When buying a Scottsdale home - how important is your job?
When buying a Scottsdale home, obviously a job is an important cog in the wheel to obtaining a mortgage. But the lending game is full of misconceptions about job gaps, job changes and occupational changes within the course of an employment time frame. Yes, you CAN get a mortgage if you switched jobs or even changed industries, you just have to approach it the right way to get the deal approved.

When determining your ability to pay (and therefore determining how much Scottsdale home you can afford to buy), a lender will calculate your average income based on your pay from the past 24 months. It's pretty straightforward and simple if you've had the same job and same income and pay structure, but if any of those things changed in the past two years — or will change soon, you may face challenges when trying to get a mortgage.

Don't Change Jobs When Buying A Scottsdale Home

In the past, lenders were ready to refuse loan applications where there was a job or industry change. We even tell prospects looking at buying a Scottsdale home not to change jobs before applying for their home loan. While this is the case for most situations, it is not necessarily so black-and-white.

If you've had a job change, no matter what, a lender is going to need the following things from you — and your employer — in order to close on a mortgage: an offer letter, a role change letter if you have a title change and commensurate compensation package change, and the most recent pay stub and verification of employment.

If you can't provide a pay stub with year-to-date income (usually a 30-day pay stub depending on your specific lender's requirement), along with a letter detailing the change, you likely won't get approved for the loan. Let's say, for example, you are looking at buying a Scottsdale home and you know in the next four months your income is going to increase to $6,000 per month because you'll have a new role within your company. In order for that $6,000 per month income to be used in the calculation, you'll have to get the details of the raise, including the role change letter and at least one pay stub.

So if you are thinking about getting a mortgage, even if it is further down the road, consider starting discussions with a lender now so you can be guided through any income bumps the past or future may hold. It is especially critical for homebuyers to get pre-approved with a lender upfront prior to house-hunting. This process includes allowing a lender to review your credit, debt, income and assets to assess your ability to qualify. When buying a Scottsdale home, being pre-approved greatly increases your chances of getting a yes from a seller.

This is also a good time to start looking over your credit reports and checking your credit scores so you can address any problems in advance of applying for a mortgage.

Stay abreast of all the tips and tricks affecting your ability to obtain a mortgage and buying a Scottsdale home here at our website. More articles regarding Scottsdale mortgages can be found by clicking on the Scottsdale Mortgage Info link to your right under Scottsdale Real Estate Categories.

We are your #1 resource for updated listings, investment properties, houses, townhomes, condos, waterfront estates, golf course property, and vacant land and properties in Scottsdale, Arizona and the surrounding cities. Searching for Scottsdale, Arizona real estate and cities surrounding Scottsdale is just a click away. Click the "Search for Scottsdale Real Estate" link at the top or bottom of this page to start searching now.

The question most people want to know is how long will it take for Scottsdale home values to be back to where they were before the bottom dropped out? The housing recovery began approximately 3 years ago, but many markets have still to regain values lost during the recession.

How long before Scottsdale home values recover from the recession?
Presently, Scottsdale home values are around 11.3% below their peak values seen in 2007. Scottsdale home values are expected to increase by a further 4.2% through to the second quarter of next year. These figures are from the Zillow Home Value Forecast, and it's expected it will take 2.7 years for Scottsdale home values to reach their pre-recession levels, assuming that prices continue to appreciate at the levels predicted.

This would mean Scottsdale home values wouldn't return to their previous peak values until the first quarter of 2017, nearly a decade since the housing recession first began, and it's thought full recovery in the real estate market could take even longer. This is because the rate of home value appreciation is expected slowdown in the next few months and years.

While the news on Scottsdale home values don't appear to be all that great for sellers, the lower Scottsdale home values are making it somewhat easier for buyers to find bargains, and home affordability should remain good over the next couple of years.

Scottsdale Home Values Increasing, But Inventory Shortages Still Exist

While the number of Scottsdale homes for sale is showing signs of inching up, inventories still remain constrained. Could "pocket listings" — for-sale properties that aren't marketed widely or posted on the MLS — be the real culprit?

The sentiment in the marketplace is that we still have a shortage of inventory, and some believe it is due to the prevalence of pocket listings. Instead of marketing these for-sale properties on the MLS, brokers circulate the listings among their own buyer clients or within their own brokerage. No data exists on the number of pocket listings, but real estate professionals have been reporting a rise in this practice in recent months.

When there is limited inventory, agents convince sellers, because there is so much demand for housing, that maybe as many eyeballs don't need to see their home as in a traditional market. We believe this practice hurts the market, and actually slows down the return to normal Scottsdale home values.

We are your #1 resource for updated listings, investment properties, houses, townhomes, condos, waterfront estates, golf course property, and vacant land and properties in Scottsdale, Arizona and the surrounding cities. Searching for Scottsdale, Arizona real estate and cities surrounding Scottsdale is just a click away. Click the "Search for Scottsdale Real Estate" link at the top or bottom of this page to start searching now.

Summer means vacations and breaks for most of us, but Scottsdale scams never take a break, and some even get worse during summer months. Here are five Scottsdale scams that are common in the summer and steps you can take to avoid them, rather than opening up your wallet and giving to them.

Scottsdale scams to be on the lookout for during the summer months

Scottsdale Scams To Watch For

Home-Repair Scams. When the weather gets warm, homeowners are more likely to get a knock on the door from someone offering to do repair work at a low price. Usually, they'll claim they've done paving or roofing for someone else in the neighborhood and have extra materials they're willing to unload for cheap. These traveling repairmen typically aren't licensed and do shoddy work. When it comes to home improvement, you should always pick the contractor — don't let them pick you.

Rental Scams. With rental scams, con artists list properties that they don't own on Craigslist or other sites that don't vet posts. Then they take people's money and leave them without a place to stay. If the person listing a rental property will only communicate by e-mail, won't show you the property in advance or asks you to wire money, it's likely a scam.

Travel Scams. There are several travel-related scams, but two of the most common are free cruise and vacation rental scams. Victims of the cruise scam typically are contacted by phone, e-mail or text message and offered a free cruise that actually isn't free. People have to pay a variety of fees to book the cruise and, in the process, have to give up a lot of personal information — which is then sold. If you want to take a cruise, skip the free offers and call your travel agent instead.

Job scams. Scottsdale scams targeting job hunters pop up in the summer when many high school and college students are looking for temporary work. Many revolve around work-at-home jobs that are advertised on signs along the side of the road, in community papers, on Craigslist and on free online job-listing sites. Often the people or companies offering these opportunities will ask job seekers for a lot of personal information, including Social Security numbers, when they apply. Although employers do need this sort of information from new employees, they don't need it during the application process. Too often people are so eager to put themselves in the right light with a prospective employer that they walk right into a trap by providing information that can be used to steal their identities. To guard against job scams, do a search online using the company name or phone number and the word "scam" or "complaint." Also check with the Better Business Bureau to see if any complaints have been filed against the company.

Disaster Relief Scams. If a storm of any variety strikes, there's a good chance con artists will use it as an opportunity to take advantage of people. A variety of scams pop up after most major disasters. For example, after Superstorm Sandy hit the East Coast in 2012, fraudulent charities and relief efforts surfaced along with several other cons aimed at taking advantage of disaster victims. If this summer's storm season does result in disasters, don't give to charities that spring up to deal with them. Instead, check out CharityNavigator.org for a list of legitimate organizations that have experience providing disaster relief.

We are your #1 resource for updated listings, investment properties, houses, townhomes, condos, waterfront estates, golf course property, and vacant land and properties in Scottsdale, Arizona and the surrounding cities. Searching for Scottsdale, Arizona real estate and cities surrounding Scottsdale is just a click away. Click the "Search for Scottsdale Real Estate" link at the top or bottom of this page to start searching now.

Parents who are going to be sending their kids to college should consider some of the ways buying Scottsdale real estate could actually end up saving them money on those college costs.

Tuition plus room and board runs into the tens of thousands of dollars each year. Imagine what it will cost 5 or 10 years from now. Why not consider cutting down on that "room" portion you're going to be paying anyway by looking at Scottsdale real estate as an investment?

Scottsdale real estate as an investment could save you thousands on college costs.

Most students choose to live on campus for their first year or two, but after that they're pretty much on their own when it comes to housing. Many college students today end up going to school for 5 or more years. Many students look to get a house together to save on housing costs.

Scottsdale Real Estate as an Investment

Think about the great investment opportunity as parents to buy a condo or small house in the Scottsdale and rent it out to your student and some of his or her friends.

Most students are very picky about who they want to live with. They live with many people their first year or two in the dorms so they get a sense of how clean they are, how organized they are and things like that. They basically get a sneak preview of what it would be like to live with them without having to do any tenant screening. As a parent/investor, you would be able to leave the entire tenant screening process up to your student.

Nearly every student these days has guaranteed income in the form of their parents income or the federal government. When renting to students you know they will almost never lose their source of income. Just to be safe, you can always have their parents co-sign the lease too.

Even though students are only in school 9 months out of the year, most students understand they will need to sign a lease for 12 months. The only time you might have some trouble with turnover is in the summer months but during the school year you know you will get guaranteed income for 9 straight months every single year on your Scottsdale real estate investment.

Buying a second property or an investment property is always a risk. But when you have to pay up to $10,000 a year or more for your child's housing costs anyway, why not put that money to good use? Students don't expect much when it comes to amenities and repairs so you could save yourself a lot of the headache and heartache in that department as well.

Talk to your financial advisor or CPA about the benefits of offsetting college living expenses for your student before investing in Scottsdale real estate. Remember, your Scottsdale real estate will still be there working for you even after your student graduates.

For more on Scottsdale real estate trends and news, visit our Scottsdale Real Estate section of articles under our Scottsdale Real Estate Categories to the right.

We are your #1 resource for updated listings, investment properties, houses, townhomes, condos, waterfront estates, golf course property, and vacant land and properties in Scottsdale, Arizona and the surrounding cities. Searching for Scottsdale, Arizona real estate and cities surrounding Scottsdale is just a click away. Click the "Search for Scottsdale Real Estate" link at the top or bottom of this page to start searching now.

Many potential homebuyers have it all wrong when it comes to the order of shopping for a home. Scottsdale mortgage shopping needs to start long before the home shopping process begins.

If you follow the five golden rules of Scottsdale mortgage shopping, life is a lot easier when it's time to start looking for that perfect home.

We have lots of tips and advice for Scottsdale mortgage shopping here at our website. You can easily find those other articles and news affecting Scottsdale mortgages by clicking on the Scottsdale Mortgage Info link to your right under Scottsdale Real Estate Categories.

If you can't find what you're looking for when it comes to Scottsdale area mortgage shopping, along with the right tips and advice for your individual situation, just call us and we'll direct you to a mortgage expert who can answer all of your questions for you.

We are your #1 resource for updated listings, investment properties, houses, townhomes, condos, waterfront estates, golf course property, and vacant land and properties in Scottsdale, Arizona and the surrounding cities. Searching for Scottsdale, Arizona real estate and cities surrounding Scottsdale is just a click away. Click the "Search for Scottsdale Real Estate" link at the top or bottom of this page to start searching now.