Barry Fotheringham, Broker
7360 E. 22nd Street,
Tucson, AZ 85710
Overall the Statistics are still holding up. We did see some decreases but not enough to cause major problems. The thing that I can not wrap my mind around is the Economy. We have been flat for so many months that it is a wonder that we are selling any homes. Employers just do not know what is coming next, and what their costs are going to be. For this very reason they have not been hiring more than what they need to get by. As long as Congress and the President keep kicking the can down the road we will not get stability to start growing again. There are so many new taxes and fees coming around 2014 that it makes my head swim with doubt. Mark my word we have no idea what our individual costs are going to be. I am not against health care, but it has many things that should have never made it into the bill. What did Princess Nancy say, “We have to pass it so we can find out what is in it”. Not sure if the quote is right but it is close. What if I wrote a contract on a home for you, and then you found out what it was going to cost you. NO that does not work for anything, including the Health Care Bill. We got sucker punched.
Even all that said, now is the time to purchase if you can, as prices and Inventory are going in the reverse direction and with interest rates at ALL time lows you should take action. New Homes may be what will work for you as the builders are trying to start moving on new Subdivisions again. You might find the pricing to fit your budget. You should have an agent helping you as they know what questions to ask and show you what you might get in a re-sale home. I think for a while a new home will make a lot of sense.
Average Sales Price
Median Sales Price
Total Units Sold*
Days On Market
Listings Under Contract**
Sales Over $500,000
|The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.
* Closed during the month.
** For the current month (not the total listing under contract)
Why is the Inventory going down. A few reasons that I see, is the Short Sales are decreasing in numbers which means less foreclosures to add to the inventory. But to me, it is the fact that our prices are still low and those that want to sell can not, because they owe more on the mortgage than the house will sell for. As prices improve you will see homes come on the market and the owners will just break even and in some cases come to the table with some funds to get out from under the loan. These people will then start the cycle over in the Tucson area or move to another area away from Tucson. The problem is, these listings will come slowly as prices increase so you may be able to see that it will be a great opportunity for the New Home builders to provide that needed inventory.
I have been involved in many sales over my 33 years in this business and at one time I probably sold more new homes than re-Sale homes in the 80’s. You get a new home with what you can afford in upgrades. Things that used to be extras are now standard in the homes today. Think about it as it may be what will fit you today. Call me.
Make sure you read the update on FHA from Renee Hahne at NOVA Home Loans. Thank goodness someone finally took someones advice and got rid of an idea that would have thrown us back into Home chaos.
Jul 18, 2012 No comments yet Share