Tucson Real Estate News

What's the market like?  How are sales?  What are prices doing? Here are some answers for you:

In the chart below are 7 different analysis metrics to help you get a picture of how the flow of the real estate market is going.  This chart is for the 85719 Zip Code - which covers a lot of the University of Arizona area, including the Sam Hughes, Rincon Heights, Iron Horse, Blenman Elm, Catalina Vista, Jefferson Park & North University neighborhoods.

Single Family Homes Only  (The chart is timed to switch every 5 seconds, so if you miss one aspect, it will be around again shortly. You see 4 different color lines on all the charts - which show the market broken up into 4 segments by price quarters)

1. Median Price -kind of like average price, but weighted towards how many properties are priced similarly
   
2. Inventory - how many homes are on the market at any one time
   
3. Market Action - activity...offers, sales, withdrawals, etc
4. Days On Market - how long properties have been for sale
5. New Listings  - new on the market properties
6. Absorption - rate at which properties are sold
7. Price Per Square Foot - another indicator of price

So...are you ready for the explanation of what you're seeing?  Fair enough - lets go:

Prices are relatively flat, but there is a slight uptic in the bottom half of the market - inventory has gone down markedly, with market action warming up...you'll see peaks & valleys with an overall trend towards more activity.  Days on market is trending sharply up...because there is more inventory than buyers and there are still a lot of homes on the market, and there isn't a lot of interest by sellers to put new listings up for sale.

Now that there aren't as many homes for sale, and buying activity is going up, absorption is also going up...and we're seeing the price per square foot go up a little bit too.  Why is the $/sq ft going up, but not the median price?  Easy - smaller homes are selling, but at a higher price per square foot, which makes the median/average price of properties stay along the same line.

All of this makes sense if you put it together to tell the story...to understand the market, you've got to look at more than one indicator, and these are just a few to work with.

If you're thinking about buying property in Tucson, you might want to consider a REALTOR® who understands how to read the market, not just unlock doors and tell you how much you're going to l-o-v-e the neighborhood.  I'm your man.  Lets talk.

Foreign nationals wishing to become permanent residents in the United States can sometimes run into maddening restrictions or quotas that can vary, depending on political swings both in Washington D.C. and in their countries of origin.

Those that have the financial means are using the “Investment Visa” more than ever before as a way to obtain their green card.  Since other options are becoming more unavailable to foreign nationals under U.S. Immigration law and the significant decrease in the value of the dollar vs other currencies, this option is making sense to a growing number of people – especially with conversion rates at a favorable scale.

The basics are this:

Start a business with $1M in capitalization or more – get your resident visa.  Of course there are more details, but that is a place to start.  You’re creating jobs or perhaps becoming an active partner in a business that can benefit from your expertise & capital.

The Immigration & Nationality Law Firm of Klasko, Rulon, Stock & Seltzer, LLP has a very informative website that explains the requirements and the process of obtaining an EB-5 Investment Visa:  Klasko Law

Welcome to America – the great thing about this country is that we are all relatively new descendants of people from somewhere else.  Perhaps even our ancestors were neighbors at one point!

Should you be interested in what the Desert Southwest has to offer, my team will put together a package to show you the opportunities, facilities & support for commercial ventures.

Whether you're looking for warehouse, industrial, high-tech office or development space, research facilities or raw land, we're ready for all of your commercial or residential real estate needs.

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Ryan Shaughnessy, when he isn't busy being a broker, or a lawyer, or teaching social media, or being a dad, or...well, you get the idea...he takes some time out of his day to share resources with all of us that can be helpful.

To help spread the good stuff around & give Ryan some more exposure, here's some good info on free business classes from the Small Business Administration:

Lets face reality here:  no matter how much somebody wants to buy a home, not everyone is in the financial shape to do so.

Nevertheless, in our "gotta have it now" society, profiteers pop up to indulge people's impatience and stupidity.  In just about every town in America, you'll see stores offering "No credit, bad credit - take it home today" plans for everything from CD players to computers, couches to cars, washing machines to wheels...and houses.

Sure, its easy--just sign on the bottom line, make these easy weekly payments that sound like chicken feed (until you add them up) for the next 325 years, and you too can be the proud owner of a brand new TV!  Oh yeah...that TV cost us $400, but you'll end up paying $6000 for it by the time you actually own it.

In some states, by law the rental center has to tell you how much it will cost you in the long run, some don't...but there's always some sort of gloss over that total - something like, "if you want to buy it early, just pay 50% of the balance left on what you owe."

"Cool!  I'm no fool," the customer thinks, "when I win big at BINGO or get a good scratchoff ticket - I'll just pay it off...& make out like a bandit."  Yeah, right.  Read the fine print.

Enter the real scam:  Rent-to-Own Homes.  Now that screwy loans aren't all over the place as much, you see these signs on vacant lots, in shopper ad sheets, bus benches & on the radio - all touting how easy it is to get your own home NOW, with no credit check, EZ Payments, yada yada yada.

I've read many of these contracts.  Not a single one offers any protection to the buyer/tenant.  They are all designed for the borrower to fail...because that's where the money is.  The money isn't in actually selling someone a home, the profit is in churning through prospects like a meatgrinder, getting the "down payment" over & over again.

Highly inflated values & exorbitant payments "while you get your credit repaired enough to get a regular loan" prey on victims, coupled with a time limit on when financing can be secured...or all is forfeit & the tenant/buyer is evicted.

Why not just hit yourself in the face with a sledgehammer?

To prove my point, just take a look at this lawsuit filed by Arizona Attorney General Terry Goddard today:  PDF  The Arizona Daily Star also quotes Goddard as saying that the behavior of the defendants is "Unconscionable" Article  Does this really surprise anyone?  Not me...I'll bet that this is just the beginning. 

Some of the victims were even put into homes already in the process of foreclosure!  How sleazy is that?  Arizona Public Radio stated today that out of 270 buyer/tenants taken in by this bunch, only 1 actually was able to eventually purchase a home.

Wonder how many of the "investors" who were lured into putting their name on the line in this easy-money scheme are facing foreclosure themselves?

Greedy people preying on the weak & stupid will always be around...as will those who readily serve up as fresh victims of the next scheme.  It is good for all of us to be reminded of this in the headlines every now & then.

As professionals in the industry, it is our responsibility to let our clients and prospects know about this kind crap.  I won't represent anyone in a rent-to-own purchase or sale.  Never have, never will - and I've told people that.  It may not be illegal all of the time, but it surely isn't ethical.

Go Get 'Em Terry!