Snowbirds have returned to Tucson! We are seeing a resurgence in our Second home market since 2007. The active adult communities such as Saddlebrooke, Heritage Highlands and Sun City Vistoso have all experienced increased sales this year in comparison to 2008 and 2009.

Each of these active adult communities offer golf, tennis, fitness centers and a variety of clubs. The Sun City Vistoso homes were built by Del Webb/Pulte, the Heritage Highlands homes were built by US Homes and Saddlebrooke is a Robson community.  If you would like additional information on any of these communities feel free to call or email me.

Happy trails! 

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The Arizona-Sonora Desert Museum is a world-renowned zoo, natural history museum and botanical garden, all in one place!  Desert Museum website.

The Wildlife Museum founded in 1988, the museum highlights over 400 species of insects, mammals and birds from around the globe.  The Wildife Museum website

The Old Tucson Studio which dates back to the 1930’s. Known for the backdrops in the popular movies “Tombstone” and “The Three Amigos” and “The Little House on The Prairie” TV show.  Old Tucson Studio website

Sabino Canyon is situated in the eastern foothills of the Santa Catalina mountain range and is a world of natural beauty. Stunning vistas, the freshness of the morning air, the tranquility of running creek water, and the rugged backdrop of Thimble Peak. . .make this place so unique. There are a variety of trails that range from easy to challenging. Also a tram is available throughout the day.  Sabino Canyon Trails website 

The Pima Air Museum – or as locals call it “The Boneyard’. Pima Air & Space Museum, where history takes flight, is one of the largest air and space museums in the world, and the largest non-government funded aviation museum. You’ll see more than 275 aircraft and spacecraft including many of the most historically significant and technically advanced craft ever produced, both from the United States and throughout the world.  Pima Air website  

If you have plans to visit Tucson in the near future and would like a few more suggestions just send me an email and I will send a packet full of information on Tucson to you.

Enjoy!

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Three quarters down, one to go in 2009 and we are that much closer to a healthy housing market in Tucson. The October housing market reports for Tucson are in and they clearly illustrate positive signs towards stabilization. Thanks to increased buyer activity, great interest rates and first-time homebuyers tax credit, the housing inventory has decreased almost 22% since January 2009. The reports depict the inventory hovering around 6,000 units and the months of inventory sitting close to 6 months! A general rule of thumb used in the real estate industry to gauge market health is the months of inventory. A market is considered “balanced” when the months of inventory is at 6.

A few notable factors from the Tucson Multiple Listing System are:

• Number of closed transactions is up 6.2% over September 2008 and up 39% since January 2009.
• Pending contracts are up 59% over September 2008 and 4.6% over August 2009
• Average sales price was $196,755, down 9% from September 2008

Feel free to view the following housing reports for Tucson and/or surrounding areas. If you have any questions about these reports or would like additional information about Tucson, just let me know and I will be in touch.

Click here for Tucson Housing Report

Click Here for North Tucson Housing Report

Click here for Northwest Tucson Housing Report

Click here for Central Tucson Housing Report

Until next time . . .

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• Number of closed transactions are up 6.2% over August 2008
• Pending contracts are up 45.1% over August 2008 and 3.8% over July 2009
• Average sales price was $199,626, down 5.3% over July 2009
• Average median sales price was $162,595, down 3.1% over July 2009

The overall Tucson MLS active listing inventory at the end of August 2009 is 6,062 which is 21.9% less than August 2008!

Another strong indicator, Months of Inventory, depicts a trend towards a balanced market.  In general, the Tucson market has 6.4 months of inventory versus 9 months of inventory in August 2008. A rule of thumb, a market is considered “balanced” when “Months of Inventory” is around 6.

Tucson is experiencing an increase in buyer activity especially in the price bands up to $300,000 which comprises of approximately 86% of the market sales activity. See below:

Now is the time if you have been thinking about relocating to Tucson or wanting a second home.  If you would like more detailed reports or have a Virtual Home Finder search set up for you, just send me an email and I will follow up with you right away.

Until next time,

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The multi-talented Human Relations Executive for a Chicago corporation, Susan began her bed and breakfast journey by planning a vacation around a seminar “So, You Think You Want To Be An Innkeeper”, conducted by Susan Brown and Nancy Donaldson in Santa Barbara, CA.  After completing the seminar, Susan knew said had the desire now she had to figure out the course. 

With her son, Michael, living in Tucson gave her a perfect reason to explore there.  She soon realized there weren’t very many b&b’s near the university and thought this just might work.  Trusting her instincts, she embarked to find the perfect house to fit her plans.  As fate would have it, in just two short days into her search, Susan found a beautiful 1930’s inspired Spanish Colonial home located in the historic Sam Hughes District.  Located just east of the University of Arizona and less than a mile from medical and urgent care centers, she knew this was it!

Sam Hughes Inn

Next Susan hired architects and contractors to convert this historical home into a bed and breakfast inn.  Yes, there were setbacks, i.e., zoning variances, code issues, construction delays, a medical emergency but the ever persistent Susan kept her eye on her goal.  To hone her skills as an innkeeper, Susan worked for the Lodge on the Desert to get invaluable hands on experience.   As Susan was gaining invaluable innkeeper experience her new house was being converted into a bed and breakfast. 

Through perseverance and incredible enthusiastic support from her neighbors, the Sam Hughes Inn opening day arrived just in time to host her first paying guest a few days before Christmas in 1999.  Yes, Susan had much more work to do such as setting up her marketing campaigns which included a website designed by her daughter, brochures and networking.  Renovations continued by adding more bedrooms, landscaping changes and much more. 

Susan’s business has blossomed through repeat guests, internet exposure and referrals.  Her great location is perfect for parents visiting their sons or daughters attending the University of Arizona, job seeking professionals, and winter visitors who plan to attend the Annual Gem Show, Spring Training or just to get out a break from their winter
climates. So how do you find the Sam Hughes Inn?  This quaint bed and breakfast is located at 2020 E. 7th Ave in Tucson or you can click this link to Sam’s Hughes Inn.  If you are planning to visit Tucson during the winter months, you may want to make your reservation a few months in advance.   Don’t take just my word on how great the Sam Hughes Inn is, here are a couple of testimonials.

A recent guest from Alabama, wrote “Susan, the owner, is a joy to get to know.  She prepares wonderful breakfasts, provides lots of local information and goes the extra mile to provide for her guest’s needs. The rooms are very comfortable and decorated in very good taste.  We will most certainly visit Sam Hughes again”. 
 
An Illinois guest visiting this summer wrote “I could not have asked for a better place to stay in Tucson. The owner is gracious, flexible and a great cook. The breakfast is inspired and is so hearty that it lasts all day. All the rooms and the enclosed garden are inviting places to sit and relax.”

Congratulations Susan on your 10th anniversary and here’s wishing you much success for many years to come!

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Let me try to convey this once in a lifetime opportunity for First-Time Homebuyers . . .

The American Recovery and Reinvestment Act of 2009 instituted a “First-Time Homebuyer $8,000 Tax Credit” which expires on December 1st, 2009.

• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Who qualifies as a First-Time Homebuyer?

The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

As of May 2009, the active inventory of 6,594 resulted in a 27% decrease from May 2008. The months of inventory was at 6.8, down from 8.5 in May 2008 and the median price of homes sold was $170,000, down 16% from May 2008. The Tucson market has seen four months of stability and it has been announced that we have reached bottom.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

Tucson Home Prices

As of May 2009, the active inventory of 6,594 resulted in a 27% decrease from May 2008. The months of inventory was at 6.8, down from 8.5 in May 2008 and the median price of homes sold was $170,000, down 16% from May 2008. The Tucson market has seen four months of stability and it has been announced that we have reached bottom. Long Mortgage – The Damon Buckner Team

Before you begin looking at homes, you should begin the mortgage loan pre-approval process. In today’s highly competitive market, buyers who have already arranged their financing will have a distinct advantage. With a pre-approval in hand, you can shop for your home knowing what your approved loan amount is and how different loan amounts will affect your monthly.

Months of Inventory (MOI) is a good indicator of market health, taking into account both current inventory and sales rates As a rule of thumb a market is considered “balanced” when Months of Inventory is around 6.

Long Mortgage – The Damon Buckner Team

Before you begin looking at homes, you should begin the mortgage loan pre-approval process. In today’s highly competitive market, buyers who have already arranged their financing will have a distinct advantage. With a pre-approval in hand, you can shop for your home knowing what your approved loan amount is and how different loan amounts will affect your monthly mortgage payment. This pre-approval will also help your real estate agent know what price range to keep your home search within. Sellers will take your offer more seriously because you have a lender that is committed to backing your offer. In a competitive situation, a pre-approved mortgage could make the difference between getting the home of your dreams, or losing it to someone else. Feel free to give Damon Buckner a call at 520-603-2043 to find out about the great interest rates and loan programs!

First time home buyers, listen to this.

So that’s it in a nutshell, there is no better time for First Time Homebuyers to purchase their new home. If you would like to learn more or would like to start looking just drop me an email or phone call and we will get started!

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