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!

The market in Tucson has turned! We have been waiting over 6 years to say this, but the data and trends point to a recent shift in the market.

Inventory is down, sales are up – resulting in only 4.1 months of inventory.

Even pricing is showing some early positive signs, with median price increasing to $133,500 in March.

We are watching closely for any emerging trends across other local markets in southern Arizona, including the Green Valley and Sierra Vista areas. Just as Tucson tends to follow Phoenix, some of these other markets may follow Tucson’s uptick.

As of March 2012 active inventory was 5,486, an 18% decrease from March 2011.

There were 1,347 closings in March 2012, 15% above March 2011.

Months of Inventory was 4.1, down from 5.7 in March 2011. Months of Inventory (MOI) is a good indicator of market health, taking into account both current inventory and sales rates. As a rule of thumb, a market is considered “balanced” when Months of Inventory is around 6.

Median price of sold homes was $133,500 for the month of March 2012, up 7% from March 2011.

The Tucson Market had 1,928 new properties under contract in March 2012, up 24% from March 2011.

Good News at last for Sellers.

Find Out What Your Home is Worth in Today’s Market, Call Us Today: (520) 219-1024.

Tucson’s Housing Market still offers favorable conditions for Investors.

Realtor.com’s latest top 10 investment markets report shows metros just off the beaten path leading the way.

Built from Realtor.com data updated through February 2012, the report put Tucson, Ariz.; Austin, Texas; and Kansas City, Mo., as the top current real estate markets to invest in. The top 10 list was built by analyzing the housing inventories, price trends and unemployment rates from the Bureau of Labor Statistics for 146 markets Realtor.com tracks.

Thanks to the jobs boom surrounding the University of Arizona and the Davis-Monthan Air Force Base, and an 8.19 percent drop in real estate owned (REO) properties along with a 3.03 percent median house list-price increase from a year ago February, Tucson, Ariz., tops the list. A median price of $170,000 anchors the market.

Austin, Texas, the “live music capital of the world,” with a median list price of $229,500, representing a 12 percent year-over-year increase, and low relative unemployment (6.3 percent as of December 2011), is a close No. 2 on Realtor.com’s top 10 markets to invest in. It’s usually a good idea to bet on breakfast tacos, live music and that laid-back Southwest charm that fuels the hip, beautiful capital of Texas.

Kansas City, Mo., too, features relatively low unemployment at 7.3 percent and a strong year-over-year median list price increase (4 percent) to bring the largest city in Missouri, and its renowned barbecue, into the top three housing markets to invest in, according to Realtor.com. Its cross-state cousin, St. Louis, caps the list at No. 10, with its strong job market, 7.5 percent year-over-year median list-price increase and 11.29 percent uptick in rate of speed a house sells compared to a year ago.

Rounding out the top 10, in order, are: Baltimore, Md.; Fort Worth, Texas; Salt Lake City, Utah; San Jose, Calif.; Raleigh, N.C.; Milwaukee; and St. Louis.

Statistics for Tucson, AZ
Median list Price =  $175,000
Year-over-Year Price Increase = 3.03%
% faster time it takes to sell a home vs. last year = 12%

Tucson AZ Real Estate Housing Market Update – February 2012

Tucson, Arizona housing market update for February 2012 statistics show the active inventory of 5,437 has decreased 22% from February 2011. The number of homes that closed in February 2012 was 1,019 which is an 18% increased over the same time last year. The absorption rate hovers around 5.3 months supply of homes which is down from 8 months the same time last year. The median price for a home is $125,000.

The Tucson Association Multiple Listing Service reported that 1,754 properties went under contract in February 2012 which is up 42% from the same time last year.

Search The Entire Tucson Area For Homes

Questions About The Market?

Call 520-544-5555

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

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!

Search Tucson Arizona Homes

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”

Don & Kathy Vallee HELP…people figure out if they should consider a “Short Sale”

Resolve to Face the Facts!

Since 2007, 8.9 million homes have been lost to foreclosure and millions more are headed in that direction.

As a real estate professionals who have earned the Certified Distressed Property Expert (CDPE) designation, our mission is to ensure that you or anyone you care about does not add to that statistic.

The unfortunate fact is that so many homeowners who have played by the rules and never imagined that they could be facing foreclosure are now in a very tough situation.

More than one in four homeowners owes more on their mortgage than their home is worth. On top of that staggering statistic is the fact that millions of homeowners are unemployed, or underemployed and falling further behind every month.

Sound familiar? Rest assured you are not alone.

If you feel that you are headed toward foreclosure, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.

As a distressed property consultants, we help distressed homeowners to work through every aspect of the denial and discouragement that accompanies a mortgage which is no longer manageable, and in the process, to move toward financial solvency.

If you or someone you care about is ready to tip the scales back toward financial solvency, contact me today and let’s get started.

www.CallToAvoidForeclosue.com

Set against rugged mountain silhouettes back dropped by midnight blue skies, offers a wide variety of equestrian charm. Located  along the base of the Catalina Mountains near Reddington Pass sits on of Tucson’s well-known area of Tucson “Saguaro National Monument west”.   Defined by its lasting roots and connection to the area’s rich native Sonoran Desert landscape. Located near the Tanque Verde guest ranch that was established in 1868 by the Carrillo family,  used as a cattle ranch. Expansive horse property estates with easy access to riding trails can be found in the Black Hills USGS quad topo map. This reservoir is stocked with fish by the Fish and Game department in Pima County.

We have featured this property for sale!

The seclusion of 4.27 (+/-) acres can be found at 420 Pinto Place, Tucson AZ 85749 a Mexican southwestern influence built by the famous architect Bennie Gonzales with a modern flair.

Exclamation point…

Enjoy spectacular views from this private gated equestrian estate adjacent to riding trails. This elegant 27 acre equestrian estate offers architectural features designed by the famous “Bennie Gonzales” with a contemporary flair.”Tucson Southwest With Mexican Influence”…impressive details such as Glass doors, soaring wood ceilings, sweeping window walls to enhance the gorgeous out door scene.  A dramatic open floor plan with a European twist to every room but keeping with in the  southwestern ambiance.

Dust off your boots, saddle up and hit the 5 mile riding trail. With breathtaking backcountry hiking trails, everyone  can find a place to enjoy here. Take  the family to the near-by pond to fish or hang out bird-watching…looking for heron and ducks…

Bennie Gonzales Architect

Search Equestrian properties

For Appointment Call Don or Kathy Vallee at 520-544-5555

Vallee Gold Team

RE/MAX Excalibur Realty

11115 N. La Canada Dr. Suite 155, Tucson AZ 85737

Tucson Luxury Home Specialist

Vallee Gold Team “Just Listed” Home In Oro Valley, AZ

MLS#: 21130030

2371 E Skipping Rock Way Tucson, AZ 85737

Desirable Community of Rams Canyon in La Reserve at the base of Pusch Ridge

Vallee Gold Team Just Listed 2371 Skipping Rock

Located in the heart of Oro Valley, Arizona sits a beautiful 4 bedroom, 2 bath, 1,873 square foot home with custom tile, wood floors and plantation shutters! You will enjoy this single level open floorplan with a spacious kitchen, professionally painted with granite, island, stainless steel undermount sink and oak cabinets with pullouts. Best of all, the Family room features a cozy fireplace and double slider to patio. Exquisite Master suite boasts fireplace with remote, french door to patio and master bath with garden tub, double vanity and large shower. The professionally landscaped backyard has covered patio, sparkling pool and gorgeous mountain views. Bonus – enclosed dog run on the north side of the home with dog door, and two car garage.  Built in 1998.

This home offers the following appliance package: Alarm; Dishwasher; Disposal; Garage Door Opener

School District is Amphitheater: Elementary:Copper Creek, Middle: Cross, and High School: Canyon Del Oro

Directions: N-Oracle, E-Rams Field, N-Skipping Rock (First house on left)

RE/MAX Excalibur

Don Vallee, ABR, CRS, SFR

Kathy Vallee, CDPE, CRS, CLHMS

11115 N. La Canada #155

Oro Valley, AZ 85737

don@donvallee.com

http://www.ValleeGoldTeam.com

520-544-5555

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