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!
Monday, April 14, 2008
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.
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