Tucson Real Estate News

I had the pleasure of spending Christmas this year with family in Ann Arbor, Michigan.  Every time I go there, I am struck by the tradition surrounding UM and the diversity of people the town attracts.  What a great place for my nephews and niece to grow up in!

Flying in from Tucson and changing planes in Chicago, I managed to avoid the worst of the storm that stranded a few hundred people just a few hours later.  Despite my good fortune, my checked bag didn't make it to the Detroit airport with me--of course, it was the one with presents for everyone in it!  Luckily, it arrived the next day and Santa Claus didn't have to write any I.O.U. letters.

Returning home, my flight out of Detroit spent over an hour on the runway because of fog & ice.  Catching my connecting flight in Chicago looked like a lost cause, but fortune smiled in the form of the airline holding the plane for another passenger and myself.  Whew!  Arriving in Tucson 5 minutes early...to a balmy 65 degree day with plenty of sunshine made me appreciate living in the Southwest.  The good weather we take for granted is a dream in winter for many in other locales. 

I love traveling and getting the opportunity to enjoy other people and places, but my home is in the Southwest by choice.  Hope everyone had a wonderful holiday season and looking forward to the new year.  Cheers!

Lately, I've been working with a client looking for a property to fix up and resell.  As we scouted different possibilities, one trend has been unmistakably noticeable:  there are a lot of partially completed projects on the market!  While some of these are priced at a level that can only be described as "potential worth,"  many are being sold well under market--allowing for someone to come in and take advantage of a good opportunity to buy a home to live in that may have previously been considered out of their budget range with a little sweat equity.

Another client of mine did just that, gaining a home on a huge corner lot, with basic finish work the only chores left to complete.  Fortunately, this client has knowledge and experience in several aspects of construction to make the job simple & relatively easy to get done without it being a "someday" project.  He was able to get conventional financing for the home too!  Working closely with the lender, we made sure that certain underwriting criteria were met by the property itself before making an offer, identified exactly what work needed to be done to finish the home, put together a budget, plan and "real life" timetable for completion.  This property was previously acquired through foreclosure and was a major remodeling project for the seller.  Circumstances and a lack of cash forced seller to put it on the market before completion...and it stayed incomplete...to the benefit of my client.  He was able to get a nicer home in a more desirable neighborhood than he thought without having to strain his resources to do so!  The seller was able to get out of a bad situation and move on in his life.  An overall win/win for all parties involved.

For my client, a property like this was a golden opportunity.  All basic systems were in place and operable, new flooring, cabinetry installed, drywall & texture completed, etc.  What needed to be done was finish wiring on the new HVAC, finish paint on the walls, installation of a new water heater (and vent to code)and hooking up the sinks, installing new fixtures (already purchased but not yet installed by seller).  Some landscaping was already in place, to be completed in the spring and fencing will be repaired to accomodate the dogs.  In order to pass muster with the lender's criteria, we got the seller to agree to have one sink, one toilet and one shower in working order before appraisal, allow my client (a licensed electrician) to complete the wiring hookup of the HVAC on a trade basis for the water heater and pay for the appraisal if the deal didn't go through--all in writing, of course. 

As the market progresses and starts to inch its way back to recovery, I expect to see more opportunities like this one:  properties obtained through foreclosure with remodeling/updating in varying stages of completion for sale well below market.  For some of them it will be a matter of a bigger project than initially envisioned by inexperienced people watching the plethora of easy-money infomercials & "flipping shows," while others will be available as victims of cash flow and slow markets.

Not every client will be a good candidate for such a purchase & neither will every incomplete project.  Nevertheless with a thorough understanding of what is in front of them & the ability to get it done without undue stress, there will be some excellent opportunities for buyers to take advantage and get more than they thought they could...at a lower price.

My electrician client is extremely happy (and I've already received calls from 2 of his friends who will be ready in summer!).  The first client I mentioned is awaiting approval of his offer by the lenders on a short-sale property that needs extensive work.

Why Stage A Home?


With today's market seeing an overabundance of homes for sale, making yours stand out among the competition can make the difference between it selling or sitting for a long time. Making your home "buyer friendly" doesn't have to involve putting a lot of money into it or implementing drastic changes. In many cases, simple things like a thorough cleaning, new paint and detailing the yard can highlight your home in a way that separates it from the crowd.

In a vacant home, creating simple "vignettes" with a few pieces of furniture and neutral accessories arranged to create a vision of how life can be in this property can be a powerful tool to carry it to the top of buyers' lists. Strategic placement of these little stages will emphasize the great points of the home and allow the prospective buyer to visualize themselves owning it. An empty home looks like every other empty home-a small warehouse with nicer walls and flooring. You want people to remember yours, especially since they will be viewing many in their decision making process.

A home must be in good repair, unless you are selling it as a "fix-up" (and priced accordingly). Tighten up those loose doorknobs and cabinet pulls. Fix that leaky faucet or replace it. Think of the things you look at when judging a home for purchase and apply that to your own. Depersonalize--that "Tomato Soup Red" wall may have looked fantastic with your decorating scheme. To a potential buyer, it may be just the thing that makes them choose another place over yours. Family pictures and momentos are wonderful in your house, not in someone else's...and that is the point, really. You want the buyer to see themselves owning your home, creating their own new memories.

De-clutter. I'll say it again: DE-CLUTTER! This is probably the toughest thing to accomplish in an occupied home. Clutter distracts attention and provides an opportunity for prospects to "just move on." Before your home goes on the market, take the opportunity to completely go through your possessions and make three piles: 1. Keep 2. Throw 3. Donate. You will be doing this anyway when the home sells--why not make your own move simpler & easier?  By eliminating what you don't want to keep for the next home, you will reduce clutter and at the same time save some money on what you pay for storage, which leads to...Storage! Your garage or the backyard is not a good place to store things when your home is on the market. Prospective buyers DO look at the garage, even when there are things still in it. You want to present a clean, neat & orderly area that is useful. Stacks of boxes don't do it, in fact, buyers may come away feeling a little cheated of an opportunity to see what it is really like.

Clean and neat. Not just "liveable" or "good enough" works. Your home needs to have a thorough detail job done. You would have your car detailed in order to get the best price when you sell it or trade it in...your home deserves the same attention. Investing in a professional cleaning crew to come out and give "the full treatment" will give you better results when showing and ultimately, lead to higher offers on the table.

There are many things one can do with staging, but the basics are right here: A clean, neat home in good working order will sell quicker and for higher price. Less is more--since you're putting it on the market, it is no longer your fantasy that needs to be fulfilled in it, you want the buyer to visualize theirs. Neutral sells--bold may be beautiful, but your taste may not be what anothers is. It is the buyer whose impression you must capture (you'll get your chance to personalize your new home in short order).

With a little TLC and some good direction, you can make the most of your homeselling experience--and walk away from the closing table with more money in your pocket!