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Old 06-13-2009, 08:59 PM
 
Location: So Cal
52,400 posts, read 52,919,967 times
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What's it like like in Tucson, I've been checking the MLS listing and it seems like things have dropped a bit in Tucson area.

I know in So Cal, the market is shythouse for sellers. Great for buyers though.
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Old 06-13-2009, 11:15 PM
 
Location: Gramercy, NY
104 posts, read 85,902 times
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Great for buyers here, too! Not for sellers. You can get a 4bd/2ba with an in ground pool on a decent side of town for $100,000. There are a glut of properties here(new and old).
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Old 06-14-2009, 12:06 AM
 
Location: Tucson
42,831 posts, read 88,309,164 times
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Quote:
Originally Posted by Chowhound View Post
What's it like like in Tucson, I've been checking the MLS listing and it seems like things have dropped a bit in Tucson area.

I know in So Cal, the market is shythouse for sellers. Great for buyers though.
The less expensive houses (foreclosures) have been gobbled up quite quickly. Of course, it's also the traditional high season in RE here, but that's not the only reason. Rumor has it investors are buying in bulk and there are bidding wars on the most aggressively priced ones (same in Phoenix, btw). Regular first-time buyers try to take advantage of that 8K credit. New construction is down to a screeching halt, which is another reason the rest of the inventory gets absorbed faster. The market in quite a few areas of town is pretty balanced, even leaning towards seller's market with 4 to 5 months of inventory. There's a zip code with 3 months of inventory - we're talking just like summer of '05. You can check last month's numbers on this blog:

Tucson Real Estate Tucson Homes

Chow, dear... how many markets are ya scoping anyway...?! There's a house for sale very close to mine. Come on, become a neighbor already!
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Old 06-14-2009, 12:08 AM
 
Location: Tucson
42,831 posts, read 88,309,164 times
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Quote:
Originally Posted by Bullmoose View Post
Great for buyers here, too! Not for sellers. You can get a 4bd/2ba with an in ground pool on a decent side of town for $100,000. There are a glut of properties here(new and old).
No kiddin'! Humor me and show me ONE!
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Old 06-14-2009, 12:20 AM
 
Location: Southern Arizona
9,603 posts, read 31,776,710 times
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Quote:
Originally Posted by Bullmoose View Post
Great for buyers here, too! Not for sellers. You can get a 4bd/2ba with an in ground pool on a decent side of town for $100,000. There are a glut of properties here(new and old).
Quote:
Originally Posted by sierraAZ View Post
No kiddin'! Humor me and show me ONE!
I was thinking the very same thing, Sierra.

Obviously, Frostbite Falls is nowhere near Arizona.
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Old 06-14-2009, 08:55 AM
 
Location: Oro Valley AZ.
1,024 posts, read 2,755,475 times
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Sierra is exactly right, inventories have dropped dramatically since the first of the year for a variety of reasons. Six months supply is considered a "balanced" market. Right now, for homes under 275K, the supply is less than six months, and as stated before certain zips are down to 3 months. I have all this in a PDF file, if anyone would like it just PM me. I have it for all of Tucson or for a specific area, NW, NE etc.
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Old 06-14-2009, 12:49 PM
 
643 posts, read 2,058,246 times
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Quote:
Originally Posted by sierraAZ View Post
Regular first-time buyers try to take advantage of that 8K credit.

Link, please?
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Old 06-14-2009, 01:06 PM
 
Location: Tucson
42,831 posts, read 88,309,164 times
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Quote:
Originally Posted by JillBoBill View Post
Link, please?
What do you mean? You haven't heard of it or you don't think people are trying to use it?

That's the info: Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php - broken link)

As far as people trying to use it, obviously there's only anecdotal evidence. Nobody provides this kind of break-down in the stats.
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Old 06-14-2009, 01:32 PM
 
Location: Red Rock, Arizona
683 posts, read 2,656,036 times
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Quote:
Originally Posted by sierraAZ View Post
That's the info: Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php - broken link)
It's really nice now that they're allowing people to use the tax credit to help with down payments and closing costs. I got the $8,000 credit on my tax return this year, but I have to pay it back.

#20 The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?

It means that HUD will allow buyers to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
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Old 06-14-2009, 07:01 PM
 
Location: So Cal
52,400 posts, read 52,919,967 times
Reputation: 52902
Quote:
Originally Posted by sierraAZ View Post
Chow, dear... how many markets are ya scoping anyway...?! There's a house for sale very close to mine. Come on, become a neighbor already!
I refuse to buy unless it is right next door, that way I can harass you.

BTW, I'm mostly just checking out Tucson and Albacrackie. The market here is so bad I doubt I could sell even sell my condo right now.
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