Tucson MLS Statistics May 2010

Posted by admin on June 11, 2010 0 comments

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

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)

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.

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Tucson MLS Statistics April 2010

Posted by admin on May 18, 2010 0 comments
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

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)

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.
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TUCSON MLS Statistics March 2010

Posted by admin on April 21, 2010 0 comments
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

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)

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.
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