Most folks are going to be paying at least some attention to the festivities of Inauguration day. This is sure to be a very exciting and historic day! Here is an internet feed, that if you click on this link-- will enable you to watch history in the making from your computer.
Incidentally, if you are thinking about Tucson real estate today, I am here at my office- actually working! We had our office meeting this morning, and a couple of interesting announcements were made. One is that new construction sales prices in California (our market patterns usually follows theirs after a few quarters), are down. The median sales price for new construction in California has dropped 35% from December 2007 levels to $278,000. Obviously, builders nationwide have taken a huge hit with the declining economy, and home starts are way down from a year ago. The fact that new construction home prices have dramatically declined is a signal of waning demand from buyers. The construction industry is counting on Obama to help them change the rising tide of losses that is weighing down the entire industry.
Home buyers in general are now very skeptical about making a mistake. They do not want to buy a home in a down market, and then have the value decline even more. Ideally, this may be the best time to buy, as there is one thing for certain-- you cannot ever time the bottom of the market! If you are planning to live in the home, and plan to be there for at least five years, you can usually ride out any bumps in the market. If you're thinking of buying new home construction in Tucson, builders are offering many incentives to gain your business. In addition to reduced prices, you may get free upgrades, free lot premiums, and possibly even financing incentives. There are currently so many options out there for Tucson home buyers, this is (in my professional opinion), a great time to buy a home in Tucson!
Additionally, if you are thinking of buying or selling investment property in Tucson, this may be the year to do it. I have some great information about buying investment property in Tucson on my website. Because prices have dropped, and are now on average at or below 2004 levels, and also interest rates have declined-- you can now buy investment real estate in Tucson with a positive cash flow. There are many bank owned properties that are being sold at great discounts from what they sold for at the peak of the market. If you are thinking of buying or selling bank owned (REO) real estate, or are interested in finding more out about short sales, please do not hesitate to contact me. I do have an investor client who is now buying his third bank owned property. Granted, many of these houses need work. But if you are willing to put in a little sweat equity, it can pay great dividends in the long run.
Enjoy Inauguration Day! Please feel free to call me with any questions you may have about Tucson real estate in 2009.
Written by Sarah Ley,
BSBA, ABR, CRS, CNHSA
REALTOR with Long Realty Company
Direct: (520) 404-0544
http://www.sarahley.longrealty.com/
sley@longrealty.com
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