Patricia Paul Properties

Things are heating up in Tucson, and I'm not just talking in farenheit terms. In case you haven't been paying attention, it appears the real estate market has staged its comeback. In the last several months sales have been up, both over previous year as well as previous month.

The amount of inventory has shrunk creating less supply. Demand is up as both individual buyers as well as investors have jumped into the market to take advantage of the low prices and historically low interest rates. It seems prices bottomed out in the Tucson market sometime around September of 2011, and have already headed up.

What was once a buyer's market now has shifted, and in the lower price ranges we have been experiencing multiple offers and purchase offers over list price. About six month's worth of inventory is considered a stable market. Less than 5 months is becoming a seller's market. We are currently under 5 months now overall. Certain areas have more demand than others, and the numbers are also affected by the price range of the property.

Please contact me if you'd like information about specific areas of town.

Stay tuned for future updates!

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

 
     Short sales present their own set of challenges and issues.  But let me tell you about a rather special short sale that we finally completed last month.  It started out a year ago, like they usually do:  the seller gave his lender permission to speak with me on his behalf.  We put the home on the market for sale, and submitted a lengthy short sale/financial package to the lender.  We got 3 offers on the property. 
 
     After one was selected, I worked with the seller's lender in getting approval for the short sale.  After negotiations and HUD-1 financial settlement statements were created and revised, approval was finally granted.  The buyers started inspections, and suddenly got cold feet and backed out of the deal. 
 
     We put the home back on the market, and got another offer.  After I submitted it to the lender, again we were assigned a new negotiator.  We went through the process again, submitted a few  HUD-1 statements to the negotiator, and once again obtained approval for the short sale.  This time, as it got close to the end of the transaction, the buyer's lender determined the buyer was no longer qualified to obtain the mortgage they were counting on.  So the second deal fell through. 
 
     I bet you can guess what happened next.  Yet another offer was generated and accepted by the seller and presented to the seller's lender.  Another new negotiator was assigned.  Negotiations began anew, HUD-1 statements were created and revised again, and once again the seller's lender granted approval for the short sale.  
 
     This next part no one could have predicted.  One day shortly after this I received a phone call from the seller telling me there had been a fire in his home, and it was not currently habitable.  The insurance adjuster was out at the home assessing damages and making arrangements for the home's restoration.  
 
     The restoration was a lengthy process.  All the flooring was removed.  All the cabinets were removed.  All the surfaces had to be scrubbed and cleaned to remove the soot and the grime.  Some sheetrocking had to be replaced.  The entire house had to be painted.  Air ducts had to be cleaned.  You get the picture.  And there were inevitable delays by the contractors and the insurance company.  Checks had to be issued and properly endorsed and released.  
 
     Once the restoration was complete, the buyer did their inspections and we finalized the loan and escrow paperwork.  All parties to the transaction signed documents with the escrow officer, and the sale was recorded with the County Recorder.  
 
      We were lucky the buyer hung in there with us through the delays with the lenders and the restoration process.   The sellers were happy to be relieved of the financial hardship of their home, and the buyer ended up with a home as good as new.   And I was happy and proud that a year's worth of my time was spent overcoming obstacles and seeing that this transaction came to a successful conclusion.   
 
     Now just so this story doesn't scare you off, this was among the longest short sales I've seen.  I've assisted in numerous other short sales which came off with much fewer hitches and in a much, much shorter time.  More and more of the lenders have implemented systems to try to expedite the short sale process, and we agents have seen the improvements. 
 
     If you are unsure what to do about a mortgage you can no longer afford, you should consult with professionals, including a lawyer, tax accountant, and a good realtor.   There are also community programs that can put you in touch with counselors who can also give you information about your options.  
 
Patricia Paul, GRI  ***   www.PatriciaPaulProperties.com   ***   (520) 548-2078
     
 
 
 
 
 
 
 
 
     
 

** This home has been withdrawn from the market and is not available. **


     
  ~  ~  ~  ~  NEW LISTING:  Beautiful 4 Bedroom Home For Sale  ~  ~  ~  ~
 
                                              12570 E. Arbor Vista Blvd
                                                             $305,000

     This great home is located on Tucson's northeast side, near Tanque Verde and Wentworth Road.  It sits on a large corner lot and features 4 bedrooms, 2 bathrooms, 2,368 square feet of living space, a wonderful pool with waterfall and ramada, covered rear patio, extended open patio areas, laundry room, 2-car garage with additional generous storage room.  Walk-in pantry has actually been plumbed for a half bath, and could be easily converted if buyer desires.  
 
     Beautiful beveled art glass double front doors create an impressive entry.  Fireplaces in both the living room and the family room.  This home is elegant, but is also totally comfortable!
 
     You'll feel like you're out in the country, but only minutes away from town and shopping and services.  Golf course nearby.  Located in Tanque Verde School District.

     This is a short sale and will require lenders' approval to price and all terms.  Please contact me for your exclusive showing.
 
 
Patricia Paul, Associate Broker  **  www.PatriciaPaulProperties.com  **  (520) 548-2078

 
7016 E. Mustang Flyer Way
For Sale:   $97,000   
(Contact me for more information, please)
 
  
I've been saying for the past year it's the lower priced homes that are moving.  Between the investors and first-time home buyers, home under $100,000 in at least fair condition are getting scooped up. 
 
Columnist with Arizona Daily Star Rob O'Dell did some of his own research, and discovered just how many of these lower priced Tucson homes have sold recently.  Here's a link to his article: 

http://azstarnet.com/in-homes-here-sell-for-under-k/article_f957345a-a856-56bc-aa1e-46f8f27c3f29.html
 
 
As the market truly starts to spring back we should see similar activity moving up the price scale.
 
It's still a great time to buy a home!  Prices are low!  Interest rates are very low!
 
Let me know if I can help you, or a friend, or family member.
 
 
Patricia Paul, GRI  ***  www.PatriciaPaulProperties.com   ***  (520) 548-2078

The numbers have just been released for December 2010 by Tucson Multiple Listing Service.   It seems the signs are positive, and I remain cautiously optimistic about the state of real estate in Tucson.   Here are some of the findings: 
 

*  Overall sales volume increased 16.93% from November to December (Wow!)
 
*  The average sale price increased by 3.13% from November to December  (Headed up)
 
*  The average list price has increased by 3.04% from $191,637 in November, to $197,457      in December  (Getting close to that $200,000 mark)
 
*  The number of homes sold went from 800 in November to 907 in December  (This is even
     during the holidays)
 
*  The number of homes sold in December 2010 is 2.37% more than homes sold in
    December 2009
 
*  There were 11.89% more listings in December 2010 than in December 2009  (I'm guessing
    many new listings also occurred in January; we'd prefer this number be small)
 
Let's hope these trends continue.   I'd be happy with slow and steady growth.   In the meanwhile, homeowners can focus some of their energies on continued home maintenance and improvements.  Check in on future blog postings to find out which home renovations bring the most return on the investment.   
 
 
Patricia Paul, GRI  *** www.PatriciaPaulProperties.com  *** (520) 548-2078

In the past couple weeks I have been working with several different buyers trying to find them homes to purchase.   They didn't specifically start out to buy foreclosures, but they soon learned that more than half of the homes on the market in certain areas are either short sales or foreclosures.  They're hard to avoid these days.  In general, foreclosures are quicker and easier to purchase than short sales.  Some of the banks have actually gotten their acts together and can close a transaction in a reasonable length of time.
 
Some of these short sales and foreclosed homes have sat on the market for a long time.  As time goes by, like most private sellers, the banks discover they might need to lower the price of their homes to get them to sell.  
 
Here's the disappointment my buyers have recently experienced.  After diligently viewing and exploring a number of homes, they eventually find one they really like that meets their needs.  They decide they want to make an offer on the property.  
 
Couple #1 finds a home in Vail that they really like and before we can get together to write the offer, we discover that an offer has come in and the bank has accepted it.  
 
Buyer #2 finds a fixer-upper on the south side of town that is a bargain.  He wants to renovate it to live in it himself.  I call the listing agent before we write the offer to make sure it is still available, and I'm told it is.  We write a cash offer and submit it to the listing broker.  The agent does not respond by the time specified in the offer, and does not return my phone calls and e-mail.   Finally after a few days of me trying to hunt him down, he takes one of my phone calls and lets me know they had actually received a few offers on the property, and the bank chose one and countered it, instead of sending out a multiple counter offer to all buyers.
 
Couple #2 have looked at probably 20 houses or so, and find one on the east side they consider perfect for them.  I watched as their faces lit up as they always do when they find the right home.  The home had been on the market for 160 days.  We agree to meet the next day to write up the offer.  I prepare the offer in advance, and make an appointment to meet them at the house they want to purchase to sign the offer.  They get tied up in the Phoenix area and can't make it until the following day.  We drive up to the home to finish the offer, and find a new rider sign on the For Sale sign that says:  Sale Pending.   Even though the house has been for sale for over 4 months, we blink and the house gets plucked up.
 
It can be heartbreaking!  To avoid this kind of disappointment, I suggest the following:
 
     *  Get your details worked out with a lender in advance, and have your Loan Status Report (LSR) ready for when you find that perfect home.
 
     *  Don't assume that a long time on market means the home will stay available.  The
         good ones eventually sell.
 
     *  When you find the home you want to purchase, think carefully, then move on it!
 
Remember, interest rates are at an all time low.  Now is a fabulous time to buy a home!
 
 
Patricia Paul, GRI  ***  www.PatriciaPaulProperties.com  ***  (520) 548-2078

            


Great new listing in Rita Ranch on the southeast side of Tucson.   This home features 3 bedrooms, 2 bathrooms, 1,569 square feet, living room with fireplace, and formal dining.  Master suite features large walk-in closet, extra large garden bathtub, separate shower, and double vanity.  New neutral ceramic tile and carpeting.  Kitchen has been renovated with dark mahogany cabinets and beautiful granite countertops.  
 
For more information, visit:      www.9182SugarSumac.com

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

     
 
  How would you enjoy views like this from your back yard?

                             Perched high on a hill

                              One acre lot

                              3 Bedrooms plus den

                              2,434 squre feet

                              Respected Vail School District


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



             

           
                ~ Open House - Sunday, March 28, 1:00 - 4:00 ~

                        1365 E. Zulema Loop, near Campbell & Irvington


                    * *      ~ ~      * *       ~ ~      * *      ~ ~      * *      ~ ~      * *

Nice clean, newer townhouse features 3 bedrooms, 2 bathrooms, 2-car carport, 
central A/C, galley kitchen with appliances and laundry, ceiling fan, window coverings, covered rear patio, enclosed back yard, extended paving stone patio, 
and more!                                                                                                                                                               

                                         All this for only  $64,900!


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

The number of applications for home loans and refinance loans reached a six-week high as interest rates slipped slightly lower.  Many buyers expect the rates to start rising in the spring of 2010, and want to complete their purchases before then.

Also driving some of the recent mortgage activity is the extended first-time homebuyers tax credit of up to $8,000, and a move-up tax credit of up to $6,500.  In order to qualify for these credits, home purchases must be under contract by April 30, 2010.

Buying a home still makes good sense now:  Mortgage interest rates are still at historic lows, home prices have fallen between 25-30% from the highs in 2005 and 2006, depending upon the location.  There is still a good amount of inventory out there to choose from. 

If you'd like to get pre-qualified for a mortgage, please contact me for a list of reputable, ethical lenders.  If you've been thinking about purchasing a home, please contact me for a free no-obligation consultation. 

If you've even been thinking about it, now is a great time to check it out!

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