Localism: Vail, AZ

"Oh...You're a Realtor?"

Sun, 02 Nov 2008 19:53:48 -0600

"So, what do you do for a living?"

"I'm a Realtor..."

"Oh, you're a Realtor! What do you think about this market?"

Never fails! Everyone wants to know what Realtors think about the current real estate market. I have enjoyed this conversation with clients, prospective clients, people from every walk of life, people from different parts of the country, and have especially enjoyed knocking around the subject with other Realtors.

My response has been the same each time though...

"This time is a great opportunity for first-time homebuyers and people who are prepared to take advantage of some great deals. All in all, just a great time...if you are ready!"

However, I have also been fortunate to converse with people who are on the support side of the real estate industry as well. That would be mortgage brokers, appraisers, underwriters, home inspectors, etc...

So, I got to ask them the same question. And I have heard so many interesting responses.

Just last month... "What exactly is a declining market?" Excellent question! Pima County has been classified as a declining market, as far as appraisals go. Declining? It is a shame that they do not give appraisers a check-box marked "adjusting" or "correcting". That seems to be a better description of what is going on in Pima County.

Real estate is one of the few markets that can be influenced greatly by consumer hysteria, however will almost always self-correct.

The Southern Arizona real estate market has consistently enjoyed a 4% - 6% annual appreciation. So when a jump of 17% to 22% occurs in a 6-month period of time...hmmm! Last quarter of 2004 into 2005 saw this kind of hysteria. Started small and then snow-balled. Then the slow down, then the correction. We are in the correction phase of that real estate cycle.

This would be the time to take a good, long, realistic look at your current housing goals. If you are renting, and have always wanted to own - this is YOUR time!

FHA-Federal Housing Administration has some of the most attractive programs that we have ever seen. They truly benefit first-time homebuyers and will go a long way towards assisting you and your Realtor in making your housing dreams come true! And the loan process is not nearly as difficult as they used to be either (dang do the Feds read these? oh well...).

Normally, I might see you out by the Saguaros at Sunset.

However, I might suggest we meet at your Lender's office. I'll have the chilled bottles of water, the map sheets, and showing times set up at some really fabulous homes! Let's get the party started!

PS~If you are really interested in real estate facts and data for Pima County, check out the Area Market Report! This will give you the true local view of our market, rather than the sensationalized hyped-up national view of random markets.

Rita Ranch and Vail, Arizona Foreclosures Report: October 2008

Mon, 27 Oct 2008 20:05:25 -0500

Ultimate Bargain Hunters List, Tucson and Vail Arizona: Foreclosure and Short Sale Property List

Buying a bank owned home provides an excellent opportunity. In years past, this was a scary prospect at best, but things have changed for the better. The banks are competing against each other to get these homes sold. Even as recent as 5 years ago the number of bank owned homes were in small numbers. The current market has increased quantity and forced the banks to move quickly when pricing this inventory for market. What you'll find in most cases are homes that are priced 5-10% below the rest of comparable homes in the same neighborhood.

Buying Foreclosures is a smart investment. It's important to be active in your search by being prepared to submit an offer when you find the right house. That means to have a signed Pre-Approval Letter from your mortgage consultant or a Loan Status Report. One of these documents must be submitted with the offer to purchase for your offer to be considered by the seller. *****Remember: Buying a home from a bank is no different than buying a home from any other seller.

Foreclosure List as of October 27th, 2008 for Rita Ranch and Vail Arizona

As you can see there are dozens of foreclosures available and this list is for just the Southeast area of Tucson which has a population of about 22,000. If you'd like the address for the above properties or your own customized list for any area in Tucson please request one at no cost or obligation.

In addition, foreclosures are just one way to find great buying opportunities on Real Estate. The lesser known are short sales. Short Sales occur when the Mortgage company or Bank allows a borrower to sell their home for less than the mortgage balance. Hence the term short sale. A short sale transaction generally requires more time to close the deal for various reasons. One of them being the fact that banks have literally thousands of borrowers requesting to sell for less than what they owe. This results in millions of dollars of potential losses for the bank if they choose to allow this course of action. So the banks are trying to service more people than they can handle right now and it simply take a longer.

This information is courtesy of Kevin Wood, Realtor, in Tucson Arizona. You can contact Kevin at 520.260.3123 and kwood@gotucson.com, or visit him at KevinWwood.com.

Rancho del Lago MLS report - September 2008

Tue, 07 Oct 2008 09:31:31 -0500

Below are the market statistics for Rancho del Lago for September 2008 as provided by the Tucson Association of Realtors:

Active Listings:		84
New Listings:		18
Active Contingent:		10
Active Capa:		1
Pending:		4
Sold:		8
Expired:		3
Withdrawn Released:		8

Rancho del Lago continues to clear stagnant inventory and prices are continuing to normalize, but at a much slower rate.

    With 18 new listings and 84 active listings Rancho del Lago continues to be an attractive draw to many homebuyers especially those who work for nearby employers (Raytheon, IBM, Tucson International Airport, Davis-Monthan AFB).

   Keep in mind, a few of the "New Listings" are price reductions that were enacted this month.  Several of the Active Contingent listings and Sold listings are foreclosures and or short sales and prices appear to be stabilizing from the activity of the past several months.

   K. Hovnanian continues to sell new homes with very competitive pricing which is also contributing to a slight price decline.

   If you are interested in homes in Rancho del Lago or the surrounding community feel free to contact me!

---
Michael Krotchie - Realtor®
Coldwell Banker Residential Brokerage, NRT LLC
6970 N. Oracle Road, Suite 100
Tucson, AZ 85704

520.404.4996 -- Mobile
520.544.4545 -- Office
520.844.6699 -- Fax
http://www.michaelkrotchie.com

Mortgage Rate Bingo?

Fri, 29 Aug 2008 23:19:50 -0500

I was chatting up one of my favorite mortgage guys today, while on my way to meet with a client. I asked him if he had heard anything about yet another interest rate drop from the Feds. The rumor mill is churning...

He had an interesting comment. "While the Feds are doing this to stimulate the economy, and help the American public to help themselves out of the pathway of a future recession...it is counter-productive for Realtors and for their clients who are fence-sitting and just waiting to see just how low they will go."

I'm thinking he meant that while Buyers are playing a game of "Mortgage Rate Bingo" waiting for that elusive winning combo...their dream home is being bought by someone else or taken off the market or sold on the steps of the courthouse.

Then there is the "domino effect" of selling your home to the next guy, that allows him to sell his home to the next guy, that allows him to sell...you get the picture. <Wait a minute here....I am getting an epiphany! The whole real estate collapse was started by one person who backed out on the sale of their home? hmmmmm >

I hear-tell that there was a time when interest rates were actually double digits and mostly in the high teens...and Realtors were still writing contracts. So you need to ask yourself...Is it really worth the wait?

2008 is turning out to be the year of many opportunities in the SoAz Real Estate market. Whether movin' in or movin' up...it's gonna be a great time!

For all of the latest Real Estate and Local info for Southern Arizona...check out my website.

See you out by the Saguaros at sunset.....

Mercado del Lago coming to Vail!

Mon, 28 Jul 2008 13:45:58 -0500

For those of you in Rancho del Lago who have been waiting for a grocery store to be built, it looks like it is finally going to happen!

Construction is slated to begin next month on Mercado del Lago, a 16.5-acre retail center at the intersection of Colossal Cave Road and Mary Ann Cleveland Way.

Mercado del Lago will include a 55,000-square-foot Safeway as well as space for a variety of shops, restaurants and offices. The Safeway store is expected to open in August 2009.

Currently the closest shopping options for those in Rancho del Lago are located in Rita Ranch, and for those residents from Corona de Tucson the new Safeway will be a much welcomed relief.

In addition to Safeway, a McDonald's and Chase Bank are also expected to open in 2009. The other retail space will include restaurants -- perhaps an Italian eatery! -- and possibly a dentist's office as well as a hair salon and an ice cream shop.

When Mercado del Lago is completed there will be 16 to 20 tenants in addition to Safeway.