Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community
Tag » Real Estate Information
Feb 10, 2011
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I've been reading more and more articles about why now is the right time to buy.  This article explains it well, I think.  It shows how even if the home prices decrease slightly, the cost of buying goes up considerably as the mortgage interest rates increase.   So in spite of getting a home for less, your payments could be more.   
  
If you're considering buying a home, consider this:  Home prices are very low and interest rates are still at near-record lows.   If you buy now, you get the most for your money.  This blog is taken from the KCM (Keeping Current Matters) website:
 
http://kcmblog.com/2011/02/11/the-cost-of-waiting-for-prices-to-fall/


Let me know if I can help you purchase your next home.  I'd love to work with you!

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


Dec 26, 2010
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According to Veros (Veros Real Estate Solutions, a technology firm serving the financial services industry),  40% of major metropolitan areas are expected to see appreciation in home prices next year.   
 
Of course, it will vary by market.  San Diego prices are expected to go up by about 3.5%.  And Reno at the other end of the spectrum is expected to decrease by about 7.2%.  
 
To read the entire article by Kerry Curry in Housing Wire, please click on the link below. 
 
http://www.housingwire.com/2010/12/22/home-prices-expected-to-rise-in-40-of-major-metros-in-2011-veros
 
Anyone who owns a home is happy to hear that, I think!  If you're thinking about buying a home, now's the time before prices and interest rates go up.   Call me if I can help.

 

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


Nov 05, 2010
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I have been working recently with a gentleman who will be a cash buyer, trying to help him find an inexpensive property for him to live in.    We found a nice home, wrote an offer on it, and never heard back from the listing agent.  After several phone calls and e-mails to that agent, I finally got a hold of him and he told me the bank had accepted another offer instead, one that would be financed.   We were disappointed, but decided to move on.    Several weeks later, that agent called me back and said it looked like the other buyer's financing might have problems, and would my cash buyer still be interested?  After discussing it with my buyer, he agreed he would again make an offer on the home, but this time, not as high as the first time around.  We never heard back from the agent again.  
 
Then we found another home.  It was really a fix up!  The entire electrical panel was empty, there was no cooler or refrigeration in the home, and there were a couple of non-permitted additions.   My buyer decided to put an offer on it anyway, because he was competent to do the required work himself.    It had been a foreclosure, and when the listing agent presented it to the bank, they responded with a counter offer, very close to the original asking price.  My buyer decided to look for another property instead. 
 
We found yet another great property, and wrote an offer on it.  I received a call from the listing agent the next morning saying they had received another offer bedsides ours; the other offer being one with financing (ours was still a cash offer).  The bank asked both interested buyers to come back with their best and final offer.  We upped ours to full asking price, and let them know we could close within one week.  I received another phone call from that agent this morning, and was informed that the competing buyer offered more than list price, and the bank was rejecting our offer to work with them instead.
 
I'm convinced I will find this buyer a good home.  But it amazes me that some banks don't recognize a good deal when they see it.  A full-price cash offer, in my opinion, is much more likely to close than a financed one.   These days we see lots and lots of "DFT's"  (Deal Fell Through), and it's usually due to financing issues.   One would think closing in one week and having the asset off their books would be more desirable to the banks than waiting up to two months and hoping the financing will go through, and having the expense and liability of them holding onto the inventory.
 
Now, don't let these examples discourage you.  These were all homes under $100,000, and the competition is pretty fierce in this price range.  I could also give you recent examples in higher price ranges where negotiations have gone quite smoothly, both in private deals, as well as with short sales and foreclosures where banks were involved.  What this does tell me, is that you need the help of a professional to guide you through this changing real estate marketplace.   A REALTOR has the knowledge and experience that most private individuals do not, and they will work diligently to look after your best interests.   As the market conditions change, they are experiencing it first hand, and discovering how to work with the system.  
 
It is still a buyer's market out there.  Armed with a good agent, and taking advantage of the record low interest rates, you can find some exceptional values.   If you'd like to delve into the market, contact me.  I'd be happy to work with you!
 
Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078 


Oct 28, 2010
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I just read an article today by Steve Goldstein in the Daily Real Estate News by RISMedia,  that stated that new home sales were up 6.6% in September, and existing homes sales were up 10%.    Of course, they are still lower than where they were last year at this time, but it seems like we are into a recovery mode.  
 
My own personal experience has seen a number of buyers surfacing recently.  And we've even seen multiple offers on good homes that are priced right.  If you are thinking of buying or selling, now might be the time to do so.
 
Here's the article if you'd like to read it in its entirety.

http://rismedia.com/lowes/8355/10804
 

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


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