Bondi’s Real Estate Top Ten on Turkey Day!
Happy Thanksgiving Day everyone! So much to be thankful for- even during a time of economic struggle! Clearly a recession is in full force at this point, we would all agree, I’m sure. The real estate market is a conundrum. With house prices at a low and foreclosures at a high, what is one to do?
I say, keep your chin up! I believe that from every negative a positive is derived and that every day we make a choice. We can either fall prey to the gloom and doom attitude or choose to see the positives that lie beneath the surface. So today, I share with you my Top Ten Turkey day positives!
10. It’s a buyer’s market! If you don’t have to sell and you are in the market to buy a home, then you’re in luck because we are in a buyer’s market which means real estate prices are at a low and you can find your dream home at an affordable price!
9. Interest rates are at a record low! This is unusual because general rule of thumb is that when prices are down rates are up, but currently the average rate for 15-year mortgages dipped to 4.40% this past week and 30 year mortgage rates were as low as 4.78% this past week! Woo HOO!
8. First Time Home-buyer up to $8000 tax credit was extended from Nov. 30, 2009 to April 30, 2010. This is great news for buyers and sellers!
7. The legislation that extends the First Time Home-buyer tax credit also expands the credit to grant current home owners purchasing a new or existing home between Nov. 7, 2009 and April 30, 2010 an up to $6500 tax credit!
6. NAR Chief Economist Lawrence Yun estimates that homes sales in 2010 to increase by 15% due to the credit and home price stabilization.
5. Nationally, existing-home sales jumped 10% this past October. These sales include single-family residences, town homes, condos, and co-ops.
4. Total housing inventory fell nationally by 3.7% at the end of October.
3. In October, 41% of Tucson homes on the market sold in under 30 days!
2. In the past 24 hours, 72 single family residences under contract closed escrow in Tucson, AZ!
1. Take the time to really enjoy family, friends, football and food! Then call me, BONDI, with all of your real estate needs and you’ll be sure to have an ethical, pleasant, and successful buying/selling experience.
Happy Thanksgiving Everyone!!
~Bondi
statistical sources include Tucson Association of Realtors October 2009 market statistics and National Association of Realtors-Realtor Magazine at Realtor.org.