Tucson Real Estate Blog

Tucson MLS Statistics July 2010

admin — Tue, 10 Aug 2010 19:57:20 +0000

Here we are in August and Christmas is soon upon us. I sure hope our Economy is not due for a lump of coal. But, if things keep going the same way, I am afraid we are all going to get that lump of coal. Unemployment is still hanging at 9.5 % and I know I have no idea what my tax situation is going to be over the next 4 years. I know many businesses are afraid to hire or spend the cash they are saving as they too are not sure what is coming down the line. Bills were passed, but the real outcome is still not totally known. I am hard pressed to believe any normal person would not want to know what they were really voting for, but it seems it is a rush to get things passed in Congress to our detriment. I am in favor of Healthcare but not the way it is supposed to happen. If they pass a Climate Change Bill we will be paying and paying for mother nature. Can we afford it? I am so tired of the lies, and not the total truth coming out of our Government. Government is getting bigger and bigger and telling States how to run their business, when they do not obey the laws already on the books.

Enough!!!!

Well July was a mixed bag as a large number of properties now have Pending Contracts. This really surprised me, but I think interest rates had a big part to do with that. Even though that number went up the Total Unit Sales dropped by 378 units which did not surprise me.

Update 08/16/2010: I am adding this after corrections by MLS. The number was not 1703 as reported but 990 for Pending Contracts which keeps me more in line with downward pressure on number of sales in the coming months.

	Feb. 2010	Mar. 2010	Apr. 2010	May 2010	Jun. 2010	Jul. 2010
Average Sales Price	$195,996	$201,710	$199,986	$194,834	$189,231	$192,072
Median Sales Price	$150,000	$157,680	$159,000	$151,000	$149,450	$150,000
Total Units Sold*	741	1169	1227	1270	1170	792
Active Listings	6739	6799	6603	6742	6852	6668
Days On Market	68	69	87	66	81	87
Listings Under Contract**	1417	1549	1568	963	1154	*990*

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.
* Closed during the month.
** For the current month (not the total listing under contract)

I still think we will see lower prices for 3-4 months getting us passed the election. The Federal Reserve has some ideas they are working on, but I still see Businesses not knowing what is going to happen and will stay on the sideline instead of hiring. They have learned they can get by with fewer people so why hire unless they know they will really grow. The reduced number of hires will still affect housing as it will not allow more buyers to enter the market.

We need a robust economy and History has shown that raising Taxes will not get it done. We are again getting ready to receive a tax increase because of the expiring tax cuts that were done in stages back a few years ago. Those expiring tax cuts WILL kill our economy for a much longer period if most of them are not extended before the end of the year. You really need to understand what they really are and that they affect ALL of us in not a good way if not extended.

I can not tell you how to Vote, but be sure you look at how you are making out now and what needs to be changed. CHANGE, were did I hear that before? We here in Arizona and especially Tucson are subject to Lower wages (why is that?) and an influx of Illegals that we have to pay for, with Police, Fire, Schools and that all important Medical. I grew up in a small town with many Legal Hispanic Friends in school and neighbors. I never gave it a thought that they were Brown because they were friends and Americans. MY brother and one son have Hispanic wives and I would not trade them for anything. They are and have always been my family. There is a right way and a wrong way to enter this country but we are now at a spot where we have to come up with a smart answer that makes sense. I am glad I do not have to give the answer, but something needs to be done to bring this problem to a halt. We have rights in this state but we can not enforce those rights according to our(?) GOVERNMENT. So be smart and look at who you are Voting for, but Vote. I already sent in my early mail ballot.

Tucson MLS Statistics June 2010

admin — Tue, 13 Jul 2010 00:11:01 +0000

Before I get into the Statistics I want to do a late update on the Tax Credit Extension. The closing time was extended to September 30, 2010. This will give more time to close for the contracts that were written by April 30th, 2010. I had two Buyers that this has helped.

Now for the June Statistics. I was wrong on the Listings under Contract going down, but it will. It went up by 182 units to 1145 placed in escrow during June. Everything else was as I expected with all the numbers going in the wrong direction. I still think Tucson is going to see another downward slide in prices. Not sure how low, but not where we are right now. As soon as the Economy shows real improvement it will get better.

	Jan. 2010	Feb. 2010	Mar. 2010	Apr. 2010	May 2010	Jun. 2010
Average Sales Price	201,219	$195,996	$201,710	$199,986	$194,834	$189,231
Median Sales Price	$160,000	$150,000	$157,680	$159,000	$151,000	$149,450
Total Units Sold*	712	741	1169	1227	1270	1170
Active Listings	6618	6739	6799	6603	6742	6852
Days On Market	73	68	69	87	66	81
Listings Under Contract**	1155	1417	1549	1568	963	1145

* Closed during the month.
** For the current month (not the total listing under contract)

Rates are at an all time low and this could bring a few more Buyers into the market. They will have to balance price and interest. A few thousand dollars in price will not overcome a more expensive interest rate if the Buyer plans to live in the home more than five years. So give this some thought if you are a Buyer you may be able to get a price on a home that is a little bit lower and a great rate. Stay away from Short Sales if you want a good rate as it is taking around 5 months to get approval.

If you are or were in the military and have been overseas for at least 90 days from January 1, 2009 to April 30th, 2010 you are still eligible for the Tax Credit. See my May 18th Blog.

Call me if you want to buy or need to sell. I can help you if you need to do a Short Sale also.

Call me at my office 296-7143 or my cell at 240-7130

Home Buyer Tax Credit – Closing Extension Possible!!!

admin — Fri, 11 Jun 2010 21:05:29 +0000

An Amendment to a current bill working its way through Congress would extend the closing time on the Home Buyer Tax Credit from 30 June, 2010 to 30 September.2010. I have two buyers that I have been fighting for since February, who wrote Short Sale contracts, and it looked like we would not get them closed until July. The proposed bill would not allow any new purchases to be considered for the tax credit but this would sure help them and the thousands of others who were hoping to get the credit but are fighting a losing battle against time-frames and overloaded lenders, negotiators, underwriters, and appraisers.

Tucson MLS Statistics May 2010

admin — Fri, 11 Jun 2010 20:48:40 +0000

May was a month that had some negatives but a few positives in total units sold of 1270 and and days on market coming down from 87 to 66. All other statistics went in the wrong direction to show that we are in for a rough six months for now. If the Economy does not pick up we will have too many homes on the market and too few buyers. Prices will have to go down to compensate for the larger numbers of homes for sale. Look at the drop in homes under contract which is just for those placed under contract during the month of May. It shows a 600 reduction from the month before. This is not good. I expect this number to be even lower for June.

	Dec. 2009	Jan. 2010	Feb. 2010	Mar. 2010	Apr. 2010	May 2010
Average Sales Price	$201,216	201,219	$195,996	$201,710	$199,986	$194,834
Median Sales Price	$154,000	$160,000	$150,000	$157,680	$159,000	$151,000
Total Units Sold*	919	712	741	1169	1227	1270
Active Listings	6130	6618	6739	6799	6603	6742
Days On Market	73	73	68	69	87	66
Listings Under Contract**	847	1155	1417	1549	1568	963

* Closed during the month.

** For the current month (not the total listing under contract)

If you are about ready to buy, get your loan qualification out of the way and obtain your Loan Status Report(LSR). Call a Lender and make an appointment. You will be faced with a large number of Short Sale properties and Lender owned (REO) properties on the market. If you have 3 to 6 months and you can wait, a Short Sale might be attractive. Just remember you may have higher interest rates after six months. Right now 5% is what you will find. If you wait, you may have a less expensive home but an interest rate at 5.5% or higher.

New Rule!! Once you have your credit report done by a Lender DO NOT buy Anything on time. That means those no interest payments also. Lenders for most loans will be pulling your Credit report again just before closing and it might cause you to lose the Loan because you do not Qualify due to that purchase you put on your credit card or a new purchase contract. After you are in your home and made the first payment and you can see your financial way to purchase something on time go ahead. Be Careful!!

If I can help you purchase or sell a home please call me at 240-7130. I have over 30 years of experience, as well as owning my own company, which once had over 40 agents. I have not seen it all, but just about. This has been the most trying time for everyone so let one of the best help you.

Tucson MLS Statistics April 2010

admin — Tue, 18 May 2010 22:45:43 +0000

Well here we are at mid May and the Federal Tax Credit Program was not extended. Those that had contracts in escrow by April 30th have until June 30th to get them closed. If you were in the Military Service and the proper amount of time overseas, you may have another year to make that purchase. Any service member who is or has been on extended duty for 90 days or more between January 1, 2009 to April 30, 2010, has until April 30, 2011 to sign a sales contract and until June 30, 2011, to close on the property. Both the $8000 first-time and $6500 repeat home buyer tax credits are included in the extension.

The April statistics are pretty much what I expected. The Jump in Days on Market was a shock. I expected it to go up but not so sharply. Everything else seemed to be in line with what I felt would happen with the Tax Credit ending. With that said I suspect we will see negative statistics for possibly the next two months or so. The only item that will have some positive to it will be total units sold which will come down but not drastically for the next two months.

	Nov. 2009	Dec. 2009	Jan. 2010	Feb. 2010	Mar. 2010	Apr. 2010
Average Sales Price	$188,384	$201,216	201,219	$195,996	$201,710	$199,986
Median Sales Price	$162,500	$154,000	$160,000	$150,000	$157,680	$159,000
Total Units Sold*	1011	919	712	741	1169	1227
Active Listings	6350	6130	6618	6739	6799	6603
Days On Market	73	73	73	68	69	87
Listings Under Contract**	947	847	1155	1417	1549	1568

* Closed during the month.

** For the current month (not the total listing under contract)

The one really positive factor is we are still hovering around 5% for FHA loans. With that, and still dropping home prices, NOW is really the time to find a nice home. Short Sales will dominate the market, but offer some nice homes. You will have a few months to wait to see if the Sellers Lender will approve your offer. A suggestion is to offer just a little under the fair market value so you are still in the ball park when the Lender gives their approval. Not many of the Lenders are willing to really cut their prices. You take a chance of losing it if you are not willing to accept their counteroffer bringing the price back to market with a low offer and you may have lost 3-5 months of time.

If you are short on closing funds, increase the interest rate so you do not have to pay the origination fee (1% of the loan). If you have a credit score average of 720 look at Conventional financing with 1.5% more down payment, you can have payments of less than an FHA Loan and owe less on the home. Start talking with a lender soon as you will need a Loan Status Report (LSR) to write a contract. From my stand point I do not want to show you properties until you have an LSR so we all know what you can qualify for. This does not mean we have to go with the top price, but you will know what you can do. Ask the Lender what you can purchase for a certain monthly payment.

If you are a Buyer, Seller or a Seller that thinks they need to do a Short Sale contact me for help. I have 30 years of experience selling Homes in Tucson and have a lot of knowledge in my head. My son David and I work together as a team with Mom helping us in the office. Call me on my cell at 520-240-7130 with questions.

TUCSON MLS Statistics March 2010

admin — Wed, 21 Apr 2010 18:19:17 +0000

I wish we could sustain the March statistics for the next nine months with similar increases but I fear with the 30th of April quickly approaching the Numbers in most categories will go down with a rise in Days on Market and Active Listings. April will still show statistics similar to March but May will be another story unless the Federal Tax Credit is extended. There are more Short Sales and Foreclosures coming which can really create a problem without an extension of the Tax Credit.

	Oct. 2009	Nov. 2009	Dec. 2009	Jan. 2010	Feb. 2010	Mar. 2010
Average Sales Price	$195,258	$188,384	$201,216	201,219	$195,996	$201,710
Median Sales Price	$158,000	$162,500	$154,000	$160,000	$150,000	$157,680
Total Units Sold*	1063	1011	919	712	741	1169
Active Listings	6213	6350	6130	6618	6739	6799
Days On Market	71	73	73	73	68	69
Listings Under Contract**	1287	947	847	1155	1417	1549

David and I have started increasing our efforts to help those with Foreclosure problems by offering our Short Sale expertise if needed. If you feel you are getting close to Foreclosure please contact us so we can see if there is anything that can be done with your Lender, to possibly allow you to Modify your Loan, and if not possible get you on the Short Sale path. A Short Sale allows you to get your FICO scores back up so you can purchase again around the two year point. Things change on a monthly basis so we are constantly changing how we approach each transaction. I mentioned the HAMP and HAFA programs. The HAFA started on April 5th but I am hearing some bad things about HAFA. I have to wait to fully understand the program before I can say yes, use it if it becomes available. It seams that these Government back programs have many bad things about them. Time will tell. I hope to create a web page on my site to give you links to as much information as I can find on Short Sales and all the programs and information that surround this area. Maybe by the time I update this Blog I will have it up.

Call us for anything we can do to help you. My cell is 240-7130.

TUCSON MLS Statistics December 2009 – February 2010

admin — Wed, 24 Mar 2010 19:18:56 +0000

I can not believe I let three months go by without updating the MLS Statistics. I know the reason, as we just changed our company name to Ability Realty. Yes, we did drop out of Century 21. Our office size did not work for us to remain in a Franchise, and I now feel a lot less pressure has been relieved on all of us. You can not believe what had to be done to change just the office name. It took us weeks to get almost everything accomplished.

Now to the Statistics. To be very honest February really does not show much change over the past three months except for a larger increase in Active listings. Listings under contract is the largest number since last June. Again that is probably reflective of the Tax Credit that expires on April 30th to be under contract, and close by June 30th.

	Sep. 2009	Oct. 2009	Nov. 2009	Dec. 2009	Jan. 2010	Feb. 2010
Average Sales Price	$196,755	$195,258	$188,384	$201,216	201,219	$195,996
Median Sales Price	$163,000	$158,000	$162,500	$154,000	$160,000	$150,000
Total Units Sold*	945	1063	1011	919	712	741
Active Listings	6008	6213	6350	6130	6618	6739
Days On Market	80	71	73	73	73	68
Listings Under Contract**	1333	1287	947	847	1155	1417

There are a lot of Short Sale homes out there and the Lenders are staying very close to the fair market value. Make sure you know what you are paying and what will happen in the 3 to 4 months it will take to get approval from the lender on the contract. If it is Bank of America they will be doing a Broker Price Opinion (BPO) every month so they have a current value to make their decision on the price. Believe me this BPO can really cause a problem if the person doing the BPO is not good at it. We experienced one of our listings that the person said it was worth more than $30,000 over the offered price. Believe me it was priced right in the offer but the Lender wanted more money and the Buyer walked away. We are now two more months into it and no offers.

If you are about to experience difficulty in making your mortgage payments be sure you talk to your lender as they are doing many more Loan Modifications now. If you do not qualify ask for a Short Sale Package and call Barry or David to help you make a good decision for your future. It really does mater if it is a Short Sale or a Foreclosure. Do you know what HAMP and HAFA mean? You should if you are experiencing problems making your payments. We will talk more about HAMP and HAFA soon as the new requirements start in early April.

Call me any time at 240-7130 if you have questions

End of year 2009 Stats

admin — Wed, 24 Mar 2010 17:51:03 +0000

As we were a bit remiss in posting these statistics the following table is for the benefit of seeing the end of year statistics a little clearer. Below is the table of statistics up through December 2009. The next post will bring all of the statistics current.

	Jul. 2009	Aug. 2009	Sep. 2009	Oct. 2009	Nov. 2009	Dec. 2009
Average Sales Price	$210,767	$199,626	$196,755	$195,258	$188,384	$201,216
Median Sales Price	$167,830	$162,595	$163,000	$158,000	$162,500	$154,000
Total Units Sold*	1184	980	945	1063	1011	919
Active Listings	6075	6062	6008	6213	6350	6130
Days On Market	80	71	80	71	73	73
Listings Under Contract**	1227	1274	1333	1287	947	847

* Closed during the month.

** For the current month (not the total listing under contract)

TUCSON MLS Statistics November 2009

admin — Thu, 10 Dec 2009 16:27:10 +0000

The November Statistics show how the $8000 tax credit had a big impact on the Market. We had higher Closed and Listings under contract during October and then things started to drop in November. I have also been seeing fewer showings for this month of December due to the time between the November 30th cutoff of the credit program and the extension of the program. The Short Sales and REO’s got in the way of a quick closing and we still have many months left for Foreclosures and Short Sale properties still entering the market. If you are interested in buying and you may end up with a short sale property you need to get your offer in by mid January to allow time to get the lender approval so you can close before June 30th, 2010. I am experiencing better than 4+ months with Bank of America to approve a short sale.

	Jun. 2009	Jul. 2009	Aug. 2009	Sep. 2009	Oct. 2009	Nov. 2009
Average Sales Price	$208,952	$210,767	$199,626	$196,755	$195,258	$188,384
Median Sales Price	$165,000	$167,830	$162,595	$163,000	$158,000	$162,500
Total Units Sold*	1139	1184	980	945	1063	1011
Active Listings	6261	6075	6062	6008	6213	6350
Days On Market	80	80	71	80	71	73
Listings Under Contract**	1432	1227	1274	1333	1287	947

* Closed during the month.

** For the current month (not the total listing under contract)

Bank of America is now using a new online program to work through the approval process. I had one of my listings with a buyer contract placed into their new system first started as REO-TRANS, and now called Equator. It looks good but I still see the same delays on their end. The faxing is not used now as everything is scanned in as a PDF file. May be hard on the seller to do some of the scanning. Lots of changes. I see I am now allowed to use this method with all of my Bank of America short sales. I also see that two other Lenders will be going into the same system.

If I can help you with a sale or purchasing a property please call me at 240-7130.

Tucson MLS Statistics August 2009

admin — Mon, 05 Oct 2009 23:35:42 +0000

I am really late getting this up, so I will be short on my comments. September numbers will be out in a week or less. Numbers of Sold are down. So much of the inventory is Short Sales and REOs that it is really hard to know what is happening month to month. I have been experiencing buyers who have contracts on two (OR MORE!!!) Short Sale properties just waiting to see what will happen and then choosing one. This is wrong!!!! We have developed an addendum to handle our listings to hopefully stop this. We have just concluded the third buyer leaving on a property as they purchased another but kept the contract open until we told the selling agent we had an approval to sell the property. Where is the fair dealing in this? Someone is going to get sued or the agent brought before our Realtor Organization for ethics violations. Beware!!!!!!

	Mar. 2009	Apr. 2009	May. 2009	Jun. 2009	Jul. 2009	Aug. 2009
Average Sales Price	$203,464	$192,315	$202,747	$208,952	$210,767	$199,626
Median Sales Price	$165,000	$163,900	$169,900	$165,000	$167,830	$162,595
Total Units Sold*	923	931	1024	1139	1184	980
Active Listings	7415	6890	6506	6261	6075	6062
Days On Market	85	78	85	80	80	71
Listings Under Contract**	1208	1345	1302	1432	1227	1272

* Closed during the month.
** For the current month (not the total listing under contract)

I am really sure we will see some sort of extension of the Credit program. This program makes a lot more sense than the Cash for Clunkers as it causes so many more things to happen because of the sale. New appliances, paint, landscaping, and I could go on and on, but I know you see the value also. I think there are four or more Bills in Congress right now. It will happen.

Call me if I can help you. 520-240-7130