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Oro Valley Homes for Sale - Common Home Loan Questions


Do you need a down payment to get a loan?

How well does your credit need to be to get a mortgage?
What are closing costs?
Which are better, fixed-rate or adjustable-rate mortgages?
Is it better to get a 15-year loan or a 30-year loan?
What is the difference between pre-qualification and pre-approval?
What is an escrow account, and why is it necessary?
What is included in the mortgage payment?
Which type of mortgage should I choose?
Will my mortgage be sold to someone else?
Getting a mortgage is a significant part of the home-buying equation.

Oro Valley Homes for Sale - Refinancing Time is Now


Mortgage rates, which remain near three-year lows, stand to help not only home buyers but current homeowners. In fact, homeowners who purchased property as recently as a year ago could reap significant financial benefits by refinancing today.
Eighty percent of mortgages originated in 2018 have an interest rate at least 0.75 percentage points higher than today’s 3.4% average. But those are hardly the only homeowners who may want to consider a refinance. Borrowers who took out a mortgage before 2004—when interest rates were much higher—also stand to decrease their rate by 1.75% or more by refinancing.
More than half of American homeowners with a mortgage have a rate that is at least 75 basis points higher than the current average. It’s the largest number of potential refinancers since 2000, when Black Knight began tracking the metric.
Homeowners also are finding more equity in their homes. Total home equity nationally surged to a record high last quarter of $6.3 trillion. The average homeowner has $14,000 in equity available via a cash-out refinance or other home equity product. The majority of homeowners—76%--could access their “tappable” equity with little change to their existing 30-year rate or perhaps even a slight improvement.
Tappable equity is highest in cities, such as Los Angeles and San Francisco. But many homeowners in Texas, Arizona and Florida are also seeing significant amounts of equity.

Oro Valley Homes for Sale - September Housing Report


In the Oro Valley area, August 2019 active inventory was 182, a 31% decrease from August 2018. There were 85 closings

in August 2019, a 5% increase from August 2018. Year-to-date 2019 there were 689 closings, an 8% increase from
year-to-date 2018. Months of Inventory was 2.1, down from 3.2 in August 2018. Median price of sold homes was
$365,950 for the month of August 2019, up 15% from August 2018. The Oro Valley area had 82 new properties under
contract in August 2019, up 6% from August 2018. 
View ALL Housing Reports Here 

Oro Valley Homes for Sale - Why Homeownership Makes People Happier


Most Americans have no regrets about buying a home. In fact, it’s made them happier, a new survey shows.

Ninety-three percent of Americans say they are happier after buying a home, and 83% would never go back to renting, according to Bank of America’s latest Homebuyer Insights Report, based on a survey of nearly 2,000 consumers. Most owners say they have an emotional attachment to their home, and ownership also has improved their lifestyle and variety of hobbies.
Eighty-eight percent of survey respondents say that buying a home is the best decision they’ve ever made. Seventy-nine percent say that owning a home has changed them for the better. Three out of four homeowners surveyed say they pursued new hobbies after buying a home, including:
Landscaping/gardening: 47%
Cooking/baking/grilling: 45%
Interior design/remodeling: 33%
Further, two-thirds of respondents say their relationships with family and loved ones has changed for the better since purchasing a home. They credited homeownership as improving their relationships in the following ways:
Given families a sense of pride: 47%
Allowed homeowners to entertain more: 49%
Enabled homeowners to bring the entire family under one roof: 24% 

Oro Valley Homes for Sale - Retiring? Tucson Number One


From News More and more baby boomers these days are flipping the script and opting for a city with, well, everything a city has to offer. They're ditching the stock notions of retirement from previous generations and seeking to spend their golden years in urban areas that have walkability, great restaurants, culture, good public transport, and decent prices—pretty much the same things that America's other ginormous demo group, millennials, crave. The difference is, more boomers can foot the bill.

And as the largest generation ever to retire, at around 74 million strong—10,000 per day now hitting age 65—its movements are already having ripple effects in the hottest neighborhoods of many U.S. cities. But where?® found the fastest-growing retirement cities where boomers are moving in. Get ready for the silver tsunami.
"Many boomers recognize that cities are a great place to age," says Daniel Levine, founding director of the Avant-Guide Institute trends consultancy. "Everything is often within walking distance, from restaurants to hair salons. Add the plethora of cultural activities and aging in the city is sort of like one big retirement home.
"America's cities are dynamic engines of change," he adds, "and boomers are as much as part of that as younger generations."
The top retirement cities have "higher than average access to exercise opportunities, healthy food options, and parks,” says Rodney Harrell, AARP’s director of Livability Thought Leadership. "They're easier to walk in and have more transportation options."
To zero in on the best urban retirement meccas, we started by calculating the counties with the greatest numbers of incoming folks aged 55 and up (calculated on a per capita basis), and those that have seen the biggest increases over the past two years, according to the U.S. Census Bureau data. We selected the primary cities from those counties.*The Northeast didn't make the cut because it's expensive and cold (some things, like the desire for warmer weather, never change). And you'll see that many of our entries are cheaper alternatives to bigger, way pricier cities nearby. Can't afford San Fransisco? (Hey, join the club.) Give Sacramento a look!
So which cities are experiencing a boomer boom?
1. Tucson, AZ
Median home list price: $290,000
It's not exactly a shocker that an Arizona city topped our list. The 286 days of sun a year and reasonable cost of living make the state a perennial favorite among retirees. But budget-conscious boomers craving the city life are bypassing costlier Phoenix, with a median $340,000 list price, for much more affordable Tucson.
The desert city offers a surplus of 65-plus retirement communities as well as a vibrant downtown, extensive bike paths, gorgeous hiking trails, and award-winning Sun Tran bus system. The city has access to more than—count 'em—40 golf courses. Tucson is also home to Banner-University Medical Center, one of U.S. News & World Report's top 50 hospitals in the country.
2. St Louis, MO
3. Tampa, FL
4. Denver, CO
5. Atlanta, GA

Oro Valley Homes for Sale - This Age Group Is Pushing Home Prices Higher


Millennials are jumping into homeownership in larger numbers, and they’re firing up home prices.

Home price gains had been shrinking over the last year, but increases reversed course and annual gains started trending higher this summer. Home prices increased 3.6% in July compared to a year ago.
Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income. With the for-sale inventory remaining low in many markets, the pickup in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.
More than a quarter of millennials—the nation’s largest generation—says they’re interested in buying a home in the next 12 months. But limited supplies of homes for sale are undercutting their house hunt. At the end of July, the inventory of homes for sale was nearly 2% lower compared to a year ago. In July, there was a 4.2-month supply of homes for sale; a six-month supply is considered a balanced market.
A growing number of millennials are expressing an interest in buying homes, reinforcing the theory that this cohort is continuing to engage within the housing market. But with so few homes available for sale, the imbalance has created an affordability crisis that is getting worse every day. Demand exceeds supply and we’re unsure of when the two will balance out.

Oro Valley Homes for Sale - How To Simply Increase Your Family Wealth By Paying For Housing


Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.

Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equity. As your home’s value increases you also gain home equity.
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).
The latest data from their Q4 2018 Survey revealed that home prices are expected to round out the year 5.8% higher than they were in January. For the next 5 years, home values will appreciate by an average of nearly 3% a year.
This is still great news for homeowners!
For example, let’s assume a young couple purchases and closes on a $250,000 home in January. Simply through their home appreciating in value, those homeowners can build their home equity by nearly $40,000 over the next five years.
Bottom Line
If your plan for 2019 includes entering the housing market to purchase a home, whether it’s your first or your fifth, meet with a local real estate professional who can help you understand where prices are headed in your area.

Oro Valley Homes for Sale - Top Questions Home Sellers Have


I get a lot of questions regarding real estate, and below are some of the top questions I get from home sellers that I work with:

Does my home need to look like it's had a TV-style makeover, perfect in every way?
The better a home looks, the better it sells. Making certain repairs can help you find a buyer more quickly and negotiate the best price. But the prospect can be daunting, as some repairs and upgrades are much more important than others. Helping separate the "must-dos" from the "maybes" is one important service an agent provides. In Southern Arizona, the condition of the roof is always a hot item though not talked about much on HGTV - so, a pre-inspection is often recommended. Curb appeal and entry impact are others, but frankly, every house is different. I'm here to be objective and give you constructive advice to get your home ready for today's market.
How long will my home be on the market?
In Tucson, the current days-on-market average is 38 days, but over-priced homes extend that average. In Phoenix, the current days-on-market average is 65 days, but your home could see much faster or slower. If your home shows well and is priced at value, you will be under contract much faster. Geography, local trends, the marketability, and price of your home all play a role. Higher-priced homes take longer to sell because the pool of qualified buyers is shallower. The more prep work you do before listing your home, the easier, and less disruptive, the "for sale" period will be. And the more likely you'll be to beat that time-on-market average. In this market, it isn't unusual for a value-priced home to sell in a matter of days. I use my experience & local market familiarity to compare your property to recent sales as well as active listings and take into account any special features that make your home unique when developing my pricing strategy. Unlike data algorithms, I can factor in upgrades, lot premiums, and showability - all to get you the maximum price with maximum convenience.
How will the right buyer find my home?
Every home is unique, and I work on applying the right targeted marketing strategy to get your home sold. First, I ask myself who is the most likely buyer for your property. Horse people? First-time buyers? Move up? People with lots of toys with wheels? Then I zero in on that Buyer pool with my marketing. I do that by networking with other agents, locally and globally, pairing those efforts with a comprehensive set of marketing tools that give your property the most exposure to potential buyers. In today's market, that means a strong digital marketing strategy that lets buyers see you're listing anytime, anywhere, on any device. My marketing strategy gets the right exposure for your property, so we get your home sold.

Oro Valley Homes for Sale - Kickin’ Off the Fall Season


The University of Arizona Athletics Department is kicking off its Fall sports season with its first home game against Northern Arizona University on September 7th at Arizona Stadium. Arizona State University hosts Kent State on August 29th and then takes on Sacramento State on September 6th at Sun Devil Stadium.

Returning this season for the Wildcats as head Coach Kevin Sumlin, quarterback Khalil Tate, and running back J.J. Taylor – looking to leave it all on the field this season. Other football home games in September include Texas Tech on the 14th and UCLA on the 28th. ASU's Coach Herm Edwards hopes to lead the Sun Devils to early victories, leading to late-season playoff bids.
In addition, the University of Arizona men's basketball team will start hoopin'-it-up on September 27th at the McKale Center for the Red-Blue game. If you want a copy of this year's sports schedule to keep you up-to-date on all things Wildcats, reach out - I would love to hear from you!

Oro Valley Homes for Sale - Monsoon


Monsoon storms are unique to our area, and for many Arizonans, it's our favorite time of the year. While most of us are excited for the rain to roll in, it's also important to remember to be safe.

Severe storms and flash floods can make our roads dangerous, but by taking the appropriate precautions, you can know how to stay safe. If extreme storms hit, making it difficult to drive, move your vehicle entirely off the road and stop with the lights off. This prevents other drivers from following your tail-lights, believing your still on the roadway. Also, don't drive through a flooded area as it only takes one foot of water to wash away your vehicle. For more safety tips, check out
Social media is a great place to track this year’s monsoon. By using the hashtag #monsoon2019 on Twitter, you can easily stay up-to-date. Also, our local news stations are excellent resources on keeping you current on all things monsoon.

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