Tucson Real Estate in A Minute
The overall market isn't really that bad. Yes, we did see a decline in the number of homes sold for the month of July. However, pending contracts are up 47.57% over last month's sales statistics. And, the Tucson median home price has continued to hover around $150,000. So, are things bad? Well, they aren't good, but we are seeing some signs of stabilization... which is good.
Although sales were slow in July, the overall US economic statistis show that our recovery is improving. Locally, this indicates a lack of overall consumer confidence in real estate. It would be lovely to see Tucson real estate buyers catch up with the overall US economic recovery. Maybe Fall? Guess we will have to wait and see how what the local sales statistics show.
How Are We Doing?
We don't share many other agents ho-hum attitude about the Tucson real estate market. In fact, despite other agents clumsy sales during the summer, we continue to be a strong force in the market. In fact, our business has seen a 70% increase over last year at this time, and we SOLD 4 of our listings in 2 days! So, no. July was not a bad month for us. Without your continued business and referrals, we would not have seen this increase in our personal real estate business. We thank you so, so much for your continues support and appreciate you passing our name along to your friends, family, and co-workers.
A Note To Sellers...
Remember what your mother taught you... "Patience is a virtue." Nothing could ring more true than right now. But, if your home is correctly price from the starting line, then your home will most likely not go stale on the market and you won't have to be overly patient. Taking a professional Realtors advice is going to be the absolute key to selling your home in a timely fashion. And remember, "Your home is only worth what a buyer is willing to pay for it."
KEY CURRENT MONTHLY STATISTICS
Key Prior Month Statistics: AUGUST 2010 Statistics
Total Tucson Home Sales Units: 792
Decreased 33.11% from July 2009
Decreased 32.31% from last month.
Total Tucson Pending Sales: 1,703
Increased 38.79% from July 2009
Increased 47.57% from last month.
Tucson Average Sale Price: $192,072
Down 8.87% from $210,767 in June 2009
Total Tucson Active Listings: 6,668
Up 9.76% from 6,075 in June of 2009
Total Tucson New Listings: 1,861
Up 19 units from 1,842 in June of 2009
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Northwest Tucson Average Sale Price: $238,101
Down from $ 265,124 last month
Northwest Tucson Active Listings: 1,674
Down 71 units from last month
Northwest Tucson New Listings: 419
Up 41 units from last month
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Catalina Foothills Average Sale Price: $472,803
Up from $424,172 last month
Catalina Foothills Active Listings: 672
Down 44 units from last month
Catalina Foothills New Listings: 151
Up 19 units from last month
CONCLUSIONS
Positive Market Indicators this month Pending contacts are up 47.57% over last month. So, there are plenty of sales in the pipeline. We should see an increase in unit sales then for next month. Active listings are also down 2.69% over last month.
Negative Market Indicators this month Unit sales are down about 32.31% from last month. New listings are also way up... in fact, 23.65% to be exact. Although we would love to see less inventory, the overall feeling is that we still have a ways to go.
QUESTIONS ABOUT TUCSON HOUSING MARKET CONDITIONS?
Email John or call him today at (520) 247-4459
THANK YOU, THANK YOU… for your business and referrals over the past 8 months. Our real estate business has increased 70% over last year at this time. In fact, we SOLD 4 of our listings just this past weekend! We appreciate you telling your friends, family, and co-workers about our trust worthy business practices in real estate. Tucson real estate was hit fairly hard with foreclosures and many people assumed this would deter people from buying and moving to the Tucson area. Boy, were they wrong! So, thanks again for keeping us in mind and sharing our name so that our business continues growing.
Mortgages tracked by Freddie Mac have dropped yet again, causing excitement with investors. This is a new low in records dating to 1971. Rates on 30-year fixed-rate mortgage averaged 4.49 percent with an average 0.7 point for the week (ending August 5th). This week's rate was down from 4.54 percent last week and 5.22 percent a year ago. You can read what Freddie Mac had to say in the results of its weekly Primary Mortgage Market Survey.
Rates on 15-year fixed-rate mortgages averaged 3.95 percent with an average 0.6 point, down from 4 percent last week and 4.63 percent a year ago. That's a new low in records dating back to 1991, Freddie Mac said.
As far as ARMs are concerned (Treasury-indexed hybrid adjustable-rate mortgage) a 5 year averaged 3.63 percent with an average 0.6 point, down from 3.76 percent last week and 4.73 percent a year ago. That's a new low in records dating back to 2005.
One loan NOT setting records are 1 year ARMs (Treasury-indexed ARMs). These loans averaged 3.55 percent with an average 0.7 point, down from 3.64 percent last week and 4.78 percent a year ago.
These rates are for prime borrowers who are taking out loans with 20 percent down payments. Borrowers putting less than that down or borrowers who are taking out large or risky loans can expect to pay more.
INFORMATION WAS OBTAINED FROM INMAN NEWS. www.inman.com
As the news is reporting, foreign real estate investors are heading to the U. S. to snap up cheap, inexpensive homes… in the hopes of selling them for a profit. Tucson, Arizona is seeing many of those foreign real estate investors making their mark, right here in our own city. In fact, NAR (National Association of Realtors) reports that roughly 28% of realtors have completed a real estate transaction with a foreign investor in the past year. Want to read more?
You can find the article in its entirety at HERE
The Veterans Administration created its own loan program in 1944, which became part of what is known as the GI Bill of Rights. This loan program was created to assist veterans of war become home owners. The program has become a success and has helped many of our clients purchase homes.
If you are a veteran, there are many benefits to using a VA loan.
BENEFITS
WHO QUALIFIES FOR A VA MORTGAGE?
There are additional criteria for military personnel who have served in Afghanistan and Iraq. Speak with a lender about the specifics of a VA mortgage and any other mortgage you might be considering. If you have questions about a VA mortgage you can call us at (520) 247-4459 or E-Mail Us and we can provide you with a list of lenders who can assist with VA mortgages.
Let's face it. Everyone is complaining about "how bad the economy is", "how bad the stock market is", and how "bad the real estate market is." About the only people making any money around here just might be those investors who snatched up gold a few years ago when it was next to nothing. Or, maybe you are one of the lucky few who can still sell your home today and make a profit. To those of you, we say... Congratulations.
But, for many Tucson home sellers, there won't be any profit coming from the sale of their home. In fact, many Tucson home sellers are having to cough up money to pay off the bank just to close the transaction. In essence, they are paying for someone else to buy their home. In a buyer's market, a home seller MUST do the suggested tips below. Otherwise, they may find that their home is the one that sits on the market for months or even years. With that being said, here are a few tips on how to sell your home in a buyer's market.
1. Price. Price. Price. Did we mention price? This is the most important factor when selling your home in a buyer's market. Remember this, if you price your home at market value, approximately 60% of potential buyers will consider your home. On the other hand, if you price your home even 10% above market value, only 30% will consider your home. And if you price it 15% above market value, only 10% will consider your home. So, pricing your home according to the local and neighborhood markets is absolutely key.
2. Make your home available. Think this sounds crazy? Believe it or not, some Tucson home seller's restrict the hours and days that their home can be viewed. What happens if a Tucson home buyer is only in Town for a few days and can only view the home when that home seller says that they don't want showings? That Tucson home seller just lost a potential buyer. Don't restrict showing times... it is a turn off to Tucson home buyers. If you are a serious home seller, you will make your home available to view on the buyer's schedule. After all, it is a buyer's market.
3. Clean and de-clutter. Sounds easy enough, right? But, when you are living in your home on a day to day basis, you may not even realize that your home is cluttered. Invite a neighbor, friend, or your Realtor over and have them pretend that they are viewing your home for the first time. What would they be turned off by? And, if you are asking a friend... make sure they are honest and won't be shy about suggesting what needs cleaned up. Polite friends are always good, but sometimes you need that honesty. And don't forget to clean! No one likes to walk into a bathroom with hair around the sink or in the bathtub. So, clean it up!
4. Open Houses. Yes, these are considered "old fashioned" in the world of real estate, but we have sold many of our client's homes via open houses. So, if your agent suggests an open house, don't turn the opportunity down. OPEN HOUSES WORK.
5. Offer incentives. If your neighbor down the street is selling his house and it is the same exact model, same price, and similar features, you need to be creative about attracting buyers to your property over his. It is common in a buyer's market for the home seller to pay for closing costs, or throw in a car... SERIOUSLY! With your Realtor's help and creativity you should be able to come up with something.
Those are the 5 major tips on how to sell your home in a buyer's market. We could go on forever, but in a gist, those are the major points. If you have questions or suggestions, let us know. We love feedback. Email us or give us a call.
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