Key Insights into the Real Estate Market in United States in 2024
As the real estate landscape continues to evolve in the United States, it’s essential to stay abreast of the latest trends and insights shaping the industry. Here is a quick look at the United States Real Estate Market 2024.
From shifting demographics to technological advancements, several key factors are influencing the dynamics of the real estate market in 2024.
In this article, we delve into some of the most significant insights driving the real estate sector in the USA this year.
Mortgage Rates:
The United States real estate outlook for 2024 shows promise, but mortgage rates are the key. Lower mortgage rates will increase purchasing power and demand.
U.S. and Arizona new home builders are seeing the demand, but homes are getting smaller. The median home size is the lowest it has been since 2010.Coming in a bit over 2,100 square feet for single-family homes.
Decreased size and related costs are also leading buyers to townhouses. A trend most notable in larger urban areas. Lower costs, less maintenance means more freedom.
Demographic Shifts:
One of the primary drivers of change in the real estate market is demographic shifts. The millennial generation, now well into adulthood, is exerting a profound influence on housing preferences and buying patterns.
With many millennials reaching their peak home-buying years, there’s a growing demand for starter homes and urban living spaces that offer convenience and proximity to amenities.
Additionally, the aging baby boomer population is fueling demand for downsizing, retirement communities, and age-in-place accommodations, leading to the development of specialized housing options tailored to their needs.
Las Vegas real estate is poised for another year of robust growth in 2024, driven by an influx of remote workers seeking affordable housing options and a resurgence in tourism. Investors should keep an eye on emerging neighborhoods and diversify their portfolios to capitalize on this dynamic market.
Rise of Technology:
Technology continues to revolutionize the real estate industry, impacting everything from property searches to transaction processes.
Virtual reality (VR) and augmented reality (AR) tools are increasingly being used to provide immersive property tours, allowing prospective buyers to explore homes remotely with unprecedented detail and realism.
Furthermore, blockchain technology is gaining traction in property transactions, offering enhanced security, transparency, and efficiency in real estate deals.
Additionally, data analytics and artificial intelligence (AI) are empowering real estate professionals with valuable insights into market trends, pricing strategies, and investment opportunities.
Sustainability and ESG Considerations:
Environmental, social, and governance (ESG) considerations are playing an increasingly significant role in real estate decision-making.
Sustainable building practices, energy-efficient designs, and green certifications are becoming standard features in new developments as investors, developers, and tenants prioritize environmental responsibility and long-term sustainability.
Moreover, there’s a growing demand for properties that prioritize health and wellness, with features such as biophilic design elements, ample natural light, and access to green spaces gaining popularity among homebuyers and tenants alike.
Urban Revitalization and Suburban Resurgence:
The COVID-19 pandemic has prompted a reevaluation of urban living preferences, with many individuals and families seeking more space, privacy, and outdoor amenities in suburban and rural areas.
This trend has led to a resurgence of interest in suburban real estate markets, where home affordability, larger properties, and a slower pace of life are attracting buyers from urban centers.
However, even as suburbs gain popularity, many cities are undergoing revitalization efforts aimed at creating vibrant, walkable neighborhoods with mixed-use developments, cultural amenities, and enhanced public spaces to lure residents back to urban cores.
Remote Work and Flexible Living:
The widespread adoption of remote work arrangements has transformed how people view their living and working environments.
With the flexibility to work from anywhere, individuals are prioritizing housing options that offer a better quality of life, whether it’s a suburban home with a home office, a co-living space with built-in community and amenities, or a rural retreat with access to high-speed internet.
As remote work becomes a permanent fixture for many industries, the real estate market is witnessing a shift in demand towards properties that accommodate flexible living arrangements and remote work lifestyles.
Summary of United States Real Estate Market 2024:
The real estate landscape in the USA in 2024 is characterized by dynamic shifts in demographics, technological advancements, sustainability considerations, changing urban-suburban dynamics, and evolving work preferences.
To thrive in this rapidly evolving environment, stakeholders in the real estate industry must remain agile, innovative, and responsive to emerging trends and consumer preferences.
By embracing innovation, sustainability, and inclusivity, the real estate sector can navigate the challenges and seize the opportunities presented by the evolving needs and aspirations of today’s diverse population.
Above article in collaboration with https://frenchchateauforsale.co.uk/
Another Change Coming Soon for the United States Real Estate Market 2024
The Sitzer-Burnett litigation and verdict caused considerable uncertainty in an industry.
The verdict started a national conversation around real estate commissions. Both past and future. The National Association of REALTORS® proposed a settlement agreement to resolve the litigation.
Should the courts approve the settlement, the following change would occur.
NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS.
That change would go into effect in July 2024.
There will continue to be many ways in which buyer brokers could be compensated, including through offers of compensation communicated off MLS —as we have long believed that it is in the interests of the sellers, buyers, and their brokers to make offers of compensation —but using the MLS to communicate offers of compensation would no longer be an option.
The types of compensation available for buyer brokers would continue to take multiple forms, depending on broker-consumer negotiations, including but not limited to:
Fixed-fee commission paid directly by consumers.
Concession from the seller.
Portion of the listing broker’s compensation.
Compensation would continue to be negotiable and should always be negotiated between agents and the consumers they serve.
Conclusion
The United States Real Estate Market 2024 will continue to experience the ups, downs and sideway movements of any market.
Will the outlook come true? Only, time will tell!
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
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Arizona closing costs are a topic we frequently hear from our clients whether they are buying or selling a home in Tucson AZ.
Arizona closing costs vary based on property value, location and type of loan used to buy a home. Other items included items such as title insurance, appraisal fees, and escrow fees.
It is important to know and budget for these costs before starting ayour home search. This is most important for first time home buyers.
Buyers need to budget for expenses property taxes, HOA fees, and prepaid expenses. like homeowners’ insurance or property taxes.
Your real estate agent will provide valuable by explaining Arizona closing costs.
New regulations on mortgage lenders, appraisers, and title companies have, in general, increased closing costs.
What are closing costs?
Arizona closing costs are incurred by both the buyer and seller of a Tucson home. For a buyer, closing costs will be added to the purchase price of a home.
Buyer’s Costs
Typical Arizona closing costs include costs and fees related to:
Realty Company “document handling/storage” (NOT all Realty Companies do this)
The specific costs and fees will vary based on the location of the home being purchased. For example, a home in a community without an HOA will not need to pay the HOA Capital Or Transfer fees. It you are making a purchase with cash, you will not have Lender Title Insurance.
So how much are closing costs going to be for the Tucson home buyer? On average, expect to pay between $2,400 to $4,500. The big consideration will be the HOA Capital Fees. Most, if not all, Adult or 55+ communities have them. This is a onetime fee that will range from $1,500 to $2,600.
The Seller Pays for
Arizona closing costs will reduce the proceeds received from the sale of the home. For a seller, typical closing costs will include cost and fees related to:
Realty Company “document handling/storage” (NOT all Realty Companies do this)
More Simply
SELLER:
Cost of clearing title
Certificate of title
Abstract, continuation, title insurance.
Conveyance tax
Escrow fee (Share with Buyer)
Interest in arrears on old loan
Prepayment penalty on old loan
Home Owner Association transfer fees and assessments
Septic Inspection/Certificarion
Home Warranty Policy (Share w/ Buyer)
BUYER:
New loan or loan assumption fees
Deed and mortgage recording fees
Escrow fee (Share w/Seller)
Reimbursement to seller for prepaid taxes
Appraisal and inspection fees
Prepaid Interest on new loan
Well Inspection
Wood Infestation/Termite inspection
Property Insurance
Home Warranty Policy (Share w/Seller)
And By the Way…
It is worth noting some Realty Companies charge the buyer and seller a “document handling/storage” of about $300. Ask your Realtor if their company does.
That means both buyers and sellers should be asking the agent they use how much are closing costs going to be if I use you and your company. Most won’t disclose the fees will be charged until it appears on your settlement statement. Save yourself $300 and choose a realtor and Realty Company that doesn’t charge that fee.
We will answer the question NOW – Tierra Antigua Realty – DOES NOT charge either buyers or sellers a document handling/storage fee.
So how much are closing costs going to be for the home seller? On average, expect to pay between $1,800 to $3,100.
Who Pays the Closing Costs
Some closing costs result from legal requirements. Other costs may be a matter of local custom and practice. The Tucson Home purchase contract and related addendum identify which party – buyer or seller – will pay which closing costs.
However, these can be negotiated as part of the Tucson homes purchase or selling process. This means getting the final answer to “how much are closing costs” will depend on you and your Realtors ability to negotiate.
Also, understand how much are closing costs going to be is directly related to the date the ownership of the property changes from seller to the buyer. This makes the seller responsible for expenses for the period that they owned the property.
The buyer becomes responsible for expenses accrued from the date they take title.
Talk To Your Lender
Please note, there are special considerations and limits on these expenses and who pays closing costs on VA or FHA financing. Specific closing costs are identified to be paid by the seller or buyer. Ask the realtor/real estate consultant representing you what these include.
While your Realtor may be able to provide “estimates” for some of the closing costs, your lender is responsible to identify all Arizona closing costs on their “Good Faith Estimate”. The Good Faith Estimate or GFE will be provided to you within 3 days of identifying the property you are buying.
A Settlement Statement will be provided by the title company a few days prior to the Close Of Escrow.
The Final Settlement Statement shows all actual closing and adjustment costs along with how any prepaid and unpaid expenses for the Buyer and Seller.
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. Our goal is to provide insight, advice and the highest level of professional services to you. We want you to be proud to recommend us to your family, friends and acquaintances.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
And remember, our professional service backgrounds mean we put you first!
Selling a home in Tucson?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting.
We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”
Conclusion
Both Buyers and Sellers need to understand the Arizona closing costs and lender fees for their real estate transaction. Ask your Realtor for assistance to help you through this important step in the real estate transaction.
And one more thing regarding Home Warranty Plans. While not mentioned in the link (above), many of our clients have found Fidelity National Home Warranty to be a good choice.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Insights on The United States Real Estate Market for 2024
Tucson Real Estate Blog Post – March 26, 2024
The United States real estate market is dynamic and influenced by many factors.
Paying attention to the trends can provide valuable insights for investor sand home buyers alike.
Mortgage rates, technology and government influences all play a part. Whether you are a home buyer, seller or investor you need to know what “could” happen.
Moving to any new city, big or small, can create stress. Leaving friends and family for a great job or adventure is exciting and terrifying.
But if you are moving to Tucson, the “terrifying” may be, well, less terrifying.
Why, you ask.
The simple answer is, people are downright friendly in Tucson, AZ! Maybe it is the 310+ days of sunshine. May be its the fact that most people living here are from somewhere else.
Tucson, Arizona provides residents and visitors an endless list of places to eat. From elegent dining to food trucks on a corner.
But a staple in Tucson is the TACO. Exploring Tucson’s taco scene is a culinary adventure. An adventure and opportunity to immerse yourself in the Tucson’s culture and community.
From meat to vegetarian to plant-based options, there is a taco waiting for you to find in Tucson.
The weekend weather for Tucson looks great for the weekend. What’s on your “To Do List”?
One thing to consider is the Tucson Festival of Books. But if that not your cup of tea, there are other things to do in Tucson this weekend – 39 Things to do in Tucson this weekend!
For the golfers in the house, don’t forget the Tour Champions are at La Paloma Country Club. Watch Ted Purty, former U of A golfer and winner of the Byron Nelson tournament in 2005. Get out and give him a big welcome to Tour Champions.
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4th Avenue Street Fair – Coming March 22 – 24, 2024!
Tucson Real Estate Blog Post – February 29, 2024
Tucson’s 4th Avenue Street Fair is a vibrant celebration of art, music, and culture. Its not Mardegra but it is lots of fun!
The fair brings together local artists and vendors to showcase their unique creations.
Visitors can explore a wide range of handmade crafts, jewelry, and artwork.
Live music performances add to the festive atmosphere. creating a lively and engaging experience for all attendees.
It is wonderful opportunity to immerse oneself in the creative spirit of Tucson. Oh, and have food, beverages and buy a few gifts for yourself and friends.
Check out the – 4th Avenue Street Fair!
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Essential Resources for Relocating to Tucson AZ
Tucson Real Estate Blog Post – February 21, 2024
Living in Tucson, Arizona offers a vibrant urban experience. The city boasts a rich cultural scene, with many art galleries, museums, and music venues.
The downtown area is bustling with restaurants, cafes, and shops.
It’s warm climate allows for outdoor activities year-round. Hike nearby mountains or enjoying the many parks and gardens throughout the city.
Tucson’s vibrant community also extends to its diverse food scene. One can find Southwestern cuisine, authentic Mexican dishes, and a variety of international flavors.
Discover how to navigate City Living in Tucson AZ
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Essential Resources for Relocating to Tucson AZ
Tucson Real Estate Blog Post – February 14, 2024
Considering relocating to Tucson, Arizona? Great!
Here are the resources to make your relocation a seamless and well-informed experience. But the first thing you should do is call US!
We have helped 100’s of people make their dream of living in Tucson a reality.
Having lived in Tucson since 2002, we know the area and are able to answer your questions. Whether it’s the real estate market, transportation, utility services or “what’s it like”. We are here to help YOU!
The Sonoran dog is a popular Mexican street food that has gained a lot of attention in Southern Arizona. It is a hot dog wrapped in bacon and grilled to perfection.
It’s unique flavors and textures makes it a true delight for food enthusiasts. The crispy bacon adds a smoky and savory element, while the grilled hot dog provides a juicy and meaty bite.
What goes on the “dog” is up to the person eating it. Condiments include pico de gallo, mayonnaise, mustard, and jalapenos. And what ever elsse on on the counter.
The Sonoran dog offers a burst of flavors in every bite. This baby is ready to enjoy at a street vendor or in the comfort of your own home. Keep the napkins handy.
More on the Sonoran Dog.
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Solar Panels for Southern Arizona Homes
Tucson Real Estate Blog Post – January 24, 2024
Solar Panels seem like a no brainer in Southern Arizona. Right?
Southern Arizona receives lots of sunshine throughout the year.
High energy consumption during the summer can be offset by solar panels.
Solar panels reduce the reliance on fossil fuels and decreasing carbon emissions.
But there are some downsides to this bright picture. Let’s take a look at some more Considerations On Solar Panels
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Charro Steak Restaurant: A Tucson Gem
Tucson Real Estate Blog Post – January 18, 2024
Charro Steak Restaurant in Tucson, AZ is a true culinary gem in the heart of the city. The Flores family in known for its authentic Mexican restaurant, but now add steaks.
This restaurant offers a dining experience that is sure to please.
But it’s not just the food that sets Charro Steak apart. The restaurant design combines rustic charm with modern elegance.
The warm and inviting atmosphere makes it the perfect place to enjoy a meal with friends or family.
It’s not bad for a romantic date night either.
Check it out…..Charro Steak Downtown Tucson
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Tucson MLS Search Tools – Find Homes for Sale in Tucson
Tucson Real Estate Blog Post – January 10, 2024
When it comes to finding homes for sale in Tucson, easy to use MLS search tools will help.
The right MLS search tools, help users browse through a wide range of listings in seconds.
Being able to see the broad real estate market and then bore down to the details is key.
Our search tools will help you find a home in Tucson – Start now – Tucson MLS Search Tools
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Home Projects That Add Value
Tucson Real Estate Blog Post – January 3, 2024
Are you planning a home remodeling project? Want to add value to your home as well?
Look no further!
One of the best ways to increase the value of your home is to focus on what buyers want.
By investing in these areas, you will create a visual impact, but you will attract buyers when you sell.
Imagine stepping into a spa-like bathroom with modern fixtures and a sleek design. Or entertaining guests in a renovated kitchen with top-of-the-line cabinets and appliances.
Located In Oro Valley AZ – 2,595 SF – 3 Bedroom – 2 Bath – Den – Office – Mountain Views. Priced at $825,000
This elegant home at 968 W Lightning Song Place is in the heart of Oro Valley. A southwestern style home in the small neighborhood of Vistoso Estates with 35 homes.
The great room floor plan with high ceilings and viga beams is an entertainer’s delight. A split bedroom design with casual and formal dining, plus an open office and sitting room.
The large kitchen is open to the great room and dining area. Guests can visit and stroll out to the patio to enjoy the solar heated pool.
Oh, and the Catalina Mountain views of course!
A 3-car garage provides exceptional storage and an epoxied floor that is spotless.
Tucson, Arizona, may not be as widely known as other popular destinations like New York or Los Angeles, but it offers many benefits that make it an excellent location.
Tucson, AZ, is a vibrant city gaining recognition for its unique fusion of the old and the new, blending modern amenities with traditional values.
If you are considering Southern Arizona as your new home, here are five reasons it could be the perfect choice.
Tucson’s warm desert climate is the envy of many. With over 330 days of sunshine each year, homeowners can expect dry and warm weather.
This comfortably warm climate creates ideal conditions for all outdoor activities, such as hiking, biking, and golfing.
Trying to decide between Scottsdale and Oro Valley for your Arizona home? Consider the differences between the two cities to determine the better one for YOU!
Both Scottsdale and Oro Valley have dry desert climates. But Oro Valley is at an elevation of 2,700 feet and is cooler in the summer…..and winters.
Both cities have many excellent public and private schools.
Scottsdale homes cost more. The median price of a home is Scottsdale in October 2023 is $800,000. Oro Valley’s median home price is $565,000.
Both cities have a lot offer. But which one is the best fit for you depends on the individual and their preferences.
Take a deeper dive on the comparison between Scottsdale and Oro Valley Arizona.
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This Weekend In Tucson AZ
Tucson Real Estate Blog Post – November 9, 2023
If you live in Tucson, AZ or planning a visit, then plan on taking in one of these great events. November is the start of the season for annual events in the greater Tucson area. So, don’t miss out on FUN IN THE SUN!
Should you be thinking of making Tucson, AZ your home or considering the area as a winter get away, give us a call – 520-940-4541 – we can help!
Check out the list of events in Tucson this weekend.
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55+ Communities In Tucson AZ
Tucson Real Estate Blog Post – October 25, 2023
Are you pondering the question – “Where To Retire?”
At some time, everyone does. And maybe, just maybe, a 55+ community in Tucson AZ will pop into your thoughts.
There are lots of 55+ communities in Tucson, AZ. 20 to be exact. Some are big, some are small, but there is one to fit your lifestyle and budget.
Kim and I are often asked “What are the best neighborhoods in Tucson”.
As you might expect, there isn’t an easy answer to that question. Why?
Well, “best” is in the eye of the beholder. So, to some degree every home buyer has found the “best neighborhood” for themselves. The one they bought their home in.
But if you are asking yourself that question, here are the areas of Tucson as defined by the Tucson MLS with the neighborhoods identified in them.
In the greater Tucson area, the inventory of homes for sale continues at historically low levels. Our clients have considered new construction options over the last few months.
New construction homes are being built across the greater Tucson AZ area. So there are lots of options to consider.
But if you are thinking of a 55+ community for retirement or seasonal residence, then you may want to consider a Robson Resort Community.
There are 2 Robson Resort Communities in the greater Tucson AZ area that are building new homes and one that was completed in 2022. That means newer resale.
Want more on these 55+ communities? Then check out these Robson Resort Communities!
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El Tour De Tucson
Tucson Real Estate Blog Post – October 3, 2023
El Tour de Tucson is the largest bicycling event in Tucson and one of the largest biking events in the USA.
In fact, people travel from coast-to-coast every November to ride in this annual event!
First held in 1983, El Tour de Tucson is a signature Tucson event.
Put on by Perimeter Bicycles, the event raises money for more than 100 charities each year.
El Tour de Tucson will get underway on Saturday, November 18, 2023. For more on this great Tucson event…..Peddle Over To – El Tour de Tucson.
The focal point of this Del Webb 55+ community is the Saguaro Center. This 14,000 square foot facility is the place to stay active and meet other residents.
The heated swimming pool and spa provides the place for a “dip” any time of the year.
Del Webb At Dove Mountain is full of amenities and activities for all to enjoy. To learn the detail about this 55+ community in Dove Mountain….CLICK ….Del Webb At Dove Mountain
Considering a 55+ community in Arizona? If so, SaddleBrooke Ranch north of Tucson, AZ should be on your list.
This 55+ adult community is 10 miles North of Oro Valley and construction started in 2007.
To add to the luxury living experience, SaddleBrooke Ranch has villas. Villas can be a perfect winter “get away” home to escape those long winter days.
Take a peak at homes for sale in the Robson Resort Community Of SaddleBrook Ranch
The 520 area code in southern Arizona covers a lot of geography.
Notable cities in the 520 area code include Tombstone and Bisbee, Arizona. Tombstone was a backdrop for western TV shows in the 1950’s and 60’s.
These western TV shows started the careers of many famous actors and actresses.
Southern Arizona and cities covered by the 520 area code are in the Mountain Standard Time zone. But keep in mind, Arizona does not follow day light savings time.
For a in-depth look at what is IN and OUT of the 520 Area Code…..520 Area Code
The All Souls Procession is one of the first annual events in Tucson. It takes place in early November and offers cooler temps and big crowds.
This is another must experience event in Tucson. Inspired by centuries-old Dia de los Muertos holiday of Mexico. Dia de los Muertos means “Day of the Dead”.
The All Souls Procession attracts a diverse group of over 35,000 participants. The actual procession travels some 2 miles through the City of Tucson.
Mortgage rates moved up, demand continues to be high and resale inventory low. That means prices “should” continue to rise, but higher mortgage may dampen buyers interests.
On the other hand, new home builders are going strong and raising prices in response to demand.
Many new home builders have a captive finance units and able to give rate incentives or closing cost offsets.
Will Tucson home appreciation be greater than the borrowing rate? Time will tell.
Over the last 12 months, the Average Price of a Single Family Home and Condo/Townhome is up 6.1%. Get the details — Tucson’s Housing Market Pulse – July 2023
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Tucson Is 15th In Nation For Home To Lot Size Usage
Tucson Real Estate Blog Post – August 9, 2023
For those of us living in the greater Tucson area, we know Tucson is a great place.
It offers outdoor activities galore. It also provides stunning views of the surrounding mountains and Sonoran Desert.
And one more acolade comes from the “storage cafe”. Storage Cafe is a blog related to housing trends, life styles, and cities across the U.S.
Their recent study of “lot and home sizes” put Tucson 15th among the best cities for spacious living.
They concluded the median lot size is 8,204 square feet and median home size is 1,700 square feet. This means homes occupy around 20% of their lot.
That leaves lots of space for outdoor living amenities.
Want a deeper dive into this topic? Take a read and find out the how other cities placed in the lot and home size rankings.
Moving is a big transition for anyone. Mom, dad, the kids and even the pets.
Whether furred, feathered, finned, or scaled, your pet’s can be as stressed as the family. In most cases people will voice their feelings and issues.
Pets don’t have that ability…….yet!
So, what do you need to do to make your pets as comfortable at the people?
To jump start your plans for moving with your pets, here is some help. Take a 3 minute read of this guide to moving with pets.
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North Italia
Tucson Real Estate Blog Post – July 25, 2023
This is a Sam Fox concept restaurant that is a main stay dining experience at La Encantada in the foothills. Given the location, it is usually busy and service can be a bit slow. But the food is always good.
North does not disappoints and this North Tucson location is one of their best!
A bright interior with a welcoming bar, plus a beautiful patio, perfect for dining all year round. But it can be noisy.
Basically, it’s a go to spot for a fun time with comfortable outdoor seating. Take a look at the details on North’s Italia.
Did you live through the “Cold War”? If not, your parents or grand parents may have mentioned it to you. It was a significant event that influenced people during the period from 1947 to 1991.
Ok, ancient history for many today.
But the Cold War was a major part of the last half of the 20th century. A time of high tensions between the worlds two superpowers – the Unites States and Russia – ran high.
One significant product of the Cold War was the Titan II Missile System. A weapon built to ensure Russia would not attack the United States.
There were 54 Titan II Missiles sites in the United States.
Eighteen of those sites were in the greater Tucson area. Of all 54 sites, only one remains. The Titan II Missile Museum near Green Valley.
So if you want to do something cool on a hot day in Tucson, it might be the place to go. Learn more about this bit of Tucson history – Titan II Missile Museum.
The June 2023 Tucson Housing Market Pulse shows year over year sales prices for Single Family Homes continue to move up. The median sales price for a single family home increased 3.5% and the average sales price gained 3.2% from June 2022.
Active Listings of Single Family Homes are down 13.4% from June 2022 with 1,593 single family homes on the market at the end of June. At the current burn rate for closed transactions that translates in to 1.8 months supply.
Condos and Townhouses prices moved up as well. The year over year Median sales price moved up 2.0% and Average sales price 3.9%.
With 157 Active Listings of Condo/Townhouses on the market there is only a 1.0 months supply.
Get the details and insights here – June 2023 Tucson Housing Market Pulse
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Time Magazine Puts Tucson On Top 50 List
Tucson Real Estate Blog Post – July 5, 2023
The news magazine Time released its annual World’s Greatest Places list for 2023.
Time Magazine asked its global network of correspondents to nominate their favorite destinations.
Destinations travelers should visit over the next 12 months. Places making the list offered new and exciting experiences. In all, 50 destinations – world wide – made the list.
A couple of places most will recognize include; St. Moritz, Vancouver, Budapest, and Kyoto.
And one you may not have expected, Tucson, Arizona.
For those of us living in Tucson, we know its a great place! And for those who would like to be living in a great place……give us a call, we can help you find your perfect home in Tucson.
Summer is here. This week the temps broke the 100 mark and are forecast to be there until the monsoons arrive. With summer comes the monsoon season.
June 15th is the start of monsoon weather and it runs until late September. Monsoons bring mid afternoon rains that can be quite heavy along with strong winds.
Now these rains are NOT what you might have seen in the movies about southeast Asia. Heavy all day rains.
Our monsoons can bring heavy rain, but will last less than an hour. Also, they are very localized.
Kim and I visit Tucson restaurants when ever we can and provide our thoughts on each one. The Landing is our most recent find.
This “beach comer” restaurant is owned by the folks who created Fini’s Landing in the Foothills. They created a winning formula for a casual hangout sports bar and they replicated it in Oro Valley.
Same concept, similar decor and continuing a menu with simple, straight forward good food. Oh, and drinks. Here is our take on THE LANDING.
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All Tucson Realtors Are Alike……..Or Are They?
Tucson Real Estate Blog Post – June 14, 2023
Did you know that there are over 5,000 Realtors in the greater Tucson area? Yes, 5,000! OMG!
Search the internet for a Tucson Real Estate Agent and you will find hundreds of websites. Not to mention the hundreds of faces and narratives on each one.
Most of the marketing wants you to believe all Tucson Realtors are alike. They have all passed the same State real estate exam and work at a realty company. Some are brand new others with years in real estate.
But are all Tucson Realtors alike?
If you want to have the answer to that question, take 4 minutes to read…. 3 Myths About Tucson Realtors.
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Three Day Trips From Tucson, AZ
Tucson Real Estate Blog Post – June 7, 2023
One of the great things about Tucson, AZ is the opportunity to take a short road trip that takes you back to the days of the old west. There are dozens of one day road trips and some over night places as well.
Ninety minutes from Tucson are three places that take you back to cowboys, saloons and history.
So get your gas tank filled and head to Bisbee, Tombstone or Tubac for a day of fun in the sun of Southern Arizona.
Entering Fini’s Landing through a door with a bronze flip flop as the door handle makes you feel right at home. Fini’s is what you experience on a trip to the Keys, a Caribbean beach bar or Cancun.
For those who have not visited these places, you now know the atmosphere and vibe. This is a locals place, but join the crowd. You will feel like a local in minutes.
For those seeking a place to watch their favorite team in action, Fini’s Landing is the place. With 11 BIG – 55 inch – TV’s there is good viewing from every seat.
Want more info on this great waterin hole? Start here…Fini’s Landing.
Tucson, Arizona, may not be as widely known as other popular destinations such as Palm Springs or Fort Lauderdale, but it is an excellent location for a seasonal home or retirement.
This vibrant city is gaining recognition for its unique fusion of the old and the new, blending modern amenities with traditional values. If you are considering Southern Arizona as your new home. Why? Check out these FIVE REASONS.
Fun-filled Adventures to Try When Camping In Tucson
Tucson Real Estate Blog Post – April 25, 2023
Camping in Tucson, Arizona offers a breadth of exciting adventures to experience. Spending the night among mesquite trees with mesas and canyons as your views, you will surely feel as if you’re living in a dream.
Whether you’re planning an exciting camping adventure with your family or friends, it’s important to sprinkle some fun-filled activities in your itinerary to make the most out of your trip.
That being said, here are four exciting adventures to add to your camping itinerary>>>>>>>>Camping In Tucson
Almost every home has one small space that is a challenge to decorate. Small-spaces doesn’t have to curb your style.
With a bit of creativity, you can make a small space live large.
Should you need to decorate a small space in your home don’t panic. Consider turning a decorating “don’t” into a “do” to make close quarters feel a whole lot bigger.
Check out these efficient storage solutions, stunning design ideas, and inspiring makeover ideas……Start Your Small Space Decorating Here!
Tucson is one of the oldest continually inhabited areas in North America. Archeological sites prove American Indians lived in the Santa Cruz River Valley near Tucson for at least 12,000 years.
Hohokam Indians lived here 4,000 years before Spanish missionaries arrived in 1600s.
Both the Presidio San Agustín del Tucson and the Mission San Xavier del Bac resulted from the Spanish occupancy. They remain two of the most iconic and historic structures in the region.
The adobe-walled Presidio became known as “The Old Pueblo”. That term remains one of Tucson’s nicknames to this day.
In 1854, southern Arizona and Tucson became part of the United States for $10 million when Gadsden Purchase bought the area from Mexico.
Do you want to Embrace the spirit of the Southwest in Tucson? Than book a stay at the Arizona Inn.
This charming Tucson hotel with resort amenities is a living piece of Tucson history. A family owned and run facility in the heart of Tucson since the 1030’s.
It provides a serene setting to relax and feel the nostalgia of days gone by.
Check out the details of this piece of Tucson history…….Arizona Inn
For air show enthusiasts this is a DON’T MISS event. A 2 day air event at Davis Monthan Air Force Base in Tucson, AZ. March 25 & 26, 2023. A multitude of aircraft displays, flybys and skydive activities. Not to mention the world renowned Air Force Thunderbirds.
Bring the kids, bring the family, bring your friends to this great airshow.
The free air show will feature the United States Air Force Thunderbirds, a demonstration squadron flying F-16 Fighting Falcon fighter jets. Additional flyers planned for the show will include the A-10 Thunderbolt II and the F-35A Lightning II demonstration teams.
The question about water availability in the greater Tucson area is a frequently from many of our clients. Especially those from Midwest and Northwest. Questions are ask not omly abut the quantity of water, but the quality.
One of the first things to know is that Tucson sits on the top of a large aquifer. Experts believe there is enough water there to last many, many years.
Tucson also receives water from the Colorado River via the Central Arizona Project.Clearly, there are concerns about the low water levels in the lakes and reservoirs feeding the Colorado river.
Water remains a precious resource throughout most of the southwest and southern Arizona. In that regard, Tucson’s water conservation programs have been in place for over 20+ years. To get a better understanding of situation take a read …….Understanding The Water Supply In Tucson Arizona.
Saturday February 4 is the start of the 2023 winter racing season at Rillito Park Race Track. It is one of the oldest annual events in Tucson.
It has been called “The Birthplace of American Quarter Horse Racing.” For 77 years, this Tucson, Arizona racetrack has persevered. And during seven weekends each February and March, you can experience one of the most engaging racing environments in America.
Rillito Downs Race Track opened in 1943 and became the center of all Quarter Horse racing throughout the western United States.
It was part of a racing circuit that ran from Houston to San Francisco. This year the race schedule runs from February 4 to April 2nd.
How do you start a review of a restaurant operating in a building that was once a lumber yard?
Well, lets start with the obvious. It is big. I mean gigantic BIG!
The theme of the Culinary Dropout is……Hmmm….FUN!
Birthday parties, get together with friends, family outing or a block party but not outside. And there is a mega screen TV to catch your favorite sports.
It is big, there is lots of noise! Have a beverage of choice and play corn hole or ping pong.
Stop in and check it out. It might become your fun place to have fun, eat and have your favorite beverage……Read On Culinary Dropout
The world-renowned Tucson Gem, Mineral & Fossil Showcase opens on January 28, 2023. It runs for 2 weeks and closes on February 12th.
It is like a time portal, a trip around the world, and a treasure hunt all rolled into one.
Every winter, over 65,000 guests from around the globe descend upon Tucson, AZ. They buy, sell, and trade, gems, minerals, and fossils at over 48 gem show locations across the city.
If you’re planning a winter visit to Tucson, you won’t want to miss this three-week-long event.
The Parish may be the only southern Cajun restaurant in Tucson. Behind its unassuming store front is a comfortable eatery with friendly staff serving bold Southern Cajun food. Tables seat about 50 guests.
The bar area is also small, but perfect for a “beverage” of choice and appetizers or a full meal. Located on the west side of Oracle Road a bit north of Orange Grove Road makes finding it an easy task.
The Gulf of California Makes the Sonoran Desert Thrive
The Gulf of California is some 200 miles southwest of Tucson AZ, but a major influence on its climate. Tucson sits on a valley floor surrounded by mountains in the Sonoran Desert.
The Sonoran Desert is covers some 110,000 square miles that includes Arizona and Southern California, and of Northwestern Mexico.
Baja California and Baja California Sur are in this desert as well.
The Gulf of California, also referred to as the Sea Of Cortez, is located in the middle of Sonoran Desert. This expansive body of water provides moisture that brings live to most desert species.
The Gulf of California leads many ecologists to refer to the Sonoran Desert as a maritime desert.
Created 6 million Years Ago
The Gulf of California divides the Sonoran Desert into two bodies of land. The Baja California peninsula to the west, and the Mexican state of Sonora to the east. The Gulf of California was created some 6 million years ago when the Baja California Peninsula was pulled from North America.
This event allowed ocean water to flow into the heart of the Sonoran Desert and bring life creating moisture to the desert lands.
The Gulf of California is 700 miles long and varies from 30 to 150 miles wide. It has an average depth of around 2700 feet deep. Interestingly, the surface area of the Sea Of Cortez is almost the same as the Sonoran Desert itself – 100,000 square miles.
The Gulf of California is considered to be one of the most diverse seas on the planet. It is home to more than 5,000 species of macro-invertebrates. The Gulf of California is the eastern shore of Baja California.
Baja California is second longest peninsulas in the world.
The Gulf of California Creates Monsoons in Tucson AZ
The Gulf of California is the significant contributor to the summer monsoon rains in Tucson and Southern Arizona. As gulf water evaporates, it rises into the northward flowing air currents. The higher summer moisture hitting the mountains around Tucson accounts for about half of areas annual rainfall.
These annual monsoon rains are essential in maintaining the diversity of the Sonoran Desert. Without the monsoons, much of the plant life and desert amphibians would not survive.
Only a few species anywhere that owe their existence to a single body of water in the middle of the desert in which they live.
The Sonoran Desert is the only place in the world where the famous saguaro cactus can be found. Other cacti found in the desert landscape include the cholla, fishhook, prickly pear and organ pipe as well as others. These cactus varieties provide food and homes to many desert mammals and birds.
The winter rains from the northwest make the Sonoran Desert bloom from late March through June. Desert flowers explode with brilliant reds, pinks, yellows, and whites pedals. The summer monsoons bring a second season to the desert floral landscape.
Tucson Lifestyles
The magic of the Sonoran Desert is offers Tucsonans an endless list of things to do and see. The beauty of the mountains surrounding Tucson provide home sites with desert vistas and a backdrop for most Tucson homes.
Spectacular desert sunsets that create back lighting for Saguaro cactus and trees that make the end of every day something to look forward too.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Considering Tucson AZ as a future home or perhaps a winter retreat? We can help!
The First Active Adult Community in Arizona Was “Sun City”
The idea for 55+ communities started in Arizona when Del Webb developed Sun City Arizona. It was not only the first 55+ community in Arizona, but it was also the first in the United States. Sun City, Arizona opened on New Year’s Day 1960.
It is hard to believe, but 100,000 visitors toured the property during the first weekend. And 400 homes sold during the first month. 2,000 in the first year. Today, it is one of Arizona’s largest 55+ communities with 26,000 homes and 40,000 full and part-time residents.
Along with the homes, Sun City has 11 golf courses and countless amenities and social clubs. The demand for adult communities is as strong as it was in 1960.
Arizona and Florida have built 55+ communities for retired “boomers” and future retirees. Florida boasts over three hundred 55+ communities. Florida has more to meet the demand from the megalopolis in the Northeast.
Arizona has over one hundred 55+ communities. And almost half of those are in Tucson and Southern Arizona.
New home builders are not only building homes, but they are also creating active adult lifestyles.
As with most things, there are pros and cons in the decision-making process. But we suggest the pros far out weight the cons when considering Tucson, AZ.
The GREATER Tucson Area Has 20 55+ Adult Communities
The most popular 55+ communities in Tucson Arizona are.
One of the early 55+ communities is near Tucson, AZ. It is known as Green Valley, AZ which is about 30 minutes south of Tucson on I-19. Green Valley is unique since it is a combination of active adult communities. The entire town is a 55+ community!
Green Valley dates back to the 1950’s. And homeowners in Green Valley have a deed-restricted membership to the Green Valley Recreation. Green Valley Recreation, Inc. is a non-profit organization. It serves the leisure and social needs of the active adult households in Green Valley.
Over a dozen subdivisions combined to form the collective GVR association.
GVR amenities are open to all members of the community. Without regard to the subdivision, they live in.
The Robson Resort Community of Quail Creek is in Sahuarita. A few minutes east of Green Valley.
Considering A Home in Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
And please remember, our professional service backgrounds mean we put you first!
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
The February 2024 Tucson Housing Market Pulse shows the Median sales price for increased 9.0% from February 2023 and stands at $352,500. As for the average sales price, it increased 10.5% over February 2023. Remember, that’s for all homes sold – Single-family, condos/townhomes and manufactured homes.
Median, note Median, days on market was 29 for February 2024. That’s a drop of 6days from the prior year.
One more thing, the ratio of sales price to list price was 98.14% for February 2024. Active listings at the end of February stood at 3,070. Single-family at 2,581, Townhouses at 179, Condominiums at 153 and Manufactured homes at 119.
If you are the type that adds up the details and checks it against the total, you will find the details are 38 less than the total. Hmmm – looks as if the marketing majors are doing the data.
The Tucson Housing Market Pulse February 2024 – All Homes – Single Family – Condos/Townhomes – Manufactured Homes
The Takeaway
Mortgage Rates
Inflation remains a wildcard for the Fed and recent inflation data suggest Fed rate reductions may have to wait. A quick review of mortgage rates shows a 30-year fixed rate of 7.25%. 15-year fixed rate at 6.63% and a 3 – 6 ARM at 6.59%.
Of course, credit scores and regional incentives would affect these rates.
Demand
February 2024 sales of 1,109 were up 2.2% from the prior year. But the average price of homes sold in February was up 10.5% from February 2023. The sales price to list price ratio was at 98.14%. Abeit, under 100% but suggesting demand remains strong in the Tucson, AZ market.
Current interest rates may be slowing sales, but buyers are paying close to list for a Tucson home.
> Inventory Of Homes for Sale
New listings came in at 1,726 in February. An increase of 334 over the prior year. That’s 24% by the way. Could the “move up” buyers be throwing in the towel and swapping a 3.25% mortgage rate for a higher rate. Could be.
> Prices
Prices continue to increase year over year as shown above the median sales price was up 9.0% year over year.
> The Bottom Line
Mortgage rates held in February 2024 and may not decrease during the 1st half of 2024. But a new home may just be the thing bringing the move up buyer back into the market. Even at a higher mortgage rate.
No change in the near-term outlook! Continued demand, prices up and home inventory improving somewhat. Will some snowbirds put their home on the market as they head to their summer homes?
We will find out fairly soon.
It’s deja vu all over again on new construction. New home builders are steadily raising prices in response to demand with low resale inventory. Most buyers are happy as well to get a new home and not need to remodel anything. New home builder incentives may also play a part in the new construction option.
Considering A Home Tucson – Give Us a Call
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction?
We’ll brief you on buying a new construction home and what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
Best of all, our professional service backgrounds mean we put you first!
When submitting an offer
Given current inventory levels, low ball offers aren’t getting traction.
So, if you “really” want the home, make a realistic offer within your budget and timing constraints.
We will work with you to understand your objectives and analyze the market to determine – as best we can – a price range for the home you want to buy ………or sell.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Sellers Are Legally Required to Disclose This Information
When In Doubt Put It in the SPDS
When selling a product, whatever it may be, sellers don’t like to talk about its flaws. A great salesperson knows how to present their product in the best light, highlight its advantages, and make it seem flawless. But for homes, disclose, disclose, disclose!
However, if something significant is wrong with it, letting a potential buyer know is the right thing to do.
When it comes to selling homes, you do not have much choice.
It is the home seller’s obligation to disclose certain information about the house, even if the buyer does not ask for it.
Failing to disclose specific facts about your property can cause serious legal issues. Here are six things home sellers are legally required to disclose.
What is a disclosure statement?
If there are any known issues that affect the home’s quality, buyers must be informed on time. A disclosure statement should reveal any defects or issues a home currently has. If you plan on selling a home in Arizona, this part of the process may not be your favorite, but it’s certainly necessary.
Thinking that the buyer won’t notice the flaws just because the property is in one of Arizona’s most prominent places buyers loves is the wrong mindset.
The easiest way to disclose all relevant details and make sure you don’t leave out anything important is to fill out a disclosure form drafted under the law.
The Arizona Association of Realtors has a standard form that facilitates the process of disclosure. The Residential Seller’s Property Disclosure Statement (SPDS) is one of the first documents your agent will send you.
This is a standard part of the transaction that will help you learn what kind of information home sellers must disclose and prepare it on time. If done correctly and per Arizona law, the disclosure statement will help you avoid legal issues.
Things home sellers are legally required to disclose.
As mentioned, home sellers must inform buyers about any known facts and any defects/issues affecting the property’s quality. Some significant problems are not easy to notice, especially when buying a home remotely, but the law is there to protect the buyer.
Most first-time sellers will have questions regarding what must be disclosed. As laws can be confusing, some essential pieces of information may seem irrelevant. So, if you are putting your home on the market, here’s what you need to have in mind.
There are six sections sellers must fill out:
Ownership and Property – This section asks about the property’s ownership, location, age, occupancy, easement or use restrictions, and other general and legal information.
Building and Safety Information – This section includes questions about the house’s structural integrity. It covers plumbing, heating and cooling systems, electrical and other related systems, roof problems, chimney or fireplace issues, the condition of water features such as pools and spas, the existence of pests such as termites, bed bugs, reptiles, scorpions, etc. Also, it covers information about home improvements, including un-permitted construction.
Utilities – This section is dedicated to the provided utilities. It contains information about the property’s electricity provider, water services, fire services, trash collection, Internet, cable, etc.
Environmental Information – This section includes a variety of environmental information. The home seller must reveal any known problems relating to drainage, erosion, soil settlement, odors, asbestos, lead-based paint, and mold. In this section, you should mention any issues with landfills, traffic, noise from nearby airports or highways, and toxic waste disposal near the property.
Sewer/Wastewater Treatment – This section of the SPDS covers questions about the property’s sewer system or wastewater treatment system. Sellers must disclose if the sewer system has undergone any repairs, as well as information regarding the latest inspection done on the system.
Other Conditions and Factors – The final category covers all other things home sellers are legally required to disclose. This section is dedicated to any additional necessary information concerning the property that doesn’t belong in the previous sections that might affect the home’s value or its use.
What Else?
Apart from these property disclosures, additional disclosures may be required. If the home you are selling was built before 1978, federal law requires you to disclose all information regarding the use of lead-based paint and provide any lead paint inspections or reports.
In Arizona, home purchase contracts include the Comprehensive Loss Underwriting Exchange report (CLUE) that contains the last five years of insurance claims or less if the seller has owned the home for less than five years.
Things home sellers do not have to disclose.
One of the things sellers do not need to disclose is if there has been a death in the home, regardless of the cause of death.
Also, home sellers do not need to disclose if any of the home’s previous residents have or have been exposed to diseases that cannot be transmitted through common occupancy.
What if you fail to disclose any of the things home sellers are legally required to disclose?
Tricking an inexperienced home buyer to get your home sold as fast as possible may seem easy, but it’s not worth the risk. In some cases, sellers fail to disclose potentially material facts unintentionally.
Whatever the reason, if you violate the disclosure requirements, misrepresent any crucial information, or in any way mislead the buyer, they could sue you. If the court rules in the buyer’s favor, damages can involve a large amount of money or the contract’s voiding.
All things considered, it is best to keep it honest and professional. The last thing you want is to put yourself in legal jeopardy during a real estate transaction. When in doubt, it is better to disclose than to withhold information.
In case you have any questions regarding your legal obligations, always consult a reliable real estate agent or attorney.
The Above Article Is a Guest Post
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Moving home in retirement is common as people decide to downsize, move closer to family, or just move somewhere warmer. Whatever the reason, here are some tips to help make your perfect home for your retirement.
Take What You Need
Use moving as an opportunity to de-clutter. Don’t leave behind sentimental items, but give real thought to what is important to you. Don’t bring anything you wouldn’t miss after a few months.
Consider Safety
If you need handrails, shower seats, or stair-lifts in your home, make their installation a priority. Even small changes, like slip-proof mats, will make your new home much more secure. Make sure alarms are installed and working, too. The more secure you feel, the quicker you will settle in and start feeling at home.
Create a Checklist
Small admin tasks will pile up while moving. For instance, you will need to set up or move your utilities. These are each straightforward tasks in isolation, but you will need to contact your phone, gas, electricity, internet, etc. providers separately. Create an organized task list to work through them methodically.
Decorate Inexpensively
Any space can be transformed with three elements: paint, plants, and lights. If any of the rooms in your new home are in need of a spruce up, get a bright color on those walls. Even painting a one-wall accent can completely change a room.
Next, place lamps and potted plants around the room. Use faux plants if you do not want to keep real ones. Add your favorite family photos and ornaments, and there you have it; a cost-effective way to bring life to any room.
Create a Workspace
If you plan on continuing to work from home, whether part-time, consulting, or on a personal project, Oberer Homes suggests ensuring the office space in your new house reflects your needs.
Create a little corner with a desk to work from and use design tools to differentiate it from the rest of the room, such as a different wall covering or a room divider. Decorate the space with plants, photos, and books to create a pleasant and stress-free workspace.
Don’t Forget the Garden
Now that you’ve made a welcoming interior, focus on the garden, especially if you’ve moved somewhere sunny. If you are a keen gardener, create the perfect spot to grow some fresh vegetables or beautiful flowers. If gardening isn’t your thing, this could be a great patio spot to entertain friends, or a peaceful nook to read novels.
These and more are all achievable DIY projects, either by yourself or with the help of family and friends.
Insure Your Home, Including with a Home Warranty
In addition to creating a home you love, you need to protect it. According to MoneyGeek.com, an average cost of $165 monthly for $250,000 dwelling coverage will cover homeowners insurance to protect against damages.
However, this insurance doesn’t cover systems or appliances breaking down. For this, you’ll need a home warranty and a yearly service contract to protect you against the high cost of household breakdowns.
You may be asking “are home warranties worth the cost?” but you’ll soon find that the extra protection for systems like plumbing and electrical is well worth the investment.
This is especially true if you’ve purchased a home with older installations that may either be out of warranty or about to be.
For instance, repairing an AC unit can cost up to $5,000, hardly an expense you want as you head into retirement.
The Perfect Home
Nothing is stopping you from creating the perfect home in retirement, and moving can actually help you get rid of what you don’t need and focus on creating the space that you do. If you want help finding your perfect new home, schedule a free appointment with Premier Tucson Homes today.
As Realtors in Tucson Arizona since 2002, we have helped dozens of people find that “perfect home for your retirement”. Active Adult communities provide an endless list of thing to do and activities to dive into.
Oh, and by the way, home warranty plans can be helpful when some of those gremlins pop up in any home. But find the one that best fits your needs and budget…..Start Here.
Considering A Home In Tucson, AZ For Your Retirement?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor duo, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. Our goal is to provide insight, advice and the highest level of professional services to you. We want you to be proud to recommend us to your family, friends and acquaintances.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
But most important, our professional service backgrounds mean we put you first!
Selling Your Home In The Greater Tucson Area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
And the photos on the mls make a difference. You can spend lots of money on home staging, but if the photos aren’t great it doesn’t matter. Staging and stunning photos make it all come together.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season.
For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel your home. Their “new” home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis.
Then we will meet with you to review our analysis. We will go over our Comparative Market Analysis for your home in detail. And the review our marketing program to “get your home sold!”
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
Is a 203K loan or Rehab loan right for you? Well, like many things, it depends.
But if you are planning to buy a home in a “low inventory” market, the 203K loan gives you extra buying power.
Here’s why!
A 203K Real Estate Loan is a cost-effective way for buyers to buy a home and finance home repairs and improvements.
Home buyers looking for a “fixer upper” should call their mortgage lender to explore this type of loan.
Using a 203K rehab loan means there is ONE loan. One loan to buy and RENOVATE a home. The FHA 203K loan is also useful when refinancing an existing home that needs updating.
And the 3.5% down payment makes getting it a lot easier.
The beauty for the renovation loan program is it It saves time and money. One loan, one loan approval and no extra closing costs.
And the rehab costs are in the mortgage not coming out of the buyer’s pocket after closing.
How does it work?
The process is similar to regular home buying loans, with some modifications:
Apply?
Get Approved?
Find A Contractor?
Get Bids?
Close the loan?
Complete Repairs?
Move in
Receiving a final approval involves lining up contractors. That means getting quotes, receiving bids, and selecting vendors.
Yes, there are more “hoops” to jump through. But don’t get stressed. The 203k lender drives the process and will guide you through the process.
A knowledgeable Realtor is also key. They will be able to discuss what modifications to a home add the most value. You’re not on your own!
2 Types Of 203K Loans
The 203K Rehab Loan comes in two types – Standard and Streamline.
The Streamlined 203K addresses cosmetic repairs and updates. The smallest amount financed is $5,000.
A Standard 203K Rehab Loan program addresses repair costs over $35,000. Structural changes, adding rooms, new electrical, and a host of other items.
Streamlined FHA 203K Loan.
“Structural repairs” are not allowed under a Streamlined 203K. In fact, making any structural items is not considered to be minor by FHA/HUD.
And the repairs included in the rehab loan must increase the marketability and value of the home.
All repairs and improvements must meet HUD’s Minimum Property Standards. And all work must meet all local building, zoning and other codes.
Minimum repairs include any health and safety repairs. For example, peeling lead paint or replacing missing railings.
Whether you want those items included or not.
Any health and safety issues are first. Smoke detectors need to replace if missing.
Type Of Work That Can Be Included in The Streamlined FHA 203K Renovation Loan
The Streamline 203k loan program is most popular. Simply because there is less red tape and costs. Again, repairs must be less than $35,000. And no structural changes can be made. Renovations can include kitchens, baths, windows and flooring.
Repair, Replace or Upgrade
Roof, gutters, downspouts
Existing HVAC systems
Plumbing and electrical systems
Flooring
Painting
Appliances
Weatherization
Repair, replace or add exterior decks, patios, porches.
Basement waterproofing
Window and door replacement and exterior siding
Septic and/or well repair or replacement
Improvements for accessibility
Lead-based paint stabilization or abatement of lead-based paint hazards.
What can’t you do? Ineligible improvements under the Streamlined 203(k):
Major structural repairs
New construction (adding a room)
Repair of structural damage
Repairs requiring detailed plans and specs.
Any repair taking more than 6 months to complete.
Repairs that would need more than 2 draws.
Luxury items that are not a permanent part of the real estate
Granite, marble countertops, jacuzzi tubs, hot tubs, pools, etc
Standard FHA 203K Rehab Loan
If you have a larger project the Standard FHA 203K loan may work for you. The Standard Renovation Loan will address a home that needs a full gut job. Even added rooms fall under the Standard Renovation Mortgage.
This is what we refer to as the “full blown K”.
A “full K” allows you to make “structural” changes. Even the need to enlarge a house, build a new home on an existing foundation and even take an existing house and move it.
So, you can imagine that the process is a bit more involved.
Think of it as a mini construction loan program. And your contractor can ask for as many as 5 draws. But each draw request needs to have an inspection to ensure the work has been completed.
Because it is more involved than a standard loan, there are more costs involved.
Type of work for a Standard 203(k)
Structural alterations and additions
Garage
Attached unit (new)
Remodeled kitchen and baths
Changes to eliminate obsolescence and reduce maintenance.
Modernize plumbing, heating, A/C and electrical systems.
Install or repair well or septic systems.
Roofing, gutters, downspouts
Flooring, tiling and carpeting
Energy conservation improvements
Major landscaping
Improvements for accessibility
New free-standing appliances
Interior and exterior
Swimming Pool repairs
Other improvements that are a PERMANENT part of the real estate
And as indicated before, luxury items are NOT permitted in the project.
What is different from the Streamlined K and the full FHA 203K Renovation Loan?
The full 203K rehab loan requires a HUD Consultant (selected from HUD’s approved consultant list). And you pay for the consultant.
The HUD consultant understands the program and what can “fit” into the renovation loan.
They will come to the property to review your anticipated improvements.
They will inspect the property for any health and safety issues. These items must by included in the project. The consultant will prepare a “Work Write-up” for the project based on the work you would like to have done.
Because the rehab project is bigger and includes a HUD consultant it takes longer. A lot longer.
Here are a few additional items to consider.
First, there are a lot of other rules in the 203K loan program. So, find a Realtor and a Lender who has understands them.
Its an FHA mortgage for a primary residence only with a 30-year term. The maximum 203K renovation loan is limited to $295,000 in PIMA County. The maximum varies by state and county.
A 203k loan will require a longer close of escrow. Usually between 45 and 60 days. Think 90 days plus for a Standard 203K renovation loan.
And remind your Realtor to notate on the appropriate line of the Arizona Residential Purchase Contract: “Buyer obtaining a FHA 203K Rehab Loan; terms & conditions apply.” Most will not know it needs to be done.
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
Most important to you, our professional service backgrounds mean we put you first!
Selling a home in the Tucson area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”
Conclusion
203K Rehab Loans are having a return in our marketplace! As home listings have declined, buyers are rationalizing why a “fixer” should be in their Tucson home search. But, find out if are eligible for a 203k real estate loan before starting you home buying search.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!
For more information on the FHA 203k loan program, visit the HUD website.
This Tucson Mortgage News & Insights highlights the 3 key types of mortgage lenders. Many of our home buyers want to know which is best.
Our answer always – it depends!
Banks, mortgage bankers and brokers will all be able to help you get a mortgage. If you qualify!
However, they are not all alike and their costs to the buyer won’t be either.
All use a buyers FICO score and debt to income ratio in making their lending decisions. But there are other factors that may or may not be considered. Knowing what each lender does or doesn’t do may help you choose the better lender – for you!
Lender #1 – Banks
Banks will normally manage the entire loan process from start to finish. Starting with loan pre qualification.
A loan officer is licensed with the necessary federal and state authorities and adheres to the regulations of the banks lending process. A loan officer will bring their expertise to the table when they work with you.
Loan officers know the types of loans their bank offers, and they can give you advice about the best option for you and your situation.
loan officer is your direct contact when you’re applying for a loan. They will research and review your financial history and assess whether you qualify for a mortgage.
One of the critical steps in the mortgage lending process is the Appraisal. They determine whether or not the value of the home being bought is at or above the price the buyer is paying. Lenders subcontract the appraisal to independent appraisal companies.
Lender #2 – Mortgage Bankers
A full service mortgage banker processes,underwrites and funds the mortgage internally. This gives the mortgage banker complete control of the entire mortgage loan process.
Mortgage Banker Loan Officers understand the process and are in a position to communicate any issues and make direct inquiries with underwriting!
All Mortgage Banker Loan Officers must be licensed and are required to take annual continuing education programs.
Mortgage bankers are able to access a number of financial institutions and financing programs. Large mortgage bankers will be selling mortgages directly to Fannie Mae and Freddie Mac. That eliminates overlays.
Mortgage Bankers, as well as banks and brokers, subcontract the appraisal process to an independent third party appraisal company.
Lender #3 – Mortgage Brokers
A mortgage broker is the “Middle Man” in the lending process.
The broker will shop rates & programs available at other mortgage lenders. A Broker has NO control over underwriting or funding. They rely on funding source to close the transaction.
As with the other mortgage lenders, the appraisal of the home will be subcontracted to an independent appraisal company.
What The Better Choice?
So which is better?
The answer will depend on your perspective and experience.
If you want to know our view, give is a call. We will review the choices and give you some insights based on our experience in Tucson AZ.
Conclusion
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients tell us that.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ since 2002. Take a few minutes to read our profiles and client testimonials.
Are we the Tucson Realtors you have been looking for?
Sign UP to receive daily HOME TRACKER UPDATES - OR - Our Monthly NEWSLETTER. And get regular updates on the Real Estate Market and events in Tucson, AZ.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale? Call Us - 520 940 4541 OR complete the - CONTACT FORM - and we will get right back to you!