You are here: Home / Archives for Tucson Real Estate News

Tucson Real Estate Guide

May 21, 2010 By Administrator

Tucson Real Estate Guide

The Tucson real estate market is continually changing.

Our blog is designed to keep you up to date on the Tucson Real Estate market, and also give you information on Tucson homes, recreational events, and local Tucson real estate news.

TheTucson Homes for Sale Guide is an informational source for you about Tucson real estate and its surrounding areas of Oro Valley, Marana, Vail, Sahuarita, and Green Valley . This guide will be a resource for those interested in the Tucson Arizona area, for those already living here that are curious about local Developments, and for those who are contemplating a relocation to our beautiful city of Tucson Arizona.

The site will also provide you the latest information about the various surrounding areas of Tucson, Homes for Sale in and around town, updates in the Tucson Real Estate Market , the latest Real Estate News, the buzz on ”hot “new Tucson Developments, Tucson Property Search,  outlying Ranches, and also Land in Tucson and its surrounding areas .

Tucson has the fortune of having a great climate. It has more than 350 days of sunshine a year and is regarded as the sunniest City in the USA. It is also the oldest having had over 10,000 years of continual habitation. It has a culturally diverse flavor, and attracts those that are health conscious. There are also many world class Hotels and Resorts in Tucson, and an abundance of good Restaurants. You can request a free Tucson Relocation Package by visiting our site . We can also provide you with the latest Tucson Real Estate Market report for various areas in and around the area. There are many Recreational Activities in Tucson throughout the year, and we hope to give you the skinny on local Tucson events!

The outlying areas of Oro Valley, Marana, Vail Sahuarita, and Green Valley all have a distinctive terrain, and also different types of housing within their Communities. These range from  single family homes to Luxury Estates.

The location of your Tucson home, and also the type of property that you buy, will determine your price in the area for your new home. There are various Styles of housing in Tucson, and they  include the Territorial, The Santa Fe, the Mediterranean,. the Craftsman, the California Contemporary, the Adobe Home, the Ranch, the Patio Home,  and last but not least the Rammed Earth Home.

Tucson has always attracted many world reknowned Architects and has an abundance of talent in that arena. The University of Arizona located  close to downtown Tucson, has one of the Country’s top Architectural Schools.

The Tucson area has also attracted not only great conventional Medical Personnel, but also and array of alternative Medical Practices too. A world renowned Medical School is in our Community, with the new Cancer Center now open on Campbell Road. Andrew Weil lives in Tucson, and and the area has a variety of alternative medicine resources from herbalists to chiropractors.

Whether you are looking for a Condo, Townhouse, Apartment, Single Family Residence, a Patio Home, a Gated Community, a Luxury Property, a Horse Property or Acreage, or just a great place to live and work, Tucson and the surrounding area of Oro Valley, Marana, Vail and Sahuarita is a great place to call home.

Filed Under: Tucson Real Estate Blog Tagged With: tucson home buying tips, Tucson Real Estate News

Feds Cut Interest Rates

May 21, 2010 By Administrator

WASHINGTON – The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point on Tuesday and indicated further rate cuts were likely.

The surprise reduction in the federal funds rate from 4.25 down to 3.5 percent marked the biggest one-day rate move by the central bank since it cuts its discount rate by a full percentage point in December 1991, a period when the country was struggling to get out of a recession.

Analysts said the Fed will likely delay cutting rates further at its Jan. 29-30 meeting but will probably keep moving rates down aggressively as the economy continues to weaken.

“This move is not an instant fix,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics. “The economy is still staring recession in the face, but at least the Fed now gets it.”

In addition to cutting the funds rate, the Fed said it was reducing its discount rate, the interest it charges to make direct loans to banks, by a similar three-quarters of a percentage point, pushing this rate down to 4 percent.

Commercial banks responded to the Fed’s action on the funds rate by announcing similar cuts of three-quarter of a percent on its prime lending rate, the benchmark for millions of business and consumer loans. The action will mean the prime lending rate will drop from 7.25 percent down to 6.50 percent.

The Fed action was the most dramatic signal it can send that it is concerned about a potential recession in the United States.

The Fed decision was taken during an emergency telephone conference with Fed officials on Monday night. Those discussions occurred after global financial markets had plunged Monday as investors grew more concerned about the possibility that the United States, the world’s largest economy, could be headed into a recession.

In a brief statement, the Fed said it had decided to cut the federal funds rate “in view of a weakening of the economic outlook and increasing downside risks to growth.”

The central bank said that the strains in short-term funding markets have eased a bit, but “broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.”

The move caught financial markets by surprise. Many had expected the central bank would wait until its meeting next week to make any move in interest rates. The Fed made the move before markets had opened in the United States, hoping that the bold move would limit the decline in U.S. stocks.

Filed Under: Tucson Real Estate Blog Tagged With: Tucson Real Estate News

Tucson Real Estate Market still experiencing increased Buyer activity

September 21, 2009 By Administrator

From the Recent Press Release:

"Tucson is still experiencing a significant increase in buyer activity,  as we head into the Fall/Winter Season.
The amount of active Tucson Home listings on the market was 6,095. This is a decrease of 25% from the same time last year in August 2008.

There were also a total of 957 closings in August 2009,
When compared to the same time last year, the sales figured are up by 6%.

Tucson home inventory on the market is also showing a decrease which appears to be reinforcing the latest trend for Tucson.
In August this figure was  6.4, a significant decrease from  9.0 in August 2008.

However, the median price of sold homes was $162,500 for the month of August 2009, which has reduced 12% from August 2008.

It is therefore a great time to purchase a home as Tucson prices are very affordable, inventory is coming down and home prices appear to be stabilising.
New home builders are offering great incentives for you to buy before the first time home buyers tax credit runs out on November 30th 2009.
New property Tucson home sales are up 52% from the same time last year in August of 2008.

The inventory of homes has reduced in the Foothills. 85718 now has around 8 months of inventory compared to a few months ago when the inventory was over 12 months.
85750 still has 11 months of inventory, but this has also reduced from 13 months several months ago.

The most significant drop in inventory is in the 85749 Zip Code where three months ago there was over 24 months of inventory. This has now reduced to 10 months, which although still high, is showing signs of improvement.

Many Zip Codes now have a less than six month inventory, a good sign for an improving market.
However many lenders still see the whole of Arizona in a depreciating market, and Tucson often gets evaluated with the Phoenix market as one area.

Our statistics are quite different.

Interest rates are still very low for FHA and Conventional Loans and this week were hovering around 5%. There are still strict qualifications for Jumbo Loans, but they are out there and at great rates. Fixed Rates can be obtained for 5.5% for less than $500,000 and then 5.75% over $500,000.

The Tucson Real Estate Market  is experiencing a significant increase in Buyer activity, something that we will be watching into the usually busier Fall/Winter Season.
Remember Tucson homes must be closed before the cut off date of November 30th 2009 to get the tax credit."
 
Call Anne and Eddie for updated Tucson Real Estate Market news or visit them online at http://thetucsonexperts.com

Filed Under: Tucson Real Estate Blog Tagged With: home sales in tucson, tucson real estate, Tucson Real Estate Market, Tucson Real Estate News

Tucson Real Estate Market News

December 11, 2008 By Administrator

Tucson Real Estate Market Update

 

We are almost a the end of 2008 and how is the Tucson Real Estate Market doing?

November has duly followed seasonal trends,  and December is expected to follow the same pattern.

Tucson New listings are currently  at 1615 which is around 20.5% less inventory than last year. this  is also a good sign for the Tucson Real Estate Market.

However, the average sales price is slightly down at $215,913.

A recent quote from the National Association of Realtors about the real estate market states

"Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past

year, holding in a generally narrow range," says Lawrence Yun, NAR chief economist. "We did see a spike in August when

mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to

safe, affordable mortgages will bring more buyers into the market."

 

 

Filed Under: Tucson Real Estate Blog Tagged With: tucson market update, Tucson Real Estate Market, tucson real estate market update, Tucson Real Estate News

Tucson Real Estate Market News for February shows signs of change

March 25, 2008 By Administrator Leave a Comment

Tucson Real Estate Market is slowly improving.

The 2008 Tucson Real Estate market is slowly improving! 

Real Estate is always " Local", and we have excellent news from HUD in Tucson  that the limits for an FHA loan in Pima County have been raised from $239,850 to $316,250 on a  single family residence with a 3% down payment. This is a much better increase than was anticipated and with our current inventory of 6,534 homes currently on the market priced under $327,000 it is going to open up a new level  Buyer and Seller  opportunities.

 

Tucson home sales volume and unit sales are however  down from February 2007, but the numbers are up  from January 2008 by over17 % for Home Sales Volume and 19.52% for Home Sale Units. The Average Sales Price for a home has increased 1.01% over last year in  February 2007 from $259,516 to $262,155 in February 2008. The Median sales price has decreased from February 2007 from $219,500 to $199,900 for February 2008. This is slightly down from January 2008 which was $205,450.

The amount of pending contracts increased to 1,317 February 2008, an increase of 20.38% over the February 2007 count of 1,094. Another significant factor is that our active listings have decreased 6.89% from 9,847 in 2007 to 9,168 in 2008. Active listing numbers, and are ironically the same as January 2008 at 9,168, but differ in price range categories. New listings in 2008 increased from 2,376 in ’07 to 2,432 in 2008, an increase of 2.35%.

February has started to pave the way for a positive 2008 real estate market, and Tucson is looking forward to the rest of 2008 with the new opportunities for financing that have become available with the new limits for FHA.

Filed Under: Tucson Real Estate Blog Tagged With: tucson FHA limits, tucson home prices, tucson mortgage financing, Tucson Real Estate Market, Tucson Real Estate News

Tucson Real Estate market off to a good start in 2008

February 20, 2008 By Administrator Leave a Comment

 

Tucson Real Estate market in Southern Arizona January news has just been released by the Tucson Association of Realtors,  and  it marks an interesting year ahead in 2008!

Although statistics show that both home sales volume and unit sales numbers were below  January of 2007, the Average

Sales Price for a home in Tucson  only decreased 2.17% from $272,351 in January ’07 to $266,450 in January ’08, and pending contracts increased to 1,079 in January ’08, an increase of 25.03% over the January ’07 count of 863.  We are seeing a pick up in the market when comparing this time last year. We are also seeing a reduction in Active Listings, from 9,742 this time in 2007 to 9,168 in 2008.

The Tucson real estate market is generally slower at the beginning of January and then picks up at the end of January and into February, as many Events draw people to Tucson including the Gem Show, The Tucson Rodeo, and The Acccenture Golf Tournament.

Tucson real estate can look forward to continuing growth as it still has affordable housing, great weather, combined with  national low interest rates.

 

Filed Under: Tucson Real Estate Blog Tagged With: tucson housing market, Tucson Real Estate Market, Tucson Real Estate News, tucson sales statistics

Tucson Real Estate Market Report

January 17, 2008 By Administrator Leave a Comment

 

According the Tucson Association of Realtors Multiple Listing Service December 2007 Housing Report the Tucson Market appears to be stabilizing.
Considering that this is the Winter Season, and also comparing December ’07 with the same month ’06, we see a consistent improvement in the number of New Contracts opening escrow (799 Nov. ’07), which, when coupled with the fact that we have fewer new listings coming on the market, creates a shrinking listing inventory of 8708 residential units. In fact the 1590 new listings entering the market was the lowest number since early 2005.
At the Tucson Association of Realtors’ Annual Forecasting Summit on 1-15-07, Dr. Lawrence Yun who is the National Association of Realtors Chief Economist, shared his predictions for the 2008 Tucson real estate market which included the following information.
1.Most declines have already happened.
2, Any further declines will be neighborhood specific and minor.
3. The Buyer pool has been  growing with a demand from  the Baby Boomers, the retirees, and the international buyer.
4. Tucson benefits from being a “Work Class Recreational” region commanding a high premium.
5. Tucson has a job growth rate that should support home price appreciation in the future besides the fact that we hit over a million in population last year.
 
The Leader’s Panel who recently met to discuss Tucson’s Future also commented on “What makes Tucson’s Market Different” included:
 
1.High population and job growth, income growth. Tucson was rated as one of the top technically expanding cites by Fast Company Magazine last year. Only two cities made the list in the USA….. Austin Tx, and Tucson Az.
2. Tucson has a relatively low cost of living, and also a lower than national unemployment rate.
3. Loans are still available, even if you are to believe the current media. Many are FHA loans with little to no downpayment.
4. Tucson has around 4500 residential homes available under $250,000.
5. A declining new construction inventory starts. This actually may mean a shortage in New Home Inventory in 2009.
6. Tucson has a  foreclosure rate on “non sub prime” mortgages that is  lower than the national average.
7. Tucson housing has always been affordable for a desirable place to live.
 
We still have very affordable housing when compared to other western cities, and over 250 days of sunshine a year!
 
2008 is a great time to Buy your Tucson Home!
 
 
Home Sales Volume: Decreased 30.79% from $256,382,100 in December 2006 to $177,453,788 in December 2007.
Home Sales Units: Decreased 30.48% from 981 in December 2006 to 682 in December 2007.
Average Sales Price (all residential types): Decreased .4% from $261,348 in December 2006 to $260,196 in December 2007.
Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.33% from $215,000 in December 2006 to $210,000 in December 2007.
Pending Contracts (transactions subject to contract but not yet closed escrow): Increased 17.84% from 678 in December 2006 to 799 in December 2007.
Active Listings: Increased 2.23% from 8,518 in December 2006 to 8,708 in December 2007.
New Listings: Decreased 11.17% from 1,790 in December 2006 to 1,590 in December 2007.

 

Filed Under: Tucson Real Estate Blog Tagged With: tucson average home prices, tucson housing, tucson market update, Tucson Real Estate Market, Tucson Real Estate News, tucson relocation

Bank of America to buy Countrywide

January 11, 2008 By Administrator Leave a Comment

Bank of America has annonced that it will buy Countrywide Mortgage.

Amidst many rumours recently concerning a possible bankruptcy, the latest news was released this morning.

We will update you when we know all the details

Filed Under: Tucson Real Estate Blog Tagged With: tucson mortages lenders, tucson mortgages, Tucson Real Estate Market, Tucson Real Estate News

Tucson Luxury home market

December 15, 2007 By Administrator Leave a Comment

The Tucson Luxury Home Market deserves some notation, with all the press about the market in general nationwide and also locally.

Recent analysis of the Foothills of Tucson inventory and also recent sales shows that there around 140 homes on the market in the over $1,000,000 but the sales have been steady. It is also important to note that the most expensive sale in  our real estate history just sold  for $8,000,000.

Eventhough the inventory of Luxury homes gives the market enough for around a year, the average days on market has been running around 90 to 120 days for those Luxury homes that have been priced accordingly.

The sales price in the luxury home market has also been within 1 to 3 % of the list price which suggests that the affluent baby boomer generation has not  been affected by recent negative press nationally for the Real Estate market and locally  in the marketplace in Tucson Arizona.

To view all Luxury Homes and Estates available for sale over $1,000,000 in the Catalina Foothills area of Tucson, feel free to click the link below:

View_Luxury_Homes

 

 

 

Filed Under: Tucson Real Estate Blog Tagged With: tucson luxury estates, tucson luxury home market, tucson luxury homes, tucson luxury properties, Tucson Real Estate News