Short sales are no different than a normal sale as they both contain an offer and an acceptance by the seller.  The short sales have many more contingencies regarding lenders for both the seller and the buyer. For example: because the seller owes more to the lender than the house is worth, the seller must then submit a formal application to the lender asking the bank to forgive some of the money owed to the them. This application process is much more tedious than applying for a loan. The seller will be requested to submitt a financial statement proving they have exhausted most of their resources and assets. Why he/she cannot pay what is owed to the lender.

At this point the lender does not own the property nor do they want to own it! All parties are hoping to avoid foreclosure. So we have two lenders involved the buyers and the sellers…the lenders require lots of paper trail to ensure a clear title and be ale to close. The buyer contingency will be to prove that he/she can  qualify for the loan.

Arizona Department of Transportation, ADOT Road Construction Schedule

Oro Valley, AZ

Oracle Road will be widened between Tangerine Road and Calle Concordia to improve traffic flow and safety, near the Canyon Del Oro High School.

Oracle Road will be widened from 4 to 6 lanes between Tangerine and La Reserve to the north, and Calle Concordia and Pusch Ridge View Lane on the south.

Free travel alerts will be emailed if anyone one would liek to receive the updates. Email: Melissa@gordleydesign.com fro Oracle Road update.

The Vallee Gold Team Has Just Listed another home in Mira Vista subdivision.

Welcome to 11925 N. Thornbush Drive

Beautiffuly appointed… 3 bedroom, den, 2122 square feet of open living. Built in 2004, this elegant home is situated on a premium .25 acre lot to take advantage of the breath taking sunset views.  Enjoy fine craftsmanship with custom features throughout the interior spaces while spacious outdoor surprises provide a lovely sanctuary for rest and relaxtion. Sitting at the kitchen bar/island, guests or family can view the cook at work with the backdrop of maple cabinets, corian countertops with tile backsplash, gas cook top, and top of the line appliances.

Designed for gracious living and effortless entertaining…

Heated pebble sheen pool with rock spillway

Hot Tub

Turf tek putting green

Custom cooking island

Refrigerator and tiled serving bar

Gas firepit with flagstone seating

Walk to the public library, schools, and shopping. Enjoy country club living at the Hilton El Conquistador Country Club and Golf facility. Nestled in the heart of Oro Valley, Arizona…quiet and peaceful with gracious homes situated on large lots and gently meandering streets. See "You Tube" video here.

Listing Agent: Don & Kathy Vallee, RE/MAX All Executives, Tucson, AZ

www.ValleeGoldTeam.com

Call for more information 520-219-1024

How are home values in Tucson? 

 Existing-home sales in the West increased 2.0 percent to an annual pace of 1.02 million in May, but are 12.8 percent below a year ago. The median price in the West was $286,600, which is 16.0 percent lower than May 2007.

First Step to Buy A Home In Arizona

For Sellers, ask if the buyer/s have been pre-approved or pre-qulaified.  Why? The difference between buyers who are pre-qualified and those who are pre-approved can make a huge difference in the length of time it may take your home sale to close.

 A buyer who is pre-qualified is one whose lender has determined how much he/she can borrow based only on information they have provided to the lender. Nothing has been verified to determine the buyer’s true creditworthiness. To get pre-approved for a laon the buyer must fill out a loan application and go through the lender’s approval process at a later date.

In Arizona the purchase contract requires a loan status report or LSR to be filled out by the lender. This report will indicate how far into the loan process the seller has to complete the loan application. The LSR will give specific information about the buyer qualification.  Find complete explanation of the loan status report here.

Tucson Active Adult Communities Fair Well

It appears that the active adult communities (AAC’s) in Tucson have been a stabilizing factor for the Tucson real estate market in recent years.  The short sales and foreclosures that have haunted many areas – driving housing values downward – are rare in these communities and have not had the same negative impact that many other parts of the city have sustained.  While it is still a buyer’s market in the typical Tucson AAC, housing prices in these communities do seem to be stabilizing according to a report in www.realitytimes.com on market conditions in Tucson, AZ. 

Tucson has long been a highly desirable location for many retirees due to the climate, reasonable tax rates, and availability of many recreational activities – including golf, hiking, biking, swimming, and a myriad of clubs and small groups who celebrate their hobbies and interests together.  The Northwest quadrant of Tucson alone boasts an impressive list of top-shelf AAC’s, including SaddleBrooke, Sun City Vistoso, Vistoso Village, Heritage Highlands, and Sunflower.

Now is a great time to buy in these communities.  Overall inventory is still high, interest rates are still low, and many sellers are motivated and open to negotiating.  The Vallee Gold Team has listings in several of these Active Adult Communities and has team members with in-depth knowledge and experience in this niche market with both buyers and sellers.  The Vallee Gold Team would appreciate the opportunity to serve your needs in your retirement years.

Confidence in Arizona Economy Inching Upwards

You’ve heard the line – “I have good new and bad news…first the good news.”  We’ll switch that up and give you the bad news first.  The Arizona Business Leaders Confidence Index (BLCI), which is compiled and issued quarterly by the Economic and Business Research Center at the University of Arizona’s Eller School of Management, reported a 38.5 figure for the third quarter of 08.  Any number under 50 signals the probability of worsening economic conditions in the third quarter.  In short, panel members who were surveyed believed the national economy will worsen in the third quarter as well as the Arizona economy.  Sales will continue to slide and there will be decreases in hiring.  Same old, same old bad news.  But the glimmering ray of hope, the silver lining if you will is that the index reading of 38.5 marked a gain of 1.6 points over the previous quarter – the first increase in over a year.  According to the BLCI website, “its upward movement is a welcome sign that the worst may be behind us.  Panel members have correctly predicted the economy’s direction-of-change nearly 70% of the time.”

According to the survey, the top concerns facing the state are:

1. Housing - Real Estate
2. Budget Deficit - Tax Revenues
3. Immigration - Border - Employer Sanctions
4. Economy - Recession
5. Inflation - Costs - Energy
6. Education
7. Workforce - Labor Skills
8. Health Care Costs - Insurance
9. Water
10. Growth
11. Infrastructure - Transportation

The BLCI is posted quarterly at www.blci.com/arizona  along with commentary on the specific findings from the survey that panel members take.  If you are an Arizona business owner or manager, you can register to become a panelist at the same website.

Contact Don Vallee or Drew Gelatt for more Tucson real estate information.

Just Listed in Oro Valley…

11925  N Thornbush Dr,  Oro Valley, AZ  85737

Golf Lover’s Paradise with turf tek putting green! Enjoy resort-like backyard w/heated salt water pebblesheen pool & water feature, faux flagstone, hot tub, & gas-firepit w/seating. Astounding touches: fireplace, 50in HDTV with surround sound, 16in tile on diagnol. A terrific split bedroom floor plan. A huge master suite with private entry to pool area. BBQ, island serving bar. Premium.25 acre lot., 3 bedroom, Den, 3 bath.  Spacious kitchen w/corian countertops & tile backsplash, gas cook top, island breakfast bar opens to living room with fireplace. Operate a home business in this lovely den with faux wood blinds.

Call Don Vallee at 520-219-1024 for a private showing.

See virtual tour here.

Real Estate Market information brought to you by The Vallee Gold Team

"The Gold Standard in Real Estate Service"

                                                         May 2008         May 2007

Average Sales Price:                   $250,803          $278,619

Average Days on Market:             77                       62

Active Listings on Market:           8,527                  9,721

Home Sales Units:                     1,025                  1,418

The Vallee Gold team is dedicated to helping clients achieve their real estate goals by providing valuable information, resources and knowledge of current real estate market trends.

Statistics provided by Tucson Association of REALTORS, Multiple Listing Service

Tucson, Arizona

Chris Porter of John Burns Real Estate Consulting releases City-by-City price comparisons for 2008.

Tucson is no longer the sleepy cow town that is depicted in popular western movies  filmed at  "Old Tucson Studios" in the last 70’s. Nicknamed as Arizona’s Hollywood in the Desert.

Buyer’s that are relocating to Tucson need to understand that the housing market is a local market. Tucson is still considered to be a buyer’s market…but that is a relative term. According to the Tucson Association of Realtors housing market stats for April 2008…our market is starting to see some recovery.

If you are a fence sitter and waiting for the market to drop further…you may miss the bottom of the market. I say "Buy" now! Look at the long term investment, interest rates are low…

Median price end of 2007: $235,000

Median price end of 2006: $239,000

Percent change: -1.5%

Projected change through Q# 2008: -15.4%

Affordability rating: 5.7

Foreclosures in 2007: (1 for every 96 households) 4,239

Foreclosures in 2006: (1 for every 168 households) 2,422

Change in foreclsoures: +75%