Share on Facebook is a video that was sent to me on Facebook and it is very interesting to see just how large and important the social media and internet marketing arena has and is becoming. Internet marketing is something I have as a Realtor taken very seriously and been involved with for the past three (going on four) years. For me as a Realtor representing people and their properties the internet is the best way in my opinion to gain their home the best exposure and for potential buyers to find me to help them with their real estate needs. Few Realtors understand how important this segment of the marketing world is. The average Realtor if he/she advertises at all (few do they rely on MLS to do everything) only advertises in the newspaper, home magazine, and possibly radio or television. The problem with that is the internet gives the buyers the most intimate and most information possible allowing your home to shine in a way none of the other media formats can compete with. So without getting to far away from the topic take the time to watch this video and see just how large the social media world and the internet have become. Once you have seen this I think it would be obvious that when selling a home you NEED a Realtor that knows how to showcase your home online and place it in front of the most viable buyers in the marketplace.
Share on Facebook Here is a video from cnbc.com with Robert Toll, CEO of Toll Brothers, the largest luxury homebuilder in America. Interesting that the high-end markets across the country seem to be snapping back a little. As Toll reports, Toll Brothers as a builder is starting to pull back on the incentives they are offering (as reported here previously). Also worth mentioning is that Toll reports cancellations of contracts is currently at 9% — cancellations meaning those buyers that “order” a home to be built and then cancel before closing escrow. The historical average for Toll Brothers is 7%. At 9% it would seem to me that the luxury market is getting closer to the historical averages as fewer buyers are “stretching” to try to buy more than they can handle. Also, less speculation is occurring than in previous years which is also dropping the cancellation rate.
Share on Facebook As mentioned here the real estate markets are getting better across the nation. In Tucson Arizona this holds true and the evidence for the national statistics also show vast improvements from a year ago. Today it was published that the pending home sale numbers were up in June marking five straight months of improvement and easily beating analyst expectations. Here is a quote from cnbc.com
Pending home sales for March rose 3.2% as signaled here all (well most) housing indicators are signaling a housing bottom. (or at least a reversal of the previous 3 year downtrend) I think housing “bottom “maybe too early to tell and we need 5-6 more months of sustained increases in sales levels and decreases in inventory. Here is an article from cnbc.com from this morning showing national pending home sales numbers. Pending home sales numbers are a good indicator because they show the front end of the housing sales stats. Homes “pending” for sale before they close so when you see pending home sales numbers up then unit sales will follow.
New Home sales came in better then expected as inventories have started to fall. This is good for the overall market as inventories declining puts pressure on buyers to make a buy as fewer options are available. In Tucson I would say the vast majority of new home builders have placed strict controls on when and if they build a home. Builders in Tucson are guarding against starting a home and then having a buyer either not get financing or decide they can find a better deal elsewhere and cancelling to buy something else (mostly foreclosures) leaving them with a spec home (A new home finished with no buyer). At the end of the day by builders watching very closely which homes and how many they start construction on it leaves less “spec homes” on the market (inventory) and strengthens the overall new home market. There is still a ways to go for new homes in Tucson however most builders are down to a rock bottom price and most neighborhoods are selling. Of the past 4-5 new homes I have sold in the past couple months all the new home communities seemed to me to be selling relatively well. In other words I believe the worst is behind the new home builders in Tucson builder’s profit margins are about non-existent currently but at least currently most builders have found a close equilibrium between sales price and buyer demand.
Existing home sales came in at a higher then expected number across the nation. Existing home sales increased 5.1% in February a lot of this can probably be due to incredibly high affordability in almost all areas and the stimulus plan that brought additional buyers into the market. For the first time in a long while real estate reports are starting to show trends that are not in line with the past 3 year downturn. A couple weeks ago New Home Starts surprised everyone by being up 22% over previous year numbers. Now with Existing Home sales notching the largest sales increase since July 2003, it could mean a baseline bottom is starting (or has begun) to form. Now with only one increase on the books there still needs to be (in my mind) at least 3-6 straight months of sales increases to justify the real estate markets have turned around. For the time being these stats are showing strength in what was thought to be a still weakening housing market. Also keep in mind all real estate is very local sometimes even down to the street you live on. The Tucson Arizona real estate market seems to be making a turn around but whether it has truly hit bottom or not is hard to say. I do see a lot of buyers are in the market right now probably more today then anytime in the past 6 months. Time will tell if this is the bottom of the market or just a slight blimp. Here is the entire report from cnbc.com about existing home sales for those who would like additional info. (along with a video)
This is a video from MSNBC and it shows that the sales rate is roughly at a 12 year low. It also highlights that 45% of the home sales occurring across the nation are in the distress stages ie: short sales, bank owned, etc. As most that read this blog already were aware of since about December up until the tax stimulus was passed demand for homes at least in Tucson was very light. However since last week (at least for me) I have seen an impressive jump back in buyer demand. Will this have a long lasting effect or just be a quick demand spur is the real question at this point. I think the Tucson real estate markets are getting (if not already) very close to a natural bottom once there is a predictable trend of foreclosure activity slowing that will mark the true beginning of the end of the downturn. Statistically speaking we have seen distress sale percentages coming down vs. overall homes for sale in Tucson but it’s too early to tell if this is going to be a predictable trend possibly in 3-6 months of these same stats repeat themselves will give us a lot more data to tell if this bottom is real. Here is the video for the existing sales numbers for across the US.
Here’s a good video explaining the current statistics, thoughts, and trends of the current national real estate marketplace. This is in my mind pretty accurate all the incoming numbers show the severity of the downturn. I also know (at least in Tucson) the buyers are starting to show back up after seeing interest rates fall below 5% AND home prices fall 40%-50% in most areas. Time will tell how long the local Tucson real estate market stays in a down trend. Tucson is unique to a lot of areas as it has a high affordability, good economy, (well considering the overall economy Tucson’s is much, much better then most.)amazing climate, (pulls in winter visitors/ second home buyers) and growing population. A growing population is a natural “stimulus” to the local economy as more people have needs for additional housing, services, etc. One more thing to “note” as Tucson has (like Phoenix) a high percentage of retired individuals this is also a very good thing for the local economy as those individuals take nest eggs, and government benefits and end up spending them in Tucson vs. where they had lived previously. (Common theme: The more money coming into an area the stronger the local economy.)
Here is a video of The Rancho Sahuarita Neighborhood. This is my first video and to be honest this one could have been a lot better but at least for those out of town that want to get a good idea what Rancho Sahuarita is all about this video should be beneficial. Believe it or not (those that live in Tucson know it to be true) I shot all this video in early March ( 2008) and YES PEOPLE ARE SWIMMING IN THE POOL! That’s how great the weather is here in Tucson that people actually swim 10 months a year. The splash park you see in the video (kids area with slides and very shallow pool) only operates during the summer when all the kids are out of school but during the summer this entire pool area is packed with people. Some of the other footage shows the many “satellite ” pools and parks. Those are also closed during most of the year as there is only demand for the large main pool during the non-summer months.
This video is a good source to give buyers an idea what mortgage lenders are looking for when giving out financing in today’s real estate market. Keep in mind buyers still can obtain 100% financing and low interest rates however it is much more difficult then in past years. Also FHA loans still allow buyers to buy with as little as a 3.5% down payment AND currently FHA mortgage rates are at 5.0% OR LESS depending upon different factors.
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Existing home sales came in at a higher then expected number across the nation. Existing home sales increased 5.1% in February a lot of this can probably be due to incredibly high affordability in almost all areas and the stimulus plan that brought additional buyers into the market. For the first time in a long while real estate reports are starting to show trends that are not in line with the past 3 year downturn. A couple weeks ago New Home Starts surprised everyone by being up 22% over previous year numbers. Now with Existing Home sales notching the largest sales increase since July 2003, it could mean a baseline bottom is starting (or has begun) to form. Now with only one increase on the books there still needs to be (in my mind) at least 3-6 straight months of sales increases to justify the real estate markets have turned around. For the time being these stats are showing strength in what was thought to be a still weakening housing market. Also keep in mind all real estate is very local sometimes even down to the street you live on. The Tucson Arizona real estate market seems to be making a turn around but whether it has truly hit bottom or not is hard to say. I do see a lot of buyers are in the market right now probably more today then anytime in the past 6 months. Time will tell if this is the bottom of the market or just a slight blimp. Here is the entire report from cnbc.com about existing home sales for those who would like additional info. (along with a video)
1650 E. River Road, Suite 202