Friday, July 22, 2011

High unemployment = opportunity

A WSJ report today indicates that the unemployment rate is up in 28 states. What does this mean for the housing industry? Nationally, it means more of what we have been experiencing. Uncertainty. I believe that we will not see mortgage interest rates rise in any significant way until the economy begins to recover. Without jobs, the economy won't be turning around. So, rates are likely to remain low for the time being. In the Tucson market, we are seeing some stability begin to take shape. We have 5 straight months of declining home inventory, and a general increases in sales activity. This is a good trend for price stabilization. Low supply + greater demand = higher prices. It is still to soon to call the bottom of the housing market in Tucson, but it is sure looking like we are close. There are investors and first time buyers out there right now looking for homes and I am currently working with both. What to do? Buy a home as soon as you can get it done! Rates won't stay low forever, and neither will prices. Speak with a lender today to get yourself qualified, and go shopping! If you are selling to upgrade or downsize, there are buyers out there ready to buy your home. Get it listed! This is a time that we will all look back at later and say "boy, I really should have bought more property when I had the chance"!

Wednesday, July 20, 2011

Looking to buy a home? Pick the right Realtor.

The people that visit my many open houses present me with a great opportunity to learn. I ask a lot of questions, and listen carefully to the responses. Sometimes, the visitors take the opportunity to tell me about their current or last Realtor. Here are some if the things that I hear; "She seemed too busy for us",  "He didn't explain things very well", "We have to call her to find out about anything", "He kept showing us property that we specifically told him we didn't want", "we must have looked at 30 homes", "She never answers her phone".

When you are ready to start the search for a new home, do yourself a favor and take the time to find the right Realtor. Ask yourself a few questions after you have spoken with a prospective Realtor; Do they seem to understand the current market? After you have spoken with them for a while, do they know the inventory well enough to suggest specific properties? Did they suggest multiple uses of technology (internet search tools, texting tools, quick response codes) to aid in your search? Did they write down anything you told them? Did they ask questions about you? Or did they just talk about their qualifications? Did they suggest a meeting at their office to review/explain the home buying process from start to finish? Do they have an office? If they can walk you through the process smoothly, there is a good chance they will understand the process well enough to assure the details of your transaction are completed timely. These are all things that a true professional  Realtor will do. If they can communicate with you and listen to you in the interview, then chances are that they will do so throughout the transaction. A professional values your time as well as her own. Their job is to ask questions, listen to your answers, and apply what they have learned to get you what YOU want, quickly and efficiently. 

Take the time to find the right Realtor. You will be glad you did.