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
The chief concern among buyers in the market is “where are prices headed?” Fundamental. But, if interest rates keep their rise (.75pts in past 6 months)-even with a slide in prices–the home today may cost you more if you wait and rates rise. There is a growing sense that the 30 year mtg is on the way out…too early to tell if this a reality or spin–but as if you need more evidence that the market is ever changing–the 30 year could go away. The KCM blog discusses these in detail here http://kcmblog.com/2011/04/12/4-financial-reasons-to-buy-now/ . Not sure Tucson’s rental market is tightening up as the blog suggests nationally, but we are a bit of a laggard in this area too.
I found this blog which I am reposting here–which, whether one agrees with it or not–highlights the financial conundrum many retirees are facing. As the fed holds rates low–and props up the lending environment–fixed income from investments for retirees has plummeted. In my opinion, the current multi-family environment is ripe for an influx of investors who by investing a relatively modest amount of cash–could likely see returns that would likely smash what these folks are receiving on the varied fixed income assets currently held. You can find the blog post here: http://expectedreturnsblog.com/the-disaster-for-retirees/
As recently as six months ago, a relatively small portion of my 70 hour week was spent on managing short sale transactions—not because we not focusing on short sales—rather the mental and emotional progression of the seller who may be a short sale candidate to a seller who’s only logical choice is to short sale one’s home can be a long road. For many sellers who want to “do the right thing” the road to short sale becomes much shorter once ones savings is gone—the prospect of the short sale then becomes the most salient option. Now, as much as half my work week is spent on our growing short sale sellers. The notion of the “long road to a short sale” is really the under current of the existence of and growth of the “shadow inventory market”.
Recently, The KCM Blog published a great piece on the shadow phenomena—you can read more about that here: http://kcmblog.com/2011/02/02/what-exactly-is-shadow-inventory/
For many American’s the present state of the housing market causes buyers to take time and slow down the buying decision… but if buyers understood how affordable homes across most metropolitan areas are-the decision might be an easier one. Steve Harney’s cites are recent Trulia.com article which tackles the age-old rent v. buy question. While Tucson’s housing market is not explicitly mentioned here—the Phoenix market is in this data.
Rana McGoldrick & Kelly Doty
