Tucson Real Estate Blog

My crystal ball for April Statistics…

Next week we should get the new April MLS Statistics. I felt very good about the February and March Statistics. I felt we hit a plateau andthings might start reversing themselves. With everything I have been seeing, I expect sales to be around 1000 units for April.  Under contract will be very close and maybe just under the March figure of 1410. We should also see a small reduction in the number of Active listings from last months 9022. With all of that, the Days on Market will come down a day or two. Now it is just wait and see how close I am.

I am working with a lot of buyers right now and I am sure other agents are doing the same. Have we hit the corner. I think we have. Call me at 240-7130 if you need my experience and help.

Remember to slow down and save gas. 65mph is not really that slow and really saves Gas and Money.

Federal Funds Rate cut again

The Federal Reserve cut the Federal Funds Rate by 1/4%. This will cause a small change in your credit card interest rate and anything that adjusts to that rate. Don’t expect much in the fixed Mortgage Rates. We are presently flirting with 6% and have seen 5.75% a week or so ago.  It is still a GREAT rate at 6% and a good inventory of homes to look at.

Foreclosures are still showing up in Tucson but they are being absorbed by buyers who have decided now is the time to buy. Arizona is third ranked for foreclosures, following Nevada at #1 and California #2. This ranking is based on filings compared to households in that State.

Now here is what I think shows Tucson is not really Arizona statistics. Phoenix ranks #7 out of 100 in the nation for foreclosures. Tucson is #54. We are not Arizona or Phoenix but we are paying the price because of that. My point is that I think we are leveling out in Tucson on Sales and Price. February and March MLS Statistics show this. I am waiting for the April Stats that should be available around May 10th before I predict we are on the mend. If you read some of my earlier Blogs, I said I thought we would level out in March. I sure hope I am right and the market gets back to a normal flow.

I still want to help anyone who is looking to buy. I can also recommend a lender who is very service minded. Call me at 240-7130 and lets get things started.

March 2008 Statistics

Have we turned the corner or are we just picking up from the Holidays? I felt last month that we might be reaching that spot where more sales start to happen. This month was even better. I don’t want to get my hopes up too much, but I am feeling more buyers are starting to look in the Tucson area. I have more people expressing an interest and wanting loan information. They will probably develop into buyers in the near future.

My wife was talking with a Century 21 Broker soon to be just a Salesperson and she said things are starting to change in the Phoenix area. I believe her, as we are seeing the same here in Tucson. Arizona can go down for a while but we are still a destination State and they will come!!

Notice the numbers and how they are all better except the Average Sales Price. The average went down but if you look at all the past numbers this is one area that really seams to fluctuate right now. Again lets see what April brings and than we can put a better light on what we can expect over the next six months. Don’t listen to the National Statistics as we are not THAT. We are Tucson and we do things different.

Interest rates are still hovering around 6% but many buyers will be using FHA for that new home. Credit Scores will not kill you right now for a FHA Loan. Plan on 3% down but there are still some Bond programs out there that can get you in with zero down. Call Elaine Detour-Spronken at 731-8382 Ext 235 and see if you qualify for the Bond Program and then call me to help you find your next home.

The Federal Reserve did lower rates again a couple of weeks ago to try to stimulate the Economy, but it did not do much for Mortgage rates. The Federal Government is working on other programs, but as usual it is at a snails pace. I do not think they really see the big picture and what is happening to the cost of goods and lack of jobs. Gas is really up there and we are really helping the oil producing Nations and the Oil companies. Can you believe their profits, and they say it is not their fault they are making all that money.  Ha Ha!!  And can you believe they are getting around $18 billion Dollars in Tax subsidies?

I still think we need to go back to a National 65MPH speed limit. I don’t think you would believe the savings in gas consumption. If you use less you save more, now isn’t that an interesting idea.

Call me any time at 240-7130