August Market Statistics + My Listings and Sales
|  | Dear Friends,
As we prepare for another month of real estate updates and news, we pause to remember the tragic events of September 11, 2001. Today marks 23 years since that fateful day, and we honor the lives lost, the survivors, and the first responders whose bravery continues to inspire us.
In this month's newsletter, I will summarize the latest market statistics for the Tucson area and surrounding communities, comparing them to last year's numbers to give you a clear picture of the trends. I will also write about tapping into your most valuable asset, home equity, exploring how homeowners can leverage their home equity to build a more secure financial future.
August Market Statistics and how they compare to the previous year
New Listings - 1,753 up 13.2%
Closed Sales - 1,076 down 13.2%
Average Days on Market Until Sale - 45
Median Sales Price - $355,000 down 1.4%
Average Sales Price - $415,500 up .5%
Total # of Active Listings - 3,772 properties
Average Months of Supply - 3.51
Sale Pending in 85745
3475 W. Sweetwater Drive - Listing Price $625,000
2BR+Den/2.5 Baths, 2,185 sqft, 7-car garage with workshop and 1 BA, 3.45 acres of land, and a private gated entrance.
The sellers were thrilled to entertain multiple offers and secure one backup offer.
Sale Pending in 85718
4951 N Valley View in the Foothills - Listing Price $1,250,000
3BR+Den+Flex space/2.5 Baths+ 3,100 sqft, 3-car air-conditioned garage, pool,.88 acres of land, fully fenced property with a private gated entrance.
The sellers responded to the market, reduced the price, and received multiple offers.
On the market in Oro Valley
12851 N Whitlock Canyon Drive - Listing Price $829,000
4BR/2.5 Baths, Great room concept, 3-car garage, pool & spa, putting green, mountain and sunset views.
The sellers responded to the market and have reduced their price to a new aggressive low of $829,000. Two new HVAC units, a new tile roof, and a new high-efficiency pool pump. This home is updated, upgraded, and ready for a new owner.
Home Equity 101: Understanding and Using Your Biggest Asset
Home equity is a strong financial asset that homeowners can use in many ways. It represents the difference between the current market value of your home and the outstanding balance on your mortgage. As you pay down your mortgage and as your home's value appreciates, your equity grows, creating a valuable financial resource.
Did you know you can use your home equity for various purposes? Three out of five homeowners have at least $100K in tappable equity (the sum a borrower can access while keeping a healthy 20% equity cushion). Here are some ways you can make the most of your home equity:
- Home Renovations: Enhance your living space and raise the value of your home to boost your equity even more.
- Consolidation of Debt: Consolidate high-interest debts, such as credit card balances, into a single, more manageable, and often lower-interest loan.
- Education Expenses: Utilize a lower-interest home equity loan or line of credit (HELOC) to fund your or your children's education.
- Emergency Expenses: Use home equity as a financial safety net during emergencies.
- Investing in Real Estate: Buy additional property, either as an investment or a vacation home.
- Starting a Business: Get the money you need to start or expand your business.
- Supplement for Retirement: Supplement your retirement income through a reverse mortgage or by downsizing and using the equity to bolster your savings.
When Not to Use Home Equity
- High-Risk Investments: Funding speculative investments can be risky. If the investment fails, you could lose your home.
- Non-Essential Luxuries: Avoid funding vacations, luxury cars, or other non-essential purchases. They do not increase your home's value and can put you at financial risk if you're unable to repay the loan.
- Covering Everyday Expenses: Using home equity to cover everyday living expenses may be a sign of more serious financial issues. It's better to address the root causes of financial instability rather than applying a temporary fix.
How to Start Utilizing Home Equity
- Determine Your Equity: Calculate your equity by accessing your home's current market value and subtracting your outstanding mortgage balance. Reach out to me and I can help you with this.
- Define Your Needs: Clearly outline what you intend to use the equity for. This will help you choose the right type of loan or line of credit.
- Consult with Professionals:
- Real Estate Agent: If you’re considering using equity for real estate investments, or just need help to define your next steps, feel free to contact me. I can provide you with all the info you need and connect you with other professionals.
- Lender: Speak with a mortgage lender or financial institution to explore your options for home equity loans or lines of credit. They will inform you on interest rates, terms, and application requirements.
- Financial Advisor: For complex decisions, such as using equity for retirement or business, a financial advisor can offer valuable guidance.
- Apply for the Loan/Line of Credit: Complete the application process with your lender once you've chosen the right financial product and gathered all documentation.
- Plan Your Expenditures: Ensure you have a clear plan for using the funds and managing repayments.
Whether you're looking to improve your home, consolidate debt, or fund major life events, I am here to help you navigate the process of leveraging your home equity. Your journey to financial empowerment begins with understanding and utilizing the resources available to you.
Thank you for your continued trust in my expertise. I'm here to ensure your real estate journey remains successful and smooth. I am never too busy for you and your referrals. Call, text, or email anytime.
Sincerely,
Mary |
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