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It was just after 6:30 MST out here in the desert as I waited anxiously for a call. It's Friday night and in the Wood family that has always meant it's football Friday. This was no typical week though. Jeff , Dad, and the rest of the coaching staff were squaring off with a Ann Arbor Pioneer and I knew since last Friday's win that this game was simply HUGE! They were undefeated. They were ranked 6th in the state. And they were coming to our house.
Finally the call came and it was Dad. "Did you win, Did you win" I asked. We scored with 36 seconds to go in the game, We won 28-21. with that he passed me to Jeff who shared in the elation. I could hear and feel the energy in the background and wished to be there. Either way I'm so happy for Jeff, Dad, the coaching staff, and players for reaching out achieving what they believed. Good luck next week Bedford! Keep working hard and Take it one snap at a time.
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I'm Kevin Wood of Realty Executives, and I'm the author of this post. You can reach me through email at kwood@gotucson.com , 520.260.3123, or visit my website at HomesInfoTucson.com. I have helped people just like you move in and out of Tucson for over 4 years. In a previous career, I represented Honda Automobile Corporation in Toledo, Ohio for 10 years. During that time, I placed among the top 5% of all sales consultants nationwide for overall client satisfaction and volume. My office is conveniently located on Kolb Road 1/4 mile south of Tanque Verde.
The last 30 days of sales activity in Southeast Tucson is consistent with the rest of the city. Only one home sold for over $200,000. 212,000 to be exact. The first time homebuyer tax credit has helped considerably by giving $8,000 to buyers and don't look for it to change until November 30th, 2009. Or, perhaps longer if it's extended.
12 of the 21 homes that sold did so in less than 60 days and at 98.42% of asking price. Which is contrary to the popular myth that heavy discounting is necessary to sell your home in todays market.
The other 9 homes required anywhere from 60 to over 120 days to sell and for less. On average these homes sold for $2,250 less or about 1.5% of the purchase price.
9 homes that did sell were either bank owned or a short sale. No surprises here as the last year at least 50% of transactions have a bank involved in Southern Arizona. However, many parts of the country have begun to see this prime inventory drying up.
If there were a couple things a potential home seller can do to improve their odds of a sale it's having a clean, uncluttered home that requires no visible major repairs. Keep in mind most buyers have never owned a home and want to move right in. And if the home requires major repairs this may present may make it harder for them to acquire a loan.
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I'm Kevin Wood of Realty Executives, and I'm the author of this post. You can reach me through email at kwood@gotucson.com , 520.260.3123, or visit my website at HomesInfoTucson.com. I have helped people just like you move in and out of Tucson for over 4 years. In a previous career, I represented Honda Automobile Corporation for 10 years. During that time, I placed among the top 5% of all sales consultants nationwide for overall client satisfaction and volume. My office is conveniently located on Kolb Road 1/4 mile south of Tanque Verde.
The best part of our current market is the learning curve. It's on a vertical plane and new wrinkles emerge each day. And for those of us who have endured the last few years of challenges, 2009 has brought a wave of first time buyers and investors.
What we didn't see coming was the reality that the banks would control nearly 70% of the inventory for sale. As of late that has posed a strategical opportunity and here's why: Banks are continuing to receive back more foreclosed homes that they need to sell off. They possess literally thousands of homes that would sell in the $125,000-$175,000 range.
Well guess what, that just happens to be the most active segment of the market by far?
I recently worked with a family that needed an 1800 square foot home with 4 bedrooms for under $145,000. Who in the heck wouldn't want this home. So whenever these types of homes became available there would be 5 buyers ready to make an offer. And, we lost out on at least a half dozen homes because so many buyers want this same deal.
In addition, when there are 5 buyers making an offer on the same home the final selling price ends being higher than the original asking price, thereby minimizing the banks losses. So the question is why would the banks be in any hurry to put all the best inventory they have on the market at the same time?
Is there anything that says they can't? No, in fact in some ways its good because it creates urgency and causes buyers to act. You see before the market can change direction when it comes to value, it must sell off nearly all the bank owned inventory. Because when the number of homes for sale is less than the number of buyers in the market, you have a beautiful thing which is greater demand for homes then homes available for sale. AKA Better demand than Supply. When that happens your homes value goes in one direction. UP!
We do have about a year and a half to go yet before the banks get anywhere near selling off the majority of this inventory. Months before loan modifications became available, 2009 was expected to pass 2008 as the year with the largest number of foreclosures. And so far it appears that will happen. My prediction is the tax credit will get extended until late 2010 to keep the momentum going and give the necessary time to the countless buyers waiting to close on short sales that take at least several months to close on.
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I'm Kevin Wood of Realty Executives, and I'm the author of this post. You can reach me through email at kwood@gotucson.com , 520.260.3123, or visit my website at HomesInfoTucson.com. I have helped people just like you move in and out of Tucson for over 4 years. In a previous career, I represented Honda Automobile Corporation for 10 years. During that time, I placed among the top 5% of all sales consultants nationwide for overall client satisfaction and volume. My office is conveniently located on Kolb Road 1/4 mile south of Tanque Verde.
If this face isn't enough to extend the tax credit deadline I don't know what is? But we all know it cooommming unless of course we stick to bank owned and normal resales for a bit. Knowing that 1 out of 5 homes under contract are short sales how can Uncle Sam not feel the pressure and get speedy legislation requiring the banks to move faster or else find an alternative to make Jolene Consumer happy. Yes, that may mean the banks need to hire more qualified staff to handle the enormous workload in an efficient manner. I understand they're learning as they go, but it's been nearly 3 years of this so far and little has changed with the big boys. However, in defense of many smaller lenders the efficiency or turnaround times have improved by leaps and bounds. Heck I've seen and heard some close in 45 days.
The truth is they can't and shouldn't be avoided if we're fulfilling the ethical standards of our profession. People in this situation need our expertise more than anyone. So, I'll deal with that face as long as I can look at mine in the mirror when the day is done.
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I'm Kevin Wood of Realty Executives, and I'm the author of this post. You can reach me through email at kwood@gotucson.com , 520.260.3123, or visit my website at HomesInfoTucson.com. I have helped people just like you move in and out of Tucson for over 4 years. In a previous career, I represented Honda Automobile Corporation for 10 years. During that time, I placed among the top 5% of all sales consultants nationwide for overall client satisfaction and volume. My office is conveniently located on Kolb Road 1/4 mile south of Tanque Verde.
Building Relationships by Helping People Move in and out of Tucson for over 4 years
It just took us one trip to the desert in January 1999 to know this was the place we wanted to call home. Well, that's not the only reason, my bride's side of our family is here, too. My wife, Stacie and I, have a young family also with two boys, Carsten and Burke.
Golf, my favorite sport, is fantastic here. There are 38 courses within a 45 minute drive of the city limits. If you'd like a local perspective on the best to play, get in touch, I'd enjoy helping you find what you're looking for. And when you come to town check out our source for the best deals on tee times throughout Tucson.
After dedicating over 10 years representing Honda Automobiles, I decided to start a business in a field that I'm passionate about and have experience in. During my years with Honda and still today, I invest in the product that I believe in. So,whether you're searching for your next home or something to add to your portfolio, my approach is simple. High knowledge plus Low Pressure equals lasting relationships and excellent real estate decisions.
When I'm not working, hanging out at home with my family and cooking are my favorite things to do. Unless of course some major championship sporting event is on. Other than that, just putting a golf ball around the house with my boys is pretty darn cool too. And last but not least, I serve as a youth leader in the high school ministry of our church. Encouraging others, especially young people is a fulfilling way to live each day.
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