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January/February 2019

Hello and best wishes for the New Year!

I am grateful and honored to be part of so many lives. Thank you for giving me the opportunity to be of service! Once again I want to say how fortunate I am to help neighborhoods with their plans, help people sell their homes so they can continue with their dreams and help people buy homes so they to can live their dreams! Thank you!

Mortgage News: Mortgage Matters!

By Ed Arriola - Long Mortgage Company

Interest Rates are on the rise.…With the Federal funds rate being near 0% since 2009, and the 10-year treasury hitting a low of 1.367 in July 2015, the target range for the Federal Funds Rate is now 2.00–2.25%. This represents the eighth increase in the target rate since tightening began in December 2015. The 10-year Treasury recently more than doubled reaching 3.24%. Mortgage rates have also increased significantly and are expected to rise further. Currently, 30-year rates have breached the 5% level not seen in years.

5-year and 7-year Adjustable Rate Mortgages (ARM), and 15 year mortgages are running about .50% to .75% less and are a good option to keep the interest rate down especially when the circumstance exist that the loan could be paid off in that time frame. The strong economic growth, low unemployment, increasing stock prices are the contributing factors to the increase in rates. Fortunately, inflation remains in check where high inflation can be a significant factor leading to even higher rates.

Mortgage Loan Limits Increase! Due to rising home prices nationally, The Federal Housing Financing Agency announced a nearly 7% jump in the 2019 Conventional Loan Limits. The new limit for Conventional FNMA/FHMLC is $484,350 up from 453,500.

This also sets the limit up to 484,350 for the maximum VA Loan with no money down! VA loans allow higher loan amounts-but require a 25% down payment on the difference between the sales price and the new loan limit.

The FHA Loan limit for 2019 has not been announced but is expected to rise to approximately to 314,825.

Ed has helped thousands of Tucson home owners purchase or refinance their homes over the last 30 years. He is a University of Arizona Business/Accounting graduate and was All American track star running the mile under 4 Minutes while at the U of A.


Tucson and Vicinity Resale Statistics

Date Avg. Sales Price Days on Market # Sold
November 2018 $258,599 38 1138
October 2018 $251,606 41 1280
September 2018 $248,760 38 1155
 
November 2017 $246,437 44 1134
October 2017 $238,358 40 1212
September 2017 $247,649 42 1212
Statistics gathered from Tucson Multiple Listing Service
If you would like the latest information as it comes out, please follow me on twitter @geneathiel and/or subscribe to the monthly e-mail newsletter.

News, Notes, Upcoming Events

  • Tucsonishome.com has been redesigned. There are still many updates coming up, such as improved property searches, community information pages (Historic Downtown, Jefferson Park, West University, Tucson Market updates)
  • 94th La Fiesta de los Vaqueros - Tucson Rodeo February 16, 2019 - February 24, 2019

Did You Know?

  • How many shows make up the Tucson Gem, Mineral & Fossil Showcase?
    There are 48 separate shows in 2019.
  • How many people attend the Gem, Mineral & Fossil Showcase?
    Nearly 50,000 people visit shows over the two weeks.
  • When is the Tucson Gem, Mineral & Fossil Showcase?
    February 2-17, 2019. However events do start Jan 24 and run through Feb 19.

Do you know a buyer for these homes?

2950 E Consuelo Pl.
$399,900

On an acre this 5 car garage, 2 carport, 2520 square foot home also has a pool and fireplace. Lots of room and privacy! Nice upgrades!

216 E Lee
$249,500

This wonderful 2 bedroom home will have redone wood floors, has remodeled bathrooms, spa and sauna house and more...