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tucson market: Tucson Real Estate Market - 2009 in Review - 01/27/10 08:22 PM
Short sales, foreclosures, and the First Time Homebuyer Tax Credit. All these factors have led to a very exciting 2009 and have stimulated activity in the real estate market. However, short sales and foreclosures have been a double-edged sword. On the one hand, they have offered some great bargains to buyers, but on the other hand, they have kept prices lower, causing problems for sellers and even limiting the pool of available properties for buyers who do not wish to purchase a distressed property. In a very real way, they are a self-perpetuating problem, but with the unemployment rate where it … (0 comments)
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tucson market: My Listings are Selling - Tucson Real Estate Market - October 2008 - 10/21/08 07:30 PM
Happy Fall, everybody!! While we normally back off in terms of real estate sales at this time of year, 2008 is proving to be the exception to the rule, at least in Tucson, AZ. There are deals to be had and buyers seem to be more interested in getting a good deal than in listening to the doom and gloom in the media. Yes, consumers are feeling the crunch, but for some, lower home prices help make living more affordable during these tighter times. I have had three out of four listings receive contracts within the last two weeks and am … (1 comments)
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tucson market: 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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tucson market: Tucson AZ Real Estate Market Report - August 2008 - 09/04/08 04:27 PM
So how's the market? That seems to be everyone's favorite response when they find out I'm in real estate. I appreciate the question because it means that people want to know from a local expert instead of relying solely on the media for information. The market was kind of blah for the month of July, although I am personally experiencing heightened buyer activity and expect that to be reflected in the numbers in the next two to three months.
Home Sales Volume and Home Sales Units
As usual, I will compare home sales volume and homes sales units by those same … (1 comments)
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tucson market: 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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tucson market: Tucson Market Experiences a Hiccup - July 2008 - 07/28/08 06:01 PM
For the past several months we have watched the Tucson real estate market slowly recover with the percentages of homes coming on the market decreasing (as compared to a year ago) while the percentage of pending contracts has been steadily increasing. This month, the market experienced a bit of a hiccup. Here's what is going on:
Home Sales Volume and Home Sales Units
In both of these categories we see a decrease from last year's numbers. While that is no surprise, it should be noted that month over month, both of these categories have increased. In particular, I like to keep … (3 comments)
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tucson market: Tucson Real Estate Market Report- June 2008 - 06/19/08 02:57 PM
Well, we have reached the dog days of summer, the time each year when I question my sanity for living in this sun scorched city. As I eagerly await the arrival of the monsoons and the cooling temperatures that they bring, I will take a minute to talk about what is going on in the Tucson Real Estate Market. I will compare numbers from May 2008 to May 2007 and will also talk a little bit about the change between the numbers from April 2008 and May 2008. My numbers are obtained from the monthly statistics published by the Tucson Association of … (0 comments)
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tucson market: Tucson Real Estate Market - Steady Progress May 2008 - 05/19/08 06:42 PM
As we enter the prime homebuying season this year, I see a lot of small improvements in the market but no drastic changes. This is probably a healthier way to recover than suddenly having tons of buyers snapping up properties right and left. That would be exciting, but would actually add to market instability rather than cure it.
I will be comparing the numbers for April 2008 with those of April 2007, but I will also compare April 2008's numbers with those from March 2008 so that you can see how things are changing in the short term as well as the … (2 comments)
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tucson market: Tucson Market Recovery Continues - April 2008 - 04/12/08 04:25 PM
For the last couple of months I have been predicting that the Tucson Real Estate Market is on its way to a recovery. The most recent numbers (March 2008) confirm that we are indeed headed in the right direction. From working in the market, I can also tell you to expect April and May numbers to be even better. On more than one occasion in the past couple of weeks I have seen buyers who waited a few days to put in their offer only to find out the house they were interested in had received an offer from another buyer. Buyers … (2 comments)
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tucson market: Tucson Real Estate Market Report - March 2008 - 03/24/08 08:28 PM
Ever since January of 2008, real estate agents in the Tucson area have been noticing that business is picking up. It turns out that the numbers are now starting to match our experiences out on the streets.
Median Sales Price
You may have noticed in the news recently that the median sales price is down to $199,900. This is a great statistic to make the news, but I personally hate median sales price calculations. It doesn't tell you the average price of homes, but instead reveals which end of the market is the most active. So in recent months, the lower end of … (1 comments)
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tucson market: Tucson AZ Real Estate Market Update - January 2008 - 01/22/08 10:27 AM
We are still hearing some doom and gloom forecasting from the national media, but here and there we are also beginning to hear snippets of positive reporting, especially in our local Tucson area. So what's going on? Are things really turning around? Let's look at the numbers.
Sales Volume
Comparing numbers in December 2007 to December 2006, we see that the number of sales reported through the MLS has decreased dramatically (30%) from one year to the next. This would explain why we hear many Realtors complain of less work available. In fact, many have gotten out of the business due to lack of … (0 comments)
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tucson market: Slow But Steady - Tucson Real Estate Market Analysis - 01/07/08 11:15 AM
While the national media still reports very bad news for the real estate market, our local Tucson market continues to stabilize slowly but surely. It is still a fantastic time for buyers because our inventory is still so high. However, I predict that within the next 12 months we will see that inventory dwindle and buyers and sellers will be on more equal footing.
The most recently released statistics compare sales in November 2007 with sales in November 2006. There are both good and bad components, naturally. Let's take a look.
The Good News
Comparing to November 2006, we have a slight increase in … (1 comments)
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tucson market: More Thoughts on the Bush Administration's Rate Freeze Plan - 12/08/07 10:02 PM
A few days ago, I made some comments about the new rate freeze plan based on the details that were out at the time. See Help on the Horizon for Sub-Prime Borrowers? Now that more details are known, I am a lot more skeptical about the positive effect that this plan is supposed to have on our economy.
Voluntary Cooperation
First of all, this is a voluntary plan. I am thankful for that because I believe that the less the government interferes in our lives, the better. However, it makes me wonder why the banks can't just work with people on a one-on-one … (6 comments)
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tucson market: Help on the Horizon for Sub-Prime Borrowers? - 12/06/07 01:13 AM
The problem with the housing market has certainly reached a crescendo in recent months and has gained the attention of the Bush administration recently. The current suggestion is to put a five-year rate freeze on sub-prime mortgages that are currently being paid on time at introductory rates, but are scheduled to reset in the near future. See the article here: http://biz.yahoo.com/ap/071205/mortgage_crisis.html.
How does this help Homeowners?
This can be beneficial to everyone due to the widespread effect that foreclosures and short sales are having on homeownership and our economy at large. While Tucson has not been as hard hit as places such … (31 comments)
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tucson market: Tucson Market Continues to Show Improvements - 11/15/07 11:32 AM
Although we are still hearing doom and gloom in the national media regarding the housing market, locally things are continuing to improve. The Tucson real estate market is still not where it was 2-3 years ago, but it is no longer in a decline either. Homeowners who have seen their values decline over the past year or so can reasonably expect that they will see equity slowly being added to their properties.
Let's compare what happened in October of 2006 to what we have just seen in October of 2007. Here is my analysis of the current Tucson real estate market.
Increase in Pending Contracts
Pending contracts are a very … (2 comments)
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tucson market: How to Talk to Your REALTOR about Why Your House Isn't Selling - 11/01/07 01:36 PM
Here in Tucson, AZ, like the rest of the country, the market has slowed down and homes are taking longer to sell. Inevitably, I have had more than one person ask me why I think their home isn't selling. Unfortunately, these people have had their homes listed with another REALTOR. I believe that we as agents should support each other while also delivering accurate information to the public. Therefore, in these situations, I usually ask questions of the person about what is being done to market the home and what they know of current market conditions so that they will be able to … (3 comments)
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tucson market: 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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tucson market: 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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tucson market: 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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tucson market: Selling a Home in a Down Market - 06/26/07 08:55 PM
For the past several years the housing market has been fast and furious. With interest rates at their lowest point in decades, many more consumers were able to become homeowners or able to buy more home for their housing dollar. However, many of those loans were adjustable and are now adjusting to a higher rate. Foreclosures are up and so is inventory. In the news we are seeing articles like Too Soon to Look for Housing Market Bottom. So what do you do if you need to sell? How do you get the most money possible without waiting months and months … (1 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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