AZ Real Estate 09-28-14

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CATHERINE REAGOR REAL ESTATE

Equity: To have and have not

PROJECTS TO TACKLE BEFORE YOU SELL

KARA G. MORRISON THE REPUBLIC

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ou’ve decided it’s time to move on and list your home. If the process of packing up your whole life and getting your home ready for sale seems overwhelming, here’s a checklist that breaks up the process into manageable steps. Yes, you’ll need to start filling boxes, downsizing your life and cleaning like mad. But if you do it right, the process won’t be too

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painful — and might even leave you feeling clutter-free and lighter. Here are 10 top projects to take on before you put up the “for sale� sign: 1. Start packing. If your house is going on the market, stop thinking of it as “your� house and start thinking of it an investment See PROJECTS, Page R3

ILLUSTRATION BY THINKSTOCK/CHRISSY ASHACK/GANNETT

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n metro Phoenix’s housing market, there are the haves and have-nots, those homeowners who have equity and those who don’t. Anyone who bought a house or refinanced in the Valley between February 2005 and July 2008 still most likely owes more than their house is worth, according to the Arizona Regional Multiple Listing Service. Homeowners who purchased before May 2004 and didn’t refinance between early 2005 and mid-2009 should have equity in their house, said Tom Ruff, real-estate analyst with Information Market, the owned by ARMLS. For the home equity haves and have-nots, it’s all about the Valley’s housing boom and bust. The analysis is based on median homes prices in the area. In February 2005, near the beginning of the housing boom, the median resale price in the Phoenix area was $188,900. In May 2006, the resale median hit a record of $253,500 and remained above $200,000 until the summer of 2008. In August 2008, metro Phoenix’s median resale price fell to $190,000. Currently, the area’s median is about $196,000. The percentage of homeowners underwater plummeted to 19.5 percent by June 30 this year from almost 50 percent in 2009, according to national real-estate researcher CoreLogic’s most recent report released Thursday. The haves, those homeowners with equity, can sell, but many are staying put for now because there are few buyers in the Valley. Home sales have slowed dramatically in the area this year compared with 2012 and 2013. Home-price increases have slowed with sales. That means fewer of the have-nots will have equity in their houses soon, a fact that could impact a See REAGOR, Page R3

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MOVE-IN-READY IN GUARD-GATED AVIANO AT DESERT MLS# RIDGE. Nestled on a quiet cul-de-sac, this beautiful Spanish-style Bedrooms home begins with an intimate cocktail courtyard graced with a Bath wrought-iron gate. Wide arched entryway opens into living room w/ Pool large picture windows that dapple the floors w/natural light. Dining room w/diamond-laid stone floors, sliding doors to alfresco dining Sq. Ft. patio. Gorgeous kitchen w/bi-level breakfast bar. Upstairs bonus ZIP Code room/loft. Fabulous location close to great schools, dining, shopping, entertainment. Upscale community amenities: heated pool and spa, Online Pics Price lighted tennis courts, clubhouse, workout facility, biking/walking paths, playground, more. Visit tourfactory.com/1236948. See inside for full details, directions.

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