I am the first to tell you all real estate is local, but still thought it encouraging that the national resale home sales stats showed a 6.5% increase for December over November of last year.  Also the  national resale housing inventory dropped, even though home sales were 13% lower in 2008 than 2007.

As a result, the horrible economic news of 50,000 jobs lost today was countered by the much more positive housing stats, so the Dow actually gained about a half a percent.

Predictions are tough. Certainly great deals on houses can be had and I know 5 years from now many will be telling themselves, “If only we had bought in 2009.” Sometimes it is hard to leap when there is so much dire economic news.

As far as selling in the Tucson luxury resale housing market goes, I can tell you I have sold in a worse market in the MD-DC area in the mid 1990s. Therefore, after putting it all in perceptive, I know better times are coming and that housing will always see its ups and downs.

Tucson remains a great place to live: It offers mountain and desert beauty that is unsurpassed; pristine air with clear skies to witness the constellations; and a climate that is hard to beat. I can tell you that even in the summer when many escape the heat, I prefer it to the hot and high humidity summer days in MD.  And remember the summer mornings and evenings in the desert see a big decrease in temperatures.

Tucson remains to me as one of the best places in the world to call home!

I have sold the most expensive home  in Pima County so far for 2009. It is located in gated Sabino Mountain, the community in which I live at 4207 N Sabino Mountain Drive. This gorgeous, ridgetop home that is almost 4000 square feet and was built in 2003 sold for $1,250,000.

Another home that was bank- owned in Dove Mountain sold for a little more than $100,000 less.

 These two represent the only homes that have been multiple-listed that sold for over 1 million in Pima County so far this year.

It is with heartfelt gratitude to the American people that I thank my fellow Americans who elected Obama to become our President.  As I watched TV today and saw him in Baltimore MD, which is only 25 miles away from a place I lived for 25 years – Columbia, MD., I wished I was part of the crowd. I truly believe he will do what it takes to slowly move the housing market around. He will continue to inspire many.  I have learned to never give up hope on the American people and this is what President Clinton was forever telling us: America is so capable to stepping up to the plate. I knew some day in the future we would have a minority President and a woman President, but I did not expect it this soon. I had a feeling Obama would select Hillary Clinton to be Secretary of State while everyone around me said I was nuts. I knew Obama was not a small man and although she was a very ardent opponent, he knew she was the best one for the job. I applaude him and the American people for a job well done! A great day is coming next Tuesday!

Interest rates have dropped below 5% again to 4.875% for 30 year fixed mortgages up to 417K. This is a great opportunity to purchase a home since  interest rates are at an all time low and there is a good selection of housing inventory to chose from. 

There is no doubt that in 2009 opportunity knocks for buyers. Now you can get into luxurious La Paloma and only pay in the $300,000s for a small patio home; or if that does not suit your fancy, you can buy a small home in Ventana Canyon in the $400,000s.  Sabino Mountain even has a home listed in the high $300,000s; albeit, it is a foreclosure, but it is almost 3,000 square feet and has a small pool.

Jumbo interest rates (over 417K) are now obtainable in the high 5%s. Who would have thought that would come to be? Of course, high credit scores; usually 20% downpayment, etc. applies, although in rare cases jumbo loans 600K or under are approved with only 10% down.  Conforming interest rates (under 417K) are hovering around 5% and may go even lower.  So like the much lower gas prices we have seen in the last 4 months, interest rates are lower than ever imagined a year ago.

 Opportunity knocks; call me at 520-918-2410 if you want to see all the best deals that the Luxury Tucson Foothills Real Estate has to offer.

A. F. Sterling has done a wonderful job on building the small  gated community next to La Paloma  Golf Course at Paloma Ridge. The standard features are long: brick paver driveways, alder front doors, granite counter tops, 2 x 6 construction, some ceramic floors, and the list goes on. Surprisingly enough they have one gorgeous lot available with a 60K lot premium that backs to the desert open space and has a high Catalina Mountain view. This location at the epicenter of the Foothills could not be better. This is the only new construction in a prime foothills location with prices starting in the $400,000s. Give me a call at 520-918-2410 if you would like me to show you this gorgeous community.

This is the lowest I have ever seen interest rates and I have been selling real estate forever! Wow! With so many good deals out there in the Tucson Foothills, 2009 is assured to be a year where home sales pick up dramatically. Finally, some relief for home Sellers! I predict 2009 will surpass 2008 in the number of home sales and will be equivalent to 2007.  What a great time to buy!

With interest rates at 5 1/4% with 0 points and 4.875% with one point, many Buyers are seriously looking even though Christmas is only  11 days away. (These are conforming rates for 30 year fixed loans up to 417K).

In the past few weeks I have sold two houses and I do think the lower interest rates has made it a more attractive time for them to buy.  I have never seen rates below 5% and I have been selling real estate for 25 years.

The housing inventory offers a great selection of homes in all price ranges. This certainly is the best time to buy that I have seen in many years. Give me a call at 520-615-2598 if you would like to explore the market.

Happy Holidays!

As many of you are planning on visiting Sunny Tucson this Winter, let me tell you this year we have not turned the heat on yet.  When we wake up in the AM, our bedroom thermostat registers 71 degrees, so no need to turn the gas heat on yet!

The night time and early AM temperatures are usually low–in the 40s or 50s, so in past years, by December 1st, the heat kicks on at night, but not this year!  November was unusually warmer than usual with most days getting up to the 80s, which is just gorgeous considering we have very low humidity.

Tucson has has glorious climate. What a great place to live! Today it will get up to the mid 70s!

Conforming , 30 year fixed interest rates have dropped to the 5 year low of 5.5 % with no points and no origination fee.  This is for loans up to 417K.

 Keep in mind the high limits of FHA financing in Pima County of $316,250  go down to $271,050 on January 1st. Also as of January 1st one choosing this loan program must increase the downpayment from 3% to 3.5%.  FHA loans do not have roof limitations on salaries; therefore, a high salaried person can still qualify for FHA. To obtain this financing usually you can have no other FHA loan outstanding  and the home being financed must be your primary residence. This is the best program out there for low down-payment, and FHA loans are usually easier to qualify for than conventional loans. The only program that is more aggressive is VA which is open to Veterans, so much fewer people qualify. Contact me to get you in touch with an excellent loan officier. I am not in the mortgage business, but just keep up with this to better advise my clients.

 This is a great time to buy.  Give me a call at 520-615-2598 to explore the housing market.