2009 Tucson, Arizona Weekly Real Estate Newsletter
HVCC, what is this? The " Home Valuation Code of Conduct ", for appraisers, that just went into effect recently and is being fought for many reasons. I'll keep you updated as I hear more on the HVCC. Tucson luxury home agent-broker, call or email Reid at reid@reidtucson.com , or 520-751-8686. 6-19-09 Northeast Tucson is home to Sabino Springs, a manned gated community. Properties are selling in Sabino Springs at a good pace, except land. In fact, northeast Tucson has many land listings for sale, with few selling. The ones that are selling are coming off their price substantially. Back to Sabino Springs; the homes that have sold in the last 6 months, in Sabino Springs, have only come off the sales price an average of just a few percentage points. Nice solid community, worth looking at. 6-11-09 September 23rd, 2008 the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. The Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although, the house will come plumbed for graywater it will be up to the home owner to connect plumbing to a system within the home. 6-5-09 Luxury Tucson, Arizona homes are selling, however slow. This could be your chance to purchase a luxury home at rock bottom prices. In Stone Canyon, one of Tucson's most prestigious areas, the square foot prices have been selling in the $200 plus range. Stone Canyon sales in the last 6 months have all been between $1-2 million; with the homes over $2 million just sitting. Call me at 520-977-8026 and let me answer your questions, it's free. 5-29-09 I was just talking to a client about new mortgages and they said they could get 4.25% on a 30 year fixed rate. Upon further investigation I discovered he was right, at a cost of over $9,000.00. For some people this could actually make since, like if you were going to live in the house for a long time. Bottom line, everyone's situation is different, so shop around and check out a few lenders. What are super-jumbo loans? Usually, these are loans over $1-1,500,000.00. Not ever lender does this type of loan, especially now. A few years ago these loans were considered money in the bank, now they are considered riskier. 5-23-09 Tucson demographics, house value estimates and photos, plus a whole lot more can be found on Zillow.com. Actually, not just Tucson, Arizona but nationally. With house prices dropping you may be shocked to see what your home maybe worth. Zillow is not 100% accurate, but a good starting point. Jumbo rates are still about a point higher then conforming rates. Why? Mainly, the secondary market is slim. 5-15-09 In Tucson, Arizona luxury real estate brokers know vacant land in the foothills ( a.k.a. north Tucson ) is slim. However, Northeast and northwest Tucson still have land available. Many buyers are starting to look at older ranch style homes with flat roofs to demolition. Most cities experience areas that are renovated, and for the foothills in Tucson it is a new experience. Forty Niner Country Club and Tucson Country Club has for the past several years seen several homes that have been torn down or gutted and remodeled. Since the foothills has city and mountain views and an excellent school district,it only makes since to remove old homes and replace them with updated energy efficient new homes. 5-6-09 Tucson Association of Realtors, Multiple Listing Service just released the residential sales statistics for April 2009. The listing inventory has dropped to 6,890. This is off the high of over 9,000. I think some folks are just frustrated and pull their house off the market. Home unit sales are showing 882 for the month, down from a year ago at 1,015 units. Also, the average sales price is at $193,000, down from a year ago when it was at $253,000. That is approximately a 23% drop, ouch! 5-1-09 In Tucson, Arizona, like most cities, home inspections are the norm when selling a house. As a seller, have you ever thought of having a home inspection before the sale? This would allow time for repairs and put your mind at ease knowing that the home will pass the sale inspection. Also, it shows potential buyers that you are serious about the home you are selling. 4-23-09 Tucson country clubs and luxury homes can be viewed from my home page. Go to the upper right corner and click on " New Feature ". You don't have to be a member. The listings are the current homes for sale in the Tucson Association of Realtors MLS. After you review some of the areas give me a call at 520-977-8026. I look forward to hearing from you. 30 year fixed rates inched lower this week to 4.80%. WOW. 4-17-09 Tucson country club homes and land. A client asked me the difference between pre-qualified and pre-approved for a mortgage last week. I hear the terms being misused on a regular basis, and there is a huge difference. Pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan. Pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter. We now have automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? 30 year fixed rate mortgages are still below 5% this week. Many folks, including myself, are waiting for the rates to go lower. 4-9-09 In Tucson, Arizona if you are building or significantly renovating a home on a golf property or a foothills lot and want to avoid the extra cost of two closings (construction loan and permanent loan), then consider a one time close construction loan. One application, one qualification process, one closing, and one set of closing costs. Interest-only payments during construction, the choice of adjustable rate or fixed mortgage products and the option of permanent loan rate protection available for up to 18 months. 4-3-09 According to the Standard & Poor's/Case-Shiller report, based on January indexes, show that home prices have dropped approximately 30% from the high of 2006. Interest rate for the 30 year fixed hit 4.78%, making it the lowest rate since 1971, the year they started tracking the rate. 3-26-09 Why is the luxury market so slow? Part of the answer is the secondary market for jumbo loans, (those loans above $417,000 ), has dried up. So, when lenders make a jumbo loan they have to keep it on their books. This makes it harder to get a jumbo loan, plus the rates are higher. Freddie Mac & Fannie Mae are supported by the government for conventional loans, and lenders for jumbo loans aren't. Maybe because there's no political gain to fund what some people think are " wealthy people's homes." 3-20-09 What another big week in Tucson, Arizona and the country. The Federal Reserve announced it will be injecting more money in the system, 1 point something trillion. Their plan is to lower mortgage rates, and the 30 year fixed did drop below 5% today.Time to start thinking refi, or make that purchase you have been putting off. Remember,Tucson has great weather and atmosphere; with the home market ripe for the picking. Give me a call or send me an email and lets talk. 3-13-09 Mortgage interest rates dropped slightly this last week, to around 5% for a 30 year fixed rate. And, if you do some shopping you'll find rates lower than 5%. The listing inventory in Tucson, Arizona has been shrinking; from above 9,000 to around 7,600. This is a good sign. Did you know? You can buy golf community property in Tucson, Arizona for under $200 per square foot. 3-6-09 In Tucson, Arizona appraisals are considered opinions of value, where residential real estate appraisals compare your home with similar homes that have sold. Keep in mind an appraisal is not the same as a home inspection. Home inspections look for physical imperfections in the home, to be sure it is structurally sound. Grab your piece of Tucson's Paradise; just visit Tucson and see why. 2-27-09 Great news! FHA, yesterday, announced an increase in lending limits for both traditional loans as well as Reverse Mortgages.Pima County was raised from $271,050 back up to $316,250. DON'T FORGET ABOUT THE $8000 TAX CREDIT for First Time Home Buyer. WOW! Did you know you can buy a house with a reverse mortgage? There is a new plan for seniors 62 years and older that allows them to use a reverse mortgage to purchase a home, not just refinance it. Since January 1st the Housing Bill provided FHA with provisions to mirror the reverse mortgage refi program. Questions? Call me. Tucson, Arizona is having great weather for the World Match Play this week. This is one reason they picked Tucson, Arizona for the World Match Play. 2-23-09 Tucson # 1 real estate MLS just released the 2008 MLS stats. Also, they compare the numbers for the last ten years. Some of the more interesting stats aren't that bad. First, total sales units are about the same as in the year 2000. The average days on the increased only 17 days. Then, the average sale price showed an increase of more than 50%, compared to ten years ago. The Tucson market is off the peak, however, it is not off a cliff. If you have never been to Tucson, be sure to watch the World Match Play on TV this week. The World Match Play tournament will be here in Tucson held at the new 27 hole Jack Nicklaus course in Dove Mountain. 2-13-09 The national average on a 30 year fixed rate mortgage fell from 5.25% last week to 5.16% this week. Foreclosures dropped slightly, compared to last month. And, the weather in Tucson is perfect; how about that! Dove Mountain in Tucson is the site of the World Match play. The area has a variety of homes and lots to choose from. Pay a little buy a lot ( I just had to say that ). Sabino Springs is an up scale, manned gated, desert 18 hole golf course community. Prices in Sabino Springs are in the $200 per square foot range. Let me send you the listings from Sabino Springs or contact me at reid@reidtucson.com. The $15,000 tax credit I heard was taken out the stimulus spending package. I'll try to find out more and let you know. 2-8-09 The $15,000 tax credit for all buyers sounds like a good idea. And, it won't have to be paid back. The original deal was half the amount, only first time home buyers, and the money had to be paid back. We'll see what happens. Interest rates spiked on the 30 year fixed rate to around 5.25%. Jumbo loans are still about half a percent high. The World Match play will be in Tucson this month, with the worlds top 64 players. If you are from out of town you can watch the World Match Play on TV and see what Tucson looks like. The World Match Play replaced the Tucson Open, which was one of the oldest stops on the tour. 1-30-09 Tucson luxury home agent, north, northwest, northeast are the areas I specialize. Call me for benefits of each at 520-977-8026. This month I celebrate 30 years in the real estate business, all in Tucson. Let my years of experience and knowledge of Tucson benefit you, call me at 520-977-8026 and let's talk. 1-23-09 Tucson, Arizona. A client asked my thoughts on having a pre-inspection on their house? Yes, absolutely have a pre-inspection if you are a seller. It eliminates surprises during the inspection period and helps justify your price. Then it allows you ( seller ) time to do any repairs. Another thought for both sellers and buyers is to have individual inspections performed. If you think the plumbing could be bad have a plumber come out and do an inspection, or an electrician to check the electrical, or a heating/cooling professional to look at the heating and cooling system. Home inspections benefit everyone in the transaction. Do you have questions? Call or email me at 1-520-977-8026 or reid@reidtucson.com. Remember, one less putt per hole shaves 18 strokes off your score. 1-16-09 Tucson Arizona fine luxury home broker, has just received the December MLS statistics for 2008. As you can probably guess some of the numbers are horrible. The average sales price dropped 22% to $200,000, Wow. Active listings dropped 12% to 7,627 which is good to see the inventory shrinkage, even though the shrinkage wasn't all sales. The number of units sold are about the same. Golf in Tucson has the World Match Play coming to town the last week in February and the first day of March. The event brings the third largest purse on tour and the top 64 players. Want to find out about property in the area? Call me at 1-520-997-8026, and let's talk. 1-9-09 Yesterday, the average rate on 30-year U.S. fixed rate mortgages dropped for a 10th consecutive week, to approximately 5 percent, since the Federal Reserve announced its plan to lower home borrowing costs. Of course there are lenders with rates below 5%, and if you contact me I will give a few names of lenders here in Tucson. El Conquistador Country Club is having a half off initiation fee for a short time. This is a great value at the most active Countr 1-2-09 Tucson fine luxury homes. Are you confused over the difference between pre-qualified and pre-approved for a mortgage. I hear the terms being misused on a regular basis, and there is a big difference. Pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan. Pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter. We now have automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? 12-26-08 I hope you and your family are having a good holiday season. It's year end and I will be updating my spreadsheets for golf and country club fees, and home prices in a few weeks. If you have questions please contact me. 12-19-08 Tucson luxury homes broker agent reports. The US home builder sentiment is still at a record low for December, as the economy is still in a turmoil. The index that tracks builders sentiment is in the single digits and anything below 50 indicates more builders see the market negatively. They, the builders, are really hurting. If ever you were to make a screaming deal with a builder, this could be the time. Also, the fed is purchasing in the market place more treasuries, which is one reason why mortgage rates have been dropping. Ritz-Carlton in Dove Mountain will be opening in January 2009. Also, the Jack Nicklaus 18 hole golf course will be ready to play in January at the Ritz. I'll update you as the project progresses. 12-12-08 Tucson luxury homes broker and country clubs are in included in the Tucson Association of Realtors MLS statistics. Compared to this time last year home sales volume is almost cut in half. The average sales price is $ 215,000 and active listings have dropped below the 8,000 mark, a good sign. Also, new listings to come on board has dropped almost 30%. 12-5-08 Tucson, Arizona luxury home broker Reid Sossong covers the north, northwest, and northeast. Alta Vista in the north area of Tucson is conveniently located to resorts, golf, and just about anything you can imagine. This luxury community allows city and mountain views. Prices range from $200-$400 a square foot. Go to my website reidtucson.com and at the top right of the home page access the mls under new feature and look up Alta Vista. You'll be pleasantly surprised. Let me know what you think. 11-26-08 Happy Thanksgiving, I hope you have a good day. Good news this week, the Federal Reserve injected more money into the system and mortgage interest rates dropped around 1% as a result. Many people will be refinancing, and others will be jumping back into the market with home prices low. 11-21-08 Dove Mountain, has homes starting around $200,000. and up to $4,000,000.. The Gallery Golf Club, located in Dove Mountain, is truly a golf Mecca. Also, the Ritz Charlton is located in Dove Mountain. Call me with questions at 520-977-8026. 11-13-08 Tucson Association of Realtors MLS 2008 October statistics are out. Here's some highlights. The listing inventory is shrinking to below 8,000 from above 9,000, a good sign towards stabilization. The average sales price has dropped to $226,000., probably because the volume and units sold have both fallen slightly. Reid, Yes, I do remember you and Karin. I'm sorry the Saddlebrooke golf didn't work out for you. However, it sounds like Oro Valley CC is much better. You are right in what I said about OVCC, in fact Friday in my weekly news letter I talked about OVCC, all positive. FYI, when I was showing property in OVCC in February of this year the couple at one of the homes indicated initiation to join the club was in the $6,000 to $10,000 range approximately. I thought that seemed extremely low. I never heard the word bankruptcy used. I will file this letter and give anyone I'm working with your information. Let's keep in touch, and thanks for remembering me. Reid, I’m not sure if you remember me, but I wanted to make contact to let you know of something that may be of mutual interest. In late 2000 you showed Karin and I around a number of homes in the Tucson area including Saddlebrooke and Oro Valley. We eventually bought in Saddlebrooke, where we still live. After a few busy golf months, and before they opened The Preserve at Saddlebrooke, we found golf didn’t work well for us here. We joined Oro Valley CC in January 2002 and have been members there since. I recall your mentioning that Oro Valley was one of your favorites and it has proven to be that for us. Last year in a weak moment I agreed to run for the club’s board and had enough enemies to get elected. I’m not sure what rumors you may have heard about the club on your end of town. Two years ago we opened a very nice, new clubhouse. Last year we hired an outstanding GM who has been a breath of fresh air. We’ve heard rumors going around that people think we’re bankrupt. That’s not true, but as with many private clubs these days, we aren’t sitting on a bundle of money. Due to some flaws in our by-laws, we’ve had a number of members “walk away” from their memberships so we have a number of them available for which we aren’t collecting any dues. Because of this, we kicked off a major push to get new members. We’re doing a preview, one year membership. It allows someone to try the club for a year without paying the initiation fee up front. There are some incentives for trying the program. There are also discounts on the full initiation fee if preview members go ahead and join as regular members before the end of a year. I’m sending this in case you encounter new folks moving to Tucson, or others already here, who you think might be interested in trying or joining Oro Valley. I’d appreciate your referring them to me so I can provide them details. If you’re still playing golf and have the time, perhaps we can get you out to the course for a round of golf, lunch and a tour of our new clubhouse if you haven’t seen it. If you’d like to come over or have someone who’d like details about our new program, email me here or give me a call at 520-825-2935. Jeff Roby 10-31-08 Happy Halloween! Oro Valley Country Club is the best kept secret in Tucson. The course is a classic tree lined walkable course with a few water features and elevated holes. A variety of housing in the club area and close to every amenity. Let me send you listings and information on the new club house. 10-24-08 I received the following two emails from the staff at The Residences at the Ritz Carlton, Dove Mountain. Questions? Call me with your Tucson real estate thoughts and questions at 520-977-8026. Thanks, Reid.
10-17-08 In Tucson on Tuesday, September 23, the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although the house will come plumbed for graywater it will still be up to the home owner to connect plumbing to a system within the home. 10-10-08 Real estate in Tucson country clubs, luxury homes. Let me send you, via email, MLS listings of Tucson homes. And, automatically as new homes surface in the market. Also, see my new feature on my homepage to target search golf and luxury homes, and you don't have to sign in, wow. Need help or have questions? call me at 1800-997-4701. 10-3-08 Tucson, Arizona retirement and golf properties are still basking in the sun waiting for a new owner. Low rates and homes you can call home, all at discount prices. Why wait? Remember, Tucson's great weather, atmosphere, and people are just a few good reasons to buy a home here. Questions? Call Reid at 520-977-8026 or email Reid at reid@reidtucson.com. 9-26-08 El Conquistador Country Club is surrounded by 23 subdivisions, each has an individual name. Canada Hills is the community name for all 23 subdivisions. Canada Hills is selling in the $150 a square foot range and sellers are coming off their price 0-7%. This is an upbeat community with two 18 hole golf courses that were recently remodeled. Call me or go to my home under new feature and look up Canada hills. Interest rates jumped this week to a little over 6% on average for a 30 year fixed rate. The number one reason for moving to Tucson is our fall, winter, and spring weather. And, this is a great time of year to play golf in Tucson. 9-19-08 Wow!! What a week, and last week. Could this be a bottom in the housing market? The government take over of FNMA and FMAC last week was monumental. Then, this week a few of the big banks and AIG had their problems. Also, Secretary Paulsen announced the BIG rescue plan to save Wall Street. He mentioned the turn around will start with housing, and with rates below 6% for a 30 year fixed more people will be buying a home. 9-5-08 Stone Canyon is Tucson's high-end Country Club, and for good reasons. The membership cap is set at 390, with 178 current members. The initiation fee is $90,000, and refundable. The temporary clubhouse is nicer than most country clubs, with the 42,000 square foot main club house in the near future. Phase 4 is open with lots available from $500,000 and up. There are new homes starting at $1.2 million and up, call me for details at 520-977-8026. Don't forget the resale homes. 8-29-08 Tucson real estate, land, homes, and mortgages are all available. Lenders are basically going back to the "old" standards used in past, and money is available. Right now the rate on a 30 year fixed conforming loan is approximately 6.5%. Excellent credit scores and other factors apply. And, don't forget the great Tucson weather and laid back atmosphere as some of the reasons to buy a home in Tucson. If you have questions please call me at 520-977-8026s. 8-24-08 Many people, and some Realtors, are confused over the difference between pre-qualified and pre-approved for a mortgage. I hear the terms being misused on a regular basis, and there is a huge difference. Pre-qualified means the buyer has talked to a loan officer and if everything the buyer said was true, then they should be qualified for the loan. Pre-approved means the buyer's job, income, and debts have been verified and all the information has been submitted to an underwriter. We now have automated underwriting, which provides instant approval. So, if you were a seller, which buyer would you want to work with, pre-qualified or pre-approved? 8-15-08 Tucson is seeing the listing inventory shrink below 8,000. This is good news, maybe even a small signal the housing market is bottoming. Hey, at this point in the market anything positive is refreshing. 8-8-08 The National Association of Realtors broke the news this week that pending sales in June went up 5.3% from May. This blew economists out the door, they expected a decline of 1%. Additionally, this is good for the whole economy. 8-1-08 Tucson, Arizona should feel the housing market improve with the new housing-relief bill that became law this week. The law will have a huge impact on Freddie and Fannie, the largest purchaser of mortgages. They will have an undefined credit line, wow, from the Treasury Department. Also, the FHA will be able to insure as much as $300 billion in new, refinanced mortgages. What does this mean? One of the biggest benefits will be the major banks can sell their bad mortgages to the government. Guess who will be picking up the tab, your right the taxpayer. I better stop now. Have a good weekend. 7-26-08 These rates are approximate for last week, Questions? Please email or call me. Also, take a look at my new feature on my home page. 7-18-08 New home construction starts nationally rose 9% in June. Sounds good, however, it is a skewed number because of New York building code changes July 1st. Builders in that area hurried to get in before that date. If you backed out the irregular number for New York, the number would be in the negative 4% area. 7-11-08 The Tucson Association of Realtors Multiple Listing Service ( MLS ), released the June 2008 residential sales statistics. Here are some highlights; Compared to last year the average sales price dropped to $257,000., down 12%. The new listing inventory has dropped 25% over the last year, this is also reflected in the active listing inventory which shows a 6% decrease. Last, I'd like to mention the "home sales units" which decreased 25%, compared to last year. Inventory levels are shrinking, but not because of home sales. Have we reached capitulation? 7-4-08 Happy 4th of July, and Independence Day. Please go to my homepage and view my "new feature" in green. Let me know what you think. 6-27-08 The summer storms arrived this week in Tucson. This is good news for the golf courses, they have been crying for water. The greens and fairways soaked it up and with a big monsoon season in a few weeks the rough will be thick and the fairways slower. 6-20-08 Interest rates have been going higher, in fact the national average is around 6.5% for a 30 year fixed. I understand that you could probably get a lower rate, I just use this as a bench mark. Mortgage applications are lower and FHA insured loans have soared. The National Association of Home Builders sentiment rating is at the lowest level since it began. Housing starts fell and that may help the resale inventory get absorbed. 6-13-08 Tucson golf properties and Country Clubs represent less than 5% of the Tucson inventory of homes on the market. Additionally, golf communities, golf properties, and country clubs are selling between 5-10% of their inventory. The total inventory for Tucson is approximately 9,000 homes. 6-6-08 Don't forget all the positive reasons people come and make Tucson their home. Weather, atmosphere, casual lifestyle, and low cost of living ( compared to the major cities ), are some examples. The current low interest rates and large inventory of homes, builder incentives all make the real estate attractive for buyers, especially in Tucson. 5-30-08 Tucson golf courses are still in good shape with some signs of browning on fairways and greens. Last week had the last of the cool days for a while, summer is here and the golf will start to play fast, with longer drives and fast putts. Also, the golf fees all around Tucson drop every summer because of the heat and the winter visitors, U of A students have left town. 5-23-08 Tucson, Arizona many people think you don't need to bother getting a home inspected if its being sold "as is". A home sold "as is" should be inspected, so the buyer knows exactly what "as is" means. These homes aren't being sold free of defects, only with defects unrepaired. Many states require the seller to disclose known defects or other conditions that could affect the value of the home, but impose no further obligation. 5-16-08 Tucson Country Club or Country Clubs here in Tucson, Arizona are showing weaker then normal sales, however there are still sales. I have a feeling much of the bad news is behind us and already priced in the market. Interest rates are low mortgage app's are up and inventory's have been shrinking. Plus, the pent up demand will help immensely when the flood gates open. Tuscon Arizona the average sales price of a single family home is $253,000. 5-9-08 The Tucson Multiple Listing Service has changed the days on the market " DOM ", to now read " CDOM " or cumulative days on the market. What this means is when a listing expires and within 30 days the property is listed again, the days on the market will keep counting from the previous listing. This will be more accurate. Also, the Tucson Multiple Listing Service will be changing the MLS map boundaries, N NW NE etc. 5-2-08 The National Association of Realtors is working with Congress to make permanent the new FHA and conforming loan limits, mandated by the economic stimulus package, so that Americans can access affordable financing in all areas of the country. Tucson, Arizona, recently I had a client who confused a comparative market analysis, or CMA, with an appraisal. Real estate agents use CMAs to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraisal price with their CMAS, but an appraiser's report is much more detailed--and is the only valuation report a bank will consider when deciding whether or not to lend the money. Also, banks are using the computer to do an appraisal when processing a home equity loan, to save time and money. 4-25-08 Real Estate 101: Appraisals are opinions of value, and residential real estate appraisals compare your home with similar homes that have sold usually. Remember, an appraisal is not the same as a home inspection. Inspections look for physical imperfections in the home, making sure it is structurally sound and so forth. Jumbo loans are for more money than the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation will fund under its mandate. The Tucson area, loans above $417,000 are considered jumbo loans. What does this mean? You will pay a slightly higher interest rate, usually 1/2% higher. 4-18-08 The following article is from ASHI, the most organized and respected association for home inspectors. I hope you enjoy the article. The photos below were submitted by ASHI Certified Inspectors and published in ASHI's publication, the ASHI Reporter. Photos appear monthly in ASHI's "Postcards from the Field" section. "Some of the most unusual discoveries I've made as a home inspector have happened while I was inspecting dark crawl spaces, attics and roofs," said Brion Grant, 2008 ASHI president. "From time to time, though, I spot some pretty unusual and potentially dangerous issues simply by walking into a room." Shocking Discoveries
Speaking of dangerous electrical situations, take a look at this photo below. ASHI Certified Inspector Matt Fisher of Bloomington, Ind., discovered an electrical outlet inside the shower of this newly remodeled bathroom. He also pointed out that the toilet paper dispenser is inside the tub, too. It All Falls Down
Watch out, that first step can be a little tricky.
When Enough is Too MuchThe owner of this home in Bartlett, Tenn., does not appear to believe in the expression "all things in moderation." There are six hoses connected to the faucet shown here. ASHI Certified Inspector Brandon Dyles said the homeowner was hoping it would pass as a "sprinkler system."
About the American Society of Home InspectorsIn its 31st year and with nearly 6,000 members, ASHI is the oldest and most widely recognized non-profit, professional organization of home inspectors in North America. Its Standards of Practice and Code of Ethics are the industry standard. ASHI’s mission is to meet the needs of its membership and promote excellence and exemplary practice within the profession. For more information, visit www.ASHI.org or call 800-743-2744. 4-11-08 A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when Fannie Mae (FNMA) and Freddie Mac (FHLMC) limits don't cover the full loan amount. 3-28-08 The number one idea that borrowers have about mortgages is that fixed mortgage rates are directly related to moves by the Fed. In reality, fixed rates are tied to long-term interest rates and play in their own park. With conforming rates still under 6 percent, that is hardly a hurdle to a well-qualified buyer. Many banks indeed have tightened requirements, and the days of 100 percent loan-to-value loans for buyers who can't document their income, so-called no-doc, no no loans, liar loans etc. are considered a thing of the past. The real problem is the multiple banks use when lending. This use of a higher multiple has worked against them, causing their capital requirements to increase and hindering their ability to lend. Banks aren't scared, they don't have as much to lend. This is why the Fed is injecting so much money into the system. 3-21-08 The real estate market should be heading in the right direction. The fed has cleared the way for Freddie and Fannie to free up $200 billion for mortgages. They are basically lowering Fannie and Freddie's capital requirements. This caused mortgage rates to drop this week to the mid 5's. Forty Niners had a couple of new listings surface. One for $209 a square foot and the other at $158 a square foot. Sabino Springs had a home close at $258 a square foot. Also, a new listing for sale at $332 a square foot. Canada Hills is around it's old inventory average of about 60 listings. However, the last six months show approximately two homes selling per month. The is weak for Canada Hills. I hope the Fed actions will help, only time will tell. 3-15-08 30yr Fixed 5.875%, 15yr Fixed 5.125% This is a quote from Scott Rich at Nova Home Loans, however, the rates fluctuate daily. 3-14-08 Will the Fed's injections of billions of dollars, or rate cuts next week help the economy? Wasn't it low low rates that helped cause the credit & housing problem. Maybe letting the markets take care of themselves, no , that would be to simple. On a positive note the S & P said this week that they see light at the end of the tunnel for the subprime write downs. The Gallery Golf Club has been a private Club since the 1st of the year. The local inventory of MLS listing shrunk in February over 6% and homes sold decreased over 28% compared to last February. The average sales price for all homes is around $260,000. In my opinion buyers have been coming out and starting to look, which is a good sign. Forty Niners this last week showed no activity. 3-7-08 Mortgage interest rates on a 30 year fixed are hovering in the 6% range nationally. The 15 year fixed is around 5.5%. 2-29-08 Sabino Springs in Tucson, Arizona had one new listing come on the market at 9770 e. Sabino Springs for $949,975.00. Then the home at 5216 N. Sabino Drive closed for $585,000 or $162.77 a square foot, someone got a good deal. Forty Niner Country Club in Tucson, Arizona had zero activity. 2-25-08 The housing market has a big week ahead. Today, existing home sales will be reported, followed by new home sales on Wednesday along with luxury home builder Toll Brothers. 2-23-08 Tucson, Arizona has a new housing development "The Residences at The Ritz-Carlton," located in Dove Mountain. Approximately 324 homes are on line to be built around two golf courses linked to Ritz-Carlton Golf Club. Homes will be in the millions and land for custom homes starting at $750,000. Property owners will be required to join the Ritz-Carlton Golf Club at a cost of $100,000, plus monthly dues etc... The Match Play Championship currently being played, this weekend at The Gallery, will move next year to the Ritz-Carlton Golf Club. Questions? Call me at 520-977-8026. 2-22-08 Tucson, Arizona and nationally when they talk about housing starts the numbers can include multifamily housing, which is a volatile sector and can skew the results. Almost, all the housing numbers can be spun. Forty Niner Country Club showed zero sales this last week. Sabino Springs this past week saw three homes go into escrow. When they close I will report the numbers. The MLS statistics just came out for last month and the number of homes sold dropped 36% from a year ago. However, the average sales price only dropped 2.23% to $272500 for all residential types. Listing inventories decreased, but are still high. 2-15-08 I hope you enjoyed Valentines Day yesterday. Also, Arizona, which became the 48th state in 1912, celebrated it's birthday yesterday on V-Day. Mortgage interest rates are still in the 5.5% range. Yesterday, Ben Bernanke indicated the Fed will lower key rates in order to keep the economy stable. 2-8-08 Note:Appraisals are opinions of value, and residential real estate appraisals compare your home with similar homes that have sold. Remember, an appraisal is not the same as a home inspection. Inspections look for physical imperfections in the home, making sure it is structurally sound and so forth. 2-1-08 Mortgage interest rates on the 30 year fixed inched slightly higher this week to around the 5.6% range. Remember, this is an average. I'm seeing the Tucson real estate market bouncing all around with a high number of homes coming on the market and an equal number of homes expiring, with many of the homes that expire coming back on the market as a new listing, which skews the market. Forty Niner Country Club had a couple of homes expire and come back on the market this week. Sabino Springs put the home at 5216 N. Sabino Hills drive in escrow. Coming Soon to my website, with the professional computer help and knowledge of Bob Zucker and Jeremy Logsdon, I plan on having listings for specific Country Clubs and Luxury Communities for quick and easy searches for areas of interest. I'll keep you updated. 1-25-08 Forty Niner Country Club had one of the few townhomes in Forty Niner's come on the market for sale with a price of $375,000. Also, a SFR fsbo came on the market, call me for details at 520-751-8686. Sabino Springs, home of the Arizona National Golf Club, had a listing withdrawn from the market after 167 day's on the market " DOM ". The property is located at 5253 N. Sabino Springs Drive. The Federal government wants to throw taxpayer's a kernel in the form of a tax rebate. What's interesting is the package includes an increase in the FHA loan amount and the jumbo loan limit. This would have a significant impact on the real estate market. 1-18-08 Golf property and country clubs in Tucson have fees to join or play golf. I just updated my spreadsheet online with the new costs. Also, I can send you a copy. When you purchase a home in Tucson, only you can call to have the utilities put in your name. I know from trying to help clients. Forty Niner Country Club had two new listings surface this week. 12340 E. Cape Horn at $620,000 or $237 a square foot, and 1931 N. Wentworth at $649,000 or $197 a square foot. Sabino Springs had a listing expire. There are several properties on the golf course with excellent views. The listing inventory and new listings for the Tucson MLS are both shrinking. Home sales and unit sales are both down. The average home price is hovering in the $260,000 range. Credit is still available and interest rates remain low, below 6%. I have seen a few bank listings on the market, and I'm sure that trend will continue. Each bank has different problems to solve and from my experience if you can give them what they want, an easy sale, you can get a screaming deal. 1-12-08 Scott Rich at Nova home Loans told me today that a 30 year fixed is at 5.50% and a 15 year is at 5.00%. These are really good rates, especially with early signs of the market bottoming. Remember, no one comes out and announces a market bottom. I have been working on my annual update for the golf fee spreadsheet and plan on having it online soon. The biggest surprise last year was Oro Valley Country Club initiation fee bottoming at $6,000. Forty Niner Country Club this past week only showed one expired listing, and this is the third time for the property at 12342 E. Goldpan Place after 92 days on the market. Sabino Springs had a new listing at 5286 E. Canyon Rise for $439,000 or $433 a square foot. Also, two listings expired. 1-4-08 Forty Niner Country Club had the listing at 12518 E. Barbary Coast Expire, after 111 day's on the market. Then the house at 12410 E. Barbary Coast expired after 151 day's on the market, then it came back on the market at the same price $629,900, and a new clock ticking for days on the market. Sabino Springs had two new listings, one 5168 N. Pinnacle Point for $255,000 and 5347 N. Ridge Spring Place for $519,500.. 5168 N. Pinnacle Point was on the market for 181 days prior to relisting. The weather has been a little cold in the morning, however this is perfect for golfing this time of the year. Tucson, Arizona Real Estate Newsletter Archives:
Reid Sossong's Real Estate Home PageCopyright 2009. Reid Sossong, RPA, Broker, Tucson, Arizona. EMOL.org All rights reserved. |
Electrical outlets come in all shapes and sizes, but even John Fryer, an ASHI Certified Inspector from Oakland, Calif., was stumped by this unique contraption. While Silicon Valley (the site of this finding) is lauded as a premier location for creative minds and innovation, this improvised design is more dangerous than ingenious.
ASHI's founder, Ron Passaro of Bethel, Conn., advised the owner of this home to take caution when walking out this door.
Each year, ASHI emphasizes the importance of winterizing outdoor faucets as part of an ongoing winter maintenance regimen. While inspecting this home in Hopedale, Mass., however, ASHI Certified Inspector Ron Cook concluded that this homeowner did not heed the Society's advice.
The images above are a few examples of the real life discoveries ASHI Certified Inspectors have uncovered over the last year. By working with a home inspector, homeowners can identify potentially dangerous fixes that might compromise the structure and integrity of their home and pose immediate and long term safety risks to its inhabitants. While most homeowners only consider home inspections when buying or selling a home, home safety inspections are the perfect way for a concerned relative to keep a loved one, such as an aging parent, safe.