In the Tucson Catalina Foothills there are currently 20 foreclosures for sale. The low is $80k and the high is $477k. Interesting there are no luxury foreclosures currently for sale in the Foothills now!!! Let’s check back next month and see if this changes…
Here is a link to a comparable market analysis of all foreclosures currently for sale in the Foothills.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.
Months of Inventory (MOI), is the amount of current inventory (homes currently for sale) divided by average monthly sales. This is a good indicator of market health since it measures the amount of time it will take to elimate current inventory. In general, a market is considered “balanced” when MOI is 6 months.
Below find the months of inventory of various zip codes in the Tucson area for August 2011:
Zip Code Months of Inventory
85718 7.9
85750 8.0
85749 7.4
85715 4.0
85712 5.3
85716 8.6
85719 4.0
85705 4.8
85741 2.4
85704 5.9
85737 5.9
85742 4.1
85755 8.0
85658 7.5
85739 11.1
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro valley and Marana real estate home sales.
Tucson real estate : As of August 2011 active lots and land was 1,772, a 3% decrease from August 2010. There were 13 closings in August 2011, 50% below August 2010. Months of Inventory was 136.3, up from 70.2 in August 2010. Median price of sold lots and land properties was $70,000 for the month of August 2011, down 8% from August 2010. There were 24 new lots and land properties under contract in August 2011, down 45% from August 2010.
Tucson Land Report August 2011
Realtor Lisa Bayless, specializes in Tucson Catalina Foothills, Oro Valley and marana real estate sales. Contact Lisa for all your Tucson real estate needs.
Tucson Real Estate: As of August 2011 active inventory was 5,346, a 25% decrease from August 2010. There were 1,106 closings in August 2011, 28% above August 2010. Months of Inventory was 4.8, down from 8.3 in August 2010. Median price of sold homes was $122,200 for the month of August 2011, down 20% from August 2010. The Tucson Market had 1,507 new properties under contract in August 2011, up 46% from August 2010.
Tucson Housing Report: August 2011
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all you Tucson real estate needs.
Tucson real estate : As of August 2011 active inventory was 344, a 19% decrease from August 2010. There were 53 closings in August 2011, 43% above August 2010. Months of Inventory was 6.5, down from 11.5 in August 2010. Median price of sold homes was $219,900 for the month of August 2011, down 22% from August 2010. The Northeast and Extended Northeast area had 52 new properties under contract in August 2011, down 9% from August 2010.
Here is a link to the report: NE Tucson Housing Report: August 2011
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.
Tucson real estate: As of August 2011 active luxury inventory was 226, a 30% decrease from August 2010. There were 5 luxury closings in August 2011, 44% below August 2010. Luxury months of Inventory was 45.2, up from 36.0 in August 2010. Median price of luxury sold homes was $975,000 for the month of August 2011, down 3% from August 2010. The Luxury market had 8 new luxury properties under contract in August 2011, down 43% from August 2010
Here is the report: Luxury Housing Report August 2011
Realtor Lisa Bayless, specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your luxury housing needs.
Tucson Real Estate : As of August 2011 active inventory was 334, a 16% decrease from August 2010. There were 52 closings in August 2011, 2% above August 2010. Months of Inventory was 6.4, down from 7.8 in August 2010. Median price of sold homes was $215,500 for the month of August 2011, down 21% from August 2010. Oro Valley had 50 new properties under contract in August 2011, up 14% from August 2010. Below find a link to the entire Oro Valley August 2011 housing report.
August 2011 Oro Valley housing report
Realtor Lisa Bayless, specilaizes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.
Tucson Real Estate : As of August 2011 active inventory was 516, a 24% decrease from August 2010. There were 66 closings in August 2011, 3% below August 2010. Months of Inventory was 7.8, down from 9.9 in August 2010. Median price of sold homes was $262,500 for the month of August 2011, down 17% from August 2010. The North area had 83 new properties under contract in August 2011, down 1% from August 2010.
Foothills Housing Report August 2011.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.
10 Ways to Prepare for Homeownership
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. If you do not have 20%, lower down payment options are available.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or Arm’s — and decide what’s best for you.
7. Get preapproved with a Mortgage Company. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, possibly if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, maintenance, utilities, and association fees if applicable.
10. Contact a Realtor. You can reach me at 520.668.8293 or lisab@Longrealty.com
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.
Tucson real estate : The Canyons is a super luxury subdivision located in the Catalina Foothills (very top of Swan Rd). While it boasts some of the most luxurious homes in all of Tucson, is has had few sales over the past year and repeated price reductions. Many homes in The Canyons have sat on the market for years and are now close to 50% off their original list price. Great buying opportunity….
For example:
7431 Secret Canyon Dr was first listed for $5,950,000 in 7/09. Yesterday is was reduced from $5,000,000 to $3,950,000.
7417 Secret Canyon Dr was first listed for $4,500,000 in 7/09 (same builder as the above home). Yesterday it was reduced from $3,495,000 to $2,995,000.
There has actually only been one sale, in The Canyons, over the past year and it was a foreclosure… 7454 Secret Canyon Dr sold in 5/11 for $1,850,000. It was first listed in 1/10 for $4,500,000.
Here is a comparable market analysis for The Canyons. This analysis examines all homes currently for sale and all home sold over the past six months. Here is part of the problem… The medium asking price in The Canyons is $449/sqft, while the medium selling price is $267/sqft. Buyer and seller expectations appear to not be aligned in this luxury subdivision!!!
Sellers remember: if your buyers are getting financing, your home must pass the appraisal. Lenders will not give buyers financing if the purchase price is greater than the appraised amount.
Realtor Lisa Bayless, specializes in Tucson Catalina, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.
