Tag Archives: tax credit

Tucson MLS Statistics June 2010

Posted by on July 12, 2010 No comments

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

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)

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

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Home Buyer Tax Credit – Closing Extension Possible!!!

Posted by on June 11, 2010 No comments

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.

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TUCSON MLS Statistics December 2009 – February 2010

Posted by on March 24, 2010 No comments

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

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)

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
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