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buying a home: Tucson AZ Real Estate Market Report - September 2008 - 09/24/08 09:19 PM
Like the rest of the country, the Tucson Real Estate market has taken its share of lumps over the last year or so. However, we have been seeing a reduction in inventory over the past nine months, which is the first step towards a recovery. Will we continue this trend or will national economic woes along with the ongoing foreclosures have an ill effect on our market? Let's look at the numbers.
Note: These numbers are from August 2008 so we do not yet know what effect the current shenanigans on Wall Street will have on our local home buyers and … (1 comments)
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buying a home: How Banks are STILL Contributing to the Declining Market - 09/01/08 02:36 PM
Did you know that banks are continuing to contribute daily to the declining market? Even though they have tightened their belts in terms of loaning new money, I see them squander their investors' money on a very regular basis. Here's how:
The Short Sale
At this point, short sales are about 2/3rds of my business so I am working with them quite regularly. Time after time, I counsel my client on how to put in a good offer to the bank while also protecting their equity position in case the market continues to decline. As a basic rule of thumb, it … (4 comments)
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buying a home: Housing Stimulus Bill Signed - July 30, 2008 - 07/30/08 04:14 PM
President George Bush put pen to paper today and signed the Housing and Economic Recovery Act of 2008. There is a lot to this bill, some good and some bad. Here are the highlights: the good, the bad and the hideously ugly...
Conforming Loan Limits
Conforming loan limits were permanently set at $417,000 or 115% of local median home price (with a $625K cap), whichever is greater. For those of us here in Tucson, that means a conforming limit of $417,000. This will allow those needing to borrow money up to that amount to do so at "normal" rates as opposed … (6 comments)
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buying a home: Buying a Foreclosed Home - 07/24/08 07:19 PM
After two short sales fell apart, I had a client recently tell me that she was not going to try any more short sales, but was going to look at homes that were already foreclosed. She was experiencing the pain mentioned in What's So SHORT about a Short Sale.
Arizona is 3rd in the nation right now in foreclosures so we see our share of bank-owned or foreclosed properties. The situation is pretty extreme in the Phoenix area, although we see our share of foreclosures here in Tucson as well. So how does buying a foreclosure differ from buying any other … (0 comments)
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buying a home: What's so SHORT about a Short Sale??? - 07/09/08 11:48 AM
Why the SHORT in short sale? Is it the short turn-around time by the bank? Yeah-right! Is it the short tempers that are produced by the end of the transaction? Getting warmer....
A short sale is named for the fact that the bank in the transaction is agreeing to take an amount that is "short" the full amount owed. This is the only part of a short sale that is short. In fact, I can assure you that by the end of the deal, the time frame has usually been extended far beyond everyone's expectations. And with experience as my teacher, I have … (1 comments)
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buying a home: I Paid for my House - Why Can't I Get the Keys??? - 06/20/08 02:34 PM
Why would we sign all the documents, put down all our money, and have to wait another day to receive entry into our home?
This was a question posed to me by a client recently and it is a fantastic question that deserves an answer. It doesn't make sense that you would pay for a home and have already signed the documents and still be waiting to get the keys, right?
Well, the problem here is that even though my clients put down a sizeable down payment, they were still not paying for the home in its entirety. Like many other people, … (2 comments)
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buying a home: When the going gets tough ... - 03/25/08 12:29 PM
In 2003 to 2005 anyone could be a real estate agent. Well, almost anyone. You did have to go to the class and take the test to get your license. But really it didn't take much to get started. Maybe run an ad and you had people lined up ready to sell their homes and make a fortune. And once you listed those homes, you had buyers there very soon (many times within hours) making competing offers. Deals went through quickly and you were on to the next gig.
Well, times have changed, fewer homes are being sold and being a real … (4 comments)
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buying a home: Alternative Financing - Popular Again - 02/05/08 11:05 AM
According to an article in Realty Times, homeownership is "plunging" as people continue to have difficulties obtaining mortgage loans. This article also indicates that affordability is lower as it takes more income to purchase a home than in prior years.
While it is true that it is currently more difficult to qualify for traditional mortgages, it is also a fact that sellers who really need to sell their homes will do what they have to do to get the job done. As in past times, alternative forms of financing are becoming more popular and I predict that they will continue to remain popular until traditional mortgages … (2 comments)
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buying a home: Buyer Sues Real Estate Agent - Should you Sue Yours?? - 01/28/08 11:37 AM
Perusing the real estate news this morning, I came across a story about a buyer who purchased during the real estate boom 2-3 years ago and then came to realize that she paid more for her home than other buyers did when purchasing other homes in her neighborhood. She is now suing her agent, claiming that he did not do his "due diligence" when she and her husband purchased the home by notifying them of the lower sales in the surrounding area. Here is a link to the story on video: http://www.msnbc.msn.com/id/21134540/vp/22838905#22838905
From viewing the video I don't have enough information to … (3 comments)
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buying a home: Short Sales: To Buy or Not to Buy? - 10/18/07 12:12 PM
The term "short sale" has been tossed around in today's real estate world recently with growing frequency. It takes its place among other frequently-heard terms such as "foreclosure", "mortgage meltdown" and "slowing sales." While these terms may not bode well for the home seller as they represent higher inventory, for the buyer they can be a sign of a fabulous investment opportunity.
The short sale offers a unique opportunity for the right buyer. The question is: Are you that buyer?
Are you patient?
Short sales take time and involve a degree of uncertaintly for an extended amount of time. Because the bank is accepting less money … (3 comments)
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buying a home: Buyers!! Jump on in - the water is great! - 09/18/07 06:43 PM
Economic woes and a cooling real estate market have created the perfect situation for those interested in investing in real estate. Why? There are actually several factors contributing to the opportunity available now.
Note that for this discussion, I will be referring only to the Tucson real estate market. While markets around the United States have been affected in a similar way, I am an expert in my local market and therefore speak only for what is happening here. After a heated market for several years, the past 18-24 months have provided not only a correction in prices, but a rising inventory as … (4 comments)
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buying a home: TUSD starts August 14th - Do you need to move by then? - 07/31/07 01:11 PM
The Vail School District has already started classes, but Tucson Unified School District (TUSD) doesn't start until August 14, 2007. That's a full two weeks away and I am offering to help you get into your new home during that time period. If that sounds overly optimistic, I am currenlty finishing up a deal that is closing in 12 days (including weekend days)! So if you find yourself still needing to move, give me a call - I can help. (520) 481-3695
Here is what we'll do:
1) You must be pre-approved: When you get pre-approved, you need to talk to the loan … (4 comments)
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buying a home: Buying a Home in a Down Market - 07/07/07 05:58 PM
On its face, buying a home in a down market seems like a piece of cake. You just go in, make an offer and buy a home, right? Well, sometimes it is that easy but not always. We have been seeing headlines like Paulson: Housing 'at or near bottom', which can be very encouraging. If Paulson is correct, then buying a home now would be the perfect time. However, there are buyers who wonder if perhaps waiting a little bit longer would be the best bet, to get the absolute rock bottom price possible. This kind of gamble may pay off, … (0 comments)
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Robin Willis, Tucson's Expert Agent, Realty Executives
Tucson,
AZ
More about me…
Realty Executives Southern Arizona
Address: 1849 N Kolb Rd, Tucson, AZ, 85715
Office Phone: (520) 886-8282
Cell Phone: (520) 481-3695
Email Me
Tucson, AZ is a varied and exciting community to live in. Whether you are buying or selling a home, it's vital to have someone on your side who has the information pertinent to your area.
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