Hope all is going well! We have seen new sales drop and inventory (new listings) explode!! However since around February 17th the market has been busy!! Yes there is a but! Here is an excerpt from a letter issued by the president of Long Realty Company, Rosey Koberlein, that explains what is happening:
1. Inventory is rising. The market has shifted from a seller's market to a more balanced one.
2. Pricing is flattening. However many sellers still think prices are rising from media reports, and may have overshot the market in terms of price.
3. It's a price sensitive market again. DOM is starting to increase and sellers are getting a lower percentage of their original list price. Value priced listings will sell quickly, while those not priced correctly are less likely to sell.
4. Interest rates are forecast to rise in 2014, reducing the purchasing power of buyers and keeping prices flat.
5. We expect the housing recovery to continue in 2014 however at a slower pace of growth, compared to the last 2 years.
So what is new...another shift in the market. We are seeing properties selling 8%-15% below market, not below list price. If you are curious on how this affects you, please call me and we can discuss it! Once again I am glad to be of service!
FUTURE OF WATER IN SOUTHERN ARIZONA LOOKS MORE THAN "HALF FULL"
Speaking to a special assembly last month, two recognized local water experts explained that long term water management and steady supplies will meet future water demands in Southern Arizona far into the future.
Dr. Sharon Magdal, Director of Water Resources at the University of Arizona, and water rights attorney Robert Anderson said that a combination of ground water management, recharge efforts to underground aquifers, smart surface water collection, consistent CAP supplies and active conservation programs mean that a 100 year water supply seems assured. Successfully dealing with issues of both water quantity and water quality will be the key to providing enough water for people, industry, agriculture and the economy as a whole, said Dr. Magdal.
Tucson and Vicinity Residential Re-Sale Statistics
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"We must constantly address the gap between supply and usage," explained Dr. Magdal, "But our efforts since creating five Active Management Areas in the state, Tucson being one AMA, in 1980 have paid off."
Attorney Anderson, expressing "a private sector" perspective, focused on a 20 to 30 year horizon for water, emphasizing new technologies in treatment, reclamation, augmentation, and a possible desalinization plant for ocean water near San Diego to meet the needs of each sector, including mining.
"Replacement of water to the aquifer is also necessary to address problems of subsidence, over pumping and the effects of drought," said Anderson.
Hosting the event, Rosey Koberlein seemed to answer the question of whether Tucson's water glass is half empty or half full.
"Both!" Rosey said, quoting her young niece when asked the same question.
To read more information on the future of Arizona's water supply, view Arizona Know Your Water Consumer Guide and Layperson's Guide to Arizona Water.
News, Notes, Upcoming Events…
Did You Know…
- A cup of drip brewed coffee has about 115 milligrams of caffeine, an espresso (and percolated coffee) about 80mg, instant coffee has about 65mg of caffeine. Decaffeinated contains about 3mg of caffeine. 8oz can of Coke has about 23mg of caffeine, Pepsi 25mg, Mountain Dew 36mg, & TAB 31mg. Tea has about 40mg caffeine, and an ounce of chocolate contains about 20mg.
|Do you know a buyer for these homes?
8604 N. Johnny Miller Dr
Beautiful townhome featuring 2 bedrooms, 2 car garage, raised ceiling, great room in Tucson National Country Club...
4373 W. Blacksmith
Want for nothing! 1709 square feet, pebble tech pool, spa, fountain, pristine, nice eat-in kitchen, 3 bedroom, 2 1/2 baths...
If you are looking for a painter or a heating & cooling specialist, check your 2013 Service Directory.
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(This Newsletter is for information only and is not an attempt to solicit other Broker's listings.)