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.
Friday, August 31, 2007
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
Subscribe to:
Posts (Atom)
