The 3 Types of Insurance for Homebuyers

There are three types of insurance available to homebuyers. Here’s how each benefits you.

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What are the three types of insurance that are available to homebuyers?

The first type is title insurance. This is what you should buy on every property. You don’t have to, but 100% of our buyers do because it protects you against title claims. You want to make sure when you buy your house that you’re free and clear of all encumbrances and issues.

"Make sure you’re free and clear of all encumbrances and issues."

The second type is homeowners insurance. This type of policy covers the full replacement value of your home. That way, if something unforeseen happened, you’d have enough insurance to rebuild it just as it was when you bought it.

The last type is additional moving coverage. This covers your contents during a move in case anything gets damaged or stolen.

If you have any questions about this topic or you need any kind of real estate advice, please don’t hesitate to give us a call. We’d love to work with you!

How Rising Interest Rates Will Impact the Phoenix Market

How will upcoming interest rates affect the Phoenix real estate market? I’ll explain why we don’t have much to worry about today.

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Right now, there is a lot of concern about what will happen to our market if interest rates go up. However, I don’t think we have much to worry about here in Arizona.

For one thing, mortgage rates move independently from the Federal Reserve’s rate. An overnight increase in the Fed rate will not have an effect on our short-term market.

Secondly, all leading economists predict that any interest rate increases will be small. The Fed is very concerned about the real estate market, so they will watch it very closely before making any decisions.

"Don’t worry about the Fed raising interest rates."

Even a 1% increase in interest rates, which is pretty big, would only change your monthly payment by about $120. That’s because the average sales price in Arizona is lower than in other parts of the country, especially those that have a lot of $7 million homes to sell.

So, don’t panic about interest rate increases. If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!