Here’s a quick snapshot of the housing activity for last month.

The supply of homes for sale is shrinking and there is not enough inventory to keep up with the Buyer’s demands…. this is known as a Seller’s market which we have not seen since before the housing bust.

Home prices rise in a Seller’s market and it is a sure sign of a housing market recovery.

Below are some highlights of the market housing activity from April issued by The Tucson Multiple Listing Service.

Statistics:

• Average Sales Price saw an increase of 4.53% from March to April.

• Average List Price is up 5.62% over March.

• Total Under Contract rose significantly from March to April by 19.52%, and 27.16% from April 2011.

• Total Unit Sales decreased 8% from March, while up 10.76% from April 2011.

• The Median Sales Price increased again in April to $134,000, a .83% increase from March, and a 1.52% increase over April 2011.

• Total Sales Volume decreased slightly in April by 3.84%, but increased 11.90% from April 2011.

• The number of New Listings decreased 24.05% from March and increased 7.23% over April 2011.

• Average Days on Market decreased again, from 77 in March to 74 in April.

• 37.8% of April closed sales are attributed to cash, while conventional loans made up 31% and government loans accounted for 27.7%, leaving 3.5% as other financing.

The above statistics were provided by The Tucson Multiple Listing Service, Inc. is a wholly owned subsidiary of the Tucson Association of REALTORS®, dedicated to providing a reliable real estate database for members and the public. 

Making the decision to buy rental property and becoming a landlord is very appealing in this market. With record low home prices and record low interest rates the purchase of rental property seems very appealing.

However, If this is the first time you will be purchasing a rental property you must get over the hurdle of obtaining mortgage financing in a tight credit environment.

This can be difficult for the first time investor who does not have decent credit and sufficient income to qualify for rental property financing, or better known as non-owner occupant (NOO) financing. Even if you will have no difficulty with credit or income issues….non-owner occupant financing does not come cheaply.

If you plan on buying an investment property, be prepared to put some serious money down. Lenders have the typical tendency of expecting down payments’ of around 20-25% or more, depending on your credit profile and the value of the property. The interest rate for NOO property will be higher than what you would pay for owner-occupied property.

A good way to get into the rental income business and avoid paying extra for a NOO loan is to buy a home in which you will live in for a year or more. In this way you need only to qualify for an owner-occupied loan (traditional financing for a home you will live in).

As an owner occupant, you can take advantage of the affordable financing terms and interest rates available in today’s market, and you may be able to put down as little as 3.5% with FHA financing. The loan stays in place with the original terms when you move out and make it a rental. It makes sense to get into the rental business this way, if you are willing to sell your current home (if you own one), and be willing to live in the rental property home for at least 12 months.

While living in the rental property you have purchased you can upgrade and/or renovate the home and therefore increase the value of the property and be able to ask for a higher rent.

However, do your due diligence before you purchase and spend money to fix up the rental property.

Here’s what to look for in a rental property;

• What are the average home prices and the rental rates for the area?
• Is the home located in a good zip code that commands higher rents?
• Is the home located in a good school district?
• What is the proximity to stores, public transportation and freeways?
• What amenities do the neighborhood offers?

All of the above can help or hinder your chances of renting a home out.

Once you have lived in your rental home for a year or more, buy your next owner-occupant property and rent out the original one. Then repeat once every one to three years. You will be able to obtain financing in this way generally for up to 4 loans, after that, the underwriting criteria may get much tougher, and the loan costs, interest rates, and terms will be less appealing.

In summary, if you are willing to make a move every couple of years and deal with the headaches that often times come with owning rental property, you can set yourself up for a nice second stream of income. This can be so very important in your retirement.

It’s Spring and It’s The Best Time to Sell Your Home. The spring selling season is here and the market has finally turned in favor of sellers. Buyers are gearing up to find the perfect home.

It’s well known in the real estate industry that, if you plan to sell a home, the spring season is the best time to do it. Buyers come out in droves and the market bares more rewards for those sellers who are ready. Here are some quick ways you can get your home in top shape for maximum return.

First Impressions….

First impressions are key to a quick sell, and nothing gives a better first impression than curb appeal.  Buyers want to walk up to a home and feel this is the one. Taking advantage of a buyer’s first impression is as simple as cleaning up the front yard and getting rid of the clutter.

Add some fresh potted plants in the entrance way, or plant some new flowering plants in the front yard, and if needed, touch up chipped or faded paint.

Now, walk across the street and take a good hard look at your entire front yard. Does your home say welcome when you look at it? Does your front yard need some touch up, shrubs or trees need to be trimmed, flowerbeds and gardens need some gardeners love? Are your windows in need of cleaning? Make sure your home sparkles from the outside before you move to the inside.

How to Impress the Buyer From Inside Your Home…

When a buyer sees a home for the first time it has to be perfect. They want to envision themselves living there and it’s up to you to make that happen. Give every room in the house a thorough cleaning, remove all personal items including family photos, clean out closets and pantries, and touch up paint where necessary.

If you have carpets get them cleaned by a professional, especially if you have pets. During showings, if you do have pets, ask the neighbors or a family member if they will take care of them while you’re showing the home. The whole idea here is to appeal to as many potential buyers as possible. Pets will eliminate half of your buyer pool due to allergens and pet dander.

Enhance Your Homes Main Selling Features….

Kitchens and bathrooms are your main selling features in a home so they have to look their best. In the kitchen, keep the counter tops spotless and remove unnecessary appliances and cookware. You can spruce up your kitchen by replacing old cabinet knobs, adding new blinds or draperies, and giving it a fresh coat of neutral paint.

Bathrooms should have fresh-clean towels, new shower curtains, and replace worn or defective faucets. Bathrooms can easily be transformed with a new mirror and new light fixtures. Buyers are looking for updated kitchens and bathrooms, so if yours is in need of some updating, get it done now.

Selling a home for top dollar is all about enhancing your best selling features and creating an inviting atmosphere. These are quick, easy and low-cost ways to prepare your home for the spring selling season. Check with a Realtor if you have any questions and good luck!

www.680BrightCayon.com

MLS #21207371

Rancho Vistoso Community-Oro Valley

680 W. Bright Canyon Oro Valley AZ 85755

For the buyer seeking privacy and golf course views with the Tortolita Mountain backdrop, Rancho Vistoso Community-Oro Valley, Arizona. Custom upgraded 4,214sq.ft., 4 BDRM, 3.5 bath home in gated Rancho Vistoso community, 8th Green, situated on15th fairway of Vistoso golf course. Enchanting & appealing contemporary offers professional designer paint themes, curved walls, upgraded ceramic floors, shower tiles & trim, a split bedroom arrangement has guest suite with private bath.  The home’s  window walls, openings & floor -to-ceiling glass allow up-close viewing of golf course & mtn. views. Cooks will revel in this large gourmet kitchen that features granite slab, custom cherry cabinets, high-end SS appliances & excellent pendant lighting over the center island, this room exudes richness & 21207371 680 W. Bright Canyon Oro Valley AZ 85755views. Take a look at this romantic dining room w/custom wrought iron doors, and view of gas fireplace in spacious great room with vaulted ceilings,  family room, & curved window walls in breakfast nook. Exceptionally large master suite features a glass block walk-in shower, built-in cabs in walk-in closet + exit to covered patio pool area. Arizona’s indoor-outdoor lifestyle take on a new meaning in this resort like backyard featuring a luxurious heated pebble-tec pool/spa with rock spillway, a majestic kiva fireplace & banco over look the golf course. This one-of-a-kind dwelling graces  .35 acres of tranquility in all its finishes offering world-class amenities.

Special Features:
• Guests are welcomed from the moment they arrive at the stacked stone rustic gated entry.
• This Enchanting 4,214 sq. ft Mediterranean villa carries throughout this custom 4 Bedroom, 3.5
bath home.
• Nestled on a Superior .35 Acre Lot on 15th Green of Vistoso Golf Course.
• Dramatic Front Entry with impressive low care landscaping, accent lighting & natural boulders.
• Enter into the Grand formal living and dining areas with majestic gas fireplace, window walls &
soaring ceilings, all surrounded by custom painted walls.
• Morning sunlight streams through the view windows and welcomes you with a romantic dining
room or Den exuding richness with custom wrought iron double entry doors.
• Wood blinds and handmade window treatments
• 18×18 custom ceramic tile set on diagonal, shower tiles, and trim
• Family room (great room style) features entertainment center , computer work station, & corner
view windows of golf course.
• Enjoy cooking in the classy gourmet kitchen filled with fine cherry cabinetry, exquisite ebony
granite slab counters, stainless steel appliances, double ovens, five burner gas cook top, pendant
lights highlight the breakfast bar.
• Cozy nook over looks the pool/spa area and golf course with beautiful Tortolita mountain views
serving as the back drop.
• The master suite has a sitting area, access to the outdoor patios and a large spa bath offering
simplicity and texture with glass block surround and snail shower, custom tile accents, his/hers
executive height vanities, and walk-in closet.
• Very unique split bedroom floor plan with guest bedroom & private bath, Secondary bedrooms
with Jack-n-Jill bathrooms, walk-in closets, executive height dual vanities, and custom tile accents.
• Free flowing floorplan is ideal! Check out the large laundry room with built-in cabinetry.
• Impressive heated pool/spa, with waterfall, large undercover patio, flagstone pavers, kiva fireplace,
and Banco seating provide perfect private entertaining. Enjoy beautiful sunsets and
mountain views beyond the back patios.
• Oversized 3 car garage with single door leading to backyard.
• The location is phenomenal, the architecture dazzling, and the setting shrouded with views &
privacy.

Local RE/MAX Agents Attend International Convention

Training Sessions, Networking Benefits Tucson Area Families

Tucson, Arizona March 2012  Don & Kathy Vallee, agents of RE/MAX Excalibur Realty, attended the RE/MAX R4 Convention in Las Vegas last month, learning the latest real estate techniques and networking with other RE/MAX agents from around the world.  The intensive training and educational sessions focused on helping families facing difficult economic situations and how to best serve real estate buyers and sellers.

“The convention is a huge opportunity to add to your expertise and it’s very important to your clients,” said Howard Lien.  “The more training you have, the better prepared you are to help your buyers and sellers in this market.”

RE/MAX agents hold the highest number of advanced designations and certifications in the industry, staying on the leading edge of real estate trends.  The annual international convention is where many RE/MAX Affiliates take advantage of educational opportunities and it’s also where they make important connections with RE/MAX agents from other states or countries that might have the perfect buyer or seller for local Tucson families.

In January, RE/MAX celebrated its 39^th anniversary, celebrating several key accomplishments in 2011. Perhaps the most high profile recognition was the vote of confidence received from consumers.  Results from the J.D. Power and Associates 2011 Home Buyer/Seller Study^SM recognized RE/MAX for providing the “highest overall satisfaction for home sellers and home buyers among national full service real estate firms.”

In addition to outstanding agent performance, RE/MAX franchise sales indicated significant growth in many geographic regions.  Overall sales in the United States were 9.3% higher than last year.  Internationally, South America grew at rate 44% above 2010, Caribbean/Central America was up 33%, and South Africa was 31% higher.

 Also in 2011:

• RE/MAX launched  global.remax.com, a real estate website with true global reach in over 30 languages and 60 foreign countries
• Remax.com drew 49.5 million total visitors in 2011, the highest of any real estate brand website
• RE/MAX University ranked among the nation’s best corporate trainers in two respected annual reports

 Nobody in the world sells more real estate than RE/MAX.  For more information please visit www.ValleeGoldTeam.com  or

The Obama Administration just announced some major updates to the Home Affordable Foreclosure Alternative Program, also know as H.A.F.A.  The HAFA program  is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and died-in-lieus.

The HAFA updates will allow more distressed homeowners to seek assistance with the HAFA eligibility deadline was recently extended a full year, from December 31, 2012, to December 31, 2013. Don Vallee, Certified Distressed Property Expert  has the experience and education to to answer your questions about the short sale process.

The HAFA program has some major changes:

• The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.
• $3,000 relocation incentives are now limited to properties occupied by an owner or tenant at the time of the short sale.
• Mortgage payments may now be allowed to exceed 31% of the homeowner’s gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.
• Secondary lienholders may now receive up to a maximum of $8,500, up from $6,000 previously.
• And one of the most dramatic changes: The Credit Bureau Reporting will now be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable.

Great news! In summary a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit!

What about Tucson Foreclosures?

Call Don Vallee-Short Sale Consultant with RE/MAX Excalibur

DON HELPS

520.544.5555

Tucson Short Sale Homes For Sale

Tucson Foreclosure Homes For Sale

Tucson Luxury Home Short Sales

Recently released data suggests that borrowers could be looking at once-in-a-lifetime deals, as rock-bottom prices and record-low interest rates continue to create perfect storm buying conditions.

Numbers recently released by the National Association of Home Builders indicate that home affordability has hit a 20-year high. The release agrees with a recent Department of Housing and Urban Development assessment that found that affordability is at a 41-year peak.

In the fourth quarter of 2011, 75.9 percent of homes sold were affordable to families who earn the national median income of $64,200; that’s according to the Association of Home Builders/Wells Fargo Housing Opportunity Index. But even as consumers would seem to be poised to cash in on a market brimming with deals, rigid lending requirements continue to prevent many borrowers from capitalizing on the opportune conditions, the association says.

Today’s buyer’s market probably won’t fade anytime soon. With an investigation into illegal foreclosures recently settled between state attorneys general and the nations’ five biggest servicers, foreclosures are likely to swell, experts say. And the rising tide of anticipated repossessions is likely to push down prices further, many experts say.

What’s more, the Federal Reserve has said that it intends on keeping interest rates low for at least the next two years. Since mortgage rates ride on the agency’s rates, they too are expected to continue to hover close to record lows.

Military New Loan Program

The Pima County Bond Program (also called the Mortgage Revenue Bond or MRB) has been around for years now. Funds are depleted from time to time but there are currently $25 million dollars available. This is a subsidised interest rate program for first time buyers and veterans. The interest rate offered is adjusted periodically to keep it below the rate available on the open market. The news today is that the interest rate was adjusted on Friday to 2.99%! Mortgage rates are extremly low but it is safe to say that this is well below the open market.

The good, the bad, and the beautiful:

The good:  

     -This program can be used anywhere in Pima County including the city of Tucson

-The interest rate is available to first time buyers and veterans

-Subject properties do not have to be bank owned

-The interest rate is fixed

The bad:

-If a buyer holds the title to any other property they are ineligible

-There are income limits

-1 or 2 person households $70,800

-3 or more person households $82,600

-There are maximum purchase prices

-One unit existing $284,635 or new $347,485

-Two unit existing $364,365 or new $445,335

The beautiful:  

There is a down payment assistance program that can be used with the bond program. The guidelines above apply as well as some additional ones.

-$8,500 is available for down payment assistance and closing cost

-The $8,500 must be repaid when the home is sold (a lien is recorded)

-Interest accrues on the silent second lien at 2%

-Income limits are tighter for the DPA

-1 person household $32,200

-2 person household $36,800

-4 person household $46,000

To see the source visit the website of the City of Tucson Industrial Development Authority. I promise, the procedure can be painless!

Steven Van De Beuken

Sunstreet Loan Officer

2840 E Skyline Dr Ste 230

Tucson, AZ 85718

Arizona Association of Mortgage Professionals/Southern Chapter

President

Cell    520-235-6862

Office   520-547-4149

Alex Charfen founder of Institute Of Certified Distressed Property Institute, CDPE, commented that Arizona has less than a month and half months inventory. There are investment opportunities everywhere with 12 percent cap rate. In Arizona, major lenders consider number of short sales are going through the roof and foreclosures have plummeted. Two lenders confirm the reason for the change is due to educated real estate agents. Real Estate agents are saving this market. The lenders recognized that they need educated real estate agents.

Why short sales?

• Reserve Neighborhood Values
• Preserve Property Values
• Avoid Foreclosure

The Investor Opportunity

• Capitalize On Current Market Trends
• Overcome Seasonal Sales Slow Down
• Streamline transactions
• Build Wealth

Trends 13 percent of homebuyers own more than one home which is a 30 percent increase in one year have more than one homes.

With approximately 17 percent of homebuyers owning more than one home. People that have cash recognize the opportunity. 40 percent walk in and buy with cash. All properties closing with cash include persons 65 or older buying vacation homes.

Investors Purchasing more frequently with stats showing for  2007 the average homeowner moved every 6 years.

In 2011 it was every 9 years. The average investor buys every two years. Real Estate consistantly outperforms the stock market.

More than 33 percent of Americans depend upon real estate investors to provide  homes. Real Estate appreciation from 1969 through 41 years real estate had 4 years of negative appreciation max. -.13%.

We had a bubble!!

Real Estate values have increased in the last decade despite the market turn-down.

What happens when you buy investment property?

Answer: You get an income stream.

Real Estate is an amazing investment.

Don Vallee is a Certified Investor  Agent Specialist or CIAS with Alex Charfen’s Institute.

Contact Don at 520.544.5555 or email Don.

Vallee Gold Team

Alex Charfen "RE/MAX Excalibur 2012 Sales Rally"

RE/MAX SOLD MORE REAL ESTATE IN THE WORLD

Dave Liniger founder of RE/MAX voted “Most Influential Leader” by Inman News at the New York “Real Estate Connect conference in 2012. RE/MAX Associates sold has SOLD more Real Estate than anyone in the World. According Dave Liniger “We have out produced our competition’.

We are number ONE in the United States and Canada.

We are number ONE in many countries around the globe.

In 2011 many clients spoke loudly about the service RE/MAX agents have delivered through real estate sales. J.D. Power and Associates 2011 Home Buyer/Seller study recognized RE/MAX for providing highest overall consumer satisfaction for both buyers and sellers. Dave Liniger, RE/MAX chairman and co-founder was delivered this great news!  RE/MAX  awarded the highest ranking  for “Home Sellers” and “Home Buyers“. “It comes down to professionalism and commitment to a proven level of customer service”, said Dave Liniger.

REMAX.Global.com

Search Properties Around The World!

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Don & Kathy Vallee with RE/MAX Excalibur Realty are listed as a Top real estate teams in Tucson and Oro Valley Arizona! If you want a to receive these same real experiences then call

Don Vallee or Kathy Vallee

520-544-5555

Vallee Gold Team “From Gold To Sold”