Yesterday I mentioned there was a bargain Foothills 1 bedroom condo that had been dramatically reduced to 125K; it took less than a day to go under contract! There is a very lucky buyer out there!

Today I opened my daily report of listing activity in the Foothills and was amazed to see a one bedroom condo at Tierra Catalina, in the heart of the foothills, near La Encantada, priced at only $125,000. This condo sold in June of 2006 for $194,000. It is located on the ground floor and has renovated granite counters, tile floors, new cabinetry and is an end unit. There is a community pool, clubhouse, spa and rec room and it has a low condo fee of only $156 a month.  WOW! This is definitely an investers’ delight or may be great for you to buy for your child who will be going to U of A in a few years or  be just the answer for one who wants to spend the Winter months where the sun shines!

I have lived here for over 4 years and there has never been a better time to buy in The Foothills.  Some homes have gone down in price as much as 25% from the late 2005 – early 2006 highs.  I do admit this is not seen everywhere in The Foothills, but I have seen it in more than a few homes for sale.  Interest rates are less than 6% for conforming loans under 417K.  And with high credit scores and other strong factors, some lucky people can get a 95% loan if it is 500K or less.  However, inventory continues to decrease as some Sellers are giving up their quest for a sale; therefore, if you are thinking of buying in the Foothills, this time could possibly be the best time ever since prices are fantastic; interest rates are low and  housing inventory is high.  Keep in mind, many parts of the country have much more expensive real estate and do not have the great climate and incomparable beauty of the Sonoran Desert.  And I am not just talking about L.A., San Francisco, Hawaii, Manhattan, etc.  I am talking about Chicago, Boston, Baltimore, Northern Virgina and Maryland Beltway areas surrounding Washington, D.C., to name a few areas that are much more expensive than Tucson Foothills. Most of these areas have had a colder than normal Winter.  Today I am enjoying 70+ degree weather as I look out of my home office at the desert and mountains. I know I am very lucky!

Quiet here; no signs close to the two polling stations I saw close up–Ventana Vista Elementary school, in the heart of the Tucson Foothills where my daughter goes to school ,and the Ramada Inn off of Tanque Verde near the corner of Sabino Canyon Road where I was designated to vote.  Many people lined up to vote, but I hardly saw any signs for those endorsing their favorites who were running  and there were no people giving out leaflets on their chosen candidate.  Gosh, in this way I miss MD.  People in Howard County, MD, where I left 4 years ago, made a huge deal of the primaries and many talked politics and tried to convince their friends to vote their way! It is so apolitical here, I just can not get used to it! I guess I love politics and I love Hilary, so here is hoping she comes in strong tonight! And I feel I should have done more for her, but have to admit it, talking politics seems to turn off a lot of people here!

Tucson 30 year fixed conforming  (under 417K) conventional mortgage rates are now at 5.625% and jumbo (over 417K) 30 year fixed conventional rates are at 6.375%.  These weekend rates were reported by Long Mortgage, Cindy McKearney, Foothills Office, tel # 520-918-3762.  What a great time to buy or refinance!

Great news Jumbo– 30 year fixed Interest Rates– are finally down to 6.5%–these are for loans over 417K.  This rate was published by Long Mortage today.  What a great time to buy; rates have not been this low for quite some time! 

Rates for Conforming–30 year fixed Interest Rates–are down to a very low 5 3/4% which is very low indeed! This rate is for mortgages less than 417K.

The chief local brokers gave their analysis on what to expect in 2008 in a large local meeting on Wednesday. Overall they expect market stability. The changes I have noticed from last year are that fewer Sellers are listing their homes unless they are very serious about selling. Last year at this time I saw many people try to sell their homes at peak or over peak prices to see if they could get the price. Most found out that few Buyers would pay peak or over-peak prices. Many Sellers missed a more opportune time to sell their homes when they could have sold for higher prices had they been more realistic.  Those Sellers have completely left the markeplace.  Also many agents that were not serious about the profession have left.  This is a job that demands the full -time attention of a tenacious, caring and detail-oriented person to assist buyers and sellers in a market that has been in flux and may be stablizing.  I believe 2008 will go down is the best year for Tucson buyers due to large inventory of good houses that are priced right and interest rates that are projected to become the lowest that we have seen in four years.  I do believe the market has bottomed out.

I have listed a really well priced property at 7502 E Wandering Rd. The future purchaser will have a rare opportunity to reside in a 3,000 square foot–2002 built home–with pebble-tech pool and waterfall backing to over 3 acres of pristine desert with views of the Santa Catalinas. Recently the property has been professionally staged since some buyers had difficulty imagining furniture in the large 2 story family room.  This home would have sold 3 times over had it not been for the need to usually put 10% down on jumbo loans as of mid-August of last year. If you would like to see this home, give me a call at 520-615-2598.

Great news–interest rates on conforming loans (those at 417K or less) for 30 year fixed loans at Long Mortgage are at 5.875%.  Jumbo loans (those at 417K or more) are at 6.625% for 30 year fixed loans.  What a great time to buy! Interest rates are rarely this low and there is good inventory of homes for all those who want to find their place in the sun!

It is very surprising, but true: there are many potential buyers looking at homes in the Foothills this December.  November was pretty slow, but December has picked up tremendously. The word is out that prices may have hit rock bottom and interest rates are good.  While the housing inventory is good for buyers, they are out shopping!