It's all here! News on the Tucson real estate market, tips and information for your Tucson real estate needs, and my occasional "likes" about Tucson and all the things we love about it. Read on!

Wednesday, December 18, 2013

Quote of the Week: Real Estate and Otherwise...

“It is a comfortable feeling to know that you stand on your own ground.  Land is about the only thing that can’t fly away.”
-Anthony Trollope

Wednesday, December 11, 2013

Quote of the Week:

Education is the most powerful weapon which you can use to change the world. -Nelson Mandela.

Sunday, December 8, 2013

Economy Improves and Mortgage Rates Climb

Tucson home buyers found that fixed-rate mortgages were up last week after news of an improved job outlook report and a national increase in new home sales.  Freddie Mac reported that 30-year fixed rate mortgages were averaging  4.46% with an average of 0.5 point.  That is more than a full percentage point over the year ago rate of 3.34%.    15-year rates last week average 3.47% with an average of 0.4 point.

But all are still really low by historic standards, but for how long?

Friday, December 6, 2013

Stat of the Week: Short Sales Down In Tucson MLS

My post last week about lenders starting to frown on short sales prompted me to do a quick check of recent Tucson sales statistics.  But a little background first. 

Short sales (where the seller still owns the property but his sale is subject to approval from his lender, which will be receiving less than what the seller really owes) have fallen into disfavor.  Why?  Three reasons: many buyers have lost patience with the long approval times, lenders sometimes think they can do better if they actually foreclose
and finally (and thank goodness) the improving market is lifting many homeowners out of their previous underwater status on their mortgages.

OK, all that being said, what is going on with short sales in Tucson?

A quick one month snap shot from the Tucson Multiple Listing Service (MLS), shows that 7.43% of sold properties in November were short sales, as opposed to 15.4% in November 2012.  So, wow...actual closed short sales were almost half of what they were a year ago, confirming the trends we have been reading about. 

At the same time, sales of foreclosed properties were down a bit too, but not nearly as much as the short sales.  17.3% of sold properties in November were foreclosed properties as opposed to 23.8% a year ago.  

Thursday, December 5, 2013

Fun Things in Tucson: Luminarias Here...Luminarias There...

If the cool temperatures this weekend put you in a holiday mood, there are several events you may want to check out.
Tucson Botanical Gardens Luminaria Nights

Both the Tucson Botanical Gardens and the Village of Tubac will be beautifully lit by luminarias lining their paths and streets both Friday and Saturday nights this weekend.  And both will feature seasonal music and edible treats.  Click the links above for more information.

Luminaria-lined walkways in Tubac
And the Fiesta de Tumacacori will be held Saturday and Sunday at the beautiful Tumacacori Mission located 50 miles south of Tucson just off I-19.  A celebration of the many cultures of the Santa Cruz Valley, there will be music, food and tours of the old mission church and gardens.  And on Sunday morning there will be a traditional mariachi mass in front of the old church.  Admission is free!

Dancers at the Fiesta de Tumacacori

Wednesday, December 4, 2013

Quote of the Week: Real Estate and Otherwise...

"It's tangible, it's solid, it's beautiful.  It's artistic, from my standpoint, and I just love real estate." - Donald Trump
It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate.

Read more at http://www.brainyquote.com/quotes/quotes/d/donaldtrum173288.html#7TrtZXuM9VqxTCxc.99
It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate.

Read more at http://www.brainyquote.com/quotes/quotes/d/donaldtrum173288.html#GYjCJHEvzCPJKh8k.99
It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate.

Read more at http://www.brainyquote.com/quotes/quotes/d/donaldtrum173288.html#GYjCJHEvzCPJKh8k.99
It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate.

Read more at http://www.brainyquote.com/quotes/quotes/d/donaldtrum173288.html#GYjCJHEvzCPJKh8k.99

Tuesday, December 3, 2013

Short Sales Lose Favor With Lenders in Addition to Buyers?

A few weeks ago I wrote a post about Buyers losing patience with short sales.  Now I read that, as the housing market recovers, it is the lenders who are starting to frown on short sales as well.  In the article linked below, Daren Blomquis of RealtyTrac says that rising home prices, along with strong buyer demand at foreclosure auctions and for as-is  foreclosed properties means that short sales are becoming a less favorable option for lenders.

Nationally, short sales represented 5.3% of all sales in October, down from 11.2% last year in October.  Let me do a little research and I will post the year to year stats for the Tucson MLS at the end of this week. 

Short Sales Lose Favor With Lenders?

Monday, December 2, 2013

Sold! Investment property at 425 E 33rd Street

This is a nice little investment complex of two units on the south side.  The masonry front home has two bedrooms and 1 bath, and the rear unit, also masonry has 1 bedroom and 1 bath.  And a large lot too!   Sold for $69,000