market conditions: Tucson Real Estate Market - 2009 in Review
- 01/27/10 12:22 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)
market conditions: Tucson AZ Real Estate Market Report - September 2008
- 09/24/08 02:19 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)
market conditions: Tucson Real Estate Market Report- June 2008
- 06/19/08 07:57 AM
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)
market conditions: Tucson Real Estate Market - Steady Progress May 2008
- 05/19/08 11:42 AM
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)
market conditions: Tucson Market Recovery Continues - April 2008
- 04/12/08 09:25 AM
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)
market conditions: Tucson Real Estate Market Report - March 2008
- 03/24/08 01:28 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)
market conditions: Ready for Action?
- 01/16/08 10:19 AM
On Your Mark The holidays are behind us and now is the time of year when we all resolve to do more things or at least more of the right things. Truth be told most of us have probably already broken our New Year's resolutions since it is already January 16th. I have discovered a very easy trick that has kept me from breaking any resolutions this year. I didn't make any. :-) I can hear your voices chorusing, "That's not fair! That's cheating." Perhaps, but truthfully, I make changes and improve things throughout the year. So I could claim that I … (4 comments)
market conditions: More Thoughts on the Bush Administration's Rate Freeze Plan
- 12/08/07 02:02 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)
market conditions: Help on the Horizon for Sub-Prime Borrowers?
- 12/05/07 05:13 PM
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)
market conditions: Tucson Market Continues to Show Improvements
- 11/15/07 03:32 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)
market conditions: How is the Market Doing?
- 10/25/07 10:42 AM
There's a question that we agents are being asked on an almost daily basis. And it is one that is sometimes very difficult to answer. It certainly shouldn't elicit a one-word response. There is a good and bad side to every market and depending on whether the one inquiring is a buyer or seller, they may have different feelings about the information you reveal. If you ask me, today's market is pretty exciting. We have had some interesting corrections lately and the mortgage industry had a large hiccup (okay, more like a drunken belch). However, for a buyer the market is fantastic, … (1 comments)
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.
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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