October 29, 2008 by Donna Anderson.

As hard as it is to believe with the seesaw stock market in play, luxury homes sales in the Tucson Foothills have been picking up. September was a sleepy month and many predicted that sales would be off for October, but that is not the case.  It seems more likely that the  luxury Tucson Foothills homes inventory will continue to drop. Those who have been waiting for the market to stabilize after it has bottomed may find the time has arrived. Give me a call at 615-2598 if you would like to explore Tucson Foothills real estate opportunities.

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October 27, 2008 by Donna Anderson.

I will be holding open 4348 N Ocotillo Canyon Drive, priced at 435K, on next Sunday, Nov 2nd from 1-4 PM.  This beautiful 2,236 square foot  Pepper- Viner home has one-story; was built in 2001 and has many upgrades including a screened porch backing to a gorgeous view of the Catalina Mountains and the pristine Sonoran Desert, bamboo floors, Corian counters and more!  There will be directions posted at the gate on how to proceed through the gate, or you can call me at 615-2598 for directions. I hope to see you there!

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October 18, 2008 by Donna Anderson.

Warren Buffet says it is a good time to buy quality stocks. Well, it is also a good time to buy a quality house. No one can ever say for sure where the bottom is, but it sure looks that way as far as Foothills housing is concerned. And do not believe that mortgage money is hard to get; it is available with prime lenders like Wells Fargo that Long Mortgage utilizes when clients ask for a mortgage referral.  Wells Fargo’s  portfolio was never risky, hence it is in a good position to lend money. If you need a mortgage referral, give me a call at 520-615-2598.

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October 16, 2008 by Donna Anderson.

With conventional loans now requiring a minimun of 10% downpayment, more people are considering FHA loans that only require 3% down.  The maximum loan in Pima County has gone up to $316,250 and, therefore, one could purchase a home for up to approximately $326,000 with less than $10,000 downpayment. There are some restrictions, but there is no maximum income cutoff; the loan has to be for a primary residence and almost always one can only have one home at a time with this financing.  One of the attractive offerings of FHA financing is a plan for 2-1 buydowns for young buyers who do not plan on being in the home for very long and who may also plan for an income increase.  Today’s rate example would be: the buyer would pay 5% year one, 6% year two and 7% years 3 -30.  FHA also has 1 year, 3 year and 5 year ARM programs; however, with today’s fixed rate at a low rate of 6.5%, most buyers opt for a fixed rate program.  Many Pima County Condo Complexes are approved for FHA financing (single families, townhouses and manufactured homes also qualify), but check with your lender to make sure the condo complex you are considering is FHA approved. ( FHA wants to assure at least 51% of the condo complex are not rentals.) I am not a lender, and although I study this information to begin the conversation with my clients about financing options, it is best to consult a lender for a more in-depth analysis. Please do not hesitate to contact me at 520-615-2598 should you need a referral to an excellent lender.

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October 13, 2008 by Donna Anderson.

When I list a home for sale I try very hard to convince the Sellers to list their home at a  very competitive price.  It is my belief that the Sellers net the highest price if the house is listed very fairly at its original list price.  I am noticing many houses are selling when the house has been listed for a long time and there have been many dramatic price drops.  If the house had been priced very competitively to begin with, it would likely have sold higher and quicker.  I do not list homes that are not priced competitively since I do not think listing a home higher than fair market value serves the best interests of my clients. 

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October 10, 2008 by Donna Anderson.

FDR said, “If, in accord with principle, we must restrict the operations of the speculator, the manipulator, even the financier, I believe we must accept the restriction as needful not to hamper individualism but to protect it…The government should assume the function of economic regulation only as a last resort, to be tried only when private initiative, inspired by high responsibility, with such assistance and balance as government can give, has finally failed. As yet there has been no final failure, because there has been no attempt; and I decline to assume that this nation is unable to meet this situation.”

My personal belief is the lack of regulation of credit default swaps has been the main catalyst of this economic crisis. Bundling sub-prime mortgages to investors and selling them insurance against defaults without enough financial backing when defaults occur is unconscionable.  I blame the problem on the greed of Wall Street and the lack of federal regulation.  The Feds knew the problem and chose not to fix it. And now many of us who had nothing to do with causing the problem are having to fix it. I guess this is the American way to be there to assist, but there are lessons to be learned. Be careful who we elect and if they are too in bed with Wall Street, we better beware.  I proudly support Barak Obama for President. I believe he will better represent all classes of people and that he better understands the economy. 

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