Tucson, AZ real estate market report

Although prices have declined 14% in the past year, the fact that there are far fewer properties offered for sale is a good sign that the market is on it’s way to stabilization, and a more balanced market.

Interest rates remain at 40 year lows. There has never been a better time for first time home buyers to enter the market.

Pima County offers assistance to first time homebuyers and Veterans

Pima County, AZ just put out a press release yesterday that they are offering up to $8,500 towards buyer’s closing costs, as well as 30 year fixed rate mortgages for 3.5%. What a great program! Let’s hope that Tucson first time home buyers and Veterens will take advantage of this program to buying a home. If you have any questions about this program, or the home buying process in general, please call Sarah Ley, Senior Associate with Long Realty, at (520) 404-0544. Happy House hunting!

The foreclosure freeze & how it affects Tucson home buyers & sellers

So what’s a Tucson home buyer or seller to do? Keep on buying, and/or selling! We can’t allow fear of what may happen stand in the way of our housing needs. As FDR said in his Inaugural speech, “We have nothing to fear, but fear itself.” Look at the big picture: interest rates are at 50 year lows. Home affordability has increased dramatically in the past five years. The median sales price of a home in Tucson now stands at $150,000. In 2006, it was $225,000. This is a dramatic shift in affordability, without even taking the lower interest rates into consideration.

New Listing- Tucson, AZ Real Estate- Townhome in desirable Arcadia Square

New on the Tucson, AZ real estate market this Labor day weekend is this 3BR/2BA, 1,688 square foot barrio style townhome in desirable Arcadia Square. Call Sarah Ley with Long Realty at (520) 404-0544 to view this great new listing.

1930′s (U of A area) Spanish Style fix-up home now on the Market

LOCATION, LOCATION, LOCATION! (New listing on the Tucson, AZ real estate market). You can’t get much closer to the UA campus than this! Two houses down from Sam Hughes Place sits this 1930′s Spanish style Bungalow, which has many original historic details. Possibly original wood floors, coved ceilings, arched windows & doorways. Fireplace in family room. Alley access for parking & also room to park two cars & possibly build a carport on the west side of property. Separate studio guest house has a bath with shower & efficiency kitchen = approximately 160 sq.ft.- not included in assessor’s square footage. (Believed to have originally been a garage). Desirable R-2 zoning offers expansion possibilities. Home has been a rental for many years & is currently occupied by the owner’s son & two roommates. This home is somewhat of a fix-up, & is being sold in AS IS/WHERE IS condition. It needs work, but is priced accordingly at $249,000. Call Sarah Ley with Long Realty Company at (520) 404-0544 if you would like more information about this property, or Tucson real estate in general.

Catching Cactus in Tucson

If you like cactus enough to want to see it every day, and are thinking of buying or selling a home in Tucson, please call Sarah Ley (your Tucson Realtor) at (520) 404-0544. Sarah will help you find a home that’s perfect for you with just the right amount of cactus!

Is there life after the tax credit?

It’s spring here in the Old Pueblo, although temperatures are bound to creep up to the mid-90′s be 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.

January 2010 Tucson MLS Statistics

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!

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

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. 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!