Tucson real estate : Mortgage loan application drop to 15 year low

Tucson Real Estate: According to the Mortgage Bankers Association, mortgage loan application have fallen to a 15 year low. The decline in mortgage applications, and ultimately prospective home buyers, was attributed to volatile markets and uncertainty regarding the economy.

The average contract interest rate for 30-year fixed-rate mortgages is 4.39 percent. The average contract interest rate for 15-year fixed-rate mortgages is 3.56 percent. These are historic low rates.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales.

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Tucson real estate : Should sellers get a home inspection before they place their home on the market?

Tucson real estate : Should sellers get their home inspected before they place in on the market? Can’t hurt.

In AZ after a seller accepts an offer on their home, the buyer has 10 days to perform home inspections. Usually buyers perform a home, termite and pool inspection. However, during the 10 day inspection they have the right to perform whatever inspections they want.

Since buyers WILL perform a home inspection, seller’s are better positioned if they have there home inspected first. That way they can identify and correct any problems before they are brought to the buyer’s attention (keep in mind some problems will have to be disclosed to a buyer depending on its scope; ask your Realtor for more details). In this market, buyers are VERY picky and the smallest problem could cause them to walk away from a purchase. Seller’s are wise to get their property in its best condition before buyers begin inspecting it.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson Real Estate : Land Sales Market Report July 2011

Below find a link to the July 2011 Tucson land sales market report.

Land Market Report July 2011

As of July 2011 active lots and land was 1,758, a 6% decrease from July 2010. There were 26 closings in July 2011, 37% above July 2010. Months of Inventory was 67.6, down from 98.4 in July 2010. Median price of sold lots and land properties was $52,500 for the month of July 2011, down 36% from July 2010. There were 36 new lots and land properties under contract in July 2011, up 29% from July 2010.
 
Realtor, Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.
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Pima County Foreclosures Declines Again

In July, 2011 the number of foreclosure notices issued in Pima County hit a 40 month low.

In July 2011, 666 property owners in Pima County received default notices. This is a 40% decline compared to July 2010.  In July 2006, when home prices rocketed, there were 216 foreclosure notices issued.

During the first half of 2011, the Tucson area had the 19th highest foreclosure rate in the nation.

Realtor Lisa Bayless, specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson Real Estate : Pricing Strategy

Tucson Real Estate: Pricing your property properly when first listed can help you get a higher percentage of your list price and sell it in half the time. The majority of showings occur when a house is first placed on the market. If you price too high when you put it on the market, you run the risk of incurring higher holding costs and ultimately getting less for your property.

                                      Selling price/listing price                   Days on Mkt

No Price Change         95.5%                                                    99

1+ Price Change          94.9%                                                    169

Bottom line; if your home is priced correctly it will sell faster and for more money!!!

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Boys & Girls Club of Tucson : The Party!!!

I am on the board of the Boys & Girls Club of Tucson and our largest fundraiser “The Party” is just around the corner…
Last year approximately 3,500 people came to the inaugural kick off of THE PARTY.  This year plans to be even bigger and better.  You will not want to miss it and I hope you join us this year.  I promise you will not be disappointed.  Please allow me to give you a few highlights:
 
WHAT – THE PARTY 
WHEN – Friday Night, October 21st from 5 to 11
WHERE – The Tucson Convention Center  
WHY – It benefits the 7,000 plus kids at the Boys and Girls Clubs of Tucson.  Also, The Party is an amazing venue loaded with fun and, all of your best friends will be there anyway.  
MUSIC – Exclusive live concert by multiplatinum-selling alternative rock band Third Eye Blind (check out http://www.mtv.com/videos/third-eye-blind/10686/semi-charmed-life.jhtml) along with live performances by Tucson’s own 80’s & Gentlemen and the Jovert Steel Drum Band.
FOOD – Fox Restaurant Concepts and our pal Sam Fox will be providing an amazing sampling of appetizers, entrees and desserts from his award winning restaurants including North, ZinBurger, Blanco, Wildflower and Sauce.  It is also rumored that one of the concepts developed in Phoenix and slated to open in Tucson in the future may participate.
LIBATIONS – Four Ice Martini Slides pouring the now famous “Partyni” along with other libations with none costing more that $5.00.
AUCTION – a 10 item live auction and an extensive silent auction where what you buy helps the kids.
SUPER TICKET – For $20 (or the Bonus Package of 6 for $100) you will have a chance to win hundreds of incredible items 
ATTIRE – Here is what is cool, it’s “Come as your are!”
COST – Still only $100 ($50 is tax-deductible)
 
INFORMATION:  Check out the website at www.ThePartyTucson.com where you can purchase tickets on-line.  Check out the video from last year’s festivities along with all the great photo’s.  When you buy your ticket please don’t forget to list me (Lisa Bayless) as your “Solicitor”.
What are you waiting for?  Get on-line and get your tickets now.  The kids at the Clubs are depending on you.  
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Tucson real estate : Why some Realtors will accept over-priced listings (hint, it’s in their interest..)

Tucson real estate : I recently viewed a home that was listed for approximately $900k.  It seemed extremely over priced to me.  I asked the listing agent about the price and she confirmed that it was over-priced!  She actually told me the seller had it recently appraised for approximately $600k, but insisted on listing it for $900k.

I asked her why she would accept an over-priced listing; since it will NEVER sell at its current list price.  The Realtor told me she gets a lot of sign calls, about the home from potential buyers. She in turn captures these buyers and sells them different homes…..

Sellers, do not over-price your home! It will not sell! Even if you do find a buyer who is willing to over-pay (trust me they are rare) if they are getting financing, the lender will insist on an appraisal. If the home does not appraise, they can not get financing.

ASK YOU REALTOR FOR COMPS!!! It is the best way to ensure you home is not over-priced. Don’t let a Realtor use your home sale as a way to find clients for themselves…. This is not in your best interest and continuous price reductions signal desperation to buyers. You will be hurt by this strategy in the long run.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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Tucson real estate : Months of Inventory

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.
 
 
Of course market conditions vary greatly not only by area but also by price range. Below find a chart listing the MOI for various price ranges in both the Foothills and Oro Valley.
 
Foothills
Price                     MOI
$0-99k                     n/a
$100-249k                5.5
$250-499k                9.6
$500-749k                5.2
$750-999k                9.8
$1,000 and over      11.4
Source: Long Realty Housing Report (July 2011)
 
 
Oro Valley
Price                     MOI
$0-99k                     n/a
$100-249k                3.7
$250-499k                9.2
$500-749k              13.5
$750-999k              19.0
$1,000 and over     25.0
Source: Long Realty Housing Report (July 2011)
 

Realtor Lisa Bayless specializes in Tucson catalina Foothills, Oro Valley and Marana real estate home sales.

 
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Tucson Real Estate : $2.2 million home sells in the Catalina Foothills (Ventana Canyon Mountain Estates)

Tucson real estate :  A home just sold in the Tucson Catalina Foothills (Ventana Canyon Mountain Estates) for $2.2 million. I believe the sale also included the lot next door (not included in the listing sheet) This is great news for the Tucson luxury home market.
 
Of course, the original list price of this home was $4.5 million.  That’s 48% of the original list price. And some people say pricing in the luxury home market is not flexible….
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.
 
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Tucson real estate : Good value in Fairfield (community in the Tucson Catalina Foothills)

Tucson Real Estate : Below find a link to a fablous town home, in Fairfield, I just put on the market today!

4533 Trocha Alegre

It’s been completely remodeled and is priced aggressively . Just to show how serious I am about that, here is a link to all the homes for sale in the subdivision. You will see 4533 Trocha Alegre is priced at or below the competition and the home’s remodel is superior! If any one would like to view this home please contact me 520.668.8293.

Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate home sales.

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