Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community
Tag » Arizona Real Estate News
Jun 05, 2013
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Home prices in Arizona are definitely on the rise.  In fact, only two other states have home prices that had a higher increase.   Nevada was first among the states, followed by California in second place, and Arizona in third place.  To get the whole picture, read this article published by Arizona Daily Star.

 http://azstarnet.com/business/local/arizona-leads-on-improving-home-prices-mortgage-deliquencies/article_f75160f8-27fe-59b3-a475-5c94a991a4d0.html  

Just keep in mind that property taxes are based on the valuation of the home.   Recently people were complaining about the low values of their homes; but now that the values are rising, taxes most likely will, too. 

The increase in home prices means that a number of people may now have more equity in their homes.   Folks who need to sell now may not need to short sale their homes.  It's a great time to sell your home.  There are a lot of buyers out there, and the inventory is limited.  Homes that are priced right and marketed well are selling quickly.

If you'd like to discuss the possibility of selling your home, please call me.  

 

Patricia Paul, Broker, GRI ***  This e-mail address is being protected from spambots. You need JavaScript enabled to view it *** 520-548-2078

                                                                                                   


Apr 03, 2013
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By now I'm sure you've heard that home prices are improving.  But you might be surprised to hear that home prices have posted their highest jump in seven years!

 Check out the article by Inman News in its entirety:

 http://www.inman.com/news/2013/04/3/home-prices-post-highest-increase-in-nearly-7-years

If you've been waiting to sell your home, you might want to look into it sometime soon. 

For a free consultation and market analysis of your home, contact me.

 

Patricia Paul, Broker  **  Patricia Paul Properties  **  520-548-2078


Feb 04, 2013
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It's true; every day you hear more and more about how our housing market is recovering.  It has been going on for the past year or more.  It's also been said by some that the housing industry is now the driving force behind the nation's economic recovery.

Now the new home builders are also ramping up their production to try to meet the demand.  Inventory is still fairly tight in the resale market.  With the increased demand for housing and with the still very-low interest rates, the industry expects this growth will continue.

Here's a thoughtful article from Inside Tucson Business, written by Roger Yohem on January 18, 2013 covering some of these topics.  There are some surprising statistics within.  To read the article, please click on the link below:

 

http://www.insidetucsonbusiness.com/construction_real_estate/housing-market-has-made-a-bona-fide-recovery/article_916331f4-60e6-11e2-bae0-0019bb2963f4.html

 

Patricia Paul, Broker  ***  Patricia Paul Properties  ***  520-548-2078


Jan 14, 2013
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 The housing market started its recovery right around the start of 2012 in most areas.  Some parts of the country, and certain cities have experienced more growth and increases than others.  You'll be surprised how well some areas are doing!    Here's an interesting online article written by Mamta Badkar for Business Insider Money Game, entitled:  "The 10 American Housing Markets That Made Tremendous Turnarounds in 2012".   

  http://www.businessinsider.com/top-10-turnaround-housing-markets-of-12-2013-1?op=1#ixzz2H2t9k3W1

 

Patricia Paul, Broker  *** This e-mail address is being protected from spambots. You need JavaScript enabled to view it '; document.write( '' ); document.write( addy_text49199 ); document.write( '<\/a>' ); //--> This e-mail address is being protected from spambots. You need JavaScript enabled to view it   ***  520-548-2078


Feb 10, 2010
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For the past couple of years the real estate market has been dominated by REO's (Real Estate Owned); or in other words, bank-owned properties that were acquired through foreclosures.

Banks were neither equipped nor knowledgeable about suddenly becoming Property Managers.  In many cases, by the time they took back the homes, the properties were in poor condition.  Sometimes appliances, cabinets and fixtures were removed.  Unattended swimming pools were green with mold and yards were covered with weeds.  They had homeowner's association rules they had to abide by.  The carrying costs were huge.  Plus, in order to sell these homes, the banks had to price them well below the market value of privately owned homes.

But the banks have come to the realization that they can cut their losses by about 25% if they agree to accept a short sale, rather than to foreclose on a property.   So in the future expect to see more short sales on the market, and fewer REO's.  This could be good news for both buyers and sellers.  Plus, new government regulations are attempting to standardize the short sale process.  It is a bit easier and quicker to accomplish now than those first few shorts sales when this whole mortgage mess began.

If you find yourself in the position of needing to sell your home to be rid of a  mortgage you can no longer afford, please contact me.  I can explain the short sale process, and help you work with your lender to get your house sold.

If you can afford your mortgage or don't have one, but still want to sell your home either to move up, downsize, or relocate, I can help you, too.  You may even qualify for a federal homebuyer tax credit.  Please call me today for your free no obligation consultation.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078


Jan 26, 2010
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Have you been thinking about selling your Tucson home, but have been holding off because of the depressed real estate market?   It's true, the past couple of years have been a buyer's market, and it was fairly brutal to sellers.  Home values dropped significantly, yet sellers still had to do even more to stand out from the crowd of other homes for sale.

But the real estate market has been improving slowly over the past year, at the same time that the inventory has been shrinking.   The federal First-Time Homebuyers tax credit of up to $8,000 was extended for the 1st quarter or so of 2010, along with the program being expanded to offer a tax credit of up to $6,500 to qualifying existing homeowners who purchase a primary residence.  The tax credits have time deadlines; buyers must have their home purchase under contract by April 30, 2010, so they should start looking now.  This will create a larger pool of buyers out there in the first quarter of 2010 to make their qualifying purchase.   Now's the time to get in on the action!

Call me now for a free consultation.  We can discuss the value of your home, how to prepare it to put on the market, and potential marketing plans to get it sold.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078


Jan 24, 2010
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The very popular FHA insured home loans will be increasing some of their costs.  The first change will entail an increase to the up-front mortgage insurance premium paid at closing.  It is scheduled to increase to 2.25% of the loan amount in the spring. (It is currently at 1.75%).  So on a home loan of $100,000, the up-front fee would go from $1,750 to $2,250, or a $500 increase.  The FHA also intends to ask Congress to allow an increase in the annual premium (think higher monthly payments). 

The Agency will also be limiting the amount of sellers concessions allowed to apply to buyers closing costs.  Currently it can be up to 6% of the purchase price, but will be decreasing to a maximum of 3%.

Also, buyers with lower FICO credit scores may have to come up with larger down payments.  

These changes are being implemented to try to offset some of the losses the FHA has recently sustained.   The FHA (Federal Housing Authority) does not make the loans, they only insure them.  Currently more than 30% of home loans are FHA backed.  They are especially popular because they require far less down payment than conventional mortgages do.

What does this all mean?   If you are thinking about purchasing a home, the time to do it is now, before the changes.  And if you are thinking of selling a home, you might want to do that before costs increase for the buyers.  Their increased costs mean that much less is available to them for their purchase.

Please contact me if I can clarify any of this for you, or if you would like me to put you in touch with quality lenders.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078 

 

 

 

 

 

 


Dec 31, 2009
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The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac,  expects the interest rate for a 30-year fixed rate conventional mortgage to continue to increase.   This week's rate is averaging 5.05, but it is expected that before the end of 2010, and most likely sooner, the rates could climb to 6%.

 The higher interest rate will mean that if you are buying a home, the monthly payment for the same loan amount will be higher, or possibly you will not qualify for quite as large a loan amount.

There is still time to buy while rates are nice and low!  Let me help you!

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078


Dec 28, 2009
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Home mortgage interest rates have started to inch up.   Rates for a 30 year fixed rate mortgage averaged 5.05%.  This is the first time since the end of October that they rose above the 5% mark.   But it is still below this year's highest point which was set in the middle of June.

It is predicted that rates will continue to rise.  Historically, periods of low interest rates are followed by swings upward.

If you are thinking about purchasing a home, right now is still a very good time to do so.  In addition to still low interest rates, there is a good amount of inventory (homes) to choose from, sellers are still willing to make buyer concessions, and you may qualify for a large tax credit.

Contact me if I can help you buy or sell a home, or help you locate a good lender.   Upon your request, I will provide information about the tax credits available. 

Patricia Paul, GRI *** www.longrealty.com*** (520) 548-2078


Dec 21, 2009
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Most homeowners are aware that the number of short sales, foreclosures, and bank-owned properties in their neighborhoods has seriously effected the value of their homes.   These distressed properties are sold by consumers who can't afford their mortgages or the banks who have taken the properties back, and in both cases, tend to be sold way below fair market value.   Other sellers not in financial duress have had to reduce their prices if they hoped to compete.

Well, here's the good news.......  In November, there were 8% less foreclosures on a national level than there were in October.   This was actually the lowest level since February of this year.  The fewer foreclosures out there, the more stabilization and improvement we should see in home prices. 

Also, pending sales (homes under contract, but haven't yet closed) have been up for nine months in a row.   Sales activity is at its highest pace since February of 2007.

With interest rates still very low (but already heading up just a bit), it remains a good time to buy and maybe now even a good time to sell.  Today the average rate for a 30-year fixed rated mortgage was 4.94%.  Last year at this times the average was 5.19%.  Please let me know if I can help you with any of your real estate needs.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078


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