tucson real estate agent: The Fed and What It Means To Home Buyers & Sellers
- 01/08/16 12:49 AM
These past few months, there’s no way you could turn on the radio or television and NOT hear or see someone talking about the Fed and whether they were going to raise the funds rate (of course they will). What the Fed does with the funds rate DOES have an effect on all of us, sure, but it’s not as severe as you might think: • From May 2004 to July 2007, the Fed funds rate moved up from 1.0% to 5.25% - sounds pretty dire, right? • In that same period, the mortgage rate rose from – are you ready for … (1 comments)
Total Sales Volume increased significantly in December to $264,001,833, a 38.64% rise from last month’s number of $190,421,972. The Average Sales Price rose to $211,709 from $209,485 in November, resulting in a 1.06% increase. Average List Price for December is $217,610, which is an increase of 2.11% since last month. Total Under Contract decreased this month by 11.73% but has increased 23.47% over December 2014. Total Unit Sales of 1,247 is an increase of 37.18% from last month, and is an increase of 15.89% from December 2014. The Median Sales … (0 comments)
tucson real estate agent: TRID New Closing Disclosure (CD) Causing Some Confusion
- 12/30/15 07:01 AM
The new Closing Disclosure (CD) issued by the lender for a new loan transaction is intended to be a final, accurate representation of the closing costs and the cash required from the buyer. In reality, the initial CD has proven to be a close representation of the cash needed by the buyer at closing. The initial CD is many times revised. The initial CD, once receipted by the buyer, starts the 3 day waiting period before loan documents can be signed. Revisions are allowed without re-starting the 3 day waiting period. If the buyer does not receipt the CD, the waiting … (1 comments)
tucson real estate agent: Perception Vs Reality for Home Owners
- 12/20/15 11:46 PM
It should have been a front-page, headline-screaming report, a VERY interesting piece of information was buried several paragraphs deep into a Wall Street Journal story on the reasons the housing market isn’t doing a better job at boosting the U.S. economy. The percentage of homeowners who are underwater – you know, owing more on a home loan than what the home is worth – is 8.7%. Not that anything other than 0% is ideal, but let me put that into perspective for you. According to CoreLogic, that statistic back in 2011 was 21%. The percentage of homeowners who BELIEVE they are … (0 comments)
tucson real estate agent: Waiting Period for Conventional & FHA Financing After Foreclosure?
- 12/03/15 12:03 AM
The waiting period after a foreclosure to be eligible for normal conventional financing is 7 years. There are portfolio loan programs that are available that offer little or no waiting period after a foreclosure but these charge significant premiums in rates, terms and fees for this type of specialized loan program. FHA requires a 3 year waiting period after a foreclosure. If the foreclosure was part of a bankruptcy proceeding as evidenced by the bankruptcy paperwork, then the waiting period for a normal conventional loan after a foreclosure is only 4 years.
One of the first steps for any potential new … (2 comments)
tucson real estate agent: In Arizona When A Contractor Must Be Hired To Make Repairs
- 11/16/15 01:34 AM
In Arizona must the seller use a licensed contractor to make roof repairs? Here is an example: The buyer and seller executed an AAR Residential Resale Real Estate Purchase Contract. After the home inspection, the buyer requested that certain roof repairs be made. In the Buyer’s Inspection Notice and Seller’s Response (“BINSR”), the seller agreed to repair the roof. The bid for the roof repair is $2,500. The answer? Yes.
Why? In Arizona “it is unlawful for any person” or entity to submit a bid or provide construction services without a contractor license. A.R.S. § 32-1151. There is a commonly cited handyman exemption to … (3 comments)
tucson real estate agent: Mortgage Rates & Market Commentary 11/15/15
- 11/15/15 06:01 AM
Mortgage bond prices finished the week near unchanged which kept rates in check. Trading was negative the beginning of the week tied to comments from Fed officials. San Francisco Federal Reserve Bank President John Williams said the last meeting to keep rates unchanged was a "close call." He went on to note, "the public or market perceptions were that we had completely moved off 2015, and I don't think that was accurate." Cleveland Fed President Mester said the economy can handle a rate increase. The end of the week data helped alleviate some of the earlier weakness. Retail sales and producer … (1 comments)
tucson real estate agent: Mortgage Rates & Market Commentary 11/6/15
- 11/06/15 04:23 AM
Mortgage bond prices finished the week sharply lower which jolted rates higher. Trading was slightly negative the beginning of the week amid mixed data. Weekly jobless claims were 276K versus the expected 262K. Third quarter productivity increased 1.6% versus the expected 0.1% increase. The biggest shock to rates came Friday morning with stronger than expected employment figures. Unemployment was 5% and non-farm payrolls rose 271K. Analysts expected a reading of 5.1% and 181K. The financial headlines continued to focus on a Fed rate hike sooner rather than later. The latest employment data strengthened that narrative. Mortgage interest rates finished the week … (0 comments)
tucson real estate agent: Map of Where to Bird Watch In Tucson, AZ
- 10/27/15 05:58 AM
Where to bird in Tucson? The Audubon Society has a new Tucson Birding Trail online map shows 45 places to watch birds in the greater Tucson metropolitan area separated by habitat type. The map covers city parks, a state park, a national park, a national forest and other sites. Have to give a shout out to Randolph and Reid Parks and the Central Subdivision of Colonia Solana. A known area for great bird watching, with over 80 varieties of birds to enjoy. We have a pair of nesting Harris hawks that are always fun to watch hunt.
tucson real estate agent: 10/26 Mortgage Rates & Market Commentary
- 10/23/15 09:00 AM
Mortgage bond prices finished the week slightly lower which nudged rates a little higher. The data was generally solid which didn't help rates. The NAHB Housing Index printed at 64 versus the expected 62. Housing prices continued to rise with low inventories reported in many markets. Housing starts printed at 1,206K versus the expected 1,150K. That data was better than expected and further proof that the real estate market is on solid footing. Weekly jobless claims were 259K and continuing claims, a summation of all receiving benefits, were 2,170K. Economists expected claims at 265K and continuing claims at 2,198K. Existing home … (1 comments)
tucson real estate agent: Potential Home Buyers: Where to Start? How to Pick Your Buyer's Agent
- 10/16/15 04:36 AM
For potential home buyers, get pre-approved with a local lender first (I have attached a local lender's contact information below). Here in the state of Arizona we changed the purchase contract this month to reflect that a signed pre-qualification form must be included with an offer that has a loan (for cash, which represents almost 30% of all transactions in Tucson last month need proof of funds). Next, start a relationship with a local, experienced Realtor or real estate agent (they are not the same thing automatically). Ask if they specialize as a buyers agent? How many transactions a year do … (0 comments)
tucson real estate agent: This is What A Termite Tube in Tucson, Arizona Looks Like
- 10/16/15 04:18 AM
As an experienced buyers agent I am in over 500 properties a year showing properties. After viewing thousands of homes, sitting thru over 200 home inspections I have learned many new things. The neat part of my job is I learn at least something new on every transaction. Working with many out of state, even out of country buyers many do not realize how prevalent termites are here in Tucson, AZ. In fact, I tell clients that all homes have or will have evidence of termites at some time in their lives. Please see picture below, this is a common termite tube. … (4 comments)
Total Sales Volume decreased this month, going from $269,323,073 in August to $248,739,868 in September, a 7.64% decrease from last month, but is an increase of 18.91% over September 2014. The Average Sales Price decreased to $206,766 from $211,068 in August, resulting in a 2.04% decrease. Average List Price this month was $212,648, a decrease of 2.38% since last month. Total Under Contract decreased by 3.90% from August. Total Unit Sales of 1,203 is down from August’s number of 1,276, resulting in a 5.72% decrease but is an increase of 15.90% over September 2014. Total Under Contract … (2 comments)
tucson real estate agent: Home Owners: Did You Read Your Pima County Property Taxes???
- 10/08/15 07:20 AM
If you live in Pima County, like I do your most recent property tax bill from Pima County should have arrived in your mailbox by now. It included an interesting note from the county that I hope you take time to read. Property tax increases are always controversial. Property taxes are levied by Arizona counties and by some cities like Tucson. The State of Arizona does not levy property taxes. Pima County is arguing in the letter that was included in your property tax bill that the state is in fact indirectly levying property taxes on all of us to balance the … (0 comments)
tucson real estate agent: Be a Good Citizen and Neighbor in Tucson, AZ
- 10/05/15 10:19 AM
I read recently that Tucson ranks in the top 10 for bike friendly cities. This is great news, many home owners are able to ride their bike(s) to work nearly every day of the year (Tucson enjoys 330+ sunny days a year of rain free weather on average). I know of several buyers I have helped find homes in Central Tucson, that now bike to work at the U of A (facility, staff, and students). Be a good neighbor, if you have to stop to use a CO2 cartridge to repair a flat, please take it with you. Obviously, you are able … (0 comments)
tucson real estate agent: Appraisals and Appraisers When Home Shopping in Tucson, AZ
- 10/05/15 03:28 AM
In today's market, a property is really only worth whatever it can appraise for. On cash transactions (last month in Tucson 30% of the transactions were cash) there is no loan, and therefore no appraisal (unless the buyers ask for one and write it into the contract). Working with so many out of state and out of country buyers, some make the mistake of thinking because they are buying cash they will get the home 50 cents on the dollar. Let me ask you, if I am buying something from you, would you really care if I give you a laundry … (1 comments)
tucson real estate agent: 10/3/15 Mortgage Rates & Market Commentary
- 10/03/15 12:29 AM
Mortgage bond prices finished the week sharply higher which pushed rates lower. Most of the data was rate friendly. Signs that the economy remained wobbly pushed back expectations of a Fed rate increase. PCE inflation was unchanged versus the expected 0.1% increase. ADP Employment increased 200K as expected. The ISM Index was lower than expected. Unemployment came in at 5.1% as expected. Non-farm Payrolls rose 142K versus the expected 203K increase. The significant miss sent MBS prices higher and rates lower. Average hourly earnings were unchanged versus the expected 0.2% increase. Mortgage interest rates finished the week better by about .125%.
While … (0 comments)
tucson real estate agent: Termite Reports: What Impact Do They Have On Loans???
- 10/02/15 08:05 AM
A clear wood destroying insect inspection report (termite report) is required by lenders on all VA loans. It can also be required on conventional and FHA loans when the contract references non-standard language regarding termite clearance or treatment or when the closing statement has fees for a termite report, treatment or repairs due to termite damage. The most common requirements by lenders regarding termite reports are those involving infestation, damage, excessive moisture or water stains. Active infestation requires evidence of treatment and damage usually needs to be repaired. Excessive moisture and water stains usually need to be corrected. Excessive moisture and … (2 comments)
tucson real estate agent: Central Tucson Charmer:1,530 Sq Ft 3/2 Brick Bungalow Close U of A
- 10/02/15 07:54 AM
1919 E Water St, Tucson, AZ 85719 3 beds 2 baths 1,530 sqft For Sale $199,999 Please call Central Tucson specialist, listing agent Spirit Messingham at (520) 471-6900 if you would like a private showing. Charming three bedroom/2 bath, 1,530 SqFt red brick bungalow located in the heart of Central Tucson. Fantastic central location, walking distance to UMC, UofA, restaurants & shopping. Buyers will appreciate the authentic hardwood floors, vintage character and charm of a 1950's classic bungalow with modern updates including: energy efficient double pane windows, AC, gas stove, ceiling fans (all bedrooms), split floor plan, open kitchen, low maintenance shingle … (0 comments)
tucson real estate agent: Bobcat Sighting Central Tucson
- 09/29/15 03:53 AM
We had a bobcat sighting near the Arroyo Chico Wash, in the subdivision of Colonia Solana today (located in the heart of Central Tucson). Even living in the middle of the city, there is an abundance of wildlife that make the Arroyo Chico Wash home. Including over 80 spieces of birds (the Audubon Society loves to birdwatch here), coyotes, javelina (peccary or otherwise known as wildpig), packrats, rabbits, racoons, and even the rare bobcat.
Third generation, full-time licensed Realtor, putting my clients' needs first. I work with all of my client's one on one, taking pride in the quality work and services I provide. In the top 1% of all Tucson Realtors by sales volume 2012 - 2015. I have the experience, passion and knowledge to help with your residential real estate needs. Call (520) 471-6900 for a free and no obligation consultation.
These past few months, there’s no way you could turn on the radio or television and NOT hear or see someone talking about the Fed and whether they were going to raise the funds rate (of course they will).
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