Real Estate Information

DECEMBER MARKET LOOK 

Jill and I wish to take this opportunity to wish you all a Joyous Holiday Season. For many of us, 2009 was not the brightest of times, so we hope that the New Year brings with it a generous helping of joy. 

We have looked at the charts for activity through November, and believe it or not, there are a couple of bright spots. October and November showed small bumps of activity. The prices are down, however, and both median and average prices in the Tucson sector dropped to about $150,000. It does not look like they are going to go much lower. 

Nationally, foreclosures continue to rise, along with unemployment. Those who can afford a home are going to make their move soon. 

Interest rates are going to go UP, probably in 90-120 days. Thus, as responsible REALTORS we are having “Heart to Heart” talks with our sellers.  Our goal is to get them to realize these issues and get their properties priced competitively.  This, we hope, will allow them to get in on what should be a spurt in the Spring.

 We see lots of buyers, as we do about 4 open houses a day, and there are people out there who are capable, and they WANT, or NEED, to buy. They are quite knowledgeable however, and they will not over pay. 

The inventory continues to hover just over 900 units, so the ones that are priced right are seeing activity.

 Again, Happy Holidays to all, and thanks from both of us for your continued support. We look forward to serving you, your friends, relatives and associates in the coming year.

 Thank you for your referrals.

 JILLandPETE

                   GREEN VALLEY/SAHUARITA ASSOCIATION OF REALTORS®

                                                           STATISTICS

                 SOLDS, UNDERS CONTRACTS & ACTIVE LISTINGS     

             ACTIVE RESIDENTIAL LISTINGS AS OF NOVEMBER 30, 2009

     918 Listings/ $249,993 Average Price/ $199,000 Median Price/ Average DOM 164

Green Valley (Quail Creek & surrounding subdivisions)                       695                                 

Sahuarita (subdivisions N of Duval Rd & Duval Mine Rd)                                          95

Areas S & SE &SW of GV(El Head.Amado,Aravica,MontanaVista, Lakewood)         23

Areas N &NE & NW of Sahuarita (Vail, Curley Horn Ranch, Ocotillo Ranch, etc.)       2

Tubac and Tumacacori                                                                                          76

Tucson                                                                                                                              3

Rio Rico                                                                                                                          22

Other (inc. Nogales, etc.                                                                                         2

SOLDS: NOVEMBER 30, 2009                          58

GreenValley                   49

Sahuarita                         6

Tubac                              2

Arivaca/Amado                2

Rio Rico                           0

UNDER CONTRACTS: NOVEMBER 30, 2009     64

(Includes 17 Active/Contingent-BU Offers Accepted Listings)

Green Valley                    47

Sahuarita                         11

Tubac                                2

Arivaca/Amado                 2

RioRico                             2

YTD COMPARISON  January 1-November 30

Now is the PERFECT TIME to buy a home.

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, extends and expands the first-time homebuyer credit allowed by previous acts.

In addition...long-time homeowners who buy a replacement residence may also claim a homebuyer credit for up to $6,500.

CALL US FOR DETAILS

Hi Folks,

As we write this on November 11^th, we are constantly thinking of the brave men and women serving and who have served to keep our country safe.

Not a whole lot to report this month. October was much slower than last October though we saw a slight upturn this past week in sales going under contract.

The nationwide foreclosure rate continues to be strong, and just a few days ago, 12 foreclosures were auctioned in Green Valley. Some of these are going to be excellent buys, as the lenders, in many cases, just don’t seem to be very responsive.

If anyone you know is interested in Tubac, let us know, as there are some absolute steals down there. One home was listed at $995,000, went into foreclosure and was purchased for around $400,000.

Interest rates are still at 4.5%-4.75%, so that leaves a lot of opportunity to grab a bargain.

A check of the statistics reveals, in plain English, some interesting facts:

1 Average days on market are approximately 6 months.

2 Homes that were sold went for about 91% of their lowest list price.

3 Unsold homes average a list price of approximately $90,000 more than the list price of the sold homes

We notice some increase in the number of our winter visitors, and many of them will be looking for “good buys.”

It’s probably a good time to talk with us about values if you have one to sell. Remember… if you are thinking of trading up, or down, the difference between the two is staying about the same.

Looking forward to seeing and/or hearing from you soon. As always, your referrals are most appreciated.

Have a wonderful Thanksgiving holiday.

As always,

JILLandPETE

The Pursuit of Happiness…YOURS!

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.