Tucson Real Estate Market

The Dog Days of Summer…

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Well, they are finally here!  The dog days of summer have officially arrived. Folks, we’re in the final stretch of summer now… It’s that time of the summer when many people who can take time off work are on vacation. Kids (and parents!) are counting the days until back to school time.  I think this photo sums it all up. This is my dog standing on the precipice of the end of summer. From these dog days, it’s all downhill from here. We’ve made inroads through the hottest part of the summer, and in a few weeks- we’ll see begin to see those bright yellow school buses, once again gracing our streets and taking our kids back to school to their daily rituals.

The dog days of summer

Bank Owned Homes- What you don’t know can hurt you!

I was out with a buyer this afternoon showing a few bank owned properties. It seems most buyers are wanting ‘a deal’ these days. One of the houses we looked at was in a well established, and (for the most part) stable neighborhood in Oro Valley. Why was this house so cheap? There is another house that is the same floor plan just around the block listed for $110,000 more. At the same time, it was puzzling to my buyer and I how this house could have sat on the market for five months without selling at the seemingly low price it was listed for.  A mystery, indeed…

The troubling thing about bank owned homes is that they are a mystery. They are sold with no disclosures, as the seller (the bank) claims to have no knowledge about the property, and the previous owner is long gone. In this specific case, it appeared that someone may have made an effort to cover up potential issues with the home, namely mold… The house had a basement (rare in Tucson), and when my client and I were looking in the basement bedroom, we noticed an overwhelming moldy smell. I could see paint covering circular spores. The window had extreme signs of water damage. The carpet appeared brand new. The baseboards were missing, and there appeared to be water damage all over one wall. Not only did it smell moldy, but after 10 minutes in the house, we were all feeling a bit queasy. I left with a headache, and on the way back to my office, I felt dizzy and short of breath. Not exactly living conditions you’d want to subject your family to! If after 10 minutes in the house we all felt that way, imagine how bad it would be to live there. Mold is often a hidden health issue.  See this link from the EPA for more.

The bottom line for buyers is that bank owned homes can be like peeling an onion. You don’t know how many layers of damage there are! Considering the lack of facts and disclosures associated with bank owned homes, it is imperative to procure the services of a good home inspector. Get an inspector who is ASHI certified, and one who will take pictures of suspected issues the home has. Since most bank owned homes are sold in “as is, where is condition,” if you are considering purchasing a bank owned home, in addition to having the house examined from head to toe, you will need to get several bids from licensed contractors for necessary repairs prior to buying the house. Remember the old saying, “Caveat emptor.” This rings true with bank owned homes. Let the buyer beware! The issues of this house will be your issues if you buy it!

Here is a link to an article about bank owned homes with mold. http://ezinearticles.com/?Buying-a-Bank-Owned-Mold-House?-Think-You-Can-Handle-the-Clean-Up?-Beware-Even–The-Pros-Screw-Up!&id=1885445 Make sure you have an idea what you are getting into before you complete a purchase of a bank owned property. If you need the services of a qualified, professional Realtor- please don’t hesitate to contact Sarah Ley.

Catching Cactus in Tucson

Catching cactus in Tucson doesn’t sound like much fun, or something that a lot of folks would want to do. Ouch!  Those thorns are sharp… But in addition to boasting a small patio collection of potted cactus, I enjoy catching cactus on film. And since they are looking so colorful & healthy this spring, I thought I’d share a few of my favorite cactus shots with you! These photos were taken here in Tucson between April 24- May 8, 2010.

Photos of Tucson, AZ cactus:

Is there life after the tax credit?

A lot of folks are asking the same question: Is there life in Tucson real estate after the expiration of the first time home buyer tax credit? The answer is a resounding, yes!

It’s spring here in the Old Pueblo, although temperatures are bound to creep up to the mid-90’s by early next week. In other words, it’s starting to feel more like summer here in Tucson. Tucson always has a big influx of buyers relocating from all over the nation. Many buyers prefer to buy in the summer when the kids are out of school, and there isn’t as much competition among buyers. Saving $8,000 on a house is significant. Obviously, the federal tax credit spurred home buying activity in our market and the national market in a big way- to the tune of about 10% increase in home sales activity.

Having a good Realtor on your team who can negotiate the best possible deal for you on a house is priceless, and there are many ways a Realtor can help you save more than $8,000. Don’t buy a home without a Realtor on your team, and if you are ready to buy- this is a great time to plant your roots in sunny Tucson!

Springtime in the Old Pueblo

Valentine’s Day Open House in the Catalina Foothills

Happy Valentine’s Day! One thing you may want to consider doing with your Valentine is a horseback ride in the Catalina Foothills. The best place to do this is Hacienda Del Sol guest ranch. The ranch is having a few specials for Valentine’s day. Like a sunset, champagne ride from 5-7 PM. The cost per person is $85.00.

On a more conventional note, and if you have a Valentine who would rather shop for real estate, I’m having an open house today at my new listing: 6621 N. Montezuma Drive.

6621 N. Montezuma Drive

If you are looking to buy a home in Tucson for your Valentine, this is a great one! It’s a 4BR/3BA, 2,554 square feet with exceptional mountain views & sits on a near 3/4 acre lot. (If you click on the above link, then “floor plan. PDF,” it will take you directly to the floor plan). It has a private front courtyard entry, giving it two usable patios- great for entertaining! The views of the mountains are fabulous, and the Finger Rock trailhead is about a five minute walk from the property. The home has been nicely updated & it’s got a Pebble Tec pool & natural rock spa, as well as beautiful native landscaping. It is being offered for $550,000.

I’ll be there from 2-4 PM today. If you can’t make it today, please call me directly, and I’d be happy to schedule a time to show you the house. Remember, the first time home buyer tax credit, and the move up buyer tax credit have only about two and a half months left. If you’re thinking of buying or selling a home in Tucson, please call Sarah Ley for a complimentary market analysis.

January 2010 Tucson MLS Statistics

The Tucson Association of Realtors has just released the January MLS Statistics. Here is a link to access the statistics. http://www.tucsonrealtors.org/tar-v2/stats_jan10.pdf 

There is mostly good news in the Tucson real estate market. Home sales are up 16% over last January. Home sales volume is up 13%. Although new listings are up 35%, pending contracts are also up nearly 24%. This is indicative of a brisk market, as many buyers are trying to take advantage of good deals and also get their tax credit before it expires. There are a lot of deals on the market, due to a high inventory of short sales & foreclosures. A word of advice to home sellers- price your house to be ‘in’ the market- not ‘on’ the market. Proper pricing is critical in today’s market environment. Inventories continue to be high, and absorption rates- relative to inventories are low. The price range with the highest level of inventory is homes priced between $200,000 to $249,000. There are 961 homes on the market that fall into this category. The number sold for January was only 90. This represents about a 10% absorption rate, meaning that only 10% of these homes are actually selling. If you are selling your home, and you want it to sell, it has to be priced to sell- or else it will fall into the category of the remaining 90% that are in essence ’sitting on the market.’

This is not a market to be ‘testing the market.’ This is a market for serious buyers and serious sellers. Because of the high level of inventory, buyers have plenty of choices, and they can afford to be choosy. In addition to pricing your house with the market, it must also show well to prospective buyers. As a home seller, you will most likely need to make some repairs and modifications to your home prior to putting it on the market. If you are considering buying or selling a home in Tucson, please contact Sarah Ley to discuss your real estate needs. Now more than ever, it’s essential to have the representation of an experienced Realtor on your team.

Don’t forget about the tax credit incentives for buyers!

There are only me inabout two and a half months left to take advantage of the tax credits for buyers, which are being offered by the IRS. The rules for both tax credits are that the buyer needs to have the house in escrow by the end of April, 2010, and close by the end of June, 2010.

There are two types of credits being offered…

1) First time home buyers, or those who have not owned a home for the past three out of five years. Buyers fitting into this category can benefit from a tax credit of up to $8,000. You will need to show that this is either your first time buying a home, or that you have not owned a home in the past three out of five years.

2) Move up buyer tax credit. This is a new tax credit that just became available in November 2009. To qualify, you have to have owned and lived in your home as an owner occupant for at least the last five years. You can qualify for up to a $6,500 tax credit when you sell your home and purchase a replacement property.

If you are thinking of purchasing a Tucson home, the clock is ticking on both tax credits. Please do not hesitate to call Sarah Ley, should you have any questions about either. Speak with your tax professional to find out if you qualify for either credit.

What to do with visiting relatives in Tucson during the holiday season

Now that turkey day is history, and folks are preparing for the upcoming holiday season, many people with visiting relatives may be scratching their heads as to what to do with their families- besides eat, shop, or watch football on TV.

Luckily, Tucson is abundant with things to do and places to visit. Many of which are not apparent to people who live here, as they do not do ‘touristy’ things on a regular basis. I’ve taken a few day trips recently myself, and have greatly enjoyed it! A few weeks ago, I went to the De Grazia Gallery in the Sun. Ted De Grazia is the famed local artist who resided for many years in the Catalina foothills area north of Tucson. The Gallery is a free attraction, and chronicles the rich history of De Grazia’s artistic journey into various mixed media (including building the gallery himself out of all natural materials like cut cross sections of cactus). He even used tin foil as a medium for his art. Few would dispute that De Grazia is the best known artist from Tucson, even though he was originally from the mining town of Morenci, Arizona. His colorful life matches his colorful art, and a trip to the Gallery in the sun is not to be missed!

The Adobe Chapel at De Grazia Gallery in the Sun

Below are some ideas of day trips to take in Tucson, as well as corresponding links for many.

* De Grazia Gallery in the Sun

* Tucson Botanical Gardens

* Arizona Sonora Desert Museum

* The University of Arizona (especially Arizona state museum and The Center for Creative Photography)

* Ft. Lowell Park- Arizona Historical Society Museum

* Agua Caliente Park

* Historic walking tour of downtown Tucson (PDF format)

* 4th Avenue (near downtown)

* Winterhaven festival of lights

* Hiking in the Catalina Foothills: try Pima Canyon, Finger Rock trail, Ventana Canyon

* Saguaro National Monuments (east and west)

* a day trip to Tubac

* a day trip to Oracle

* Mt. Lemmon

* horseback riding at the Westward Look Resort

If you run out of things to do, and your family now says they want to move here- please call me. I’ll be happy to show you the local real estate offerings, as that is my specialty. Happy trails & happy holidays to you & your family!

Saguaros touching the sky in Pima Canyon.

Beautiful Autumn Sunset in Tucson

The sun has officially set on summer in Tucson! Many people are rejoicing that fact, and we are finally enjoying a cool down in the weather. I took these photos in my backyard last night on what was one of the prettiest sunsets I’d seen in quite some time. To anyone reading this blog- I am sorry if I seem to not have much else to write about, other than our glorious sunsets. It’s just that watching the sunset is one of the reasons I feel happy to call Tucson home.

If one is a regular Tucson sunset watcher, as I am, the difference during last night’s sunset was palpable, and could be sensed and felt with each changing color, each fading moment of daylight. Summer sunsets in the desert have a lot of purple in them. Fall and winter sunsets are more orangy. This sunset informed me of a changing of the seasons, and I believe it is safe to declare that it’s official- autumn has arrived in Tucson! As I said above (I almost can’t believe it) these pictures were taken from my backyard. I have (what I believe to be) a nice view- looking west, of the Tucson Mountains. This western view is one of the reasons that I enjoy an almost daily ritual of sunset watching. These six were taken with a basic digital camera, and have not been photo shopped in any way. It’s truly amazing to me that we are able to enjoy such inspiring/breathtaking sunsets on a daily basis! As one of my favorite philosopher’s, Ralph Waldo Emerson would say, “The first in time and first in importance of the influences upon the mind is that of nature. Every day, the sun; and, after sunset, night and her stars. Ever the winds blow; ever the grass grows…”  Hope you enjoy the many blessings of our beautiful desert surroundings!

Open House in the Catalina Foothills

Tucson, AZ real estate update: Sarah Ley will be hosting an open house on Sunday October 4, 2009 in the Catalina Foothills from 1-4 PM. The house is located at 3921 E. Skyline Drive, in Tucson, AZ. It has both city and Mountain views, and is on a large 1.3 acre lot. Here is a link to the property listing: Listing info, 3921 E. Skyline