The Tucson Association of Realtors has released the Residential Sales Statistics for May. It's all good news. The average sale price was $204,125 and the median sale price was $170,000. These were 6.14% and 3.72% increases since the previous month. The number of units sold was up 6.93% and the number of listings was down 5.57% since April. With 6,505 listings divided by 987 sales, we have a 6.6 month supply of houses. A six month supply is considered a balanced market, with no advantage to the buyer or seller. This is a huge improvement from the dismal 13 month supply we had in December.
The under $300,000 market continues to be strong. I have seen bidding wars and quick sales. Many buyers are realizing that these low interest rates can't last forever. The $8,000 tax credit for people who haven't owned a home in the last three years will expire December 1 this year. Now's the time to make a move, before -- dare we say it? -- the inventory dips below a six month supply.
Friday, June 5, 2009
Thursday, June 4, 2009
3453 N Richland Drive
This incredibly affordable townhouse is located in the desirable Richland Heights neighborhood, northeast of Campbell and Ft Lowell. It has eco-friendly bamboo floors through out. The central air conditioner was new in 2005. Also has evaporative cooling for maximum energy savings.
The living room is spacious and has a high vaulting ceiling with clerestory windows. The corner fireplace provides a cozy touch. Sliding doors lead from the living room and master bedroom to the private walled patio. A generous dining area is between the living room and kitchen.
The two bedrooms and two baths are augmented by a den, which could easily be converted to a third bedroom by reworking the hall closet so it faces the bedroom. Check out the floor plan to see how it could be done.
The pool, spa and ramada offer a great oasis for relaxing and entertaining.
The Homeowners Association fee covers common area maintenance and insurance, garbage collection, water, personal and common area structural insurance, and building exterior and front yard maintenance.
This townhouse sold for $120,700 on July 21, 2009. What a shame the price was dragged down so low by foreclosures, the $180 per month HOA fee, and the need for maintenance in the complex. The maintenance will not be started until the HOA finishes collecting a $100 per month special assessment from each homeowner at the end of 2010.
$8,000 NOT Available for Closing Costs, Either
More chaos from Housing and Urban Development. The $8,000 tax credit for home buyers who haven't owned a home in the last three years can not be used for closing costs in Arizona. Only 14 states have set up the non-profit organizations that are needed to make short term loans to home buyers. The home buyers will pay back the loan when they file an amended tax return. Arizona is not one of the 14 states to create this non-profit organization.
The only thing a home buyer in Arizona can do to get some of the $8,000 prior to buying his home is to reduce his income tax with holding. To find out how to do that, check here.
To qualify for the $8,000 tax refund, the home purchase must be completed before November 31, 2009.
This is free money! If you qualify, now's the time to buy a house.
The only thing a home buyer in Arizona can do to get some of the $8,000 prior to buying his home is to reduce his income tax with holding. To find out how to do that, check here.
To qualify for the $8,000 tax refund, the home purchase must be completed before November 31, 2009.
This is free money! If you qualify, now's the time to buy a house.
$8,000 NOT Available for Down Payment (But It Can Be Used for Closing Costs)
Doesn't inspire much confidence in our government when they keep announcing stuff and then retracting their announcements, does it?
This is from the National Association of Realtors:
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used for the borrower's minimum investment of 3.5 percent of the sale price, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum contribution of the 3.5 percent downpayment.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 (10% of the purchase price, so as long as you pay over $80,000 for your house, you get the whole $8,000) and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment. This means if you don't owe $8,000 in federal taxes, you get the difference between $8,000 and your federal tax obligation as a cash refund!
Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at www.REALTOR.org
This is from the National Association of Realtors:
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used for the borrower's minimum investment of 3.5 percent of the sale price, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum contribution of the 3.5 percent downpayment.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 (10% of the purchase price, so as long as you pay over $80,000 for your house, you get the whole $8,000) and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment. This means if you don't owe $8,000 in federal taxes, you get the difference between $8,000 and your federal tax obligation as a cash refund!
Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at www.REALTOR.org
Thursday, May 28, 2009
$8,000 Available for Down Payment
What's the biggest hurdle stopping first time home buyers from taking advantage of the perfect storm of low prices and low interest rates? Lack of a down payment, of course.
Homebuyers who have not owned a home in the last three years can receive a $8,000 federal income tax credit if they buy before December 1. For about 12 hours a few weeks ago, the U. S. Department of Housing and Urban Development said the $8,000 could be received at closing instead of after closing. Then the backed off. Now it seems they are going to revive the idea. The following is just in from REALTOR® Magazine Online.
HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.
"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.
The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.
When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Homebuyers who have not owned a home in the last three years can receive a $8,000 federal income tax credit if they buy before December 1. For about 12 hours a few weeks ago, the U. S. Department of Housing and Urban Development said the $8,000 could be received at closing instead of after closing. Then the backed off. Now it seems they are going to revive the idea. The following is just in from REALTOR® Magazine Online.
HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.
"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.
The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.
When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Wednesday, May 27, 2009
Walk Score
Green is the most sustainable color. As energy costs increase and resources are depleted, more and more people are recognizing the benefits of energy conservation, clean air and healthy living. I have talked with several buyers lately who have told me they want a home that's close to shopping, restaurants, services and entertainment. The green word for this type of location is "walkable".
I have discovered a fabulous web site where you can type in an address, and get its "walkability score". You will get a map showing all the amenities close to the address, and a ranking from 0 to 100 indicating the ease of living at that address without a car.
Try it. It's lots of fun.
I have discovered a fabulous web site where you can type in an address, and get its "walkability score". You will get a map showing all the amenities close to the address, and a ranking from 0 to 100 indicating the ease of living at that address without a car.
Try it. It's lots of fun.
Home Valuation Code of Conduct
On May 1, the home appraisal industry underwent a devasting overhaul. I don't know who is benefiting from the increased cost and delay in getting a home appraisal, but it's not lenders or borrowers.
This sort of government intervention is exactly what the housing industry doesn't need. How about making it easier for qualified borrowers to buy a house, instead of harder?
Check this article from the Los Angeles Times.
This sort of government intervention is exactly what the housing industry doesn't need. How about making it easier for qualified borrowers to buy a house, instead of harder?
Check this article from the Los Angeles Times.
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