The average sales price increased again in June and is currently at about $238,000. This is a 14.6% increase over last month, but still a 13.5% decrease over last year. Again, this is to be expected when you consider which homes are selling fastest (those under $200,000). However, when this number begins to rise consistently, it will be another indicator that health is returning to our market as homes in all price brackets will begin selling well.

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I have noticed an increase in traffic/offers on my listings over the past 3 weeks especially. I have also taken several more listings during that time-frame. With the prevalence of short sales we are experiencing a delay in the numbers matching market activity. Additionally there are many that fall through so it takes a lot more activity to result in larger sales numbers. As of right now

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The bank refused the offer I brought them, insisting on another $12,000. The buyer walked and the bank foreclosed. They listed the home at $125,000 AFTER already paying fees for the foreclosure. The house just sold today for $112,000. So how did they lose $62,000? Here’s the run-down.

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Did you know that we have a new roller coaster ride opening right here in Tucson? Some have already been riding it and have raved about it’s extreme lifts, fast drops and corners that are taken at break-neck speed. Interested? It’s also known as the Tucson Real Estate Market. While in general it seems to be heading in a positive direction, there is much excitement along the way.

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If you remember, throughout our relationship I spent hours trying to satisfy your demands. I took photographs and sent them to you and filled out all the paperwork you requested. I even managed to get the buyer to come up $2500 on an offer that really was above market value to begin with. I bent over backwards trying to please you. I really thought we had something together, but in the end you rejected me.

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Numbers are great, but it is what’s happening in the trenches right now that spells success or failure in the near future. I am personally experiencing a great deal of buyer traffic. I have 3 buyers closing on their homes this month alone. I am getting a lot more traffic on my listings, which, by the way, are all short sales at this point. I am getting contracts on two of my listings this week.

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When the bank sends out their Bank Acceptance letter, the dollar amount on the approval has been reduced by the following:

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Logically, the sweet spot on price should be where the buyer is getting a home at a little under market value (to make up for the hassle of a short sale) but where the bank is still netting more than they would if they foreclosed. In that case, all parties are benefited by the short sale arrangement.

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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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