As many of you may know Rana and I have for the past 4 1/2 years been the agents of choice for one of the Top international relocation specialists-Global Mobility Solutions (http://www.gmsmobility.com/) . We have had the pleasure of supporting and faciliating the relocations for many Executives and high level professionals over the years. As the economy has remained challenging, and the job market has become increasingly difficult—we try to get our sense from these highly motivated, highly educated, experienced and competitive folks—just what and when THEY think the economy is doing, when will it recover and therefore when will the housing market stabilize. In our unofficial survey of this fine group of 2o or so annual candidates (from experienced middle managers to 30 year executives) the responses have ranged from the optimistic: “I think the end of 2012 we will see a gradual turn around” or “I have labeled this our lost decade—I wouldn’t look for a pulse until after 2016″ to the perhaps most honest, ” I didn’t think it would be this bad this long”. For our part, Rana and I have see our business grow steadily since the 3 quarter of 2009. For us, finding motivated buyers and sellers had not been challenging—indeed our Short Sale Consultation Practice has exploded in 2011. If you or someone you know may be at risk of default, please drop us an email and let us provide the timely guidance so many folks need in this economy.
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This blog post from last week-illustrates once again, what we agents try to explain to our clients week in and week out. Pricing is important. First, we want enough buyer traffic through the home to generate an offer–if said offer is agreeable to both parties–AND we make it through inspections–then we will see if we can “sell” the home again to underwriting. Appraisals are tricky folks-if your agent is warning you ahead of time-it is probably because they have reason for concern: check out Harney’s latest here http://kcmblog.com/2011/05/24/appraisals-why-you-must-now-sell-your-house-twice/
We just listed a great home in Somerset Canyon in Oro Valley. Close to many amenities Rancho Vistoso, Ritz Carlton, Dove Mountain, Oro Valley Market Place and Catalina State Park.
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Found this blog posted on a site I watch from time to time www.zerohedge.com more visual than anything else. Ignoring the implied political critique regarding federal spending… http://www.zerohedge.com/article/what-does-trillion-dollars-look-0 Happy viewing.
Most of us are familiar with the expression “home is where the heart is”… but digging deeper into the financial component of home ownership the simple expression of “affection” for ones domicile is somewhat incomplete. Let’s ignore for a moment the “rent v. buy” scenario. Our homes — and the blood, sweat, tears (and $$) we put into them are our investment. If you believe you will never move–then you are a) in the minority and b) likely to be unconcerned about the financial ramification of ownership in a tough real estate market. Consider however, those who purchased with less than 40% down in the past 5 years (most buyers) or those who leveraged up to 90% LTV on the home of our dreams (many current homeowners). If the market in those areas declined at a pace similar to our Tucson, AZ market–those folks are upside down. On countless occasions during the past 6 years I have asked the following question to such sellers, ”if you experience negative cash flow AND your underlying asset value declines–what do you own?” Can you call it an investment? Are you renting from the bank? Your answer probably depends on your view of your financial situation — long term owners– the way most of us– in particular our parents were raised–viewed the home as a 30 year commitment. Rarely do we come up for air to assess the financial ramifications of the decision if we cannot envision selling or moving from home…however…if you think you are in a situation similar to the former–leveraged home owner–what is your strategy if you owe 135% of what your home is worth?
In news that may not be very fresh at this point–but is nonetheless helpful in dispelling the notion that every homeowner is a short sale waiting to happen–especially here in Tucson–it was good to here Freddie CEO Haldeman point out some good news–or rather highlight the facts. In Tucson, short sales are growing but across the nation–the Freddie portfolio is perhaps healthier than one would guess. Read more here: http://www.housingwire.com/2011/04/04/less-than-4-of-single-family-loans-are-delinquent-freddie-ceo
Recent surveys show homeownership is a positive experience–not earth shattering news–but in the negative news world we live in good to know that “96% of all homeowners said homeownership has been a positive experience”. What stories of ownership could you tell?
Catch the full story here: http://kcmblog.com/2011/04/19/what-do-homeowners-say-about-homeownership/
Zillow’s reach just got that much broader with the recent acquisition of Postlets. This means maximum exposure for properties of all types–should make sellers of Tucson real estate happy to have such tools available. Check out the original posting here: http://techcrunch.com/2011/04/11/zillow-buys-real-estate-listings-creation-and-distribution-tool-postlets/
So, it seems Dubai is still finding its way out of the economic doldrums as evidenced by the rental market–one look at the number of nervous stateside buyers, many worried about retirement or perhaps worry about a lay off–no discussion about vacations out of the norm…however, I wonder at what price Dubai–is a “Buy”? No discussion in the following article about supply vs. demand for rental units…it is interesting to see such similarity on the other side of the world–both literally and economically–in a place so unlike Tucson (except the heat). http://gulfnews.com/business/property/apartment-rental-costs-in-dubai-fall-another-8-10-1.790217
Rana McGoldrick & Kelly Doty