30 Year Fixed 6.125%
30 Year Fixed VA 6.250%
30 Year Fixed FHA 6. 250%
15 Year Fixed 5.875%
Jumbo 30 Year Fixed 7.000%
Contact me for more information on Tucson Real Estate, Julie Nellis, Long Realty, 520-918-3843 or nellisja@aol.com
Saturday, December 15, 2007
Monday, December 10, 2007
Current Interest Rates
30 Year Fixed 6.125%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.875%
Jumbo 7.125%
For more information on the Tucson Real Estate Market contact me at nellisja@aol.com 520-918-3843 or visit my website at www.tucsonhouses4you.com
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.875%
Jumbo 7.125%
For more information on the Tucson Real Estate Market contact me at nellisja@aol.com 520-918-3843 or visit my website at www.tucsonhouses4you.com
Tuesday, November 27, 2007
Interest Rates November 26, 2007
30 Year Fixed 6.00%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6. 125%
15 Year Fixed 5.75%
Jumbo Fixed 7.00%
Contact me for more on the Tucson Real Estate market, nellisja@aol.com or www.tucsonhouses4you.com
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6. 125%
15 Year Fixed 5.75%
Jumbo Fixed 7.00%
Contact me for more on the Tucson Real Estate market, nellisja@aol.com or www.tucsonhouses4you.com
Wednesday, November 21, 2007
October 2007 Active vs Closed Properties
Active properties on the market increased for the 4th straight month to 9,313 units available. This increase was small each month and would reflect typical seasonality. This number is actually 23 units lower than October 2006 which is not statistically a significant difference. These do reflect high numbers when compared to 2005 numbers where October had just 5,330 units available. The large inventory does present a pretty compelling story to buyers to take advantage of a market slanted to their favor.
Closed units are not as strong as prior years and reflects the lowest October in recent history at 790 units. This is 305 units less than October of 2006 which is a 28% drop. The good news is that there is an increase from September closings which suggests that irregularity in the significant drop in closings that month could have been more isolated to delays in closing as a result of the turmoil in the lender market. Regardless this does show that sellers must be extremely competitive in order to get buyer attention.
To search the current active Tucson area Real Estate listings, visit www.tucsonhouses4you.com
Closed units are not as strong as prior years and reflects the lowest October in recent history at 790 units. This is 305 units less than October of 2006 which is a 28% drop. The good news is that there is an increase from September closings which suggests that irregularity in the significant drop in closings that month could have been more isolated to delays in closing as a result of the turmoil in the lender market. Regardless this does show that sellers must be extremely competitive in order to get buyer attention.
To search the current active Tucson area Real Estate listings, visit www.tucsonhouses4you.com
October 2007 Days of Inventory
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transaction in the preceding month provided no new product becomes available. This is an excellent benchmark to show the velocity of transaction in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.
October numbers improved from September DOI and dropped to 12 months inventory. There are some seasonally market functions which generally show increasing days of inventory as we move into the fall but we are still way beyond the last few years. October of 2006 showed just 8.8 months available so that shows DOI increased by 38% from that point.
This is a particularly opportune time for buyers in the market place and a particularly difficult market for sellers. Only properties that are generally in good condition and competitively priced are seeing much activity. Home sellers in the under $400,000 range are particularly impacted by the homebuilder competition who have sliced their pricing by more than 10% in some cases for inventory/spec homes.
To search for active Tucson area Real Estate, visit my website at www.tucsonhouses4you.com
October numbers improved from September DOI and dropped to 12 months inventory. There are some seasonally market functions which generally show increasing days of inventory as we move into the fall but we are still way beyond the last few years. October of 2006 showed just 8.8 months available so that shows DOI increased by 38% from that point.
This is a particularly opportune time for buyers in the market place and a particularly difficult market for sellers. Only properties that are generally in good condition and competitively priced are seeing much activity. Home sellers in the under $400,000 range are particularly impacted by the homebuilder competition who have sliced their pricing by more than 10% in some cases for inventory/spec homes.
To search for active Tucson area Real Estate, visit my website at www.tucsonhouses4you.com
October 2007 Monthly Sales Statistics
Home Sales Volume:
Decreased 29.10% from $292,204,700 in October 2006 to $207,178,347 in October 2007.
Home Sales Units:
Decreased 27.85% from 1,095 in October 2006 to 790 in October 2007.
Average Sales Price:
Decreased 1.72% from $266,854 in October 2006 to $262,251 in October 2007.
Pending Contracts:
Increased 26.98% from 782 in October 2006 to 993 in October 2007.
Active Listings:
Decreased .25% from 9,336 in October 2006 to 9,313 in October 2007.
New Listings:
Decreased 16.97% from 2,886 in October 2006 to 2,399 in October 2007.
To search for Tucson Real Estate, visit my website at www.tucsonhouses4you.com
Decreased 29.10% from $292,204,700 in October 2006 to $207,178,347 in October 2007.
Home Sales Units:
Decreased 27.85% from 1,095 in October 2006 to 790 in October 2007.
Average Sales Price:
Decreased 1.72% from $266,854 in October 2006 to $262,251 in October 2007.
Pending Contracts:
Increased 26.98% from 782 in October 2006 to 993 in October 2007.
Active Listings:
Decreased .25% from 9,336 in October 2006 to 9,313 in October 2007.
New Listings:
Decreased 16.97% from 2,886 in October 2006 to 2,399 in October 2007.
To search for Tucson Real Estate, visit my website at www.tucsonhouses4you.com
October 2007 Tucson Market Report
For the fifth consecutive month, new contracts opening escrow in '07 exceeded the same month in 2006. The October 2007 shows 993 new pending contracts, and the October 2006 shows 782. This indicates there are more buyers in the market finding their dream home and making offers and sellers are more receptive to these offers.
This consistent monthly increase in new contracts pending is reflected in the increase in the October 2007 total closed units of 790 units, an increase of 107 units over Septembers numbers.
Additional good news indicates the active listing inventory has declined for the fifth consecutive month, with October '07 showing an inventory of 9,313, a decline even when compared to October '06. The 2,399 new listings coming into the market are less than the September number, as well as the same month last year.
The year to date average sales price is $274,480. The year to date median sales price remains at $220,000, the same median as 2006 for the same period.
Regardless of the national media, we must remember Real Estate is local. I heard someone tell a group "there is no national weather forecast....same with real estate....it's all local."
Judy Lowe-MLS President
This consistent monthly increase in new contracts pending is reflected in the increase in the October 2007 total closed units of 790 units, an increase of 107 units over Septembers numbers.
Additional good news indicates the active listing inventory has declined for the fifth consecutive month, with October '07 showing an inventory of 9,313, a decline even when compared to October '06. The 2,399 new listings coming into the market are less than the September number, as well as the same month last year.
The year to date average sales price is $274,480. The year to date median sales price remains at $220,000, the same median as 2006 for the same period.
Regardless of the national media, we must remember Real Estate is local. I heard someone tell a group "there is no national weather forecast....same with real estate....it's all local."
Judy Lowe-MLS President
Saturday, November 17, 2007
Current Interest Rates for November 16, 2007
30 Year Fixed 6.25%
30 Year Fixed VA 6.25%
30 Year Fixed FHA 6.25%
15 Year Fixed 5.87%
Jumbo Fixed 7.00%
Call me with all your Tucson area Real Estate needs.
Visit www.tucsonhouses4you.com for more information on Tucson Real Estate
30 Year Fixed VA 6.25%
30 Year Fixed FHA 6.25%
15 Year Fixed 5.87%
Jumbo Fixed 7.00%
Call me with all your Tucson area Real Estate needs.
Visit www.tucsonhouses4you.com for more information on Tucson Real Estate
Monday, October 29, 2007
Home Loan Rates for October 29, 2007
30 year fixed conventional 6.25%
30 year fixed VA 6.375%
30 year fixed FHA 6.375%
30 year Jumbo 6.750%
Contact me for more information on the Tucson Real Estate Market www.tucsonhouses4you.com
30 year fixed VA 6.375%
30 year fixed FHA 6.375%
30 year Jumbo 6.750%
Contact me for more information on the Tucson Real Estate Market www.tucsonhouses4you.com
Thursday, October 18, 2007
September 2007 Tucson Market Report
Once again, according to the Tucson Association of Realtors Multiple Listing Service September 2007 housing report, we see an increase in new contracts opening escrow (989 units) compared to the same month in 2006. This is the fourth month this has occurred-thus supporting the belief the local Tucson real estate market has stabilized.
There is still a surplus of listing inventory (9,190) especially in specific areas of the community, which may require particular attention of the Sellers and the Listing Agents to the "up to the minute" values and the condition of the property.
The average sales price continues to climb, with September average being $279,025. However, as we see with seasonality, the median sales price showed a decline to $215,000, which should not impact the 2007 year to date median average of $220,290.
It's impossible to time any market. Right now, interest rates are very favorable, buyers have lots of options, and there are many mortgage programs available to meet the needs of today's buyers.
There is still a surplus of listing inventory (9,190) especially in specific areas of the community, which may require particular attention of the Sellers and the Listing Agents to the "up to the minute" values and the condition of the property.
The average sales price continues to climb, with September average being $279,025. However, as we see with seasonality, the median sales price showed a decline to $215,000, which should not impact the 2007 year to date median average of $220,290.
It's impossible to time any market. Right now, interest rates are very favorable, buyers have lots of options, and there are many mortgage programs available to meet the needs of today's buyers.
Thursday, October 11, 2007
Tucson Real Estate Market Activity for October 10,2007
New Listings 158
Price Reductions 122
Contingent Sales 46
Pending Sales 24
Closed Sales 28
Expired Listings 26
Visit my website for more information on the Tucson Real Estate Market www.tucsonhouses4you.com
Price Reductions 122
Contingent Sales 46
Pending Sales 24
Closed Sales 28
Expired Listings 26
Visit my website for more information on the Tucson Real Estate Market www.tucsonhouses4you.com
Wednesday, October 10, 2007
Tucson Market Activity for October 9, 2007
New Listings 197
Price Reductions 125
Contingent Sales 44
Pending Sales 49
Closed Sales 44
Expired Listings 33
Price Reductions 125
Contingent Sales 44
Pending Sales 49
Closed Sales 44
Expired Listings 33
Friday, October 5, 2007
Tucson Market Activity for October 4, 2007
New Listings 212
Price Reductions 124
Contingent Sales 33
Pending Sales 32
Closed Sales 34
Expired Listings 30
For more information on the Tucson Real Estate Market visit my website at www.tucsonhouses4you.com or contact me nellisja@aol.com
Price Reductions 124
Contingent Sales 33
Pending Sales 32
Closed Sales 34
Expired Listings 30
For more information on the Tucson Real Estate Market visit my website at www.tucsonhouses4you.com or contact me nellisja@aol.com
Thursday, October 4, 2007
Tucson Market Activity for October 3, 2007
New Listings 151
Price Reductions 130
Contingent Sales 35
Pending Sales 14
Closed Sales 36
Expired Listings 37
Contact me for more information on Tucson Real Estate. www.tucsonhouses4you.com
Price Reductions 130
Contingent Sales 35
Pending Sales 14
Closed Sales 36
Expired Listings 37
Contact me for more information on Tucson Real Estate. www.tucsonhouses4you.com
Wednesday, October 3, 2007
Tucson Market Activity for October 2, 2007
New Listings 167
Price Reductions 119
Contingent Sales 36
Pending Sales 32
Closed Sales 36
Expired Listings 24
Contact me for more information on Tucson's Real Estate Market.
Price Reductions 119
Contingent Sales 36
Pending Sales 32
Closed Sales 36
Expired Listings 24
Contact me for more information on Tucson's Real Estate Market.
TIPS ON AVOIDING FORECLOSURE
The following advice is from the U.S. Department of Housing and Urban Development
If you are unable to make your mortgage payment:
1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
6. Contact a HUD-approved housing counselor.The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
If you are unable to make your mortgage payment:
1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
6. Contact a HUD-approved housing counselor.The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
SHORT SALES
The following was written by Michelle Lind-counsel for the Arizona Association of Realtors-July 2007
Unfortunately, some homeowners today owe more on their home than what the property is worth. Some programs that were intended to make it easier to obtain financing and increase homeownership resulted in loans that required small or no down payment, interest-only loans that do not build equity, and other loan programs that require such small payments that the loan amount actually increases rather than decreases. As a result, some homeowners have negative equity in their homes. Stagnant or decreasing property values add to the problem. Homeowners who financed their homes with loan programs with low initial rates of one percent to two percent will experience dramatic increases in their monthly payments when the loan resets to the market rate. These and other factors have contributed to a striking increase in home loan defaults and foreclosures.
Short Sales A homeowner in default who owes for example, $300,000 on a property that is worth $250,000, may be able to convince the lender to allow the home to be sold for less than the loan amount, or even accept less than the amount owed as payment in full. This is known as a short sale. A lender may agree to a short sale to save the costs associated with a trustee’s sale, such as attorney’s and trustee’s fees, eviction, and resale costs. Additionally, a lender may agree to a short sale because if the property is foreclosed upon, the loan becomes a "non-performing" loan on the accounting books, which may affect the funds that the lender can obtain from the Federal Reserve for other loans.
Seller Considerations When considering a short sale, the seller must first determine how much is owed on the property. For example, in addition to the delinquent loan, there may be a home equity loan, past due homeowner’s association fees or unpaid property taxes. Then, the seller must add the costs of a sale, such as closing costs, escrow fees and brokerage commissions. All of the seller’s debt and costs must be factored in before determining whether a short sale is feasible.The seller should also be aware of some of the downsides to a short sale. A short sale could affect the seller’s credit score. Further, even if a lender agrees to a short sale, the lender, the VA, or the FHA may require the seller to pay the difference as a personal obligation. The outstanding debt could result in a subsequent collection action. Therefore, the seller should be certain of the terms of any short sale before making a decision and obtain any debt forgiveness agreement in writing. Also, a short sale is a relief of and may be treated as income for tax purposes. A lender who forgives a debt must submit a 1099 form to the IRS indicating the amount the borrower has been forgiven. (Note: The NATIONAL ASSOCIATION OF REALTORS® supports proposed legislation that would change this tax law.) Different lenders have different short sale department names, so contacting the person who has the authority to authorize a short sale on behalf of the lender may require some tenacity. The appropriate department may be called the loss mitigation, work-out, foreclosure, loan modification or loan reinstatement department. To accomplish a short sale, the seller must convince the lender that it will fare better by agreeing to a sale for less than the outstanding loan amount. A short sale may involve more documentation than the original loan application since the seller must “reverse qualify” and prove that the seller is financially incapable of paying the loan.
Contact me for all your Tucson area real estate needs!
Unfortunately, some homeowners today owe more on their home than what the property is worth. Some programs that were intended to make it easier to obtain financing and increase homeownership resulted in loans that required small or no down payment, interest-only loans that do not build equity, and other loan programs that require such small payments that the loan amount actually increases rather than decreases. As a result, some homeowners have negative equity in their homes. Stagnant or decreasing property values add to the problem. Homeowners who financed their homes with loan programs with low initial rates of one percent to two percent will experience dramatic increases in their monthly payments when the loan resets to the market rate. These and other factors have contributed to a striking increase in home loan defaults and foreclosures.
Short Sales A homeowner in default who owes for example, $300,000 on a property that is worth $250,000, may be able to convince the lender to allow the home to be sold for less than the loan amount, or even accept less than the amount owed as payment in full. This is known as a short sale. A lender may agree to a short sale to save the costs associated with a trustee’s sale, such as attorney’s and trustee’s fees, eviction, and resale costs. Additionally, a lender may agree to a short sale because if the property is foreclosed upon, the loan becomes a "non-performing" loan on the accounting books, which may affect the funds that the lender can obtain from the Federal Reserve for other loans.
Seller Considerations When considering a short sale, the seller must first determine how much is owed on the property. For example, in addition to the delinquent loan, there may be a home equity loan, past due homeowner’s association fees or unpaid property taxes. Then, the seller must add the costs of a sale, such as closing costs, escrow fees and brokerage commissions. All of the seller’s debt and costs must be factored in before determining whether a short sale is feasible.The seller should also be aware of some of the downsides to a short sale. A short sale could affect the seller’s credit score. Further, even if a lender agrees to a short sale, the lender, the VA, or the FHA may require the seller to pay the difference as a personal obligation. The outstanding debt could result in a subsequent collection action. Therefore, the seller should be certain of the terms of any short sale before making a decision and obtain any debt forgiveness agreement in writing. Also, a short sale is a relief of and may be treated as income for tax purposes. A lender who forgives a debt must submit a 1099 form to the IRS indicating the amount the borrower has been forgiven. (Note: The NATIONAL ASSOCIATION OF REALTORS® supports proposed legislation that would change this tax law.) Different lenders have different short sale department names, so contacting the person who has the authority to authorize a short sale on behalf of the lender may require some tenacity. The appropriate department may be called the loss mitigation, work-out, foreclosure, loan modification or loan reinstatement department. To accomplish a short sale, the seller must convince the lender that it will fare better by agreeing to a sale for less than the outstanding loan amount. A short sale may involve more documentation than the original loan application since the seller must “reverse qualify” and prove that the seller is financially incapable of paying the loan.
Contact me for all your Tucson area real estate needs!
TRAPPED BY THE MORTGAGE MELTDOWN
"Tighter lending standards have put many home sellers, owners and buyers in a bind. Here's how to escape it." Click here to read the rest of this great article:
http://money.cnn.com/2007/09/13/real_estate/mortgage_meltdown.moneymag/index.htm
http://money.cnn.com/2007/09/13/real_estate/mortgage_meltdown.moneymag/index.htm
Monday, October 1, 2007
Tucson Market Activity for September 30, 2007
New Listings 51
Price Reductions 21
Contingent Sales 6
Pending Sales 8
Closed Sales 10
Expired Listings 250
Contact me to learn more about the current Tucson Market.
Price Reductions 21
Contingent Sales 6
Pending Sales 8
Closed Sales 10
Expired Listings 250
Contact me to learn more about the current Tucson Market.
Friday, September 21, 2007
Tucson Real Estate Market Activity for September 20, 2007
New Listings 168
Price Reductions 123
Contingent Sales 35
Pending Sales 31
Closed Sales 46
Expired Listings 43
Please contact me for all of your Tucson Real Estate needs, nellisja@aol.com
Price Reductions 123
Contingent Sales 35
Pending Sales 31
Closed Sales 46
Expired Listings 43
Please contact me for all of your Tucson Real Estate needs, nellisja@aol.com
Sunday, September 16, 2007
August 2007 Market Review
Given the news surrounding the local mortgage market last month, Tucson's real estate market has fared better than we expected. The National Association of Realtors has lowered their existing-home sales forecast, based largely on unusual disruptions in the mortgage market. However, here in Tucson we did not see a drastic decline in unit sales-the total units sold for August 2007 are down only 79 units from last month, and are still above levels we saw in January and February of this year.
Average and median sales price have also rebounded in August 2007 after falling from June to July. The average sales price in August 2007 totaled $273,932 up over $5,000 from August 2006. Median sales price rose to $220,000 down $900 from this time last year.
This just goes to show that the saying "all real estate is local" is very true. Tucson has a unique real estate market that withstands many of the pressures seen on the national level. There are still many mortgage lenders in Southern Arizona that can serve local buyers.
Average and median sales price have also rebounded in August 2007 after falling from June to July. The average sales price in August 2007 totaled $273,932 up over $5,000 from August 2006. Median sales price rose to $220,000 down $900 from this time last year.
This just goes to show that the saying "all real estate is local" is very true. Tucson has a unique real estate market that withstands many of the pressures seen on the national level. There are still many mortgage lenders in Southern Arizona that can serve local buyers.
Tucson Real Estate Market Activity for September 15, 2007
New Listings 52
Price Reductions 56
Contingent Sales 8
Pending Sales 9
Closed Sales 6
Expired Listings 58
Visit www.tucsonhouses4you.com to search for properties on the Tucson MLS system.
Price Reductions 56
Contingent Sales 8
Pending Sales 9
Closed Sales 6
Expired Listings 58
Visit www.tucsonhouses4you.com to search for properties on the Tucson MLS system.
Friday, September 14, 2007
It Is Time To Take A Deep Breath
By BEN STEIN
Published: September 9, 2007
"WHO would ever have dreamed that credit could be so thrilling? And yet tremors and shivers over credit, and especially over subprime mortgages, have led to some real panic in the financial markets, and rings of fire in the ventricles of the coldest-hearted financiers......." to read the whole article, click here https://longmail.longagent.com/exchweb/bin/redir.asp?URL=http://www.nytimes.com/2007/09/09/business/09every.html?_r=1%26oref=slogin
Published: September 9, 2007
"WHO would ever have dreamed that credit could be so thrilling? And yet tremors and shivers over credit, and especially over subprime mortgages, have led to some real panic in the financial markets, and rings of fire in the ventricles of the coldest-hearted financiers......." to read the whole article, click here https://longmail.longagent.com/exchweb/bin/redir.asp?URL=http://www.nytimes.com/2007/09/09/business/09every.html?_r=1%26oref=slogin
Home Mortgage Interest Rates
30 Year Fixed 6.125%
30 Year Fixed VA 6.500%
30 Year Fixed FHA 6.500%
15 Year Fixed 6.000%
30 Year Jumbo 7.750%
30 Year Fixed VA 6.500%
30 Year Fixed FHA 6.500%
15 Year Fixed 6.000%
30 Year Jumbo 7.750%
Tucson Real Estate Market Activity for September 13, 2007
New Listings 188
Price Reductions 97
Contingent Sales 27
Pending Sales 23
Closed Sales 39
Expired Listings 18
Visit www.tucsonhouses4you.com for more on Tucson Real Estate
Price Reductions 97
Contingent Sales 27
Pending Sales 23
Closed Sales 39
Expired Listings 18
Visit www.tucsonhouses4you.com for more on Tucson Real Estate
Wednesday, September 12, 2007
Tucson Real Estate Market Activity for September 11, 2007
New Listings 169
Price Reductions 138
Contingent Sales 42
Pending Sales 34
Closed Sales 31
Expired Listings 22
For more on Tucson Real Estate, visit my website at www.tucsonhouses4you.com
Price Reductions 138
Contingent Sales 42
Pending Sales 34
Closed Sales 31
Expired Listings 22
For more on Tucson Real Estate, visit my website at www.tucsonhouses4you.com
Friday, September 7, 2007
Tucson Real Estate Market Activity September 6, 2007
New Listings 156
Price Reductions 142
Contingent Sales 46
Pending Sales 37
Closed Sales 53
Expired Listings 29
For more information call me at 520-918-3843 or visit my website at www.tucsonhouses4you.com
Price Reductions 142
Contingent Sales 46
Pending Sales 37
Closed Sales 53
Expired Listings 29
For more information call me at 520-918-3843 or visit my website at www.tucsonhouses4you.com
Wednesday, September 5, 2007
Tucson Market Activity for September 4, 2007
New Listings 166
Price Reductions 143
Contingent Sales 34
Pending Sales 19
Closed Sales 57
Expired Listings 31
Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate or to search all active listings.
Price Reductions 143
Contingent Sales 34
Pending Sales 19
Closed Sales 57
Expired Listings 31
Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate or to search all active listings.
Tuesday, September 4, 2007
Home Loan Interest Rates for September 4, 2007
30 year fixed 6.500
30 year fixed VA 6.625
30 year fixed FHA 6.625
15 year fixed 6.250
3 year ARM 6.625
5 year ARM 6.500
Jumbo
30 year fixed 7.875
Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate.
30 year fixed VA 6.625
30 year fixed FHA 6.625
15 year fixed 6.250
3 year ARM 6.625
5 year ARM 6.500
Jumbo
30 year fixed 7.875
Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate.
Tucson Real Estate Market Activity for September 3, 2007
New Listings 168
Price Reductions 133
Contingent Sales 44
Pending Sales 28
Closed Sales 69
Expired Listings 31
Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate.
Price Reductions 133
Contingent Sales 44
Pending Sales 28
Closed Sales 69
Expired Listings 31
Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate.
Sunday, September 2, 2007
Tucson Real Estate Market Activity for September 1, 2007
New Listings 69
Price Reductions 69
Contingent Sales 10
Pending Sales 9
Closed Sales 35
Expired Listings 61
To search for Tucson Real Estate visit my website at www.tucsonhouses4you.com
Price Reductions 69
Contingent Sales 10
Pending Sales 9
Closed Sales 35
Expired Listings 61
To search for Tucson Real Estate visit my website at www.tucsonhouses4you.com
Saturday, September 1, 2007
Tucson Real Estate Market Activity for August 31, 2007
New Listings 123
Price Reductions 98
Contingent Sales 18
Pending Sales 20
Closed Sales 79
Expired Listings 184
Visit my website at www.tucsonhouses4you.com for more on Tucson Real Estate
Price Reductions 98
Contingent Sales 18
Pending Sales 20
Closed Sales 79
Expired Listings 184
Visit my website at www.tucsonhouses4you.com for more on Tucson Real Estate
Friday, August 31, 2007
Can Your Landscaping Increase the Value of Your Home?
Selling HousesBy the Yard
By June Fletcher From The Wall Street Journal Online
"Most homeowners know that replacing the roof or upgrading siding can enhance a house's curb appeal and boost its sales price. Now, as the housing market continues to weaken, some people are considering what the payback will be if they invest in things that appraisers routinely overlook: flowers, shrubs and trees.........." Read the rest of this great article by clicking on the link-
http://www.realestatejournal.com/forms/printContent.asp?url=http%3A//www.realestatejournal.com/homegarden/20070820-fletcher.html&skyscraper=undefined
Visit my website at www.tucsonhouses4you.com to search all the current Tucson Real Estate Listings.
By June Fletcher From The Wall Street Journal Online
"Most homeowners know that replacing the roof or upgrading siding can enhance a house's curb appeal and boost its sales price. Now, as the housing market continues to weaken, some people are considering what the payback will be if they invest in things that appraisers routinely overlook: flowers, shrubs and trees.........." Read the rest of this great article by clicking on the link-
http://www.realestatejournal.com/forms/printContent.asp?url=http%3A//www.realestatejournal.com/homegarden/20070820-fletcher.html&skyscraper=undefined
Visit my website at www.tucsonhouses4you.com to search all the current Tucson Real Estate Listings.
Tucson Real Estate Activity For August 30, 2007
New Listings 129
Price Reduction 139
Contingent Sales 32
Pending Sales 30
Closed Sales 71
Expired Listings 71
Search Tucson MLS for current homes on the market by visiting my website at www.tucsonhouses4you.com
Price Reduction 139
Contingent Sales 32
Pending Sales 30
Closed Sales 71
Expired Listings 71
Search Tucson MLS for current homes on the market by visiting my website at www.tucsonhouses4you.com
Thursday, August 30, 2007
Tucson Real Estate Market Activity for August 29, 2007
New Listings 136
Price Reductions 149
Contingent Sales 28
Pending Sales 41
Closed Sales 69
Expired Listings 7
To search Tucson Real Estate Listings visit my website at www.tucsonhouses4you.com
Price Reductions 149
Contingent Sales 28
Pending Sales 41
Closed Sales 69
Expired Listings 7
To search Tucson Real Estate Listings visit my website at www.tucsonhouses4you.com
Wednesday, August 29, 2007
Team spirit turns hockey star into real estate czar
"WASHINGTON — Lenders are collapsing, home sales and prices in many markets are falling and lots of investors are panicking. Not Warren Buffett. He told a group of his real estate managers late last month in Omaha that he sees this as a time of opportunity......." Read the rest of this great article from USA Today by clicking here-http://www.usatoday.com/money/economy/housing/2007-08-26-peltier_N.htm?csp=34
Visit my website at http://www.tucsonhouses4you.com to search for all of your Tucson area Real Estate needs.
Visit my website at http://www.tucsonhouses4you.com to search for all of your Tucson area Real Estate needs.
The Dominoes of Mortgage Lending
"In August 2007, a very large number of mortgage brokers and lenders began to close parts of their operations, and several closed down operations completely. The purpose of this document is to review the points of failure, potential points of future failure and next steps broker/owners may want to consider to make the best of this historic market......." Read the rest of this great article by clicking here-http://www.realtrends.com/ee_assets/homepage/The%20Dominos%20of%20Mortgage%20Lending%2082007.pdf
Visit my website at http://www.tucsonhouses4you.com to search for all your Tucson Real Estate needs.
Visit my website at http://www.tucsonhouses4you.com to search for all your Tucson Real Estate needs.
What Will Fix the Mortgage Mess?
"Too many proposals are impractical, or worse. Is there anything that can cushion the economy from the hit of the subprime crisis?......" Read this article from Business week click here- http://www.businessweek.com/bwdaily/dnflash/content/aug2007/db20070828_301854.htm
To Search Tucson Real Estate Listings, go to my website at http://www.tucsonhouses4you.com
To Search Tucson Real Estate Listings, go to my website at http://www.tucsonhouses4you.com
Tucson Real Estate Market Activity For August 28, 2007
New Listings 138
Price Reductions 113
Contingent Sales 46
Pending Sales 39
Closed Sales 58
Expireds 24
For more information on Tucson Real Estate, visit my website at www.tucsonhouses4you.com
Price Reductions 113
Contingent Sales 46
Pending Sales 39
Closed Sales 58
Expireds 24
For more information on Tucson Real Estate, visit my website at www.tucsonhouses4you.com
Interests Rates August 27, 2007
Conforming- $150,000 to $417,000 - 30 Day Lock- No Points
30 Year Fixed 6.375%
30 Year Fixed VA 6.500%
30 Year Fixed FHA 6. 500%
15 Year Fixed 6.125%
3 Year ARM 6.875%
5 Year ARM 6.750%
Jumbo - $417,001 to $650,000 - 30 Day Lock
30 Year Fixed 7.876%
For more information on Tucson Real Estate go to my website at www.tucsonhouses4you.com
30 Year Fixed 6.375%
30 Year Fixed VA 6.500%
30 Year Fixed FHA 6. 500%
15 Year Fixed 6.125%
3 Year ARM 6.875%
5 Year ARM 6.750%
Jumbo - $417,001 to $650,000 - 30 Day Lock
30 Year Fixed 7.876%
For more information on Tucson Real Estate go to my website at www.tucsonhouses4you.com
Sunday, August 26, 2007
July 2007 Market Review
There are a number of interesting statistics to report for July 2007. After rising for several months, both average and median sales prices have decreased compared to this time last year. The average sales price in July 2007 was $268,983, down 1.73% from $273,717 in July 2006. median sales price also decreased 2.78% to $218,750 in July 2007.
Pending contracts were up last month, rising 63.18% from July 2006. Pending contracts totaled 1,777 in July 2007- our second largest total this year. We should see these contribute to an increase in unit sales for August. Unit sales in July were down 10.51% from last year, totaling 1,098.
New listings are also slowly decreasing, down 3.53% from July 2006 to 2,766 in July 2007. The number of new listings taken each month has slowly decreased over the summer from a high of 3,085 we saw in April 2007.
For more on Tucson Real Estate visit my website at www.tucsonhouses4you.com
Pending contracts were up last month, rising 63.18% from July 2006. Pending contracts totaled 1,777 in July 2007- our second largest total this year. We should see these contribute to an increase in unit sales for August. Unit sales in July were down 10.51% from last year, totaling 1,098.
New listings are also slowly decreasing, down 3.53% from July 2006 to 2,766 in July 2007. The number of new listings taken each month has slowly decreased over the summer from a high of 3,085 we saw in April 2007.
For more on Tucson Real Estate visit my website at www.tucsonhouses4you.com
June 2007 Market Review
There are a number of very positive signs in the residential sales statistics for June 2007. For the first time this year, active listings are down compared to last year-the June '07 inventory of 8,665 was .69% below June '06 and significantly below the 9,721 of last month. new listings comin on the market also fell in June 2007 to 2,820- a 12.75% decrease from this month last year.
Pending contracts are also newsworthy-they are up over 2,000 for the first time in 2007, rising to 2,053 last month. This is an increase of 18.9% over June 2006, and the highest number we have seen in over 12 months.
Our average sales price is also on the move, increasing 9.05% from June 2006 to total $298,477 in June 2007. This is a record price for Tucson and far exceeds any sales price we saw in 2005 or 2006. Median sales price also increased to $229,000.
Quite a month for real estate in Tucson! Our inventory is down, new listings are down and pending contracts are up- all good signs for our market.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
Pending contracts are also newsworthy-they are up over 2,000 for the first time in 2007, rising to 2,053 last month. This is an increase of 18.9% over June 2006, and the highest number we have seen in over 12 months.
Our average sales price is also on the move, increasing 9.05% from June 2006 to total $298,477 in June 2007. This is a record price for Tucson and far exceeds any sales price we saw in 2005 or 2006. Median sales price also increased to $229,000.
Quite a month for real estate in Tucson! Our inventory is down, new listings are down and pending contracts are up- all good signs for our market.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
May 2007 Market Review
Regardless of what is being reported by the media for other regions nationally, the average sales price in Tucson continues to rise, reaching $280,589 in May 2007. The median sales price for May '07 was $223,500, compared to the $221,500 of May '06.
In addition our May '07 active listing inventory of 9,721 has reversed the upward trend, and actually decreased from prior months.
Total May '07 closed sales units rose to 1,313, and increase over the prior month, although it is sill 13.96% below the 1,526 reported for May '06.
Days on market for May 2007 was 61 days, the shortest time we've seen this year.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
In addition our May '07 active listing inventory of 9,721 has reversed the upward trend, and actually decreased from prior months.
Total May '07 closed sales units rose to 1,313, and increase over the prior month, although it is sill 13.96% below the 1,526 reported for May '06.
Days on market for May 2007 was 61 days, the shortest time we've seen this year.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
April 2007 Market Review
tApril's statistics show some stabilization in our market, as we have not observed a great deal of change from March 2007. Average sales price has stabilized, with only a $60 decrease from march to April 2007. Median sales price is also following that trend-decreasing by $1,228 compared to last month.
We are seeing some movement in total unit sales and sales volume, but like our other indicators, it is slight. Both decreased slightly in April, reversing a rising trend we've seen since the beginning of the year. Unit sales totaled 1,280 in April, down only 73 units since March 2007, so not a significant decrease. Sales volume for April reached $353,825,236.
Time on market dropped two days to average 65 in April. We continue to see time on market hovering around the mid to high 60s since the beginning of the year.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
We are seeing some movement in total unit sales and sales volume, but like our other indicators, it is slight. Both decreased slightly in April, reversing a rising trend we've seen since the beginning of the year. Unit sales totaled 1,280 in April, down only 73 units since March 2007, so not a significant decrease. Sales volume for April reached $353,825,236.
Time on market dropped two days to average 65 in April. We continue to see time on market hovering around the mid to high 60s since the beginning of the year.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
March 2007 Market Review
In many ways, March has conformed to Tucson's traditional seasonal trends. Total unit sales have increased over January and February, as they usually do around this time of the year. 1,246 units were sold in March '07, an increase of 235 solds over February '07. This number is down from 1,501 a year prior, in March '06.
As unit sales have risen, sales volume also increased over the beginning months of the year. Sales volume totaled $344,501,253 in march '07, up from January and February '07. While this number is down over March '06, this is still the third highest sales volume for March in Tucson's history.
Our inventory continues to rise as well, after slowly decreasing towards the end of '06. Active listings in march '07 totaled 10,185, an increase of 338 listings over the previous month. Of those listings, 84.6% are single family residences.
The market continues to move and grow in Tucson-new listings are being added (2,710 in March '07), unit sales are up, and more contracts are pending (1,192 in march '07 over 1,094 in February '07).
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
As unit sales have risen, sales volume also increased over the beginning months of the year. Sales volume totaled $344,501,253 in march '07, up from January and February '07. While this number is down over March '06, this is still the third highest sales volume for March in Tucson's history.
Our inventory continues to rise as well, after slowly decreasing towards the end of '06. Active listings in march '07 totaled 10,185, an increase of 338 listings over the previous month. Of those listings, 84.6% are single family residences.
The market continues to move and grow in Tucson-new listings are being added (2,710 in March '07), unit sales are up, and more contracts are pending (1,192 in march '07 over 1,094 in February '07).
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
February 2007 Market Review
Listing inventory numbers could be on the way down, as an overview of our MLS statistics for February '07 may indicate. A review of the Feb. '07 new listings of 2,376 shows a decrease of 1,373 from the Jan. '07 number 3,649, and a decrease of 527 units when compared to Feb. '06. Another factor than may contribute to fewer properties being on the market would be the increase in the number of pending contracts of 1,094 units, which is the highest number since June '06 and 231 units above January '07.
After January '07's significant increase in average sales price, the February '07 average of $274,948 fell back to the end of '06 averages. The Feb. '07 residential median sales price of $218,000 still hovers near the '06 full year median of $220,000. The Feb. ;07 median sales price for a single-family home was $229,950; for a town home or condo was $167,550 and a manufactured home was $63,500.
Of the 912 total units sold in February '07, 744 (81.6%) were single family 162 (17.8%) were town home/condos, and 6 (0.7%) were manufactured homes.
The Tucson real estate market is becoming a balanced market, which stabilizes home sales prices, establishes a sustainable sales pace, and adjusts to a more appropriate six-to-nine month listing inventory period. Sellers looking to realize gains akin to the previous few years are going to be disappointed. Buyers looking to buy at 20-25% less than a market-supported asking price will also need to adjust their expectations.
For more Tucson Real Estate information visit my website at http://www.tucsonhouses4you.com/
After January '07's significant increase in average sales price, the February '07 average of $274,948 fell back to the end of '06 averages. The Feb. '07 residential median sales price of $218,000 still hovers near the '06 full year median of $220,000. The Feb. ;07 median sales price for a single-family home was $229,950; for a town home or condo was $167,550 and a manufactured home was $63,500.
Of the 912 total units sold in February '07, 744 (81.6%) were single family 162 (17.8%) were town home/condos, and 6 (0.7%) were manufactured homes.
The Tucson real estate market is becoming a balanced market, which stabilizes home sales prices, establishes a sustainable sales pace, and adjusts to a more appropriate six-to-nine month listing inventory period. Sellers looking to realize gains akin to the previous few years are going to be disappointed. Buyers looking to buy at 20-25% less than a market-supported asking price will also need to adjust their expectations.
For more Tucson Real Estate information visit my website at http://www.tucsonhouses4you.com/
January 2007 Market Review
2007 started out on a high note, with homes sales volume and unit sales very similar to numbers we saw in January 2006. Home sales volume decreased only 2.62% and the 930 units sold in January '07 reflected a decrease of 1.48% during that time. After a slight dip in median Sales Price in December '06, January '07 rebounded to $219,900, compared to $215,875 in January '06, indicating that sales prices are not declining in general.
While these numbers remain similar, others have changed. The average days on market increased 56.82%, from 44 days in January 2006 to 69 days in January 2007. Pending contracts fell to 863 in January 2007, a decrease of 48.39% from January 2006-although, the number of pending contracts has risen from the low of 678 we saw in December 2006.
December and January are typically slower for the Tucson real estate market, however, if we follow the historical seasonal trend the entire market picks up in early spring.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
While these numbers remain similar, others have changed. The average days on market increased 56.82%, from 44 days in January 2006 to 69 days in January 2007. Pending contracts fell to 863 in January 2007, a decrease of 48.39% from January 2006-although, the number of pending contracts has risen from the low of 678 we saw in December 2006.
December and January are typically slower for the Tucson real estate market, however, if we follow the historical seasonal trend the entire market picks up in early spring.
For more information on Tucson Real Estate visit my website at http://www.tucsonhouses4you.com/
2006 Tucson Market Review
2006 was a unique year for the real estate market in Southern Arizona. After a record-breaking 2005, we watched the '06 market settle down and return to normal. many interpreted this as a housing "crash" or a "bubble", however, even with stabilization in the market, our annual statistics support that 2006 was one of the best real estate years in Tucson history.
Homeowners witnessed record-breaking appreciation in the past few years, which is evidenced by the $4.3 billion in total sales volume we saw in 2006. This is the second highest volume ever in Tucson history, second only to 2005, when sales volume totaled $4.7 billion. This trend is also echoed on the national level. NAR reported in January that, nation wide, 2006 was the third highest sales year on record, with 6.48 million resale homes sold.
With stabilization of the market, we saw a decline in '06 total units sold to 16,058, which was 2,508 fewer units sold than in 2005 and 958 fewer units than in 2004. The 2006 units sold still rank as the third best year in Tucson's history.
The average sales price continued to climb-rising from $253,556 in '05 to $267,855 in '06, an increase of $14,299. When comparing the '06 average sales price to '04 there was an increase of $62,667.
Days on market, averaging 50 days in 2006, was not dramatically different from market time of years prior to 2005. In 2005 days on market totaled only 33 days.
The statistics on total sales volume and unit sales indicate that the real estate community was very busy in 2006, delivering unprecedented gains to sellers and assisting many buyers in finding their dream property. Southern Arizona is certainly positioned for a healthy real estate market in 2007.
If you or someone you know is in the market for Tucson Real Estate, give me a call or visit my website at http://www.tucsonhouses4you.com/
Homeowners witnessed record-breaking appreciation in the past few years, which is evidenced by the $4.3 billion in total sales volume we saw in 2006. This is the second highest volume ever in Tucson history, second only to 2005, when sales volume totaled $4.7 billion. This trend is also echoed on the national level. NAR reported in January that, nation wide, 2006 was the third highest sales year on record, with 6.48 million resale homes sold.
With stabilization of the market, we saw a decline in '06 total units sold to 16,058, which was 2,508 fewer units sold than in 2005 and 958 fewer units than in 2004. The 2006 units sold still rank as the third best year in Tucson's history.
The average sales price continued to climb-rising from $253,556 in '05 to $267,855 in '06, an increase of $14,299. When comparing the '06 average sales price to '04 there was an increase of $62,667.
Days on market, averaging 50 days in 2006, was not dramatically different from market time of years prior to 2005. In 2005 days on market totaled only 33 days.
The statistics on total sales volume and unit sales indicate that the real estate community was very busy in 2006, delivering unprecedented gains to sellers and assisting many buyers in finding their dream property. Southern Arizona is certainly positioned for a healthy real estate market in 2007.
If you or someone you know is in the market for Tucson Real Estate, give me a call or visit my website at http://www.tucsonhouses4you.com/
Thursday, August 23, 2007
Tucson Market Still Good
Recently we have sadly seen the closure of several lending institutions. Many have interpreted this as the end of the real estate market, which is incorrect. Tucson’s real estate market is alive and well.
We are still seeing historically low interest rates, low unemployment rates and there are people who wish to buy and sell real estate.
The last quarter of 2004 through the first quarter of 2006, we experienced a fast growth in our local real estate market, causing a sellers market. Then we saw the market re-adjust, large numbers of inventory of homes, (between 9000-10000 properties), longer days on market, thus turning the market to the buyer’s advantage.
Currently we are seeing the market balance. Inventory is lowering (around 7000-8000), home pricing is finally reflecting the current trend and days on market are lessening.
Happily there is still money to be had to purchase homes. Buyers with good credit and money for a down payment will have no difficulty whatsoever in obtaining a home loan. Buyers with less than perfect credit will be a bit more challenging but not impossible. The subprime market is still there but will be had at a much higher interest rate and stricter guidelines.
I am sure you have been hearing words like; subprime, non-conforming, Alt-A, and A-paper on the news. To help you understand these terms, I have attached a sheet with definitions that will hopefully give you a better understanding into the current lending situation.
Please do not hesitate to share your questions or concerns with me. I am here to assist you with your real estate needs. I also hope that you will recommend my services to friends and family when they are in need of a Realtor.
For more information on Tucson Real Estate visit my website at www.tucsonhouses4you.com
We are still seeing historically low interest rates, low unemployment rates and there are people who wish to buy and sell real estate.
The last quarter of 2004 through the first quarter of 2006, we experienced a fast growth in our local real estate market, causing a sellers market. Then we saw the market re-adjust, large numbers of inventory of homes, (between 9000-10000 properties), longer days on market, thus turning the market to the buyer’s advantage.
Currently we are seeing the market balance. Inventory is lowering (around 7000-8000), home pricing is finally reflecting the current trend and days on market are lessening.
Happily there is still money to be had to purchase homes. Buyers with good credit and money for a down payment will have no difficulty whatsoever in obtaining a home loan. Buyers with less than perfect credit will be a bit more challenging but not impossible. The subprime market is still there but will be had at a much higher interest rate and stricter guidelines.
I am sure you have been hearing words like; subprime, non-conforming, Alt-A, and A-paper on the news. To help you understand these terms, I have attached a sheet with definitions that will hopefully give you a better understanding into the current lending situation.
Please do not hesitate to share your questions or concerns with me. I am here to assist you with your real estate needs. I also hope that you will recommend my services to friends and family when they are in need of a Realtor.
For more information on Tucson Real Estate visit my website at www.tucsonhouses4you.com
Wednesday, February 7, 2007
GOOD NEWS FOR BUYER; HOME MARKET COOLING
Local home sales, median price decline during December
Tucson home sales and prices fell during December, while days on the market rose, evidence of a continuing slowdown in the local housing market.
That means the market is improving buyers-they have more negotiation leverage-and sellers may not make as much as expected on the sale of their homes. The median home price fell $3,000 from November to $215,000, an indication that sellers are dropping their prices, according to a report Thursday by the Tucson Association of Realtors.
December's median price-the price at which half the homes sold for more and half sold for less-was the lowest since May 2005.
The number of days on the market rose to 64, the longest for the year and more than twice the number of days during the height of the hot market: 26 in July 2005.
Still, there's consolation for sellers: about one-third or quicker and more than half sold in less than two months. There are some indications the market may be tightening, which could send prices upward and days on the market down. new listing in December were the lowest for the year and the total number of homes for sale was down 720 from November, the report said.
Tucson Citizen 1-19-2007
For more on Tucson Real Estate go to my website at www.tucsonhouses4you.com
Tucson home sales and prices fell during December, while days on the market rose, evidence of a continuing slowdown in the local housing market.
That means the market is improving buyers-they have more negotiation leverage-and sellers may not make as much as expected on the sale of their homes. The median home price fell $3,000 from November to $215,000, an indication that sellers are dropping their prices, according to a report Thursday by the Tucson Association of Realtors.
December's median price-the price at which half the homes sold for more and half sold for less-was the lowest since May 2005.
The number of days on the market rose to 64, the longest for the year and more than twice the number of days during the height of the hot market: 26 in July 2005.
Still, there's consolation for sellers: about one-third or quicker and more than half sold in less than two months. There are some indications the market may be tightening, which could send prices upward and days on the market down. new listing in December were the lowest for the year and the total number of homes for sale was down 720 from November, the report said.
Tucson Citizen 1-19-2007
For more on Tucson Real Estate go to my website at www.tucsonhouses4you.com
Predictions for 2007 Housing Market
UNIVERSITY OF ARIZONA ECONOMIC FORECAST
Predictions for the economy and housing markets in 2007
Predictions for the economy and housing markets in 2007
What can we expect in 2007? This question was the main topic on the agenda at the University of Arizona's annual economic forecast, presented by the Economic and Business Research Center. Marshall Vest, director of the Research Center and Gerald Swanson, a professor at the University of Arizona presented their findings on the direction of our economy and housing market.
According to Marshall Vest, the Arizona economy is actually showing better performance than was anticipated this time last year. The population in Arizona continues to grow, while the Tucson area passed one million residents in late 2006. Vest predicts that our population will continue to grow by 25,000 residents per year. The job market also look strong. According to the forecast, non farm job growth will slow in 2007 only posting a 2.4% gain, rather than the average 3.3% increase seen over the last 10 years. So, job growth won't be declining, just growing more slowly.
So, what about housing? Vest admits that housing markets in Arizona are returning to "normal" after a substantial expansion period. We've seen a decrease in the number of homes sold and a sharp increasing inventory levels here in Tucson. According to Vest, there are three main stages of a housing correction that we will experience here in Southern Arizona.
The first stage is denial, where sellers refuse to lower their prices and have unrealistic expectations based on the prices and number of homes sold last year. Buyers refuse to pay these prices, and believing prices will fall, wait on the sidelines. This causes inventory levels to rise, as we have seen over the past year.
The second state is acceptance. Sellers begin lowering prices or decide to take their home off the market. Home builders try to reduce their inventory through incentives, which puts pressure on resale prices. According to Vest, this phase typically sees price declines in the new and resale markets.
The final state is consolidation. Prices are more reasonable and buyers come off the sidelines and start making offers. This causes inventory levels to fall and the market returns to a normal level. Vest predicts that housing markets in Arizona are halfway through this process, so we are still in the acceptance stage.
Low interest rates, continued population growth and strong employment will help the market. Contrary to the gloomy reports that predict an upcoming recession, Vest does not think that normalcy in the housing market will crash the economy. The majority of households in America, and here in Southern Arizona, are unaffected by fluctuations in the housing market, since they don't have plans to move. The population in Southern Arizona continues to grow, and will continue to bring new buyers into the market who are looking for housing as shelter, not an investment.
1. DENIAL-Sellers refuse to lower prices.
Buyers refuse to pay these prices, and wait on the sidelines.
2. Acceptance-Sellers begin lowering prices.
Home builders aim to reduce inventory, pressuring resale prices.
3. Consolidation- Prices are more reasonable.
Buyers come off the sidelines.
Inventory falls
Article from Tucson Realtor Magazine winter 2006
For more about Tucson Real Estate visit my website at www.tucsonhouses4you.com
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