Tucson Real Estate & Tucson Home Search

United States Real Estate Market 2024

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.

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!

Arizona Closing Costs

How Much Are Home Closing Costs in Tucson AZ

Costs for Buyers and Sellers

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:

New loan or loan assumption fees
Deed and mortgage recording fees
Title insurance to lender
Escrow fee (Shared w/Seller)
Reimbursement to seller for prepaid taxes
Reimbursement to seller for prepaid HOA fees
HOA transfer fee (if not paid by seller)
HOA capital fee (if not paid by seller)
Appraisal and inspection fees
Prepaid Interest on new loan
Wood Infestation/Termite inspection
Property Insurance
Home Warranty Policy (If not paid by seller)
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:

Costs of clearing title
Certificate of title
Title insurance to buyer
Escrow fee (Share with Buyer)
Interest in arrears on mortgage loan
Prepayment penalty on old loan
Unpaid property taxes
Home Owner Association transfer fees
Home Owner Association assessments
A Home Warranty Policy
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!

Back to – HOW TO BUY A HOUSE IN ARIZONA

Gulf Of California

Exploring the Wonders of the Gulf of California

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!

55+ Communities In Arizona

Epic Demand For 55+ Communities in Arizona

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.

Sun City Oro Valley Arizona (by Del Webb)

SaddleBrooke AZ (by Robson)

SaddleBrooke Ranch Resort (by Robson)

Quail Creek in Green Valley AZ (by Robson)

Want to see them all?

See All 55+ Communities in The Greater Tucson Area

Green Valley Is a One-of-a-Kind Adult Community

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.

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!

Tucson Housing Market Pulse – February 2024

Tucson’s Housing Market Pulse – February 2024

Ben & Kim Boldt – Tucson’s Top Realty Team

Quickly Search ALL Homes For Sale In Tucson AZ

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 6 days 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.

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!

Go to the Tucson housing report archives for a look at recent housing reports and trends.

By the way, if you missed last month’s issue of the Tucson Housing Market Pulse its right here – Tucson Housing Market Pulse January 2024

6 Things Home Sellers Are Legally Required To Disclose

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!

Perfect Home For Your Retirement

Creating The Perfect Home For Your Retirement

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.

The Above Article Is A Guest Post by Cindy Aldridge <c.aldridge@ourdogfriends.org>

Additional Thoughts And Insights

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.

When buying that home for your retirement and lifestyle answer the question – should it be a Single Family Home OR Condo/Townhouse?

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.

Review our profiles. Check out our backgrounds, education, and certifications.

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.

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!

Back to – HOW TO BUY A HOUSE IN ARIZONA

203K Loan

203K Loan for Buying and Renovating a Home

Making A Fixer Upper Your Dream Home

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.

Quickly See ALL Fixer Upper Homes In The Tucson MLS

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.

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.

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Mortgage News & Insights

Mortgage News and Insights

3 Sources of Loans to Check When Buying a Home

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.

Credit Score Factors

Helpful Ways to Improve Your Score

Credit Score Factors are what lenders use to evaluate your credit. Lenders decide whether or not to lend money to a borrower based on their credit score. The mortgage industry is ever changing their lending requirements. The recent foreclosure and short sale activities has plagued the increase in standards for the borrower.

Lenders to evaluate credit score factors based on your FICO score. FICO stands for the Fair Isaac Corporation.

The scoring program assists lenders in managing credit score factors. It provides a standardized approach when making lending decisions on a loan.

Credit Scores

FICO scores range from 300 to 850. A 850 credit score is the highest. It would indicate all the credit score factors are very high. Below is the weight system used when evaluating your credit score:

35% – Borrower’s payment history. Late payments on bills including mortgage, credit cards, auto loans, and in some state’s utilities, can cause your FICO score to go down.
30% – Borrower’s credit utilization. The ration of outstanding debts (credit card balances) to the total available revolving credit (credit limit).
15% – Credit history. As your credit history grows, you pay your bills on time, this will have a positive impact.
10% – Types of credit. Installment, revolving, or consumer finance; by using these different types you get some credit for positive history.
10% – Recent search for credit or amount of credit recently obtained.

Other credit score factors effecting the FICO score include.

Multiple credit inquiries seeking to open new credit (cards or personal loan)
Applying for new credit in a short period of time

Note: Shopping for a mortgage or auto loan in a short period of time should not affect your credit score factors.
FICO scores do not take into account a borrower’s salary, employment history, where they work, rental agreements, interest rates on current loans, child support or other such obligations.

Three Credit Score Agencies

Three agencies report credit scores to lenders and their respective credit scores will vary from one another.

Wonder what a good credit score is? Here’s the general valuations:

720 or greater – Excellent
680 – 719 – Good
620 – 679 – Scrutinized
585 – 619 – Disqualifies you from a competitive interest rate

To improve your credit score, consider this:

Pay all your bills on time every month.
Pay off your debt by lowering your utilization ratio. Keep in mind that “closing” an existing revolving account will typically adversely affect your credit score with a negative impact on your FICO score.
Do not open a lot of new credit in a short period of time.

Get pre-qualified

Get pre-qualified from a lender before you start your home search.

The Arizona Real Estate Purchase Contract has a Pre-Qualification form. The form is required as part of the purchase contract given to the seller.

Make sure to ask for a copy of your credit report from each of the three agencies. A borrower is allowed to get one free credit report each year from each company. Equifax, Experion and TransUnion will provide you a report. Understanding your credit score will help you get the best mortgage rate possible.

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!

BACK to the ANSWERING MORTGAGE QUESTIONS page.