In both the Northwest and Dove Mountain areas, distressed sales have declined from October 2015. At the same time distressed sales in both the Foothills and Oro Valley have increased from a year ago. Median home prices have increased 7 percent Northwest, 4 percent Oro Valley, and 3 percent Foothills compared to October 2015. Comparison for Oro Valley shows a 7 percent decline from a year ago.
Two reasons multigenerational homes are making a comeback: are increasing home prices and the lack of housing inventory. Low interest rates have fueled home purchases along with a feeling of improving economy. Younger generations have not been able to save and struggle to find good-paying jobs. Also adding to the comeback are (11percent) aging parents, (18 percent) cost savings and (14 percent) children moving back home, according to a recent NAR survey.
With the holiday season here, many home owners wait to list their home for sale. Yet, a great time to list because: (1) Relocation buyers are looking especially with children to have them settled in school at the start of the new year. (2) Those looking to buy are serious and ready. (3) Restricted visits are understood during
the holidays. (4) Homes look great with decorations. (5) There is less competition as many wait list.
Although traditional IRA’s limit to publicly held stocks and bonds, Self-Directed IRA’s allow a broad choice of real estate for investment including rental houses, multi-occupant dwellings and office buildings, residential and commercial real estate, unimproved land, foreclosed properties, deeds and mortgages and investment in crowdfunded real estate. Contact your investment advisor if appropriate for you.
To get the best service from a real estate agent know that your initial offer is fair for the seller and will be acceptable to a bank when financing the purchase. A great agent will discuss neighborhood market values before an offer is made. Additionally your agent should appreciate your timetable when it involves a move due to a new job or school schedules for children to mitigate disruptions. Clearly understood parameters is an advantage for both you and your agent in finding the “right” home.
Finding the “right” home is only part of the consideration. Know the potential cost of ownership including property taxes, insurance rates, any association dues and any potential assessments. Is there a need for new furniture and appliances? Know the costs of living in the home including water, gas, electric, garbage collection. The home may have great landscaping, but does it require costs of upkeep and clearly know the costs of enjoying a home that comes with a pool or spa.
The first real estate investment is a home. Consider it the springboard to future real estate purchases to build a cash flow and equity growth portfolio. Visit the monthly Tucson Real Estate Investment Forum, at Denny’s Diner, River & Oracle, 6-7:30 pm on the first Tuesday. Free first visit, with additional at $5.00 or $35.00 annual fee. Info: 520-909-9375 - firstname.lastname@example.org
Jay McCall is a real estate consultant at Berkshire Hathaway HomeServices Arizona Properties. His career experience spanning banking, mortgages and real estate offers knowledgeable and professional service. He is reached at: email@example.com