Sunday, March 25, 2007
Mortgage Rates Inch Upward
According to CNN, mortgage rates inched upward from 6.14 to 6.16% for the week ending March 22 as new construction rebounded from a 9 year low. Big inventories of resale homes in Pima County are moving downward from December highs, spelling relief in sight for home sellers and giving notice to home buyers.
Friday, March 16, 2007
How's the Market?
Where do you get your real estate information? With so many opinions and voices, it can be pretty difficult to form your own idea of the current real estate market in Southern Arizona. Here are some thoughts and analysis of what we’ve read, seen, and heard in the past 3 months:
The population of Arizona will continue to grow and Tucson will continue to attract new home buyers, businesses, and investors. Job growth will also continue a pace of steady growth, contributing to the widespread demand for more housing. Despite worries about the market, Tucson’s housing market is strong and steady. Homes that are overpriced and the significant number of homes for sale will likely decline as the market softens through the remainder of 2007.
Buyers and sellers are well aware that the market is not the same as it was 2 years ago. In addition to changing market conditions, interest rates will also affect the number of qualified buyers who will be hesitant to consider non-traditional financing options. So what does all the research and market analysis mean? The simple answer is that housing conditions are returning to normal after an intense period of growth. Buyers are no longer willing to justify the purchase of a home that is overpriced and sellers are realizing that they cannot expect as high of a return on the sale of their home as they could have a couple years ago.
The high inventory of close to 9,000 homes on the market in Tucson indicates that sellers have expected high levels of return and that buyers are unwilling to pay these prices, instead many buyers are waiting for the inevitable—a return to a market where homes are fairly priced. So the rest of 2007 will likely see conditions where sellers will lower prices in order to sell or will take their homes off the market until a later date when supply is not so high. The competition with new home sales will also contribute to the pressure for sellers to lower prices, as new home builders attempt to profit from current market conditions.
As home prices accurately reflect their value, buyers will start making more and more offers. Growth will continue at a steady pace and there should be no worries, despite what the media says.
Via Realty prides itself on knowing the market and in properly assessing the value of your home so that it will sell and so that you will obtain the most value for your home. Our goal is to share our information and experience with you, so that you are confident in the sale of your home. We are also happy to meet with buyers to equip them with the proper knowledge of the market and to aid them as the select a home.
The population of Arizona will continue to grow and Tucson will continue to attract new home buyers, businesses, and investors. Job growth will also continue a pace of steady growth, contributing to the widespread demand for more housing. Despite worries about the market, Tucson’s housing market is strong and steady. Homes that are overpriced and the significant number of homes for sale will likely decline as the market softens through the remainder of 2007.
Buyers and sellers are well aware that the market is not the same as it was 2 years ago. In addition to changing market conditions, interest rates will also affect the number of qualified buyers who will be hesitant to consider non-traditional financing options. So what does all the research and market analysis mean? The simple answer is that housing conditions are returning to normal after an intense period of growth. Buyers are no longer willing to justify the purchase of a home that is overpriced and sellers are realizing that they cannot expect as high of a return on the sale of their home as they could have a couple years ago.
The high inventory of close to 9,000 homes on the market in Tucson indicates that sellers have expected high levels of return and that buyers are unwilling to pay these prices, instead many buyers are waiting for the inevitable—a return to a market where homes are fairly priced. So the rest of 2007 will likely see conditions where sellers will lower prices in order to sell or will take their homes off the market until a later date when supply is not so high. The competition with new home sales will also contribute to the pressure for sellers to lower prices, as new home builders attempt to profit from current market conditions.
As home prices accurately reflect their value, buyers will start making more and more offers. Growth will continue at a steady pace and there should be no worries, despite what the media says.
Via Realty prides itself on knowing the market and in properly assessing the value of your home so that it will sell and so that you will obtain the most value for your home. Our goal is to share our information and experience with you, so that you are confident in the sale of your home. We are also happy to meet with buyers to equip them with the proper knowledge of the market and to aid them as the select a home.
Thursday, March 15, 2007
New Townhouse Listing!
The Pros at Via Realty recently listed a great new affordable townhouse in the near north west side of Tucson. Situated near Romero and Wetmore road, this delightfully updated home is ready for you now! Complete with a beehive fireplace, it a perfect winter home as well as a great place for a first time homebuyer to start out. Here is a link to the listing.
Friday, March 9, 2007
New MLS Search Tools
You may have noticed some big changes in our web site.... The property search is a lot more user friendly and it is way better organized. Now you can search in categories, Golf properties, Town homes, School Districts and even neighborhoods. This gives the home buyer a bigger choice and also allow the home seller a broader exposure for their property. Check it out at www.moving2tucson.com and let us know how it works for you!
Wayne
Wayne
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