Attention Maricopa County Homeowners: Recover Your Overpaid Taxes
Use my link to find out if your Maricopa County home is eligible for a tax refund. Imagine overpaying your property taxes for years without knowing it. If you own a home in Maricopa County, this could be your reality. A recent class action lawsuit revealed that many properties were wrongly classified, leading to higher taxes for countless homeowners. But today, I will share the good news—you can request for a refund to get your money back. Here’s what you need to know: How homes were misclassified. From 2015 to 2021 (or possibly 2022), many properties in Maricopa County were incorrectly classified from "owner-occupied" to "rental." This reclassification caused a substantial increase in property taxes for many homeowners. These errors have led to higher tax bills for affected property owners over several years. Find out if you’re eligible for a refund. The good news is that the lawsuit has been settled, and there is an opportunity for affected homeowners to get some money back. Use this link to check if your property is eligible for a refund. It only takes a few seconds—just type in your address to see if you qualify based on the settlement of this lawsuit. "Checking your eligibility for a property tax refund takes seconds but could result in significant savings for your household." Reliable resource. To make things easier, I’ve also attached a PDF with frequently asked questions about the lawsuit and the settlement process. This document should help answer any questions about how this happened, what steps you need to take, and what to expect moving forward. I hope this helps clarify the situation and allows some of you to recover any excess taxes you may have paid. If you find out that you are eligible for a refund or if you have any questions, please let me know. Just call 602-909-5994 or email me at bobhertzog@gmail.com. I look forward to hearing from you!
Should You Panic With The Changes In Commission Lawsuit?
Why you should not panic with the recent commission lawsuit changes. There’s been a lot of noise in the media lately about commission lawsuits shaking up the real estate industry because of its recent changes. If you’re buying or selling a home, here’s the bottom line: it’s not as big a deal as it sounds. Now, you might be wondering what these changes are. Here are the three things you need to know about the recent changes in commission lawsuits: 1. MLS Listings and Buyer’s Agent Compensation. MLS listings will no longer show how much compensation is being offered to the buyer’s agent. While this might seem significant, the reality is simple: when you meet with your agent to list your home, you’ll still discuss marketing strategies and whether to offer compensation to the buyer’s agent. Most sellers are still choosing to offer this compensation, so nothing major has changed. It’s always been optional to offer this payment, and it remains so. The key is to work with a savvy agent who can guide you through these decisions. "Changes in commission lawsuits are shaking up the real estate industry but it is not something you should worry about." 2. Buyers Now Compensate Their Agents Directly. The second change? Buyer’s agents will now be paid directly by their buyers instead of through the seller’s commission. In the past, the seller would agree on a total commission, part of which went to the buyer’s agent. Now, this cost is more upfront for buyers, but the process remains largely the same. This shift may sound complicated, but it’s just a new way of handling an old transaction. As long as you’ve got an experienced agent by your side, you’re in good hands. 3. Ignore the Media Hype. There’s a lot of sensationalized news out there about these changes, much of it designed to grab clicks rather than inform. The truth is, these updates won’t drastically change the home buying or selling process for most people. Work with a real estate professional who knows their stuff. With these changes, only agents who can truly provide value will stand out. Don’t let the media frenzy stress you out. Stay informed, choose the right agent, and you’ll navigate these changes smoothly. If you have questions or need more info, call or email us for help. The landscape may be shifting, but with the right guidance, you can move forward with confidence.
Huge Rate Drop–What Does It Mean for Buyers and Sellers?
What the real estate market will look like now that rates have dropped. We've all been waiting for interest rates to drop, and the good news is they finally have! As of August 5, we've seen a substantial decrease in rates that could have a big impact on the market. Over the past 90 days, interest rates have decreased by a full percentage point. Generally, when rates drop by one percentage point, it brings up to 5 million buyers back into the market. This is great news for our industry, but it also means things are about to get very busy. Here’s what the recent news means for our market: Increased buyer activity. With the recent drop in rates, we can expect a surge of buyers entering the market. There's currently a decent amount of inventory available, which should give buyers a good selection of homes to choose from over the next 2 to 4 weeks. More competition. However, as more buyers come off the sidelines and start looking for homes, the competition will increase. I’m already seeing an uptick in calls from buyers who are ready to make a move. While I hope we don't see a repeat of the intense market conditions we experienced during and after COVID-19, where we had multiple offers and buyers lined up to see homes, we are definitely heading towards a more competitive market. "Lower rates mean higher competition and multiple offers, so buying now and refinancing later will help you avoid stress." Further rate drop. There's also speculation that the Federal Reserve may drop rates by as much as half a point at their next meeting. If this happens, we could see interest rates dropping into the 5% range. This would likely bring even more buyers into the market, further increasing competition and potentially leading to multiple offers on homes. If you or someone you know is considering buying a home, now is the perfect time to do so. By buying now, you can avoid the tight market competition and multiple offers, and have the opportunity to refinance when rates lower further. For sellers, especially those with mortgage rates under 4%, it may take some time before we see an increase in inventory. Many sellers are hesitant to leave their current low rates unless they see a significant benefit in doing so. However, those with substantial equity in their homes who are looking to downsize may start to enter the market as rates become more favorable. Feel free to reach out to me by phone or email for any real estate needs or questions you may have. Just call 602-909-5994 or email bobhertzog@gmail.com. I look forward to hearing from you!
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