We are still seeing a lot of upheaval in the economy in general and this has affected people’s confidence as well as their ability to make home purchases. On the other hand, interest rates for mortgage loans are at historic lows, which is enabling many home buyers to enter the market for the first time and take advantage of our current low pricing.

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As has been the case for the last few months, we are seeing a lot of short sales and foreclosures selling, which brings down the volume. However, lots of homes are being sold, 934 in September alone. I don’t see any sign of the market slacking off in response to the economic turbulence, at least not here in Tucson. However, November and December will tell the more detailed story as homes that were already pending sold in September.

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I mentioned last month that we are seeing increased difficulties and decreased cooperation from banks. This month I am working with a bank that seems to be motivated to get my short sale closed. If more banks become like-minded, short sales will remain attractive and things will keep moving. It’s a patchwork out there, though. Some banks are great, while others seem to be trying to lose money!

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Buying a home that has been foreclosed can be a very good deal, particularly if you have money to invest in fixing it up. You generally end up with more in equity than the amount you spend fixing the property, particularly when you do some of the work yourself…. Even if you’re a first time homebuyer with no money for cosmetic or other repairs, a foreclosure may be within your reach with creative financing that allows you to finance the repairs based on the repaired value of the home.

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Short sales typically are accepted at 85% to 90% of market value and when you’re buying a big ticket item like a house, that’s a lot of savings.

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