October 2010 Luxury Tucson Condos Newsletter

Home repairs are an issue that many of us tend to dodge. We understand the necessity of the repairs; however when it comes down to it many of us do not have the time or money to fix everything. The following list of minor home repairs could end up costing you big money if you continue to procrastinate.

• Rodent incursions - Rats, mice and other vermin love to chew through insulation and wiring and are suspects in many house fires.
• Soaring fuel bills - This is more than a pocketbook issue, since poorly functioning systems can cause deadly carbon monoxide buildup in your home.
• Peeling paint - Paint is like a home's skin. It's the first line of defense against incursions by water and pests. Water that seeps into wood can lead to rot.
• Flickering lights - It might be that the wiring in your house is dysfunctional or you have too many appliances hooked up to a single circuit. Either one can cause a fire.
• A water leak - Left unchecked, leaks can lead to rot, dry rot, mold and termite infestations. Water can cause roofs to collapse, foundations to buckle and all manner of expensive repairs. Water-related problems can also get your home blackballed by insurance companies worried about mold-related claims.

Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said home sales still remain subpar. "The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty," Yun said.

"Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years," Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.43 percent in August from 4.56 percent in July; the rate was 5.19 percent in August 2009.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said consumers have been getting mixed signals about the housing market. "People understand the good affordability conditions with stable home prices in most areas, but they're concerned about the economy and speculation on Wall Street," she said. "We need to stick with the facts about the long-term value of homeownership and avoid unrealistic assessments. Tight credit and slow short sales are ongoing problems - expediting short sales will help the market to recover more quickly."

Source: The National Association of Realtors®