![]() |
|
|
Here is the 24 hour report for 11-25-09 activity in the Tucson Real Estate market according to the Tucson MLS.
This information is provided directly from our local MLS. Please feel free to check back often for the most accurate and updated information available in the Tucson area for local real estate reports and statistics.
For more free reports and Tucson Real Estate visit http://www.wiselisting.com/
| 24-Hour Market Watch | ![]() |
| New Listings | 74 |
|
|||
| Back on Market | 19 |
|
|||
| Price Increases | 6 |
|
|||
| Price Reductions | 83 |
|
|||
| Contingents | 44 |
|
|||
| Pendings | 33 |
|
|||
| Solds | 86 |
|
|||
| Expireds | 11 |
|
|||
| Inactives | 47 |
|
![]() |
|
|
Should I refinance? Is now the time? This is a question every homeowner should ask from time to time unless they paid cash for their home. So from a lender's perspective, what is the determining factor in this decision? Payback. How long does it take to recoup the cost of the refi? If the answer is 24 months or less, then it is time to call your favorite lender.
How should I calculate the "payback time"?
Get a Good Faith Estimate from your lender. Compare your rate to the rate being offered. Ask for Zero and Zero as a starting point. Zero points/ Zero origination. Also check on the impact of paying points. When you look at the estimate you need to discern between items to count in the payback calculation and those you should not.
Fees to include:
Not all of these will actually be charged, but in Arizona, a client will typically pay for an appraisal or an application fee, credit report, processing fee and an underwriting fee. These amounts will vary from lender to lender.
Loan Origination Fee and Loan Discount can be interchanged with each other. These are considered "Points" and you want to look at the refi with and without points.
Title Fees are unavoidable and should be considered in the payback calculation. If you purchased the home recently, you may be entitled to a reduced Title Insurance Fee if you use the same escrow company. Be sure to ask.
Items to exclude:
Impounds for taxes and property insurance should not be included in the payback calculation. Whatever is in your current impound account will be refunded after closing. This is simply replacing what is already there. Exclude prepaid interest as well. This is in place of the payment you will be skipping.
Run the numbers: If your payment is going down by $100 monthly and the fees using the aforementioned formula are $2400 or less, I recommend going ahead with the loan. If the payback is over 24 months, I recommend you wait for a lower interest rate. You are looking for the shortest payback period so ask your lender for the best scenarios with points. The thing to keep in mind is lenders don't always price points in equal amounts. You may find that you can lower your rate by .25% for less than 1 point (1% of the loan amount) on one day and for more than 1 point on another. There is no rhyme or reason to it, so be sure to ask your lender if he or she sees anything more attractive than the "normal" 1 point buying a .25% reduction in the interest rate.
This is a basic way to determine if you should look into refinancing your home. Feel free to shop lenders but when doing so, be sure to compare the same programs with the same points on the same day as rates are constantly changing. Internet offerings look fantastic, but as a rule, you get what you pay for. Personally, I prefer to work with someone that I can meet in person as well as reach by phone and e-mail. Good Luck!
___________________________
Patrick Randles
(520)850-7485
Sunstreet Mortgage, LLC
Tucson, AZ 85718
![]() |
|
|
Success is the ability to go from one failure to another with no loss of enthusiasm.
![]() |
|
|
Here is the 24 hour report for 11-24-09 activity in the Tucson Real Estate market according to the Tucson MLS.
This information is provided directly from our local MLS. Please feel free to check back often for the most accurate and updated information available in the Tucson area for local real estate reports and statistics.
For more free reports and Tucson Real Estate visit http://www.wiselisting.com/
| 24-Hour Market Watch | ![]() |
| New Listings | 91 |
|
|||
| Back on Market | 21 |
|
|||
| Price Increases | 7 |
|
|||
| Price Reductions | 88 |
|
|||
| Contingents | 49 |
|
|||
| Pendings | 37 |
|
|||
| Solds | 77 |
|
|||
| Expireds | 15 |
|
|||
| Inactives | 32 |
|
![]() |
|
|
Tucson Housing Report for November 2009
As of October 2009 active inventory was 6,273, a 22% decrease from October 2008. There were 995 closings in October 2009, a 25% increase from October 2008. Months of Inventory was 6.3, down from 10.1 in October 2008. Median price of sold homes was $159,000 for the month of October 2009, down 12% from October 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 83% from October 2008.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved