TUCSON HOUSING MARKET, according to the Tucson Association of
Realtors Multiple Listing Service Statistical Report for November 2008.
The Active Listing invetory of 7,996 units remains much lower than the
9,234 units in Nov. 2007 and the New Listings coming on the market
continues the downward trend.
November's Median Sales Price of $178,000 is the lowest Median for any month since January
2005, when it was $177,000. Of course, this is good news for homebuyers and for the affordability issues which have plagued Tucson in the past. As of the end of November there were 4,429 residential homes on the market below $250,000. In quoting a local lender, "A buyer, buying a $200,000 home, with 3.5% down payment, using a 30 year, 6% fixed rate FHA loan could have a principal & interest payment of $1157". A first time homebuyer, or someone who hasn't owned in 3 years could also qualify for the $7500 Federal Tax Credit. "More Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume: Declined 36.56% from $216,102,902 in Nov. '07 to $137,104,43 in Nov. '08
Home Sales Units Closed: Decreased 21.60% from 810 in Nov. '07 to 635 in Nov. '08
Average Sales Price (all res. types): Decreased 19.07% from $266,794 in Nov, '07 to
$215,913 in Nov. '08
Median Sales Price (price at which half the homes were sold above and half below):
Decreased 16.04% from $212,000 in Nov. '07 to $178,000 in Nov. '08
Average Days on Market for Month: Days on Market for Nov. '08 were 76 days
Pending Contracts (New Sales Opening Escrow in Month): Decreased 25.60% from
910 Units in Nov. '07 to 677 Units in Nov. '08
Active Listing Inventory: Declined 13.41% from 9,234 in Nov. '07 to
7,996 in Nov. '08
New Listings: Declined 27.38% from 2,224 in Nov. '07 to 1,615 in Nov. '08
Saturday, December 13, 2008
Thursday, November 20, 2008
October 2008 Housing Report
THE TUCSON REAL ESTATE MARKET OFFERS MORE AFFORDABLE
HOMES..... as the Tucson Association of Realtors Multiple Listing Service
Statistical Digest shows the October 2008 Median Sales Price at $180,500 and
the Average Sales Price at $226,435. This decline could indicate an increase in
the number of "short sales" and foreclosed properties finally closing after a
lengthy escrow period. The increase in buyer traffic experienced in the past
few months subsided somewhat in October with the concerns around the
economy and equity markets. It is gernerally believed that the buyer traffic
will return soon, as buyers realize the improvement in home affordability in
the marketplace, coupled with low interest rates and a sense that pricing has
bottomed out.
Homes Sales Volume:
Declined 18,78% from $229,448,467 in October 2007 to $186,356,108 in October 2008.
Homes Sales Units:
Decreased 6.9% from 884 in October 2007 to 823 in October 2008.
Average Sales Price: (residential)
Decreased 12.76% from $259,557 in October 2007 to $22;6,435 in October 2008.
Median Sales Price:
Decreased 14.29% from $210,000 in October 2007 to $$180,500 in October 2008.
Average Days on Market:
Days on Market for October 2008 was 78 days.
Pending Sales:
Decreased 23.97% from 993 units in October 2007 to 755 units in October 2008.
There have been more stringent lending standards in most home loan programs, however, the
FHA Loan is readily available, and has become the "most applied for" mortgage, with a required 3% or less down payment, and somewhat less critical qualifying. Buyers with a strong Realtor, experienced in searching the MLS data, and familiar with the home loans offered by local lenders, will surely benefit.
For more on Tucson's Real Estate Market, contact Julie Nellis, Long Realty, 520-990-8477, nellisja@aol.com or http://www.tucsonhouses4you.com/
If you or someone you know is interested in buying or selling Tucson Real Estate, Call Julie today!
HOMES..... as the Tucson Association of Realtors Multiple Listing Service
Statistical Digest shows the October 2008 Median Sales Price at $180,500 and
the Average Sales Price at $226,435. This decline could indicate an increase in
the number of "short sales" and foreclosed properties finally closing after a
lengthy escrow period. The increase in buyer traffic experienced in the past
few months subsided somewhat in October with the concerns around the
economy and equity markets. It is gernerally believed that the buyer traffic
will return soon, as buyers realize the improvement in home affordability in
the marketplace, coupled with low interest rates and a sense that pricing has
bottomed out.
Homes Sales Volume:
Declined 18,78% from $229,448,467 in October 2007 to $186,356,108 in October 2008.
Homes Sales Units:
Decreased 6.9% from 884 in October 2007 to 823 in October 2008.
Average Sales Price: (residential)
Decreased 12.76% from $259,557 in October 2007 to $22;6,435 in October 2008.
Median Sales Price:
Decreased 14.29% from $210,000 in October 2007 to $$180,500 in October 2008.
Average Days on Market:
Days on Market for October 2008 was 78 days.
Pending Sales:
Decreased 23.97% from 993 units in October 2007 to 755 units in October 2008.
There have been more stringent lending standards in most home loan programs, however, the
FHA Loan is readily available, and has become the "most applied for" mortgage, with a required 3% or less down payment, and somewhat less critical qualifying. Buyers with a strong Realtor, experienced in searching the MLS data, and familiar with the home loans offered by local lenders, will surely benefit.
For more on Tucson's Real Estate Market, contact Julie Nellis, Long Realty, 520-990-8477, nellisja@aol.com or http://www.tucsonhouses4you.com/
If you or someone you know is interested in buying or selling Tucson Real Estate, Call Julie today!
Thursday, October 16, 2008
Tucson Water Changes
Graywater
On Tuesday, September 23, 2008 the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although the house will come plumbed for graywater it will still be up to the home owner to connect plumbing to a system within the home.
Commercial Rainwater Harvesting
On Tuesday, October 14, 2008 the Tucson City Council formally adopted the Rainwater Harvesting Ordinance that has been developed over the past nine months. The TAR Public Affairs Committee approved the support of the ordinance that will require 50% of the annual irrigation needs of a commercial project be obtained by water harvesting means, which may include cisterns, burming, earthworks and other harvesting techniques. This is a much more palatable ordinance considering that initially the percentage was 100%.
Call Julie Nellis, Long Realty, for all your real estate needs. 520-918-3843, nellisja@aol.com
On Tuesday, September 23, 2008 the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although the house will come plumbed for graywater it will still be up to the home owner to connect plumbing to a system within the home.
Commercial Rainwater Harvesting
On Tuesday, October 14, 2008 the Tucson City Council formally adopted the Rainwater Harvesting Ordinance that has been developed over the past nine months. The TAR Public Affairs Committee approved the support of the ordinance that will require 50% of the annual irrigation needs of a commercial project be obtained by water harvesting means, which may include cisterns, burming, earthworks and other harvesting techniques. This is a much more palatable ordinance considering that initially the percentage was 100%.
Call Julie Nellis, Long Realty, for all your real estate needs. 520-918-3843, nellisja@aol.com
September 2008 Tucson Housing Report
SEPTEMBER OF 2008 HAS SET A RECORD INCREASE IN SALES OVER AUGUST SINCE 1996!
Historically September is a slower month than August which has been the case since 1996. This year there was an increase in sales by 3.43% over August which affirms that the Tucson market is continuing to stabilize.
Now is a good time to buy a home.
- Conditions are ideal for buyers. Prices have moderated, and interest rates are hovering near 40-year lows.
- Current market conditions won't last long. NAR research shows that prices are beginning to stabilize and interest rates are creeping up. A modest increase in property values is expected in 2009.
- The new first-time homebuyer tax credit and the availability of a number of attractive and safe mortgage products provide additional reasons for buyers to get off the fence and into the market.
The market is strong and getting stronger.
- The new homebuyer tax credit contained in the new Housing and Economic Recovery Act of 2008 likely will bring about 2.5
million first-time buyers into the market between now and the middle of next year.
- The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets, and NAR predicts that as a result home prices will pick up in 2009.
- Home ownership continues to be a wise investment. FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009
Contact Julie Nellis for more information on Tucson's Real Estate Market. 520-918-3843 or visit my website at www.tucsonhouses4you.com
Historically September is a slower month than August which has been the case since 1996. This year there was an increase in sales by 3.43% over August which affirms that the Tucson market is continuing to stabilize.
Now is a good time to buy a home.
- Conditions are ideal for buyers. Prices have moderated, and interest rates are hovering near 40-year lows.
- Current market conditions won't last long. NAR research shows that prices are beginning to stabilize and interest rates are creeping up. A modest increase in property values is expected in 2009.
- The new first-time homebuyer tax credit and the availability of a number of attractive and safe mortgage products provide additional reasons for buyers to get off the fence and into the market.
The market is strong and getting stronger.
- The new homebuyer tax credit contained in the new Housing and Economic Recovery Act of 2008 likely will bring about 2.5
million first-time buyers into the market between now and the middle of next year.
- The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets, and NAR predicts that as a result home prices will pick up in 2009.
- Home ownership continues to be a wise investment. FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009
Contact Julie Nellis for more information on Tucson's Real Estate Market. 520-918-3843 or visit my website at www.tucsonhouses4you.com
Sunday, September 21, 2008
Protect Our Homes! Vote YES on Prop 100
The up coming election has us all focused on the Presidential election but there is something else that you should give your attention to as a homeowner.
This coming November you are going to be asked to vote on proposition 100. This proposition 100 would amend the Arizona Constitution to prohibit the state or any county, city, town or other political subdivision of the state from directly or indirectly imposing any new tax, fee or other assessments on the sale, purchase, transfer or other conveyance of any interest in real property (such as homes and other real estate). This proposed measure would not affect any tax, fee or other assessment in existence prior to this year.
This real estate sales or transfer tax is unfair to Arizonans since home and property owners already pay annual property taxes. An additional tax levied at the time people buy, sell or even transfer ownership of their home would be double taxation.
Voting Yes on Prop 100 will provide protection from Real Estate Transfer Taxes and prevent:
* Double Taxation-Governments already collect taxes on your property based on the property's value. This new tax would unfairly impose a second tax to impact our home or property value.
* Loss Of Equity- Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.
* Damage to the Real Estate Market- In an already burdened housing market where people are struggling to sell their homes, the overall higher costs will only make it more difficult to initiate a successful sale, not to mention making it less attractive for commercial real estate to recruit business to the area.
* Punishment of Homeowners- People who move from one house to another should not be punished while others choose not to move; in fact, this is considered discriminatory and harms access to the "American Dream" of home ownership.
* A Negative Impact on Lower-Income Arizonans- A real estate transfer tax would impose a higher tax burden on lower income households that typically spend a larger percentage of their income on their home.
This is an example of voting "Yes" to mean "No". Voting YES on Proposition 100 will protect your home and you from double taxation!
www.protectourhomes.com
FYI-Just a few community leaders (that you may know and respect) that promote voting YES for Proposition 100:
Eddie Basha
Rose Moford, Former Governor of Arizona
Tom Chilton, President of Arizona Cattle Growers
John Nelson, State Representative
Jim Waring, State Senator
Ken Cheuvront, State Senator
Barbara Leff, State Senator
Donald Owens, Former Adjutant General for Arizona National Guard
John Munger, Munger Chadwick, P.L.C.
Brett Jones, Arizona Contractors Association
Glenn Hamer, Arizona Chamber of Commerce and Industry
Kevin Rogers, Arizona Farm Bureau
Chad Kirkpatrick, Americans for Prosperity
Barney Brenner
Craig Sanford, Protect Our Homes
If you are thinking of buying or selling real estate in the Tucson area, call Julie Nellis with Long Realty, for assistance. 520-918-3843 or www.tucsonhouses4you.com
This coming November you are going to be asked to vote on proposition 100. This proposition 100 would amend the Arizona Constitution to prohibit the state or any county, city, town or other political subdivision of the state from directly or indirectly imposing any new tax, fee or other assessments on the sale, purchase, transfer or other conveyance of any interest in real property (such as homes and other real estate). This proposed measure would not affect any tax, fee or other assessment in existence prior to this year.
This real estate sales or transfer tax is unfair to Arizonans since home and property owners already pay annual property taxes. An additional tax levied at the time people buy, sell or even transfer ownership of their home would be double taxation.
Voting Yes on Prop 100 will provide protection from Real Estate Transfer Taxes and prevent:
* Double Taxation-Governments already collect taxes on your property based on the property's value. This new tax would unfairly impose a second tax to impact our home or property value.
* Loss Of Equity- Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.
* Damage to the Real Estate Market- In an already burdened housing market where people are struggling to sell their homes, the overall higher costs will only make it more difficult to initiate a successful sale, not to mention making it less attractive for commercial real estate to recruit business to the area.
* Punishment of Homeowners- People who move from one house to another should not be punished while others choose not to move; in fact, this is considered discriminatory and harms access to the "American Dream" of home ownership.
* A Negative Impact on Lower-Income Arizonans- A real estate transfer tax would impose a higher tax burden on lower income households that typically spend a larger percentage of their income on their home.
This is an example of voting "Yes" to mean "No". Voting YES on Proposition 100 will protect your home and you from double taxation!
www.protectourhomes.com
FYI-Just a few community leaders (that you may know and respect) that promote voting YES for Proposition 100:
Eddie Basha
Rose Moford, Former Governor of Arizona
Tom Chilton, President of Arizona Cattle Growers
John Nelson, State Representative
Jim Waring, State Senator
Ken Cheuvront, State Senator
Barbara Leff, State Senator
Donald Owens, Former Adjutant General for Arizona National Guard
John Munger, Munger Chadwick, P.L.C.
Brett Jones, Arizona Contractors Association
Glenn Hamer, Arizona Chamber of Commerce and Industry
Kevin Rogers, Arizona Farm Bureau
Chad Kirkpatrick, Americans for Prosperity
Barney Brenner
Craig Sanford, Protect Our Homes
If you are thinking of buying or selling real estate in the Tucson area, call Julie Nellis with Long Realty, for assistance. 520-918-3843 or www.tucsonhouses4you.com
Saturday, September 20, 2008
August 2008 Tucson Housing Market Report
THE TUCSON REAL ESTATE MARKET OFFERS THE SMALLEST
INVENTORY OF RESIDENTIAL PROPERTIES SINCE MARCH OF 2006..
according to the Tucson Association of Realtors Multiple Listing Service
Monthly Statistical Digest for August 2008. One of the first signs that a real
estate market is improving is a decline in the listing supply. It appears the
decline in the August '08 listing suppply for Tucson is being caused by more
acceptable contracts opening escrow, fewer homes coming new to the
inventory, as well as many Sellers removing their homes from the market
when the reality of the pricing in the current market does not match their
expectations. The trend to a declining inventory has been consistent each
month this year.
The decline in the Median Sales Price could be being caused by a high concentration of closings occuring after or under the threat of foreclosure. This is very neighborhood cerntric, thus having a strong Realtor who is skilled in mining the MLS data for a particular neighborhood, should be the requirement of every buyer and seller. Many believe the decline in Median Sales Price is a "good thing", as it allows our marketplace to become more affordable, thus incresing the buyer opportunities, and we all know that "more Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume:
Declined 27.97% from $299,005,952 in August 2007 to $215,369,442 in August 2008.
Home Sales Units:
Decreased 17.31% from 1,092 in August 2007 to 903 in August 2008.
Average Sales Price (all residential types)
Decreased 12.90% from $273,815 in August 2007 to $238,504 in August 2008.
Median Sales Price (the price at which half the homes were sold above and half below)
Decreased 16.25% from $220,900 in August 2007 to $185,000 in August 2008.
Average Days on Market:
Days on Market for August 2008 was 77 days average.
Pending Contracts:
Decreased 14.26% from1,024 in August 2007 to 878 in August 2008.
Active Listings:
Decreased 13.30% from 8,954 in August 2007 to 7,763 in August 2008.
New Listings:
Decreased 16.47% from 2,337 in August 2007 to 1,952 in August 2008.
INVENTORY OF RESIDENTIAL PROPERTIES SINCE MARCH OF 2006..
according to the Tucson Association of Realtors Multiple Listing Service
Monthly Statistical Digest for August 2008. One of the first signs that a real
estate market is improving is a decline in the listing supply. It appears the
decline in the August '08 listing suppply for Tucson is being caused by more
acceptable contracts opening escrow, fewer homes coming new to the
inventory, as well as many Sellers removing their homes from the market
when the reality of the pricing in the current market does not match their
expectations. The trend to a declining inventory has been consistent each
month this year.
The decline in the Median Sales Price could be being caused by a high concentration of closings occuring after or under the threat of foreclosure. This is very neighborhood cerntric, thus having a strong Realtor who is skilled in mining the MLS data for a particular neighborhood, should be the requirement of every buyer and seller. Many believe the decline in Median Sales Price is a "good thing", as it allows our marketplace to become more affordable, thus incresing the buyer opportunities, and we all know that "more Buyers are the answer for improving our Tucson real estate market".
Home Sales Volume:
Declined 27.97% from $299,005,952 in August 2007 to $215,369,442 in August 2008.
Home Sales Units:
Decreased 17.31% from 1,092 in August 2007 to 903 in August 2008.
Average Sales Price (all residential types)
Decreased 12.90% from $273,815 in August 2007 to $238,504 in August 2008.
Median Sales Price (the price at which half the homes were sold above and half below)
Decreased 16.25% from $220,900 in August 2007 to $185,000 in August 2008.
Average Days on Market:
Days on Market for August 2008 was 77 days average.
Pending Contracts:
Decreased 14.26% from1,024 in August 2007 to 878 in August 2008.
Active Listings:
Decreased 13.30% from 8,954 in August 2007 to 7,763 in August 2008.
New Listings:
Decreased 16.47% from 2,337 in August 2007 to 1,952 in August 2008.
Friday, August 22, 2008
July 2008 Housing Market Report
July 2008 Residential Housing Report
KEY INDICATORS CONTINUE TO SHOW IMPROVEMENT IN THE
TUCSON REAL ESTATE MARKET... according to the Tucson Association of
Realtors Multiple Listing Service July '08 Monthly Statistical Digest. The consistent
strength in the year to date sold and closed units, plus fewer listings coming on the
market (1,000+ fewer tjam July '07) are reflected in the July Tucson listing inventory
number that dipped below 8,000 units for the first time since March 2006 (28 months
ago).
The Tucson July Median Sales Price continues to hover around $200,000, with the
largest number of reported Solds in the Northwest area (241 sales), and the Central
Home Sales Volume: Decreased 23.92% from $316,549,145 in July 2007 to $240,837,426 in July 2008.
Home Sales Units: Decreased 20.04% from 1,182 in July 2007 to 945 in July 2008.
Average Sales Price (all residential types): Decreased 4.84% from $267,808 in July 2007 to $254,854 in July 2008.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 7.88% from $217,000 in July 2007 to $199,900 in July 2008.
Pending Contracts (new transactions subject to contract in the month): Decreased 45.98% from 1,777 in July 2007 to 960 in July 2008.
Active Listings: Decreased 9.39% from 8,692 in July 2007 to 7,876
in July 2008.
New Listings: Decreased 39.30% from 2,766 in July 2007 to 1,679
in July 2008.
The July Median Sales Price for Single Family Residences was $210,000, for Condos was
$137,000, for Townhomes was $169,000 and for Manufactured Homes was $105,000.
Even though we are seeing the Active Listing Inventory shrinking, it is still a Buyer's Market.
First Time Homebuyers may qualify for the $7500 Tax Credit under the recently passed Federal Housing Stimulus Bill, and remember a First Time Homebuyer is someone who has not owned a home in the past three years.
Buyers can certainly benefit in this quickly changing market by working with a knowledgeable Realtor who knows the local market, including the values of our neighborhoods, and the availability of low interest rate home loans.
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-990-8477 or visit www.tucsonhouses4you.com
KEY INDICATORS CONTINUE TO SHOW IMPROVEMENT IN THE
TUCSON REAL ESTATE MARKET... according to the Tucson Association of
Realtors Multiple Listing Service July '08 Monthly Statistical Digest. The consistent
strength in the year to date sold and closed units, plus fewer listings coming on the
market (1,000+ fewer tjam July '07) are reflected in the July Tucson listing inventory
number that dipped below 8,000 units for the first time since March 2006 (28 months
ago).
The Tucson July Median Sales Price continues to hover around $200,000, with the
largest number of reported Solds in the Northwest area (241 sales), and the Central
Home Sales Volume: Decreased 23.92% from $316,549,145 in July 2007 to $240,837,426 in July 2008.
Home Sales Units: Decreased 20.04% from 1,182 in July 2007 to 945 in July 2008.
Average Sales Price (all residential types): Decreased 4.84% from $267,808 in July 2007 to $254,854 in July 2008.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 7.88% from $217,000 in July 2007 to $199,900 in July 2008.
Pending Contracts (new transactions subject to contract in the month): Decreased 45.98% from 1,777 in July 2007 to 960 in July 2008.
Active Listings: Decreased 9.39% from 8,692 in July 2007 to 7,876
in July 2008.
New Listings: Decreased 39.30% from 2,766 in July 2007 to 1,679
in July 2008.
The July Median Sales Price for Single Family Residences was $210,000, for Condos was
$137,000, for Townhomes was $169,000 and for Manufactured Homes was $105,000.
Even though we are seeing the Active Listing Inventory shrinking, it is still a Buyer's Market.
First Time Homebuyers may qualify for the $7500 Tax Credit under the recently passed Federal Housing Stimulus Bill, and remember a First Time Homebuyer is someone who has not owned a home in the past three years.
Buyers can certainly benefit in this quickly changing market by working with a knowledgeable Realtor who knows the local market, including the values of our neighborhoods, and the availability of low interest rate home loans.
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-990-8477 or visit www.tucsonhouses4you.com
Thursday, August 14, 2008
Why Buy Right Now?
It is a great time to buy! Buy before these changes to FHA financing take effect October 1st:
*Minimum downpayment is increasing from 3% to 3.5%
*Many sources of down-payment assistance will no longer be available
*Long Companies’ Home Closing Guarantee:
On Time Closing & Closing Costs Guaranteed
Your Home Closing Guarantee Includes:
On Time Closing Guarantee 1 - If your loan from Long Mortgage doesn’t close on your new home by the initial close date stated in your purchase contract due solely to Long Mortgage or Long Title delay, we will at closing either (1) reimburse you one monthly principal and interest payment OR (2) credit you $1,000 toward closing costs, whichever is greater.
Closing Cost Guarantee 2 - Should your actual closing costs be OVER the amount quoted in the Good Faith Estimate, we will credit you the difference at closing.
A full title search & commitment on lot and block property that you are purchasing within 48 hours after receipt of the order from escrow.
Sufficient time to approve your title commitment during the inspection period.
A LSR (Loan Status Report / Conditional Loan Approval) will be in your hands at no additional cost prior to your property search.
No charge for your appraisal should your contract fall through during the inspection period.
To put Long Companies’ Home Closing Guarantee to work for you, please contact a Long Mortgage Consultant, Tony Poe, at 520-918-1651 or email at tonyp@longmortgage.com
*Minimum downpayment is increasing from 3% to 3.5%
*Many sources of down-payment assistance will no longer be available
*Long Companies’ Home Closing Guarantee:
On Time Closing & Closing Costs Guaranteed
Your Home Closing Guarantee Includes:
On Time Closing Guarantee 1 - If your loan from Long Mortgage doesn’t close on your new home by the initial close date stated in your purchase contract due solely to Long Mortgage or Long Title delay, we will at closing either (1) reimburse you one monthly principal and interest payment OR (2) credit you $1,000 toward closing costs, whichever is greater.
Closing Cost Guarantee 2 - Should your actual closing costs be OVER the amount quoted in the Good Faith Estimate, we will credit you the difference at closing.
A full title search & commitment on lot and block property that you are purchasing within 48 hours after receipt of the order from escrow.
Sufficient time to approve your title commitment during the inspection period.
A LSR (Loan Status Report / Conditional Loan Approval) will be in your hands at no additional cost prior to your property search.
No charge for your appraisal should your contract fall through during the inspection period.
To put Long Companies’ Home Closing Guarantee to work for you, please contact a Long Mortgage Consultant, Tony Poe, at 520-918-1651 or email at tonyp@longmortgage.com
July 2008 Tucson Housing Report
July was a very good month for our industry in many ways! Our listing inventory has dropped below the 8,000 mark for active listings. We have not been below 8,000 listings since March of 2006.
New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement. July has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%.
I am happy to report that the decrease in sales for June 2008 over July 2008 is 9.53%. There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900.
New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement. July has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%.
I am happy to report that the decrease in sales for June 2008 over July 2008 is 9.53%. There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900.
Thursday, July 31, 2008
Short Sales, Steal of a Deal?
Have you ever had one of those phone calls that make you shake your head indisbelief? I had one this afternoon. A local home buyer called wanting a"short sale expert" to help her buy a short sale property.
I asked her why a short sale? Her reply was, "because they are greatdeals. I can get a home for really cheap."
I then asked her why she thought short sales were better deals thatnon-distressed listings and her reply was, "Because I have seen thelistings".
She hung up on me while I was explaining that a list price is notnecessarily the price a lender will accept for a Short Sale and that ShortSales are not a "steal of a deal" but that lenders will want fair marketvalue for these homes.
This conversation made me realize just how uneducated the public and manyRealtors are on the topic of Short Sales.Here is food for thought:
1. The short sale listing agent may not be listing the property at arealistic price for a short sale. Banks are not obligated to accept anyoffer, no matter what the listing price is.
2. Banks are taking a loss from past market values, so they want currentmarket value in the sale, even if it is at the bottom of market value, itwill still be market value. They will be ordering a third party BrokerPrice Opinion, so they will not be basing their decision on the word of thelisting agent.
3. If the bank is willing to discount the property to an extreme value, itmeans that the property probably needs a lot of work to make it livable.
4. There are usually better "steal of a deal" from a seller who has equityand willing to negotiate to move quickly.
Think twice before you think or believe that Short Sales are a Great Steal.Some can very fair but I don't think the majority of short sales are thesteal that this buyer was thinking of.
For more information on short sales or for assistance with buying or selling Tucson area Real Estate, call Julie Nellis, Long Realty, 520-918-2843 or visit www.tucsonhouses4you.com
I asked her why a short sale? Her reply was, "because they are greatdeals. I can get a home for really cheap."
I then asked her why she thought short sales were better deals thatnon-distressed listings and her reply was, "Because I have seen thelistings".
She hung up on me while I was explaining that a list price is notnecessarily the price a lender will accept for a Short Sale and that ShortSales are not a "steal of a deal" but that lenders will want fair marketvalue for these homes.
This conversation made me realize just how uneducated the public and manyRealtors are on the topic of Short Sales.Here is food for thought:
1. The short sale listing agent may not be listing the property at arealistic price for a short sale. Banks are not obligated to accept anyoffer, no matter what the listing price is.
2. Banks are taking a loss from past market values, so they want currentmarket value in the sale, even if it is at the bottom of market value, itwill still be market value. They will be ordering a third party BrokerPrice Opinion, so they will not be basing their decision on the word of thelisting agent.
3. If the bank is willing to discount the property to an extreme value, itmeans that the property probably needs a lot of work to make it livable.
4. There are usually better "steal of a deal" from a seller who has equityand willing to negotiate to move quickly.
Think twice before you think or believe that Short Sales are a Great Steal.Some can very fair but I don't think the majority of short sales are thesteal that this buyer was thinking of.
For more information on short sales or for assistance with buying or selling Tucson area Real Estate, call Julie Nellis, Long Realty, 520-918-2843 or visit www.tucsonhouses4you.com
Wednesday, July 30, 2008
The Housing Stimulus Bill
The Housing Stimulus Bill effects all home buyers and sellers so it is important to understand it. I have found this article from the National Association of Realtors the most readable and understandable explanation.
National Association of REALTORS®Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:
GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-918-3843 or visit www.tucsonhouses4you.com
National Association of REALTORS®Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:
GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.
Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-918-3843 or visit www.tucsonhouses4you.com
Friday, July 18, 2008
Tucson Active Adult Communities-Still a Great Investment
Market Conditions for Tucson Active Adult Communities
From "Realty Times .com" July 18, 2008
Tucson's Active Adult Communities are weathering this volatile market fairly well. Prices have stabilized at pre-boom levels. Homes are selling but with longer market time. Short Sales and Foreclosures are rare in these communities so there is no downward spiral in values based on distressed properties. Buyer's visiting open houses in these communities are ready to buy as soon as their homes in our feeder markets of California, the Northwest, the Midwest, East Coast and Colorado sell. After the long, hard winter sellers in these areas are starting to see their traditional spring market start now. Lower prices and pent up demand is expected to attract buyers this summer which in turn will bring buyers to Tucson.
SaddleBrooke is on track for close to 200 homes sales this year with an average sale price of $409,000. With just 135 homes for sale it's still a Buyer's Market with a lot of great deals to be had.
Sun City Vistoso has seen a significant drop in average sale price from $318,000 in 2006 to $283,000 in 2007 to $274,000 for the first half of 2008. This has resulted in a lot of homes sold this year. With only around 50 homes for sale, Sun City is no longer a Buyer's Market, however, there is still a good selection of homes.
Heritage Highlands has 16 months of inventory and is a Buyer's Market and an average sale price is $310,000.
Vistoso Village is a stable market with only 6 months of inventory and an average sale price of $250,000.
Sunflower is also stable with 7-1/2 months of inventory and an average sale price of $213,000.
This is a wonderful opportunity to make a smart buy in Tucson. Inventory is still high, price reductions have been taken and motivated sellers are ready to negotiate.For seller's aggressive pricing and top notch marketing is the key to successful selling in Tucson. With market stabilization, sellers continue to see a good return on their real estate investment in Tucson.
If you want to know more about Tucson's Active Adult Communities or the Tucson area Real Estate Market, call Julie Nellis, Long Realty, 520-918-3843 or visit www.tucsonhouses4you.com
Julie can help you buy the home of your dreams or help you sell your current home so you can follow your dreams.
From "Realty Times .com" July 18, 2008
Tucson's Active Adult Communities are weathering this volatile market fairly well. Prices have stabilized at pre-boom levels. Homes are selling but with longer market time. Short Sales and Foreclosures are rare in these communities so there is no downward spiral in values based on distressed properties. Buyer's visiting open houses in these communities are ready to buy as soon as their homes in our feeder markets of California, the Northwest, the Midwest, East Coast and Colorado sell. After the long, hard winter sellers in these areas are starting to see their traditional spring market start now. Lower prices and pent up demand is expected to attract buyers this summer which in turn will bring buyers to Tucson.
SaddleBrooke is on track for close to 200 homes sales this year with an average sale price of $409,000. With just 135 homes for sale it's still a Buyer's Market with a lot of great deals to be had.
Sun City Vistoso has seen a significant drop in average sale price from $318,000 in 2006 to $283,000 in 2007 to $274,000 for the first half of 2008. This has resulted in a lot of homes sold this year. With only around 50 homes for sale, Sun City is no longer a Buyer's Market, however, there is still a good selection of homes.
Heritage Highlands has 16 months of inventory and is a Buyer's Market and an average sale price is $310,000.
Vistoso Village is a stable market with only 6 months of inventory and an average sale price of $250,000.
Sunflower is also stable with 7-1/2 months of inventory and an average sale price of $213,000.
This is a wonderful opportunity to make a smart buy in Tucson. Inventory is still high, price reductions have been taken and motivated sellers are ready to negotiate.For seller's aggressive pricing and top notch marketing is the key to successful selling in Tucson. With market stabilization, sellers continue to see a good return on their real estate investment in Tucson.
If you want to know more about Tucson's Active Adult Communities or the Tucson area Real Estate Market, call Julie Nellis, Long Realty, 520-918-3843 or visit www.tucsonhouses4you.com
Julie can help you buy the home of your dreams or help you sell your current home so you can follow your dreams.
FHA Down Payment Grants
AmeriDream ProgramAmeriDream is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don't have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:
*A down payment gift of up to 10% (typically 3%-6%) of the purchase price.
*A true gift-the down payment assistance is not repaid by the home buyer
*Home buyer must have an approved FHA home loan or pre-approved FHA loan.
To participate in the AmeriDream down payment assistance program, buyers should;
*Get pre-approved for an FHA mortgage and start looking for a home.
*Make an offer on the home you want to buy and get a ratified contract.
*Your loan officer applies for the AmeriDream down payment assistance program on your behalf.
*You will receive a "Notice of Gift Approval" from AmeriDream.
*Close the deal on your new home.
The seller must participate in the AmeriDream program, but your loan officer can assist a seller in signing up for the program by showing where and how to apply. For your home buying needs, the loan officer will handle your application for AmeriDream down payment assistance, but may require additional information from you to help fill out the form. AmeriDream is just one of many organizations offering down payment assistance to those with FHA approved home loans. If you have been pre-approved for an FHA mortgage loan but don't meet the income requirements for the AmeriDream program, keep looking. There are several down payment assistance programs with no income requirements or restrictions.
Down payment assistance programs generally require the seller to pay a fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution. http://www.fha.com/program_ameridream.cfm
To see if you qualify for the Ameridream Program, contact Tony Poe with Long Mortgage, 520-918-1651 or e-mail tonyp@longmortgage.com Tony can help you find the right loan program for you.
For more on Tucson Real Estate call Julie Nellis, Long Realty at 520-918-3843 or go to www.tucsonhouses4you.com
Julie can assist you in finding the home of your dreams or help you sell your home so you can follow your dreams.
AmeriDream ProgramAmeriDream is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don't have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:
*A down payment gift of up to 10% (typically 3%-6%) of the purchase price.
*A true gift-the down payment assistance is not repaid by the home buyer
*Home buyer must have an approved FHA home loan or pre-approved FHA loan.
To participate in the AmeriDream down payment assistance program, buyers should;
*Get pre-approved for an FHA mortgage and start looking for a home.
*Make an offer on the home you want to buy and get a ratified contract.
*Your loan officer applies for the AmeriDream down payment assistance program on your behalf.
*You will receive a "Notice of Gift Approval" from AmeriDream.
*Close the deal on your new home.
The seller must participate in the AmeriDream program, but your loan officer can assist a seller in signing up for the program by showing where and how to apply. For your home buying needs, the loan officer will handle your application for AmeriDream down payment assistance, but may require additional information from you to help fill out the form. AmeriDream is just one of many organizations offering down payment assistance to those with FHA approved home loans. If you have been pre-approved for an FHA mortgage loan but don't meet the income requirements for the AmeriDream program, keep looking. There are several down payment assistance programs with no income requirements or restrictions.
Down payment assistance programs generally require the seller to pay a fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution. http://www.fha.com/program_ameridream.cfm
To see if you qualify for the Ameridream Program, contact Tony Poe with Long Mortgage, 520-918-1651 or e-mail tonyp@longmortgage.com Tony can help you find the right loan program for you.
For more on Tucson Real Estate call Julie Nellis, Long Realty at 520-918-3843 or go to www.tucsonhouses4you.com
Julie can assist you in finding the home of your dreams or help you sell your home so you can follow your dreams.
KEY MARKET INDICATORS FOR TUCSON REAL ESTATE
DAYS OF INVENTORY
DOI dropped yet again and as of June 2008 stands at 236 days or slightly under 8 months of available product. This represents a 8% decline from the prior month and within 11% of 212 DOI in June 2007.
The downward trend in DOI continues, each month a step closer to a balanced market. In some localized areas of Tucson DOI is a low as 3 months, so it is possible that in some market segments a bottom may have already been reached. In fact median pricing has held relatively steady in Tucson in 2008 – an important sign to potential stabilization.
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions 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.
ACTIVE INVENTORY LEVELS
Active inventory levels in the Tucson MLS continue to trend lower. June 2008 saw 8,140 residential properties available. This represents a 6% decline from June 2007 and a 5% decline from May 2008.
Closings in June 2008 were at 1,034, up slightly from the prior month and 16% lower than June 2007.
This is the fifth month in a row Tucson has seen a reduction in active inventory along with an
increase in closings. There are some well priced properties on the market, and buyers would serve themselves well to work with a professional real estate agent who is knowledgeable in the local market to navigate to the best opportunities. Market conditions can vary greatly by geographic area and price – real estate is in fact very localized.
For more on the Tucson Real Estate Market, call Julie Nellis, Long Realty, 520-990-8477 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home to follow your dreams.
DOI dropped yet again and as of June 2008 stands at 236 days or slightly under 8 months of available product. This represents a 8% decline from the prior month and within 11% of 212 DOI in June 2007.
The downward trend in DOI continues, each month a step closer to a balanced market. In some localized areas of Tucson DOI is a low as 3 months, so it is possible that in some market segments a bottom may have already been reached. In fact median pricing has held relatively steady in Tucson in 2008 – an important sign to potential stabilization.
Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions 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.
ACTIVE INVENTORY LEVELS
Active inventory levels in the Tucson MLS continue to trend lower. June 2008 saw 8,140 residential properties available. This represents a 6% decline from June 2007 and a 5% decline from May 2008.
Closings in June 2008 were at 1,034, up slightly from the prior month and 16% lower than June 2007.
This is the fifth month in a row Tucson has seen a reduction in active inventory along with an
increase in closings. There are some well priced properties on the market, and buyers would serve themselves well to work with a professional real estate agent who is knowledgeable in the local market to navigate to the best opportunities. Market conditions can vary greatly by geographic area and price – real estate is in fact very localized.
For more on the Tucson Real Estate Market, call Julie Nellis, Long Realty, 520-990-8477 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home to follow your dreams.
June 2008 Tucson Housing Report
Market Continues Towards Stabilization As we approach the second half of 2008 we continue to see market improvement. We see the total unit sales continue to rise for the sixth consecutive month while the active listings continue to decrease. Home sales volume as well as average
sales price is still on the rise.
We also see improvements quarter over quarter with increases in sales volume and reduction in average sales price, which continues to reflect a buyers market.
Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of REALTORS®.
With interest rates staying under 6.5% it is a great time to buy a home in Tucson.
New Listings-June 2008- 2,095 2007-2,820 May 2008-2,282 2007-2,960
Median Sales Price-June 2008-$200,000 2007-$225,000 May 2008-$201,000 2007-$223,000
Average Sales Price-June 2008-$257,449 2007-$293,443 May 2008-$250,803 2007-$278,619
Pending Contracts-June 2008-951 2007-2,053 May 2008-1,485 2007-1,191
Active Listings-June 2008-8,140 2007-8,665 May 2008-8,527 2007-9,721
Active/Sold by Zip Code
85614 342/33 85715 164/20 85742 306/33
85701 40/3 85716 181/41 85743 350/40
85704 238/34 85718 423/51 85745 322/28
85705 208/26 85719 220/32 85746 322/33
85706 431/49 85730 208/42 85747 184/48
85710 284/54 85735 107/8 85748 144/26
85711 205/37 85736 62/2 85749 215/11
85712 210/38 85737 311/42 85750 350/46
85713 309/28 85739 257/32 85755 298/22
85714 56/3 85741 184/22 85757 139/20
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-918-3843 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home so you can follow your dreams.
sales price is still on the rise.
We also see improvements quarter over quarter with increases in sales volume and reduction in average sales price, which continues to reflect a buyers market.
Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of REALTORS®.
With interest rates staying under 6.5% it is a great time to buy a home in Tucson.
New Listings-June 2008- 2,095 2007-2,820 May 2008-2,282 2007-2,960
Median Sales Price-June 2008-$200,000 2007-$225,000 May 2008-$201,000 2007-$223,000
Average Sales Price-June 2008-$257,449 2007-$293,443 May 2008-$250,803 2007-$278,619
Pending Contracts-June 2008-951 2007-2,053 May 2008-1,485 2007-1,191
Active Listings-June 2008-8,140 2007-8,665 May 2008-8,527 2007-9,721
Active/Sold by Zip Code
85614 342/33 85715 164/20 85742 306/33
85701 40/3 85716 181/41 85743 350/40
85704 238/34 85718 423/51 85745 322/28
85705 208/26 85719 220/32 85746 322/33
85706 431/49 85730 208/42 85747 184/48
85710 284/54 85735 107/8 85748 144/26
85711 205/37 85736 62/2 85749 215/11
85712 210/38 85737 311/42 85750 350/46
85713 309/28 85739 257/32 85755 298/22
85714 56/3 85741 184/22 85757 139/20
For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-918-3843 or visit her website at www.tucsonhouses4you.com
Julie Nellis can help you find the home of your dreams or sell your current home so you can follow your dreams.
Friday, June 13, 2008
Westside Gated Community Family Home
3551 N. BANNER MINE DR.Range Priced $295,000-$340,000
MLS#20821528
4 Bedroom 3 Bath 2904 sq. ft. Built 2000
3 Car Garage Formal Living Room Formal Dinind Area
Family Room Breakfast area Breakfast Bar Pantry
Game Room Covered Patio Pool Gated Community
Home Backs Up To Green Belt Area
Sellers will accept or counter offers between $295,000-$340,000
For more information and pictures, visit:
or
Call Julie Nellis for all your Tucson Real Estate needs, 520-918-3843
or visit www.tucsonhouses4you.com
May 2008 Tucson Housing Report
For the third month in a row, we have seen an increase in unit sales and we surpassed 1000 units in May.
With May behind us, our local numbers continue to support the direction of a recovering market. Home Sales Volume increased 4.12% over April 2008, Home Sales Units increased 5.34% over April 2008, New Listings decreased 6.51% and Active Listings decreased 3.19%.
Thanks to the restructuring of the government loans many of today's buyers and sellers are reaping the benefits.
While the average days on market are steady at 77 days the ratio between the list price and sales price averages at 95.34%. We hope to see the recovery process continue.
Home Sales Volume
Decreased 34.93% from $395,081,716 in May 2007 to
$257,072,764 in May 2008.
Home Sales Units
Decreased 27.71% from 1,418 in May 2007 to 1,025 in
May 2008.
Average Sales Price (all residential types)
Decreased 9.98% from $278,619 in May 2007 to
$250,803 in May 2008.
Median Sales Price
Decreased by 9.86% from $223,000 in May 2007 to
$201,000 in May 2008.
Pending Contracts (not yet closed in escrow)
Increased 24.68% from 1,191 in May 2007 to 1,485 in
May 2008.
Active Listings
Decreased 12.28% from 9,721 in May 2007 to 8,527 in
May 2008.
New Listings
Decreased 22.9% from 2,960 in May 2007 to 2,282 in 2008.
Call Julie Nellis, Long Realty, for all your Tucson Real Estate needs. 520-918-3843 or visit www.tucsonhouses4you.com
With May behind us, our local numbers continue to support the direction of a recovering market. Home Sales Volume increased 4.12% over April 2008, Home Sales Units increased 5.34% over April 2008, New Listings decreased 6.51% and Active Listings decreased 3.19%.
Thanks to the restructuring of the government loans many of today's buyers and sellers are reaping the benefits.
While the average days on market are steady at 77 days the ratio between the list price and sales price averages at 95.34%. We hope to see the recovery process continue.
Home Sales Volume
Decreased 34.93% from $395,081,716 in May 2007 to
$257,072,764 in May 2008.
Home Sales Units
Decreased 27.71% from 1,418 in May 2007 to 1,025 in
May 2008.
Average Sales Price (all residential types)
Decreased 9.98% from $278,619 in May 2007 to
$250,803 in May 2008.
Median Sales Price
Decreased by 9.86% from $223,000 in May 2007 to
$201,000 in May 2008.
Pending Contracts (not yet closed in escrow)
Increased 24.68% from 1,191 in May 2007 to 1,485 in
May 2008.
Active Listings
Decreased 12.28% from 9,721 in May 2007 to 8,527 in
May 2008.
New Listings
Decreased 22.9% from 2,960 in May 2007 to 2,282 in 2008.
Call Julie Nellis, Long Realty, for all your Tucson Real Estate needs. 520-918-3843 or visit www.tucsonhouses4you.com
Monday, June 2, 2008
Tucson Market Report April 2008
With the first quarter of 2008 behind us, our industry is continuing to show small signs of recovery. No one is denying that the market is certainly not where it was in 2007; although the quarterly statistics for 2008 show a slight but steady increase month over month.
According to NAR research, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market.
An economic impact study conducted by NAR earlier this year estimated that increasing the GSEs' conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
Some of the factors to look for in a recovering market are active listings, new listings and pending contracts. With an increase of 27.11% in pending contracts over 2007, a decrease in active listings by 15.20% over 2007 and a decrease in new listings by 20.87% it would appear that Tucson is headed in the right direction.
Home Sales Volume
Decreased 32.76% from $367,164,710 in April 2007 to
$246,878,039 in April 2008.
Home Sales Units
Decreased 26.17% from 1,318 in April 2007 to 973 in
April 2008.
Average Sales Price (all residential types)
Decreased 8.91% from $278,577 in April 2007 to
$253,729 in April 2008.
Median Sales Price
Decreased by 13.30% from $224,921 in April 2007 to
$195,000 in April 2008.
Pending Contracts (not yet closed in escrow)
Increased 27.11% from 1,217 in April 2007 to 1,547 in
April 2008.
Active Listings
Decreased 15.20% from 10,387 in April 2007 to 8,808
in April 2008.
New Listings
Decreased 20.87% from 3,085 in April 2007 to 2,441 in
April 2008.
According to NAR research, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market.
An economic impact study conducted by NAR earlier this year estimated that increasing the GSEs' conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
Some of the factors to look for in a recovering market are active listings, new listings and pending contracts. With an increase of 27.11% in pending contracts over 2007, a decrease in active listings by 15.20% over 2007 and a decrease in new listings by 20.87% it would appear that Tucson is headed in the right direction.
Home Sales Volume
Decreased 32.76% from $367,164,710 in April 2007 to
$246,878,039 in April 2008.
Home Sales Units
Decreased 26.17% from 1,318 in April 2007 to 973 in
April 2008.
Average Sales Price (all residential types)
Decreased 8.91% from $278,577 in April 2007 to
$253,729 in April 2008.
Median Sales Price
Decreased by 13.30% from $224,921 in April 2007 to
$195,000 in April 2008.
Pending Contracts (not yet closed in escrow)
Increased 27.11% from 1,217 in April 2007 to 1,547 in
April 2008.
Active Listings
Decreased 15.20% from 10,387 in April 2007 to 8,808
in April 2008.
New Listings
Decreased 20.87% from 3,085 in April 2007 to 2,441 in
April 2008.
FANNIE MAE NEW POLICY
Fannie Mae Announces Single National Down Payment Policy;
Replaces Policy Regarding Markets Where Home Prices are Declining
WASHINGTON, DC – Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.
“As another part of our ‘Keys to Recovery™’ initiative, we are today announcing that we will be equalizing the down payment requirements for borrowers in all parts of the country, regardless of local market conditions,” Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management, said. “This new down payment policy reinforces our goal to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover.”
The new national down payment requirements of 3 or 5 percent will apply to loans for purchase of single-family, primary residences. Down payment requirements will vary for other occupancy, property and transaction types. The company will implement systems and operational changes over the summer to accommodate the new national policy.
“We are able to adopt this new, national down payment requirement, even in markets where home prices are declining, because our new automated underwriting risk assessment model DU Version 7.0 will limit risk layering and assess each loan more precisely,” Sullivan added. “At the same time, we believe that equity matters, especially in this market. Down payments are a critical success factor in homeownership – and responsible lending is good business.”
Since the housing correction began, Fannie Mae has expanded its mortgage guaranty business to serve the market’s urgent need for stability, liquidity and affordability. The company also undertook steps to help protect borrowers, manage the increased credit risk in the market, and fortify the company’s capital position. Among these steps, the company has continued to assess and establish new pricing, eligibility and underwriting criteria for its business that more accurately reflect the current risks in the housing market and guard against the potential for foreclosure. These changes have been incorporated into DU and have included adjustments to credit risk assessment, loan-to-value ratios and down payment requirements, among other factors.
Among the changes in response to market conditions, in December 2007 Fannie Mae adopted a “Maximum Financing in Declining Markets Policy” that restricted the loan-to-value ratios on properties in markets where home prices are declining, essentially requiring higher down payments in these markets. The new single national down payment policy announced today will supersede that policy.
Fannie Mae Senior Vice President Jeff Hayward stressed the company’s commitment to special affordable lending programs to support homeownership for families of modest means. “We are stepping up to provide more liquidity and affordability to some of the most distressed communities while also seeking at least a 3 percent down payment investment through our Desktop Underwriter system from borrowers to help ensure their success.”
Fannie Mae will continue to provide support for homebuyers that need down payment assistance, and will continue to allow loans with Community Seconds® up to a maximum 105 percent combined loan-to-value ratio. Community Seconds allow a borrower to obtain a second-lien mortgage to help cover down payment and closing costs, with funding typically provided by a state or local housing agency; an employer; or a nonprofit organization. Fannie Mae also offers MyCommunityMortgage® and Flex mortgage products, which permit down payment assistance programs in the form of gifts and grants.
“We recognize that down payment assistance programs remain a viable tool for borrowers who can afford a mortgage long term, but might need a little help getting started,” Sullivan said.
As part of its “Keys to Recovery” initiative, Fannie Mae is expanding its partnership with the National Council of State Housing Agencies. The company will provide up to $10 billion in financing to help Housing Finance Authorities (HFA) serve first-time homebuyers of modest means. In some cases, Fannie Mae will purchase HFA mortgages that have greater than 97 percent loan-to-value ratios.
The first “Keys to Recovery” initiative that Fannie Mae announced on May 6, 2008 also includes: streamlined refinancing for Fannie Mae borrowers whose mortgage balances exceed the value of their homes; improved pricing for jumbo-conforming mortgages to help borrowers in high-cost areas; and a neighborhood stabilization initiative with the Center for Community Self-Help for targeted areas with high home foreclosures.
Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. In 2008, we mark our 70th year of service to America’s housing market. Our job is to help those who house America.
Key to Recovery is trade marked, and Desktop Underwriter, DU, Community Seconds and MyCommunityMortgage are registered marks of Fannie Mae. Unauthorized use of these marks is prohibited
Contact Julie Nellis, Long Realty, for assistance with the Tucson, Arizona Real Estate Market.
www.tucsonhouses4you.com
Replaces Policy Regarding Markets Where Home Prices are Declining
WASHINGTON, DC – Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.
“As another part of our ‘Keys to Recovery™’ initiative, we are today announcing that we will be equalizing the down payment requirements for borrowers in all parts of the country, regardless of local market conditions,” Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management, said. “This new down payment policy reinforces our goal to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover.”
The new national down payment requirements of 3 or 5 percent will apply to loans for purchase of single-family, primary residences. Down payment requirements will vary for other occupancy, property and transaction types. The company will implement systems and operational changes over the summer to accommodate the new national policy.
“We are able to adopt this new, national down payment requirement, even in markets where home prices are declining, because our new automated underwriting risk assessment model DU Version 7.0 will limit risk layering and assess each loan more precisely,” Sullivan added. “At the same time, we believe that equity matters, especially in this market. Down payments are a critical success factor in homeownership – and responsible lending is good business.”
Since the housing correction began, Fannie Mae has expanded its mortgage guaranty business to serve the market’s urgent need for stability, liquidity and affordability. The company also undertook steps to help protect borrowers, manage the increased credit risk in the market, and fortify the company’s capital position. Among these steps, the company has continued to assess and establish new pricing, eligibility and underwriting criteria for its business that more accurately reflect the current risks in the housing market and guard against the potential for foreclosure. These changes have been incorporated into DU and have included adjustments to credit risk assessment, loan-to-value ratios and down payment requirements, among other factors.
Among the changes in response to market conditions, in December 2007 Fannie Mae adopted a “Maximum Financing in Declining Markets Policy” that restricted the loan-to-value ratios on properties in markets where home prices are declining, essentially requiring higher down payments in these markets. The new single national down payment policy announced today will supersede that policy.
Fannie Mae Senior Vice President Jeff Hayward stressed the company’s commitment to special affordable lending programs to support homeownership for families of modest means. “We are stepping up to provide more liquidity and affordability to some of the most distressed communities while also seeking at least a 3 percent down payment investment through our Desktop Underwriter system from borrowers to help ensure their success.”
Fannie Mae will continue to provide support for homebuyers that need down payment assistance, and will continue to allow loans with Community Seconds® up to a maximum 105 percent combined loan-to-value ratio. Community Seconds allow a borrower to obtain a second-lien mortgage to help cover down payment and closing costs, with funding typically provided by a state or local housing agency; an employer; or a nonprofit organization. Fannie Mae also offers MyCommunityMortgage® and Flex mortgage products, which permit down payment assistance programs in the form of gifts and grants.
“We recognize that down payment assistance programs remain a viable tool for borrowers who can afford a mortgage long term, but might need a little help getting started,” Sullivan said.
As part of its “Keys to Recovery” initiative, Fannie Mae is expanding its partnership with the National Council of State Housing Agencies. The company will provide up to $10 billion in financing to help Housing Finance Authorities (HFA) serve first-time homebuyers of modest means. In some cases, Fannie Mae will purchase HFA mortgages that have greater than 97 percent loan-to-value ratios.
The first “Keys to Recovery” initiative that Fannie Mae announced on May 6, 2008 also includes: streamlined refinancing for Fannie Mae borrowers whose mortgage balances exceed the value of their homes; improved pricing for jumbo-conforming mortgages to help borrowers in high-cost areas; and a neighborhood stabilization initiative with the Center for Community Self-Help for targeted areas with high home foreclosures.
Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. In 2008, we mark our 70th year of service to America’s housing market. Our job is to help those who house America.
Key to Recovery is trade marked, and Desktop Underwriter, DU, Community Seconds and MyCommunityMortgage are registered marks of Fannie Mae. Unauthorized use of these marks is prohibited
Contact Julie Nellis, Long Realty, for assistance with the Tucson, Arizona Real Estate Market.
www.tucsonhouses4you.com
Monday, April 14, 2008
March 2008 Tucson Real Estate Report
Spring is here and we are all reminded why we live in the Southwest! March has fallen right in line with the annual trend when we usually start to see things pick up. The Sales Snapshot continues to show that our market is down from 2007 and while that is not new news, on a high note, the statistics from February 2008 to March 2008 show that we are in a recovery phase. This is the information that is going to show us where our market conditions are currently.
Home Sales Volume: Increased 25.29% 2/08 $186,129,758 3/08 $233,207,940
Average Sales Price: Decreased 1.15% 2/08 $262,155 3/08 $259,120
Pending Contracts: Increased 30.67% 2/08 1,079 3/08 1,410
Active Listings: Decreased 1.59% 2/08 9,168 3/08 9,022
New Listings: Increased 0.49% 2/08 2,432 3/08 2,444
Home Sales Units: Increased: 26.76% 2/08 710 3/08 900
Median Sales Price: Increased 0.05% 2/08 $199,900 3/08 $200,000
Home Sales Volume Decreased 35.64% from $362,397,582 in March 2007 to $233,207,940 in March 2008.Home Sales Units Decreased 32.78% from 1,339 in March 2007 to 900 in March 2008.
Average Sales Price (all residential types) Decreased 4.25% from $270,648 in March 2007 to $259,120 in March 2008.
Median Sales Price Decreased by 9.42% from $220,815 in March 2007 to $200,000 in March 2008.
Pending Contracts (not yet closed in escrow) Increased 18.28% from 1,192 in March 2007 to 1,410 inMarch 2008.
Active Listings Decreased 11.41% from 10,185 in March 2007 to 9,022 in March 2008.
New Listings Decreased 9.81% from 2,710 in March 2007 to 2,444 in March 2008.
As you can see, our market is starting to turn the corner in a small but positive way.2008 IS the time to buy a home!
Home Sales Volume: Increased 25.29% 2/08 $186,129,758 3/08 $233,207,940
Average Sales Price: Decreased 1.15% 2/08 $262,155 3/08 $259,120
Pending Contracts: Increased 30.67% 2/08 1,079 3/08 1,410
Active Listings: Decreased 1.59% 2/08 9,168 3/08 9,022
New Listings: Increased 0.49% 2/08 2,432 3/08 2,444
Home Sales Units: Increased: 26.76% 2/08 710 3/08 900
Median Sales Price: Increased 0.05% 2/08 $199,900 3/08 $200,000
Home Sales Volume Decreased 35.64% from $362,397,582 in March 2007 to $233,207,940 in March 2008.Home Sales Units Decreased 32.78% from 1,339 in March 2007 to 900 in March 2008.
Average Sales Price (all residential types) Decreased 4.25% from $270,648 in March 2007 to $259,120 in March 2008.
Median Sales Price Decreased by 9.42% from $220,815 in March 2007 to $200,000 in March 2008.
Pending Contracts (not yet closed in escrow) Increased 18.28% from 1,192 in March 2007 to 1,410 inMarch 2008.
Active Listings Decreased 11.41% from 10,185 in March 2007 to 9,022 in March 2008.
New Listings Decreased 9.81% from 2,710 in March 2007 to 2,444 in March 2008.
As you can see, our market is starting to turn the corner in a small but positive way.2008 IS the time to buy a home!
Wednesday, April 9, 2008
Eastside Townhouse For Sale
9257 E. DESERT SANDS LANE(Harrison/Broadway)
MLS#20812356
*2 Bedroom *2 Bath *1450 sq. ft. *2 Car Garage *Built 1974 *Community Pool
*Fireplace *Updated Kitchen *Updated Baths *Dual Pane Windows *New Water Heater
*Formal Dining *Screened-in Back Patio *Carpet and Wood Flooring *Oak Cabinets
For more information call Julie Nellis, Long Realty, 520-918-3843 or visit her website at www.tucsonhouses4you.com
FHA Loan Update
Great News! The new FHA top loan amount for a 1 Unit property is $316,250 starting March 17th, 2008.
The seller can pay up to 6% of Closing Costs and Prepaid items, but no more than the actually Closing Costs and Pre-paids on the HUD. Also, the Ameridream and Nehemiah programs are still available for down payment assistance to the buyer. The Ameridream and Nehemiah programs allow for the seller to contribute 3% to the buyer for their down payment.
If the seller will agree to the Ameridream/Nehemiah program and be willing to pay the buyer's closing costs and pre-paid items, then the buyer could potential close on the property with ZERO dollars out of their pockets
The seller can pay up to 6% of Closing Costs and Prepaid items, but no more than the actually Closing Costs and Pre-paids on the HUD. Also, the Ameridream and Nehemiah programs are still available for down payment assistance to the buyer. The Ameridream and Nehemiah programs allow for the seller to contribute 3% to the buyer for their down payment.
If the seller will agree to the Ameridream/Nehemiah program and be willing to pay the buyer's closing costs and pre-paid items, then the buyer could potential close on the property with ZERO dollars out of their pockets
February 2008 Housing Report
The 2008 Southern Arizona Real Estate market is slowly improving! Remember that Real Estate is local and we have excellent news from HUD that the limits for an FHA loan in Pima County have been raised from $239,850 to $316,250 on a 1 unit single family residence with a 3% down payment. This is a better increase than we anticipated and with 6,534 homes currently on the market priced under $327,000 this will open up a new level of opportunity for buyers and sellers.
Even though home sales volume and unit sales are down from February '07 the numbers are up from January '08 by +17.60% for Home Sales Volume and +19.52% for Home Sale Units. The average sales price for a home increased +1.01% over February '07 from $259,516 to $262,155 in February '08. The median sales price has decreased from February '07 from $219,500 to $199,900 for February '08. This is slightly down from January '08 which was $205,450.
Pending contracts increased to 1,317 February '08 an increase of 20.38% over the February '07 count of 1,094. Our active listings decreased 6.89% from 9,847 in '07 to 9,168 in '08. Active listing numbers are ironically the same as January 2008 at 9,168 but differ in price range categories. New listings in '08 increased from 2,376 in '07 to 2,432 in '08, an increase of 2.35%
February has started to pave the way for a positive 2008. We can look forward to spring and all of the new opportunities that have become available with the new limits for FHA financing.
Even though home sales volume and unit sales are down from February '07 the numbers are up from January '08 by +17.60% for Home Sales Volume and +19.52% for Home Sale Units. The average sales price for a home increased +1.01% over February '07 from $259,516 to $262,155 in February '08. The median sales price has decreased from February '07 from $219,500 to $199,900 for February '08. This is slightly down from January '08 which was $205,450.
Pending contracts increased to 1,317 February '08 an increase of 20.38% over the February '07 count of 1,094. Our active listings decreased 6.89% from 9,847 in '07 to 9,168 in '08. Active listing numbers are ironically the same as January 2008 at 9,168 but differ in price range categories. New listings in '08 increased from 2,376 in '07 to 2,432 in '08, an increase of 2.35%
February has started to pave the way for a positive 2008. We can look forward to spring and all of the new opportunities that have become available with the new limits for FHA financing.
Update on the Marana FEMA issue
The following is a letter from the Marana Mayor, Ed Honea, in regards to the FEMA flood zoning of the Marana area.
March 19, 2008
Dear Marana Resident:
It won't be long before the Town of Marana has a better idea of where it stands with FEMA. It's a decision that will affect thousands of residents.
Late last summer, FEMA tried to unilaterally place much of Northwest Marana in the floodplain without detailed study. Town management, council and personnel took objection and began a process that caused FEMA to reverse course and withdraw its proposed maps, allowing the Town the time to perform a study.
The most important part of the decision process soon will be in place. Earlier this year, the Town contracted with CMG Drainage to perform a large scale drainage study of the areas affected by the FEMA remapping and their associated watersheds, mainly the Tortolita Mountains. That area is where FEMA contends that flood waters will originate and run through Northwest Marana.
A preliminary analysis of the true floodplains is scheduled to be submitted to the Town, Pima County Flood Control District and Pinal County Flood Control District in may for review. Once the local jurisdictions agree on the analysis, it will be forwarded to FEMA headquarters in June.
All of this is taking place because FEMA has spent the past three years redefining what should be considered a levee. The tragedy of Hurricane Katrina in 2005 added impetus tot he project. FEMA has been reluctant to consider the Central Arizona Project canals, Union Pacific Railroad tracks and the Interstate 10 as providing flood protection. That's why their proposed mapping places much of Northwest Marana-mostly west of I-10 in the floodplain.
We believe the study will show that most of the potentially affected area is not prone to sheet flooding off the mountains because these levee-like structures do provide protection. In recent weeks, FEMA has seemed to be more willing to work with us on this issue, mostly thanks to Congresswoman Gabrielle Giffords' and Senator Jon Kyl's involvement.
I hope to tell you later this year that everything has worked in our favor and that the drainage study has proven that FEMA's assumption, which were made without proper study, were wrong. It will be a few months before anything is official, but we are moving toward a resolution.
--Marana Mayor Ed Honea
March 19, 2008
Dear Marana Resident:
It won't be long before the Town of Marana has a better idea of where it stands with FEMA. It's a decision that will affect thousands of residents.
Late last summer, FEMA tried to unilaterally place much of Northwest Marana in the floodplain without detailed study. Town management, council and personnel took objection and began a process that caused FEMA to reverse course and withdraw its proposed maps, allowing the Town the time to perform a study.
The most important part of the decision process soon will be in place. Earlier this year, the Town contracted with CMG Drainage to perform a large scale drainage study of the areas affected by the FEMA remapping and their associated watersheds, mainly the Tortolita Mountains. That area is where FEMA contends that flood waters will originate and run through Northwest Marana.
A preliminary analysis of the true floodplains is scheduled to be submitted to the Town, Pima County Flood Control District and Pinal County Flood Control District in may for review. Once the local jurisdictions agree on the analysis, it will be forwarded to FEMA headquarters in June.
All of this is taking place because FEMA has spent the past three years redefining what should be considered a levee. The tragedy of Hurricane Katrina in 2005 added impetus tot he project. FEMA has been reluctant to consider the Central Arizona Project canals, Union Pacific Railroad tracks and the Interstate 10 as providing flood protection. That's why their proposed mapping places much of Northwest Marana-mostly west of I-10 in the floodplain.
We believe the study will show that most of the potentially affected area is not prone to sheet flooding off the mountains because these levee-like structures do provide protection. In recent weeks, FEMA has seemed to be more willing to work with us on this issue, mostly thanks to Congresswoman Gabrielle Giffords' and Senator Jon Kyl's involvement.
I hope to tell you later this year that everything has worked in our favor and that the drainage study has proven that FEMA's assumption, which were made without proper study, were wrong. It will be a few months before anything is official, but we are moving toward a resolution.
--Marana Mayor Ed Honea
January 2008 Housing Report
The Real Estate market in Southern Arizona has an interesting year ahead in 2008! As the markets begin to wake up from the holiday hibernation, there is nothing but better news for the months ahead.
Although both home sales volume and unit sales numbers were below what they were in January of 2007, the average sales price for a home decreased only 2.17% from $272,351 in January '07 to $266,450 in January '08. The median sales price decreased 7.65 from $220,365 in January '07 to $203,500 in January '08.
Pending contracts increased to 1,079 in January '08, an increase of 25.03% over the January '07 count of 863. Our active listings decreased by 5.89% from 9,742 on '07 to 9,168 on '08. New listings in '08 increased from 3,499 on '07 to 3,744 in '08, an increase of 7.00%
January has typically been one of the slower months in the Tucson real estate market, but in following sales trends of the past, the market should pick up in early spring.
With 2007 behind us we can look forward to all of the opportunities in our industry for 2008! Tucson and its surrounding communities are continuing to grow and prosper due to all of the amazing amenities that Southern Arizona has to offer new home owners from all around the country. Affordable housing, low interest rates and government backed financing will assist in the upswing in the real estate market for 2008! It is time to spread the word!
Although both home sales volume and unit sales numbers were below what they were in January of 2007, the average sales price for a home decreased only 2.17% from $272,351 in January '07 to $266,450 in January '08. The median sales price decreased 7.65 from $220,365 in January '07 to $203,500 in January '08.
Pending contracts increased to 1,079 in January '08, an increase of 25.03% over the January '07 count of 863. Our active listings decreased by 5.89% from 9,742 on '07 to 9,168 on '08. New listings in '08 increased from 3,499 on '07 to 3,744 in '08, an increase of 7.00%
January has typically been one of the slower months in the Tucson real estate market, but in following sales trends of the past, the market should pick up in early spring.
With 2007 behind us we can look forward to all of the opportunities in our industry for 2008! Tucson and its surrounding communities are continuing to grow and prosper due to all of the amazing amenities that Southern Arizona has to offer new home owners from all around the country. Affordable housing, low interest rates and government backed financing will assist in the upswing in the real estate market for 2008! It is time to spread the word!
Do Open Houses Sell Houses?
by Binyamin Appelbaum March 26, 2008 04:03 PM
'Tis the season for open houses. But what if open houses are a waste of time?
I think many sellers see an open house as a sign that their real estate agent is trying. So they want an open house, or two, or three. The irony is that many real estate agents say they mostly hold open houses to convince the seller that they are trying. It seems to be fairly common wisdom in the real estate industry that open houses don't sell houses. The rule: Serious shoppers make appointments.
There's another thing sellers should know: Agents aren't just agreeing to hold open houses as a form of appeasement. An open house is a wonderful place to find new clients -- people looking for a new home, and those thinking about selling.
This is not necessarily good for you, the seller. Imagine a potential buyer walks into your kitchen. They want to buy a home, but they're not sure this is the right one. 'No problem!' says the agent. 'I've got another five homes similar to this one. Maybe you'll like one of those better.'
An extreme example of this is an agent in Phoenix who posted on a discussion site that he likes to hold open houses in empty homes where he hangs on the walls pictures of other houses that he's trying to sell. If you owned that home, how angry would that make you?
Or take the following blog post by entitled, "Is it stupid to hold an open house?"
There are just two valid reasons for an agent to hold an open house and neither of them has much to do with selling the house being held open. Reason 1: find stray (motivated) buyers (those that do not have an agent) and become their agent. Reason 2: meet neighbors who will later want to sell their home.
For buyers, I think the advantage is it lets you see houses on your maybe list without having to make an appointment. Sometimes someone buys something. But not very often.
'Tis the season for open houses. But what if open houses are a waste of time?
I think many sellers see an open house as a sign that their real estate agent is trying. So they want an open house, or two, or three. The irony is that many real estate agents say they mostly hold open houses to convince the seller that they are trying. It seems to be fairly common wisdom in the real estate industry that open houses don't sell houses. The rule: Serious shoppers make appointments.
There's another thing sellers should know: Agents aren't just agreeing to hold open houses as a form of appeasement. An open house is a wonderful place to find new clients -- people looking for a new home, and those thinking about selling.
This is not necessarily good for you, the seller. Imagine a potential buyer walks into your kitchen. They want to buy a home, but they're not sure this is the right one. 'No problem!' says the agent. 'I've got another five homes similar to this one. Maybe you'll like one of those better.'
An extreme example of this is an agent in Phoenix who posted on a discussion site that he likes to hold open houses in empty homes where he hangs on the walls pictures of other houses that he's trying to sell. If you owned that home, how angry would that make you?
Or take the following blog post by entitled, "Is it stupid to hold an open house?"
There are just two valid reasons for an agent to hold an open house and neither of them has much to do with selling the house being held open. Reason 1: find stray (motivated) buyers (those that do not have an agent) and become their agent. Reason 2: meet neighbors who will later want to sell their home.
For buyers, I think the advantage is it lets you see houses on your maybe list without having to make an appointment. Sometimes someone buys something. But not very often.
Thursday, January 17, 2008
December 2007 Housing Report
Tucson's stabilized Real Estate Market continues....According to the Tucson Association of Realtors Multiple Listing Service December 2007 Housing Report. Considering seasonality and comparing December '07 with the same month '06, we see a consistent improvement in the number of New Contracts opening escrow (799 Nov. '07) which, when coupled with fewer new listings coming on the market, creates a shrinking listing inventory of 8708 residential units. In fact the 1590 new listings entering the market was the lowest number since early 2005.
At the Tucson Association of Realtors' Annual Forecasting Summit on 1/15/08, Dr Lawrence Yun, national Association of Realtors Chief Economist shared his predictions for the 2008 Tucson Real Estate Market, which included;
Most declines have already happened; Any further declines will be neighborhood specific and minor; the Buyer pool is growing with a pent-up demand, including the Baby Boomers, the retirees, and the international buyer; Tucson benefits from being a "Work Class Recreational" region commanding a high premium; a job growth rate that should support home price appreciation. Other comments from the Leader's Panel on "what makes Tucson's market different" included;
High population and job growth, income growth; Relatively low cost of living; Lower than nation unemployment rate, Availability of mortgage loans including FHA loans; Almost 4500 residential homes available under $250,000; A declining new construction inventory/ starts; A foreclosure rate on "non sub prime' mortgages lower than the national average. Yes, we still have very affordable housing when compared to other western cities.
There is no better time to buy a home than in 2008!
Home Sales Volume: Decreased 30.79% from $256,382,100 in December 2006 to $177,453,788 in December 2007.
Home Sales Units: Decreased 30.48% from 981 in December 2006 to 682 in December 2007.
Average Sales Price (all residential types): Decreased .4% from $261,348 in December 2006 to $260,196 in December 2007.
Pending Contracts (transactions subject to contract buy not yet closed escrow): Increased 17.84% from 678 in December 2006 to 799 in December 2007.
Active Listings: Increased 2.23% from 8,518 in December 2006 to 8,708 in December 2007.
New Listings; Decreased 11.17% from 1,790 in December 2006 to 1,590 in December 2007.
At the Tucson Association of Realtors' Annual Forecasting Summit on 1/15/08, Dr Lawrence Yun, national Association of Realtors Chief Economist shared his predictions for the 2008 Tucson Real Estate Market, which included;
Most declines have already happened; Any further declines will be neighborhood specific and minor; the Buyer pool is growing with a pent-up demand, including the Baby Boomers, the retirees, and the international buyer; Tucson benefits from being a "Work Class Recreational" region commanding a high premium; a job growth rate that should support home price appreciation. Other comments from the Leader's Panel on "what makes Tucson's market different" included;
High population and job growth, income growth; Relatively low cost of living; Lower than nation unemployment rate, Availability of mortgage loans including FHA loans; Almost 4500 residential homes available under $250,000; A declining new construction inventory/ starts; A foreclosure rate on "non sub prime' mortgages lower than the national average. Yes, we still have very affordable housing when compared to other western cities.
There is no better time to buy a home than in 2008!
Home Sales Volume: Decreased 30.79% from $256,382,100 in December 2006 to $177,453,788 in December 2007.
Home Sales Units: Decreased 30.48% from 981 in December 2006 to 682 in December 2007.
Average Sales Price (all residential types): Decreased .4% from $261,348 in December 2006 to $260,196 in December 2007.
Pending Contracts (transactions subject to contract buy not yet closed escrow): Increased 17.84% from 678 in December 2006 to 799 in December 2007.
Active Listings: Increased 2.23% from 8,518 in December 2006 to 8,708 in December 2007.
New Listings; Decreased 11.17% from 1,790 in December 2006 to 1,590 in December 2007.
Saturday, January 5, 2008
November 2007 Residential Housing Report
The Real Estate market is local....and the Tucson Association of Realtors November 2007 housing report's indicators show a stable market continues when comparing November '07 to November '06.
For the sixth consecutive month new contracts opening escrow, listing inventory and new listings coming on the market all supported the positive trend when compared to November 2006;
The 910 new contracts opening escrow compare with 891 in November 2006.
The active listing inventory of 9234 is slightly fewer than the 9238 in November of 2006.
New Listings coming on the market of 2224 were also fewer than the 2380 in November 2006.
The National Association of Realtors has projected that the existing-home sales will trend up in 2008, with this same trend that we see in Tucson, being seen less dramatically in other cities. Lawrence Yun, NAR chief economist has said, "Now that mortgage conditions have improved, some postponed activity should turn up in existing home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."
Home Sales Volume: Decreased 22.10% from $262,678,000 in November 2006 to $204,906,024 in November 2007.
Home Sales Units: Decreased 23% from 982 in November 2006 to 759 in November 2007.
Average Sales Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.30% from $218,000 in November 2006 to $213,000 in November 2007.
Pending Contracts: Increased 2.13% from 891 in November 2006 to 910 in November 2007.
Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.
New Listings: Decreased 7.65% from 2,380 in November 2006 to 2,224 in November 2007.
For the sixth consecutive month new contracts opening escrow, listing inventory and new listings coming on the market all supported the positive trend when compared to November 2006;
The 910 new contracts opening escrow compare with 891 in November 2006.
The active listing inventory of 9234 is slightly fewer than the 9238 in November of 2006.
New Listings coming on the market of 2224 were also fewer than the 2380 in November 2006.
The National Association of Realtors has projected that the existing-home sales will trend up in 2008, with this same trend that we see in Tucson, being seen less dramatically in other cities. Lawrence Yun, NAR chief economist has said, "Now that mortgage conditions have improved, some postponed activity should turn up in existing home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."
Home Sales Volume: Decreased 22.10% from $262,678,000 in November 2006 to $204,906,024 in November 2007.
Home Sales Units: Decreased 23% from 982 in November 2006 to 759 in November 2007.
Average Sales Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.30% from $218,000 in November 2006 to $213,000 in November 2007.
Pending Contracts: Increased 2.13% from 891 in November 2006 to 910 in November 2007.
Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.
New Listings: Decreased 7.65% from 2,380 in November 2006 to 2,224 in November 2007.
Interest Rates January 4, 2008
30 Year Fixed 5.750%
30 Year Fixed VA 5.875%
30 Year Fixed FHA 5. 875%
15 Year Fixed 5.250%
Jumbo 30 Year Fixed 6.625%
30 Year Fixed VA 5.875%
30 Year Fixed FHA 5. 875%
15 Year Fixed 5.250%
Jumbo 30 Year Fixed 6.625%
Wednesday, January 2, 2008
Catalina Foothills Home For Sale
1305 E. THUNDERHEAD CIRCLEMLS#20749276
$440,000
3 Bedroom 2 Bath 1951 Sq. Ft. Built 1973 .80 Acre 2.5 Car Garage
Formal Dining Room, Fireplace in Living Room, Swimming Pool, Wet Bar,
Breakfast Bar, Large Covered Back Patio, Newer Appliances, Family Room
Contact me for more information on this fantastic foothills home nellisja@aol.com or www.tucsonhouses4you.com 520-918-3843
Home Loan Interest Rates 12/31/07
30 Year Fixed 6.000%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.500%
Jumbo 30 Year Fixed 6.875%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.500%
Jumbo 30 Year Fixed 6.875%
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