Anna-Lise Troup's Tucson Area Real Estate Update: March 2010

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:

·Closing costs;

·The purchase of new Whirlpool® appliances by Fannie Mae; or

·A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

·Offers must be accepted on or after January 28, 2010;

·Property sales must close before May 1, 2010, and;

·Buyers must be owner-occupants (investors are excluded).

The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive, contact Anna-Lise Troup at 520-906-5659.

Short sales are the hottest thing in the distressed-property market, and soon Uncle Sam will be handing out cash to encourage lenders to close these deals. More...

Click on the title of this blog item to be linked to a recent article at CNNMoney.com

Fabulous 4 bedroom PLUS loft! Popular Pulte "Tasia" floor plan with 2358 sq ft features tons of upgrades inc. tile, cabinets, kitchen island, ceiling fans, large pantry and raised ceilings. All bedrooms have walk-in closets. 1 BR and half bath downstairs. Large loft for office, play room, exercise room. Great views from upstairs. Covered patio with brick pavers opens to pool-size bkackyard. Well-maintained home shows beautifully. Potential short sale. $185,000.

Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Keller Williams Southern Arizona
(520) 906-5659
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Interested in buying a brand-new home that can close in time for you to get the first-time home buyer or move-up buyer credit? In order to qualify, you must have a contract in place by April 30 and close by June 30.

As a new construction specialist, I stay on top of which builders/communities have homes available for quick delivery. One such area is Gladden Farms in Marana, AZ, located northwest of Tucson. Gladden Farms is a master planned community that features acres of grassy areas with spacious neighborhood playgrounds and miles of hiking and biking trails. Exceptional new homes, by the area's leading builders, rest on large, pool-sized lots. Life is quiet and relaxed, yet close to all the conveniences of the city. Gladden Farms is a beautiful community filled with everything that's truly important for you and your family.

-320 acres of open space, parks, trails and future elementary school
-Large 6,000–8,000 sq.ft. pool size lots
-35 acres of lush greenbelts
-5 miles of paved biking and walking paths
-8 large, shaded tot lots
-Basketball court and exercise course
-Huge community park with Little League and soccer fields
-Easy to access I-10
-Convenient shopping just 10 minutes away
-Just west of I-10 between Tangerine and Moore Roads.

Following is some information on new construction homes that I can show you in Gladden Farms:

-1647 sq. ft., 1 story, 3 bedrooms, 2 bathrooms, 2 car garage plus tandem storage,
great room, covered patio. This is a very bright and open home with extra garage storage! $174,150

-1850 sq. ft., 1 story, 3 bedrooms, den, dining room, great room, 2 bathrooms, covered patio. This is a very elegant floorplan. $188,038

-2400 sq. ft. 2 story, 5 bedrooms, 3 bathrooms, 2 car garage, covered patio. Lots of rooms to roam and located on a larger lot! $199,950

-2700 sq. ft., 2 story, 4 bedrooms w/ master downstairs, 3.5 bathrooms, den, loft, great room, 2 car garage plus tandem, covered patio. This is a great house! $230,085


Plus, some options available for buyers to personalize these homes. Let me know if you'd like to schedule a time view these homes. Call Anna-Lise Troup at (520) 906-5659 or email lisetroup1@comcast.net

Want to sell your home? Get out the bucket, mop and Mr. Clean. The key to making a positive first impression is simple, said Sandra Rinomato, host of HGTV’s popular “Property Virgins” show.

“Get it clean, clean, clean,” said Rinomato. “If your house isn’t clean, it instantly sends up negative thoughts that the home is not well maintained. If your house is spotless, you’re ahead of the game,” she said.

But don’t stop there, advised Rinomato. To increase your chances of making a sale, “stage” the house to make it as attractive as possible. Until recently, “Staging meant pulling out all the stops—setting the dining table with your best china and crystal, arranging flowers, lighting candles,” she said. “Now we take the minimalist approach. Basically, you want to strip the house to its bare essentials, depersonalize it so potential buyers can superimpose themselves and their lifestyle on the house.”

Rinomato offered the following tips for staging a home:

1. Visit model homes and examine shelter magazines for inexpensive decorating ideas. Always keep in mind you are not decorating for yourself but for the general public.
2. Start with the outside. Give the house a fresh coat of paint, add shiny hardware to the front door and plant a few flowers to send a subliminal message the house is loved and well cared for.
3. Declutter every room to make it look larger. Get rid of family pictures, trophies and knickknacks. Closets and drawers should be no more than 30% full.
4. Invest in eco-friendly but bright lights. Open the drapes or remove them completely. “Light, bright rooms give the impression this is a happy place—and everyone wants to move into a happy place,” said Rinomato.
5. Feature only a few pieces of furniture with mainstream appeal. Pull pieces away from walls to make rooms look bigger.
6. Make sure a room’s primary use is obvious. A bedroom should look like a bedroom, not an office, hobby center or gym.
7. Bedrooms and kitchens are difficult to stage because they are in daily use, but make the effort. Clear everything off the counters and nightstands, roll up the rugs and hide the laundry hamper. Buff the cabinets with car wax and clean under the sinks. Invest in pristine white bed linens and towels.
8. Minimize the “pet effect.” Remove food bowls and litter boxes to the utility room. Deodorize thoroughly.
9. Organize the utility room and garage. Hang up the bicycles, roll up the hose. Renting a storage locker is worth the cost if it helps you sell faster and for a higher price.
10. Once your house is staged, invite your friends or Realtor over and walk them through to get an objective opinion.

(c) 2010, The Orlando Sentinel (Fla.)Distributed by McClatchy-Tribune Information Services.

Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Below is an interesting article by Dale Quinn of the AZ Daily Star:

While the number of Tucson homes sold in February was up from the previous month, the median sales price slid.

The median sales price, the point where half of homes sold for more and half sold for less, was at $150,000 for February. That's down about 6 percent compared with January and more than 15 percent compared with February 2009.

The latest monthly report by the Tucson Association of Realtors Multiple Listing Service shows the number of homes sold at 741, up from 712 in January.

Year-over-year inventory was shrinking, according to the report, with about 10.5 percent fewer active listings this February than the same month last year.

Despite the drop in median sales price, MLS President Dan Santa Maria characterized the statistics as showing improvement in the housing market.

"These are all positive signs that the consumer confidence in the real estate market continues to increase as buyers are continuing to take advantage of the home-buyers credit that will be expiring on April 30," he said in his note accompanying the report.

Contact reporter Dale Quinn at 573-4197 or dquinn@azstarnet.com

Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Effective for purchase contracts dated February 1, 2010 and after, Borrowers may use FHA-insured financing to purchase previously foreclosed properties WITHOUT the 90-day waiting period: HUD-owned properties, Bank-owned properties, Properties resold through private sales.

This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

To protect FHA Borrowers against predatory practices of flipping where properties are quickly resold at inflated prices, this waiver is limited to sales meeting ALL of the following requirements:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

Seller must hold title to the property LLCs, corporations or trusts that are serving as sellers were established and are operated in accordance with applicable state and Federal Law.

No pattern of previous flipping activity exists for the subject property, as evidenced by multiple title transfers (more than 2) in the last 12 months as indicated on the Appraisal report.

Property was marketed openly and fairly via MLS, auction, For Sale by Owner or developer marketing (assignment of contract not permitted.

If the sales price of the property is 20% or more above the seller's acquisition cost:
1)Increase in value must be justified by supporting documentation and/or second appraisal verifying seller has completed sufficient legitimate renovation, repair and rehab work to substantiate the increase in value or in cases where no work is performed, the appraiser provides an appropriate explanation of the increase in value since prior transfer.
2)Second appraisal is always required if 100% increase in purchase price.
3)Property inspection is required and MUST be provided to the purchaser before closing. Borrower will be charged for the inspection. Non-FHA approved inspectors or 203 k consultants are allowed. At a minimum the inspection must include ALL of the following: Property structure including foundation, floor, ceiling, walls and roof. Exterior including siding, doors, windows, appurtenant structures such as decks and balconies, walkways and driveways, roofing, plumbing systems, electrical systems, heating and air conditioning systems, all interiors, all insulation and ventilation systems as well as fireplaces and solid fuel burning appliances. Inspector must not have any interest in the property or relationship with the seller and must not receive compensation for the inspection from any party other than the lender. Inspector may not compensate anyone for the referral, may not receive any compensation for referring or recommending contactors to perform any repairs recommended, and may not be involved in performing any repairs recommended by the inspection.


Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Tucson Real Estate, Condos, Homes for Sale
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RISMEDIA, February 22, 2010—As a first-time home buyer, Jessica Garcia was excited last April to officially begin her home search. She found a home within her price range, completed the lengthy paperwork and paid for the appraisals, only to later be told after four months that the deal would not close.

Out of luck and out of money, Garcia was frustrated, but not defeated. She went back to her Realtor to start the search again. It was then that she found the home she would later purchase. Upon first glance, Garcia liked the home and saw its potential, but didn’t have the upfront money it would take to rehab the home the way it needed to be done.

After some discussion, Garcia’s lender, Kevin Roy with Wells Fargo, realized that she might be able to take advantage of HUD’s 203k program, specifically designed to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements.

“The home needed a lot of work,” explains Garcia, of North Port, Florida. “The previous owners had pets that had really torn up the carpeting and destroyed the blinds.”

Indeed, the home needed new flooring, carpets and, most importantly, a water softener for its wellwater system. So, when the opportunity arose to take advantage of the 203k program, Garcia was game.

“In the end, it worked out great,” she says. “The credit goes to Kevin because if he hadn’t told me about the 203k program, I would not have had the money to fix the home. All of the money I had was put into the appraisals and fees for the first home that I couldn’t close on.”

Once the transaction was set in motion, Garcia turned to Lowe’s North Port (Florida) store to help her bring her 203k projects to fruition.

“The people at Lowe’s were really great,” lauds Garcia. “I had dealt with a different home improvement retailer in the past, but never had very good experiences. I went to Lowe’s because the people who work there are always friendly and I had heard good things about working with them. The people there really were great—they provided explanations to all of my questions and made my experience easy.”

From the 203k paperwork to guiding her through the program, Garcia credits the Lowe’s team with a job well done. “The team at my Lowe’s was very helpful,” she says. “A couple of people—including manager Mike Cabana—helped me tremendously.”

Prior to closing, Garcia went to the North Port location and chose her products for the 203k projects. Once closing happened in late September, the Lowe’s team prepared for Garcia’s projects, ordering her new carpeting, wood flooring, a water softener and new dishwasher.

“It was amazing,” says Garcia. “The day I closed, I called them and they immediately started ordering the materials and products. Within a few weeks, everything was done.”

According to Garcia, the timing couldn’t have been better. In addition to the improvements she made with her 203k loan, Garcia also took on a few DIY projects herself—including repainting the entire house.

“I decided to put the 203k money into quality carpeting, flooring and, of course, the water softener. I also really needed a dishwasher—the house didn’t have one,” she explains. “The little bit of time I had between ordering the materials and installation was perfect. It gave me just enough time to get all of the painting finished.”

Despite months of worry, confusion and stress, Garcia is now thrilled with her home—and her experience with Lowe’s.

“I am very happy,” says Garcia. “Everyone involved did such a great job and helped me so much…Lowe’s helped me choose exactly what I wanted for my home. I love this house!

“A lot of money goes into buying a home,” she adds. “The 203k program is a great option. It allowed me to do far more than I would have been able to do on my own. As a first-time home buyer with a limited amount of money, it allowed me to do a lot and get exactly what I wanted. Working with Lowe’s was perfect, too. From their affordable prices to the customer service, it was a great experience overall. I would highly recommend both the 203k program and Lowe’s to anybody.”

For more information on the 203k loan program, visit
www.hud.gov or www.re-buildusa.com.


Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Tucson Real Estate, Condos, Homes for Sale
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Time is running out for the $8000 first-time home buyer tax credit and the $6500 move-up tax credit. One way to close before the deadline is to purchase new construction. Many builders in Tucson, Vail, Sahuarita, Marana and Oro Valley have inventory homes that are available for quick move-in. Prices range from $109,000-$250,000 for 1000-2800 sq. ft. single and two story homes.

Please contact me if you're interested in learning more. Just give me some information about your desired price range, location and features and I'll find some great options.

Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Tucson Real Estate, Condos, Homes for Sale
Free Relocating to Tucson, AZ Information Kit
Davis-Monthan AFB Relocation Information
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If you do not already know about the HOMEPATH program, its time to expand your horizons.

Did you know there are over 450 properties that may qualify for this program on the www.homepath.com website in Pima County alone, and over 3000 in Maricopa county???!!!

Not only does the Homepath program offer these great benefits:

1. No Mortgage insurance
2. LTV up to 97 Owner occupied (660 Credit Score), 90% (second home), 85% (Investor)
3. No Appraisal

You can now get 3.5% toward NEW appliances, and still negotiate up to 6% toward closing (owner-occupied).

Great Candidates for Homepath ARE:

1. Owner occupied putting 3-15% down. LTVS at 90 are especially attractive pricing with the No MI .
2. Invesotrs and second home buyer...take a look at homepath properties. What a way to get a great deal on a home AND put less down.

Interested in learning more? I would be glad to assist you!


Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Tucson Real Estate, Condos, Homes for Sale
Free Relocating to Tucson, AZ Information Kit
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RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.

Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.

Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.

Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.

Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.

South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.

West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.

For more information, visit www.realtor.org.

Anna-Lise Troup
Tucson REALTOR/Davis-Monthan AFB PCS Expert
Realty Executives
(520) 906-5659
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Tucson Real Estate, Condos, Homes for Sale
Free Relocating to Tucson, AZ Information Kit
Davis-Monthan AFB Relocation Information
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