great time to purchase that home in the southwest you’ve always dreamed of where you can enjoy golf all winter long and take in the spectacular mountain views. Whether it’s a second home or a future retirement home, spending the next few years in a place that truly makes you smile every day might be the best way to round out a long and meaningful career.

“The pandemic was unexpected, working from home was unexpected, but nonetheless many companies realized that workers can be just as productive working from home…We may begin to see a boost in people buying retirement homes before their retirement,” explains Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).

According to the 20th Annual Transamerica Retirement Survey, 3 out of 4 retirees (75 percent) own their homes, and only 23 percent have mortgage debt (including any equity loans or lines of credit). Since entering retirement, almost 4 in 10 retirees (38 percent) have moved into a new home. They’re making a profit by selling their current homes in today’s low inventory market and using their equity to purchase their future retirement homes. It’s a win-win.Continue Reading

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Lessons for buying a home during the pandemic

Must-know lessons for buying a home during the pandemic

House hunting is always a process — but in the midst of COVID-19, there are even more things to know and learn about successfully finding and buying a home. But what, exactly, are those things? What do you need to know to find and buy a home right now?

Realtor.com outlines some key lessons home buyers should know if they’re shopping during COVID, including:

Don’t bank on getting a “deal”

Considering how much the pandemic has affected the economy and peoples’ jobs, you might expect that it would have directly impacted real estate values. In many areas, including Green Valley, that just isn’t the case. In fact, due to such low inventory, prices have stayed steady and in many cases, even gone up. And there are a lot more buyers than houses for sale, making competition stiff. Now is not the time to make low offers on new listings.

Get pre-approved before you start house hunting

This is always the first thing you should do before looking at houses, even when there isn’t a pandemic. But, due to the current events, many mortgage lenders have changed their lending requirements — so before you get too deep into the house hunting process, make sure you get pre-approved (or pre-qualified) and can get access to the funds you need to buy a home.

Work with a Buyer’s Agent

Working with a Buyer’s Agent is also always important — but it’s especially important now, when you may be relying on photos or a virtual tour to determine whether you want to make an offer on a property. Not only can your agent walk you through the entire buying process, but because they’ll actually be on site giving you the virtual tour, they can clue you in to potential issues you might have missed on video — which can prevent you from making an offer on a house that isn’t the right fit.

There are a lot of factors that make this a perfect time to buy a home. Just make sure you go into it with realistic expectations, and are aware of the actual current market conditions in the area you are looking.

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Video touring a home? Check these outdoor elements

Video touring a home? Be sure to check these outdoor elements

Video tours are a great option for long-distance buyers and buyers who are hesitant to tour a property in person due to COVID-19 concerns. But if you’re planning a video tour and want to get a comprehensive feel for the property, you need to tour more than just the interior of the house — you need to take the video tour outdoors. Here are a few key outdoor elements you should explore:

Surrounding homes

Privacy and community are important — and, as such, it’s important to know how far (or how close) the neighbors are to the property you’re considering, and how well they maintain their homes. The fact is, real estate is all about location, and property values can be affected by “the company you keep.” You don’t want to buy a stunning home, only to find out later that surrounding homes are not maintained, in a state of disrepair, or that there’s a vacant lot behind the house that may be developed in the future. Ask your Buyer’s Agent to take a 360 degree video of the surrounding homes and the street to identify potential red flags.

Landscaping and Patios

You want to get a clear idea of the time, money, and energy it will take to maintain the outdoor space, so make sure your agent gives you a full tour of the front, back, and/or side yards; that way, you can get an idea of existing trees, shrubs, and landscaping needs.

Outdoor space is important, and Arizona’s dry climate can lead to dry rot and deterioration of outdoor spaces if not properly maintained. It can be hard to see such damage on a video tour or in listing photos, so make sure your Buyer’s Agent zooms in on the patio areas so you can identify any wear and tear.

Each side of the house

The front of the house may look like it’s in great shape, but what about the sides and the back? Make sure you get images or video of the exterior of the home from every angle so you can identify any potential damage or necessary repairs.

Video tours can give you just as much detail and information about a property checking as seeing it in person. But that’s only true if when working with a Buyer’s Agent who specializes in working with out-of-state clients. Give me a call, (520) 333-0446.

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Video touring a home? Let’s get a close-up of the kitchen

Video Touring a Home

While COVID-related restrictions have loosened in many areas, many buyers are still wary about going to tour homes in person — and video tours are still hugely popular. Perhaps it’ll even be a permanent addition to how some people look at homes even once the pandemic is entirely under control.

Video tours can give you just as much detail and information about a property checking as seeing it in person. But that’s only true if when working with a Buyer’s Agent who specializes in working with out-of-state clients.

Since the kitchen is often considered the most important room in the house (from a buyer’s perspective), here’s some key points I’ll focus on in your virtual tour or video/Facetime showing:

  • See the room from all angles: Seeing the kitchen from a single perspective or viewpoint (as in listing photos) often does not provide a real sense of the space. I’ll be sure to ask your agent to show you the room from a variety of angels.
  • Zoom in on the appliances: Appliances are costly — and if you’re going to have to spend part of your budget replacing the appliances in the home, that could factor into your offer (or whether you make an offer at all). I’ll be sure to zoom in on the appliances to give you an idea of what kind of shape they’re in, and whether they’ll need to be replaced.
  • Cabinet close-up: The kitchen cabinets may look amazing in the listing photos, but when you get a close-up look at them, you may notice that they’re not so amazing and need to be repainted or replaced. I’ll zoom in on the cabinets so you can assess their condition before making a final decision on the home.

Just because you can’t (or don’t want to) tour a home in person, doesn’t mean you can’t get a good look at the kitchen — or any other room, for that matter. You just need to be working with the right Buyer’s Agent, and not hesitate to request a closer look at the things you really want to see.

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Don’t make these common home buyer mistakes

Don't make these common home buyer mistakes

Homeownership is one of the central tenets of contemporary life. Most of us dream of a familiar, comfortable place to call our own, and buying a home is gives us our own piece of the American Dream.

But until and unless you’ve been through the process several times, there are plenty of mistakes many people make on their journey to property ownership.

If you’ve made any of these yourself, don’t feel bad — it can happen to the best of us. And if you’re a home buyer who wants to get ahead of the curve, take a look at the following things not to do when buying a home… so when it’s time to pull the trigger, you’ll be ready to go!Continue Reading

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Applying for a mortgage? Be prepared for these questions

Applying for a mortgage? Be prepared for these questions

When you apply for a mortgage, you expect your lender to have some questions. But the truth is, your lender is going to have a lot of questions — and if you know what to expect before you start the application process, all of those questions can feel a lot less jarring and invasive.

A recent article from Realtor.com outlined a variety of questions you should expect when applying for a mortgage, including:

  • What is your credit score? Your credit score will, in large part, determine the interest rate on your mortgage. Your lender will no doubt run your credit report in the process of getting you pre-qualified, but it’s a good idea to know what’s on your credit report before the lender does.
  • Do you have a sufficient credit history? Your credit score is important, but so is your credit history. Your lender wants to see a variety of credit types and a long history of on-time payments.
  • How much cash do you have on hand? Lenders want to know that you have enough cash on hand to cover your down payment, inspection, and closing costs. In order to show them you have enough cash, you’ll need to provide a variety of financial documentation, including bank or brokerage statements, and a break down of your assets.
  • How much debt do you have? Even if you have a lot of cash on hand, if you also have a lot of debt, it’s going to make a lender nervous. When you’re applying for a mortgage, your lender will need to see a breakdown of any and all debt, including credit card debt, student debt, and car loans, which will help them make a decision on your eligibility for a loan.

What does this mean for you? When you apply for a mortgage, part of the process involves answering a variety of personal financial questions — but if you know they’re coming (and prepare for them in advance), the process (and the questions!) will feel a lot less stressful.

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VA Loans: Making a home for the brave possible

VA Loans: Making a home for the brave possible

Since the creation of the Veterans Affairs (VA) Home Loans Program, over 22 million veterans have achieved the American Dream of home ownership. Many veterans do not know the details of the program and therefore do not take advantage of the benefits available to them.

If you are a veteran or you know someone who is, here is a breakdown of the VA Home Loan benefits that can be used to achieve the American Dream!

Top 5 Benefits of a VA Home Loan

  • The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!
  • Private Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)
  • Credit Score requirements are also lower for VA Home Loans. The average FICO® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).
  • There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
  • Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.

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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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