Blog Probes Real Estate Models

www.REALonomics.net is a blog that is asking serious questions about where the real estate industry is going. More specifically, REALonomics poses challenges to the broker/owners to adopt models that will allow their organizations to become more transparent.

REALonomics.net advocates that the industry open up the property information portals to consumers and upgrade its approach to how it is interacting with the consumer by implementing more social networking such as www.CityBlogUSA.com, a community blogging network for every city in the USA.

Visit www.REALonomics.net.

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Low interest rates provide opportunities.

Mortgage interest rates have been on the move this past week, sometimes multiple times per day! With the recent Fed cut, we are seeing mortgage interest rates consistently below 6%. With these GREAT low interest rates and inventory to choose from, it’s a wonderful time to be a buyer. If you have been considering refinancing your current home or have an ARM that will reset in the near future, today’s interest rates could make it the right time to refinance. Feel free to call, email me or visit my website if you have any questions or would like a referral to a great lender.

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December Residential Sales Statistics

The Tucson Association of REALTORS Multiple Listing Service has released the Residential Sales Statistics for December. Several recent trends are continuing in this most recent month. Home sales volume and units sold continues to be significantly off last years pace. We have been between 20-30% below last years levels for the last several months. Prices have fared better than those numbers suggest. Average sales price for December was down .4% and median sales price was down 2.33% from a year ago. Pending contracts, those properties under contract but not yet closed, increased a healthy 17.84% over December 2006. We have seen this for the past several months now. That number needs to start translating to more closed sales. Perhaps the best news of last months stats is the inventory levels. We are on a several month decline in the level of inventory on the market. We have fallen below 9000 listings and are now at 8708, up only 2.23% over December of ‘06. The leveling off of inventory is good news for the market. Most forecasters that I have spoken to think that 2008 will be the year that our market levels off and some even see a slight uptick towards the end of the year. Statistics are telling us there are buyers in the market and homes must be properly priced and always “showing ready” to get their attention.

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Should you have a home inspection?

Sometimes real estate clients question the need for a home inspection when buying a property. This is especially true of new construction or “condo conversion” projects. I always encourage a home inspection, even on new construction. The money you spend on a home inspection could be a very small amount when compared to potential problems that can be uncovered. The bottom line is that your home was built by people and people sometimes make mistakes. It’s better to discover them at the time you buy than when you are trying to sell. Inspection items can be costly for you to correct or deal breakers when you sell if not discovered when you buy. A perfect example of this happened recently when one of my clients purchased a condo in a new conversion project. At the home inspection, we discovered that there was no gas service to the heating system. In fact, there was not even a gas meter installed to the unit he was buying! Because he had a home inspection, this was discovered before he closed on the property and correction of the issue could be negotiated with the seller! This makes for a perfect example when I’m asked, “should I have a home inspection?” YES!

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Need a referral for work on your house?

Have you ever needed work done on your heating/cooling system, plumbing, electrical, roof, etc and just don’t know who to call? I have a list, built over years of experience with trades people in all aspects of home maintenance. I only use companies and individuals who deliver quality work and excellent customer service. If you need a referral, contact me through my website or email and I will help you get the right person for your job. www.kene.longrealty.com or kene@longrealty.com

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Condos in Town?

Are there any condo projects in Tucson, Arizona and are there any that are on golf courses? What is the condo price range? Are there any age restricted condo communities?

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Real Estate Companies

Tucson has a lot of real estate companies. Which one is considered the best company according the Tucson, Arizona residents? Who are the best real estate agents in Tucson, Arizona? Historically, which company has been there the longest? Do any of the real estate companies also have title and mortgage companies?

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Foreclosures in Town?

Can anyone speak to the issue of foreclosures in Tucson, Arizona? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Tucson?

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