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%

Owning your home can be one of the most rewarding experiences of your life, and we’re excited to help you maximize your investment. So, we have put together some quick tips to help you prepare your home for sale and profit in this tough real estate market.

If your bathroom is iffy rather than spiffy, give it a quick bathlift.  It’s fun, quic, and easy to transform a tired, dated bathroom into a home-based spa.  Replace your garden tub with a whirpool, an "air-jet" tub, that massages you by blasting air through tiny holes. Expect to spend about $1200.00 for an air-jet tub.  Other choices include bathrubs that provide a massage and fit into a standard 5 ft. long tub spqce, and start at $500.00.

Remember to add $200.00 for plumbing fixtures.

Buyers are looking for modern updated bathrooms and kitchens and this is one sure FIRE way to get their attention.

Just Listed in Saddlebrooke 37275  S Blackfoot Dr.

Offered At: $248,000

Fabulous setting in active adult community of Saddlebrooke in Northwest Tucson. Upscale lifestyle with country club living. Enjoy activities with golf, club house, restaurants, & stimulating classes. Modern open floorplan with vaulted ceilings, fireplace in great room, spacious kitchen w/nook, bedroom and den, 2 car garage. Can be a great vacation home! Ask for rental history. Huge backyard easy care landscape - mature trees on corner lot. The Saddlebrooke community offers majestic mountain views in a gorgeous setting.

• Bedroom and Den
• 1399 square feet
• Built in 1991

For more information call Don or Kathy Vallee at 888-219-1024. Please feel free to visit our website www.ValleeGoldTeam.com to learn more about the Tucson and surrounding area.