What you need to know about appreciation, depreciation, and deceleration.
There are a lot of confusing terms floating around the housing market right now, like appreciation, depreciation, and deceleration. What do these terms mean, and which ones are relevant to our current market? To clear up the confusion, I’ll explain each of these terms and how they relate to what’s happening right now in our housing market.
You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:
The difference in your net worth if you buy a home instead of renting.
What is the difference between the net worth of a homeowner and that of a renter? This is going to be shocking, guys. The average net worth of a homeowner in America at the end of 2021 was about $300,000, and the average net worth of a renter was $8,000. The number for a homeowner is 40 times bigger.
That is why the No. 1 most important thing you can do to increase your net worth is to buy at home. I didn’t say 10 or 20 homes. Just get started, and buy just one home. Over time you will have this beautiful thing called principal buydown, and you’ll benefit from the appreciation of your asset if you give it long enough. Prices fluctuate, of course, so get in for the long-term play. You have to live somewhere anyway.
“You’re paying a 100% interest rate if you rent instead of buy.”
The argument comes when people don’t want to pay a 6% or 8% interest rate when it was 4.5% months ago. However, no one ever got rich because they got a one percentage point savings on their mortgage. Plus, you can refinance sometime in the future when the terms are maybe more favorable. The reality is if you’re paying 6% on your mortgage or a house you own, what is the interest rate you’re paying if you rent your house? The answer is 100% because you are not building anything for yourself over time.
That’s why you should get out of the rental market. We highly suggest you consider purchasing a property for yourself to live in. Then consider other properties to build a rental portfolio—I am big on that because I think it’s a phenomenal way to invest money.
If you have more questions about building a real estate rental or investment portfolio, I would love to chat with you about that because I have one myself and I’m very passionate about it. Give me a call anytime. I’d love to talk.
Today we’ll be reviewing one of the most coveted communities in the heart of Scottsdale, AZ! Whether it’s a second home, an investment property, or your primary home, follow along with us as we take a look inside the guard gated community of Gainey Ranch! Here’s what it’s like to Live in Gainey Ranch! LET’S GO!!
Gainey Ranch is a Golf and Lifestyle Community within guard gates in Scottsdale, Arizona. Gainey Ranch has 13 single family home communities inside the subdivision and 7 different condo communities. Sunset Cove is located in the Northeast section of the Gainey Ranch gated community and is one of the seven condo communities. Each condo community has a different feel and design, but we’re going to take you INSIDE one of the condos within Sunset Cove.
How about a game of guess the price?! This listing was located in Sunset Cove of Gainey Ranch. The specs of the home are: 1,104 sq. ft. with 2 beds, 2 baths and built in 1987. As a bonus, you’re also given a one car garage which is hard to find in a condo community in Scottsdale/Phoenix, Arizona. Most condo communities here in The Valley only feature a reserved covered carport spot. How much do you think this house runs? Take a guess and let us know through email or in a comment on our YouTube!
Time’s up…. Check for the answer BELOW:
If you guessed C.) 639,000, DING, DING, DING, WE HAVE A WINNER!!!!
Gainey Ranch is all about the active, adult lifestyle. What more could you ask for in one of the most outdoor active suburbs in the country?! Next up, we visit the Estate Club, which is the Tennis, Pickleball, Yoga, Pilates, a fitness center and more! Despite Gainey Ranch being primarily known as a Golf Course community, the Pickleball and Tennis area at the Estate Club is a hotspot within the community. It’s a great way to stay active, meet new people, and join new clubs! The best part? You can drive your golf cart through the community to the Estate Club!
As stated before, Gainey Ranch is located in the heart of Scottsdale. It’s 10-minutes from Old Town, 5-minutes from Sky Harbor, and about 20-minutes to Downtown Phoenix. However, being within the Guard Gated Community you don’t feel like you’re in the middle of the hustle and bustle that is Scottsdale, Arizona. While in the gates of Gainey Ranch, you’ll enjoy Golf Course views, beautiful communities, phenomenal landscaping, and it’s all enclosed! There’s an exterior road that gets you around the entire community, but still within the gates of Gainey Ranch.
Real Estate prices within the gates of Gainey Ranch vary widely. This is due to some home lots enjoying the premier golf course views while other homes enjoy beautiful courtyard, greenbelt, and community views. It’s also dependent upon the size of the home. You can buy a condo within Gainey Ranch for approximately $500,000 for about 785 sq. ft. If you want more space, you can expect to pay more as some condos with 2,300-2,400 sq. ft. run at $1,700,000. There are also HOA dues based on the size of your unit and the community that you live within. Single Family Homes start at about $875,000 for 2 beds, 2 bath for about 2,200 sq. ft. That’ll climb to $3,000,000 for about 3,800 sq. ft and you’ll have Golf Course views!
Okay, okay okay, we’ve mentioned guard gates and golf course views enough, let’s actually talk about the Golf Course! If you watch the YouTube video, you’ll notice the Golf Course isn’t a stunning green color that we’re used to, so here’s a little agronomy lesson for you. In Arizona, we have Winter Grass (Rye) and Summer Grass (Bermuda), so each year in mid-late September through the beginning-mid October anybody who has grass will go out and scalp the grass (cut it extremely low), cut the water, let the grass completely die before planting the new Rye Grass seeds. Several weeks later, they’ll water the seeds more than you can imagine revealing the beautiful green grass for the Winter Season ahead!
Next up, we’ll visit the Shoppes at Gainey Ranch. Located directly across the street from the Gainey Ranch community and anchored by Sprouts, the Shoppes also feature: Oliver Smith Jewelers, Coffee Bean/Tea Leaf, Village Tavern and more! P.S. Kelly says the dry-ribs at the Village Tavern in Gainey Ranch, so check it out!
Finally, we are at everybody’s favorite part of the YouTube video and blog…. The KCI! For those of you who are new here, we LOVE shopping local and what better way to show you where you could live than by reviewing YOUR local coffee shop, so we provide you with the KCI (Kelly Coffee Index)! Today we’ll stop by Street Brew Coffee, located, just around the corner from Gainey Ranch. This expert rating will help YOU decide if you want to spend your time and MONEY at this local coffee shop…. LET’S GO!! Kelly is a sucker for seasonal drinks (specifically pumpkin) with oat milk, whereas Abby sticks with the classic Vanilla Latte and whole milk. Kelly’s rating on the Hot, Pumpkin Pie, Cinnamon, White Chocolate Latte comes in at *drumroll please* a strong 8! Tad bit sweet for his liking, but overall a good tasting latte that you should add to your next coffee order at Street Brew Coffee!
So what’d you think? Are you planning to live in Gainey Ranch? Thank you for reading about our adventure around Gainey Ranch! I know people have various opinions about living in a guard gated community, but this community could be the next place you call home! If you all are looking to move here or even buy a second home, please reach out to us at info@CookandAssociatesAZ.com for more information!
Did you know that Scottsdale/Phoenix is one of the most outdoor active suburbs in all of the United States? Did you know that Scottsdale still has room for growth? Well, I bet you did know that Scottsdale is a high-end, luxurious town. Whether you are looking to move from one side of the Valley to the other, relocating from out of state, or even looking for investment opportunities you can find it all in Scottsdale, plus more! We are going to discuss the 5 MAJOR developments taking place in Scottsdale today!
To start us off, The Scottsdale area is now home to Cavasson! Cavasson is located just north of Loop 101, in the heart of North Scottsdale. Cavasson is a commercial development that will sprawl across 134 ACRES. This beautiful development will feature Commercial opportunities, Hotels, Retail, Restaurants, and more! Recently Cavasson became the home of the Regional Headquarters for Nationwide insurance and the International Headquarters for Choice Hotels. Close proximity to the Scottsdale Airport makes Cavasson a highly desirable location for business professionals who may need to fly in for a day or even the week. Slated to open in October 2022, the beautiful Hilton North Scottsdale hotel will be an anchor in development for Cavasson.
Number two on our list of major developments going on in Scottsdale – Axon Enterprises. Located just South of Loop 101, Axon Enterprises is planning to consolidate FIVE of its locations into one massive National Headquarters. Spending $50,000,000 (yes MILLION) and acquiring 73 acres, Axon Enterprises plans to call Scottsdale home. For those that don’t know what Axon Enterprises specializes in – have you ever heard of tasers or body cams? Axon Enterprises develops these items and more for the military, law enforcement, and civilians. Their business is BOOMING and will be for years to come.
Despite Cavasson and Axon Enterprises taking up 207 acres along Loop 101, there are still 700 ACRES of land held in the Scottsdale Land Trust that has yet to be bought and developed! Hugging both sides of Loop 101, this land won’t last long as 250+ companies are trying to find land to call The Valley “home” for their headquarters. Okay, enough about the available land, let’s get back to the last three MAJOR developments happening in Scottsdale RIGHT NOW!
Major development three will take us further south towards the heart of Scottsdale, however, this development might make us feel more like we’re in VEGAS! Caesar’s Palace is building its first-ever non-gaming, boutique hotel in the heart of Old Town Scottsdale – Caesar’s Republic. Soaring 11 stories into the sky, this boutique hotel will feature 265 rooms and three restaurants, but not just any restaurants. Caesars Republic Scottsdale will feature not one, but TWO Giada De Laurentiis restaurants. Luna by Giada will offer a Romanian, Italian, and Californian-infused menu while offering a high-end experience, whereas, Pronto by Giada will feature Italian-style food and coffee in a casual café atmosphere! The third restaurant is unique on its own – located on the seventh floor – this pool and lounge will be named…any guesses…? SEVEN. With unobstructed views of the beautiful Camelback Mountain, SEVEN is sure to be a hot spot!
Enough with the party scene… major development number four on our list brings us to another Old Town property. The Senna House Scottsdale is part of the Curio Collection by Hilton and will feature a boutique-style hotel with 169 rooms and a 10,000 sq. ft pool deck. The Senna House will be your sweet escape from the hustle and bustle of Old Town Scottsdale. Whether it’s lounging at the Sonora Swim Club, venturing over to the shopping district, or grabbing a bite to eat at CALA, a modern Mediterranean restaurant, The Senna House will offer you a beautiful oasis in the middle of the desert. For those of you who know Scottsdale and Old Town history, this hotel will be on the site of the old Don and Charlies restaurant which was filled wall to wall with sports memorabilia! The Senna House is sure to be a big hit in the Old Town area!
Last, but certainly not least on our list of Scottsdale developments – The Palmeriae will feature a $2,000,000,000 (yes, BILLION) mega-development! The Palmeriae development, a 122-acre community will be the swankiest, most upscale, luxurious area in all of Scottsdale. Bordering one of the most highly sought-after zip codes in all of The Valley, the Palmeriae will sit in-between Paradise Valley and Scottsdale. Adjacent to the Ritz-Carlton residences and resort, the Palmeraie will feature shops such as Hermes, Chanel, and the first-ever North American Fendi Private Residential enclave. Inside the Fendi building, you will find super exclusive restaurants – how exclusive you may ask? Restaurants featured in the Fendi building will be truly one of a kind as you won’t find another location in the state. Not only will you find restaurants, but also high-end, private residences. And don’t bank on being able to find a residence inside the Fendi Building…. Despite this project still being developed, all Villas, Condos, and Single-Family homes in The Palmeriae have sold….
Whether you’re looking to visit or make a permanent move, there is still plenty of Scottsdale that needs to be claimed. In the meantime, we are happy to help answer your questions and make the transition to Scottsdale easier. If you have any questions about what’s going on in Scottsdale or Phoenix, reach out to us at email@example.com, or call us at 480-660-5974.
How interest rate buydowns can help you buy a home in this market.
Interest rates are rising, and affordability is dropping. What can you do in today’s market to get the lowest rate possible? I have one secret weapon to help you do this: interest rate buydowns. You might’ve heard about these, but they haven’t been used for a long time. What are they exactly, and how can they help you in this market?
You can watch the full video above or skip to each section using the timestamps provided:
0:00 — Introducing today’s topic
1:29 — What monthly payment can you afford?
2:01 — How you can use seller concessions as a tool
2:51 — How this could affect your purchase
4:31 — You could get a payment that is similar to renting
5:42 — This can help you hedge against inflation.
6:13 — Wrapping up
If you have any questions, feel free to call us at (480) 227-2028 or send us an email. We‘d love to help.
Come join us for a free movie screening, food, drinks, and more!
Click the here and sign up for the FREE movie! We have a very special event coming up that we’re extremely proud to host for both past and prospective clients! It’s an opportunity for us to show you our gratitude for giving us the privilege of working for you and trusting us with your real estate goals.
We invite you to join us on our client appreciation day on August 13, 2022 at 1:15 pm with check-in starting at 12:30 pm. We will have a private screening of “Top Gun Maverick” at Harkins Theater, Harkins Shea 14 of 7354 Shea Boulevard, Castle, Arizona. It’s a phenomenal movie, and I’m excited to watch it with all of you! Please go there early and check in around 12:30 so we can give you free concessions, such as gift cards, drinks, and snacks to enjoy with your movie. We also have a raffle where you can win a large TV, gift basket, and more.
Thanks for being such amazing supporters and clients of our real estate team. We’re so excited to see you on August 13! As always, call or email us with any questions. We’re always happy to help.
Have you ever wondered what the total cost of living in Phoenix Arizona is and how that compares to other cities across the US? We are going to discuss the cost of living with everything from property taxes to housing, to a night out on the town, to utilities, and everything in between. Phoenix now is the 5th largest metropolitan area in the whole country, and it will continue to grow. We are going to break down several areas that contribute to the cost of living in Phoenix Arizona. The first is housing, which of course is going to be the biggest expense of living in any city. Normally, housing should be about 28%-30% of your total income. Depending on which city you live in, housing expenses will range. Now, let’s rate this on a scale. The national average is always at 100. Phoenix housing comes in at 103.5, which is above the average according to that national scale. What makes up the housing costs? Owning a house or even renting contribute to the overall score for the Phoenix metro area. A few years back, the Phoenix valley ranked in the mid 90s, but with the shifting market and constant growth of the area, our overall score will be ranked higher. Phoenix, Arizona is becoming a destination for retirees and second homeowners.
Utility cost is going to fluctuate dramatically based on how much you use. Gas has risen over the past 20 years for price and most people only use it just for the dryer or even fireplaces in the home. Air conditioning costs will rise drastically in the summertime because of the heat. One AC unit will cover about 2000 Sq. ft of the home, but if you have a two-story, you more than likely will have a couple of AC units. In terms of electricity, APS and SRP are the two main electrical companies, and they have different plans for on-peak and off-peak usage. A very common practice here in Arizona for electricity is not using any electrical components in the house from 3pm-8pm. Home maintenance also contributes to the cost of living in Phoenix Arizona. Most homes in Arizona have a pool and the costs for maintenance will run you anywhere between $80-$100 a month. Having a landscaper is common to have while living here, with most homes having a desert front. There are areas of town where homes do have grass front and depending on what you have in terms of landscaping, the cost will vary. Pest control is the other area of cost that’s important to know. Living in the desert brings a plethora of creepy crawlies and maintaining a constant rhythm to your pest control is important. Lastly, if you preferred to hire a cleaning service to clean your home professional, and let’s say you have a house around 4000 Sq.ft, you’re looking anywhere from 125-200 a month on average to come every two weeks.
Going straight from utilities and housing, property taxes are one of the reasons why you’d want to live in Arizona. Why? Because they are LOW! Arizona is one of the only states in the country with the lowest property taxes overall. For most people, that is a determining factor to where they want to live. On the topic of taxes, Arizona also has a decent sales tax, coming in at 8.3%. Across the board, that is average in the country. There are some items here that do not have a sales tax, such as groceries, medical supplies, etc. The fourth area of discussion for the cost of living in Phoenix Arizona is state income tax. Now there are some states across the country that have zero state income tax. Arizona comes in at a lower rate overall. Our state income tax is 4.5%, which is up to $159,000 for an individual, and $318,000 for a married couple. However, proposition 208 did pass on the ballot in 2020, which means that any income above $318,00 will be taxed 4.5% with an extra 3.5%. That brings the total to 8%. Recently, there has been a lawsuit filed against the state of Arizona stating that the passing of that is illegal. We are waiting to see if the passes officially or not.
Now, let’s go to car expenses, yes, everyone has car expenses. Since the valley is so big and spread out, having a car is a necessity to getting around. The average price per gallon in Phoenix is $2.86 cents, where the national average is $2.89. Now, here’s the kicker. Car registration and vehicle license tax comes in a bit higher in Arizona, which makes up for the lower property taxes. The good thing overall is that after you pay the initial registration of the vehicle, the vehicle license tax amount will go down because cars depreciate over the years. Another car factor you’ll notice in the state of Arizona is that you don’t see many do-it-yourself car washes, with it being more popular in other parts of the country. Pretty much everything is automation, and you’ll see a car wash every few minutes around the valley. With it being so dusty, having a monthly membership for the car wash is a big way you can save money.
To end this all, the overall cost of living in Phoenix Arizona is all around affordable compared to other states. Entertainment, health care, and other areas also contribute but we wanted to cover the more important area of costs. We have so any people contacting us who are either moving to the Scottsdale/Phoenix area and we are so happy to make the transition easier for them. If you have any additional questions about the cost of living in Phoenix Arizona, reach out to us at firstname.lastname@example.org
Arizona is the fastest-growing state in the western part of the United States since 2006. With that comes a lot more population and the question that starts to rise is this; “What’s the visibility and the sustainability of that heading to Arizona’s future?” People question whether the natural resources can sustain the entire population growth that is currently happening. Since people question it, today, we’ll be covering Arizona’s sustainability and the Phoenix water crisis.
From what I’ve heard, everyone has a good outlook on where this city is going for the future, so let’s start with the population. Currently, Arizona is one of the fastest-growing states in the entire country and that’s no secret post covid. Let’s go back to the 1940s. In the 1940s, roughly 500,000 people were living in the entire state. Now, Arizona has 7.6 million people in 2022. That is a huge increase, but the biggest increase decade over decade was from the 50s to the 1960s. The reason why we believe that the biggest attribution to that was the dimension of central air conditioning. Central air was invested before the 50s but didn’t become mainstream and affordable and available in buildings and houses until the late 50s going into the 60s.
Do you want to guess what the number one resource Arizona lacks the most… you guessed it, WATER! That’s why we are discussing the Phoenix water crisis. The water issue here today is the biggest long-term threat that Phoenix and Arizona face, and it more than likely will not be going away anytime soon. For example, in Casa Grande, the water supply is not guaranteed for a certain type of product class whether you own a single-family home or any other type of development. Depending on which city you’re located in, water can be more of a scarce issue. There is a good amount of water now here in Phoenix and almost all the water used in Phoenix gets reclaimed and reused. One major plant release 52 million gallons of water a day into its wetland areas and canal systems. The great thing about those is that they are sitting ready to be used as they go through water treatment plants.
Certain reservoirs are like wetlands where it doubles up as a wetland for animals too. It’s a holding pot to be reused for human beings and then gets recycled back into this whole system. Arizona supplies 23 billion gallons to a nuclear power plant and 16 billion gallons of water are allocated to crops. Only 14% of single-family homes in Phoenix have grass, so that helps cut back on the water more too. The reason why Phoenix only uses two-thirds of the water in the whole state is that they are putting so much technology into water-saving methods and issues and the residents overall are accommodating to understand not to use a surplus of water.
Do you think we’re in a Phoenix water crisis? Watch the video above for more information!
Which option is better for you? A HELOC or cash-out refinance?
Which is better for you: a home equity line of credit or a cash-out refinance? Today we want to explain the difference between these two options, when you might use them, and which one is best for your situation.
You can watch our full explanation in the video above or skip to each topic using the timestamps provided:
0:00 — Introduction
0:58 — Explaining ROE (return on equity)
2:19 — Should you take out a HELOC or do a cash-out refinance?
3:20 — Explaining HELOCs
4:35 — HELOCs have an adjustable interest rate
6:26 — Explaining cash-out refinances
7:51 — The biggest pro of cash-out refinancing is that it isn’t taxable
8:34 — The interest you pay on a HELOC is tax-deductible if you improve your home
9:46 — Each option has its pros and cons
10:00 — Wrapping up today’s topic
If you have questions or would like to know which option is better for you, please call or email us. We are always willing to help!
It’s easy for buyers to become fatigued in a market like this.
Right now, buyers are facing an uphill battle to win the homes they want. This market is very competitive, and there isn’t much inventory. We don’t want our buyers to end up getting fatigued, so I’m sharing the five things we do to help our buyers in the current market.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to browse specific topics at your leisure:
0:00 — Introducing today’s topic
2:30 — No. 1: The Coming Soon Program
4:35 — No. 2: Relationships
8:10 — No. 3: Communication
9:30 — No. 4: We offer bonuses
10:00 — No. 5: Escalation clause
11:40 — Wrapping up
If you have any questions, don’t hesitate to reach out to us at (480) 442-9868 or email@example.com. We look forward to hearing from you.