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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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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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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Part of our job as agents is to inform our clients about the legal ramifications of certain courses of action. Real estate can be a very tricky transaction legally, which is one of the reasons that people often choose to hire representation.

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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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If I calculate only using Sold listings versus Active Listings, we have an 8.6 month supply still active. I believe that number is more accurate and really reflects what sellers are experiencing out there right now.

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Keep in mind that the bank may be losing much more than 15% if the loan is higher than the appraised value. The FHA then turns around and gives the borrower a loan at 90% of the appraised value in exchange for 50% of all future appreciation!!

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At this point in the market, banks seem to have become increasingly skittish and this could be adding to a lower pending rate. If they continue to balk and back out at the last minute on the short sales, we will have a glut of foreclosures in 60-90 days which will bring down our values, but also provide great investment opportunities for buyers.

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