The Tucson Association of Realtors 2011 Summit was January 27th and I was fortunate to be able to attend.
The main presenter was Marshall Vest, Director of Economic and Business Research Center at the University of Arizona’s Eller College of Management. He is an authority on Arizona’s economy and is a consultant to a number of Arizona’s largest companies, Arizona’s Governor and Legislature, as well as a number of local governments. With 30 years heading the College’s Forecasting Project, Mr. Vest has authored over 175 articles on the economy. These forecasts are recognized as among the most accurate in the western states, and he is frequently quoted in both the local and national business press.
We also had a chance to hear from the Manager of the Town of Sahuarita, Jim Stahle; the Manager of the Town of Oro Valley, Jerene Watson; the Manager of the Town of Marana, Gilbert Davidson; and the Manager of the City of Tucson, Mike Letcher.
Each speaker shared their view on where our community is going and what they see for 2011.
The following is a re-cap.
According to Mr. Marshall Vest the US economy is in expansion mode. The recovery is over and nationally we have regained (or recovered) the loss and the GDP (Gross Domestic Product) is high. Although unemployment is still high and credit is still shrinking the national numbers are up and moving in a positive direction.
In 2005 the real GDP was 13.5 trillion dollars today that number is the same. Confirming that we are back to where we were in 2005. Further support of this is the growth in the real GDP for the last six quarters in a row. The expected growth rate is 2% to 3%.
Arizona’s economy however is just beginning its recovery. This recovery phase is predicted to last to 2013 followed by our expansion phase beginning end of 2013 beginning of 2014.
A quick look at our housing numbers. Presently we have an enormous inventory of vacant homes. In Arizona we have approximately 130,000 homes sitting vacant (where they once received mail and now have not for 90days or more) this is 4.9% of all houses. The normal rate is 1.5% of all homes are vacant.
Nearly half of all Arizona home owners are in a negative equity situation.
The number of foreclosures in Arizona placed us in the second highest state in the US. The highest number of foreclosures was in Nevada. In 2010 one in 17 homes received foreclosure notices which is 5.73%. However, this is down 4% from 2009. To give you some perspective on where Tucson sits within the state of Arizona, while AZ is the 2nd highest state in the nation for foreclosures Tucson is not even in the top 50 city’s for foreclosure. Las Vegas was the number one city in the nation for foreclosures with Phoenix as number two, Orlando, FL was number three and Ft. Lauderdale, FL was number four.
Tucson lost around 30,000 jobs during the recession however they are working hard to make those back up. The top three areas of industry that provide the most employment in Tucson are: 1. High Technology at 12%, 2. Tourism at 12% and 3. U of A at 12%
Retail sales were up in 2010 and are expected to grow 6-7% in 2011.
Tucson will continue to see modest improvements in our recovery in 2011 and this really accelerated in 2012 and 2013.
Investors are starting to come back into the market of home purchases with prices so low they consider this a time they cannot afford NOT to buy. As our inventory of vacant homes comes down new building will once again begin and that will be the jump start to our local economy.
If you would like to know more about the TAR 2011 Summit or hear more specifics on your area (Sahuarita, Oro Valley, Marana or Tucson) please give me a call. I’d love to meet with you and talk about the great things to come for Tucson over the next couple of years.
Thank you.
Renee
Saturday, January 29, 2011
Friday, January 21, 2011
Five New Year’s Resolutions for Improving your Home
The New Year is a popular time for resolutions, so why not add some ideas for improving your home.
1. Rid Your Home of Clutter.
If you're thinking about putting your home on the market, it's a known fact that homes with less clutter will sell faster. Go through your entire home, including the garage, and clear out anything that's no longer of use. You can even earn some money for your efforts by holding a garage sale or donating the items to charity.
2. Spring is for Cleaning.
When was the last time you did a real Spring cleaning? One where you cleaned behind the oven and fridge, or pulled the books out of the bookcases before dusting? Keep in mind that a good spring cleaning doesn't have to take place in one day, and it can start in winter, when you're inside due to the colder weather.
3. Deal with Roof "Issues".
Winter can wreak havoc on your home's roof, so early Spring is a good time to assess its condition. Loose or cracked roof tiles should be replaced, every 3 to 5 years a flat roof should be recoated and or low spots addressed and touched up, and the chimney should be thoroughly inspected.
4. Go with the Flow.
Plumbing is very important to both homeowners and homebuyers. Is the hot water hot enough? Do the showers have the perfect pressure? Does the toilet run longer than it should? Start paying attention to these "minor" issues and work to get them resolved.
5. Embrace the 21st Century.
Look around your home and determine where it may be reflecting its age. For instance, if you've got "pop-corn" ceilings, consider getting rid of them. It's a messy project, but it will improve the look and feel of your home and the value if you ever put your home on the market.
If you would like further tips or any more information on the above please feel free to call or email me anytime. I would love to help!
Renee
1. Rid Your Home of Clutter.
If you're thinking about putting your home on the market, it's a known fact that homes with less clutter will sell faster. Go through your entire home, including the garage, and clear out anything that's no longer of use. You can even earn some money for your efforts by holding a garage sale or donating the items to charity.
2. Spring is for Cleaning.
When was the last time you did a real Spring cleaning? One where you cleaned behind the oven and fridge, or pulled the books out of the bookcases before dusting? Keep in mind that a good spring cleaning doesn't have to take place in one day, and it can start in winter, when you're inside due to the colder weather.
3. Deal with Roof "Issues".
Winter can wreak havoc on your home's roof, so early Spring is a good time to assess its condition. Loose or cracked roof tiles should be replaced, every 3 to 5 years a flat roof should be recoated and or low spots addressed and touched up, and the chimney should be thoroughly inspected.
4. Go with the Flow.
Plumbing is very important to both homeowners and homebuyers. Is the hot water hot enough? Do the showers have the perfect pressure? Does the toilet run longer than it should? Start paying attention to these "minor" issues and work to get them resolved.
5. Embrace the 21st Century.
Look around your home and determine where it may be reflecting its age. For instance, if you've got "pop-corn" ceilings, consider getting rid of them. It's a messy project, but it will improve the look and feel of your home and the value if you ever put your home on the market.
If you would like further tips or any more information on the above please feel free to call or email me anytime. I would love to help!
Renee
Thursday, January 13, 2011
Remodel Trends for 2011
After the demanding economic times of the past few years, it's not surprising to see homeowners choosing projects that evoke feelings of comfort. People are also going out less and entertaining at home more, so improvements that increase the usability of available space are popular.
1. The Zen-Like Bathroom
The 'bathroom as spa' (aka, 'hideout from daily life') has been a trend for years and is still going strong. Luxurious elements such as Jacuzzi tubs, steam showers, and dual showerheads add to the effect. According to some designers, rectangular sinks are gaining ground, as are larger-sized tiles for flooring. Wood-based elements reminiscent of actual spas are also being seen more frequently.
Tip: Think of ways to incorporate as much technology as possible, for example, by installing a flat screen TV for the bath.
2. Warm, Muted Colors
Experts predict that warm neutrals will continue to be popular this year, along with the creams, beige, and mushroom colors that until recently were more common in higher end homes. However, you'll also notice a surprising blend of cool and warm colors added to the mix.
According to HGTV the color of the month for January is Pantone’s Silver Peony.
Tip: When considering resale, it's usually safer to choose a color that doesn't make a huge statement.
3. Open, Informal Kitchens
The kitchen is still the heart of the home, and it's a place where great feel should meet functionality. Today's home buyers overwhelmingly choose kitchens that are open to a gathering place such as a family room, so remember to think 'flow,' and try to envision several people cooking and guests mingling when you consider floor plans.
Kitchen flooring these days is frequently tile, especially ceramic tile or natural stone tile such as honed Travertine. Hardwood is also a popular choice, although more subject to water damage, and granite and quartz are still very popular materials for countertops. Soapstone is another countertop option that is gaining a solid following, although it requires a little more care.
Tip: When remodeling a kitchen, remember to preserve (or create) enough counter and cupboard space. Above all, a kitchen needs to be functional!
4.Outdoor Entertaining
The trend of turning outdoor spaces into entertaining areas has gained enormous popularity over the past few years, especially here in Tucson where we have great weather year round. Installing an outdoor cooking area, fireplace, and electronic entertainment (or at least wiring for it) will allow the space to retain its value and functionality for years to come.
Tip: Envision how you anticipate using the space, not just now, but in five or ten years.
If you'd like more information or if you would like me to take a look at your home for ideas and tips on getting the highest value for your improvements in resale, please give me a call. I’d love to meet with you.
Renee
1. The Zen-Like Bathroom
The 'bathroom as spa' (aka, 'hideout from daily life') has been a trend for years and is still going strong. Luxurious elements such as Jacuzzi tubs, steam showers, and dual showerheads add to the effect. According to some designers, rectangular sinks are gaining ground, as are larger-sized tiles for flooring. Wood-based elements reminiscent of actual spas are also being seen more frequently.
Tip: Think of ways to incorporate as much technology as possible, for example, by installing a flat screen TV for the bath.
2. Warm, Muted Colors
Experts predict that warm neutrals will continue to be popular this year, along with the creams, beige, and mushroom colors that until recently were more common in higher end homes. However, you'll also notice a surprising blend of cool and warm colors added to the mix.
According to HGTV the color of the month for January is Pantone’s Silver Peony.
Tip: When considering resale, it's usually safer to choose a color that doesn't make a huge statement.
3. Open, Informal Kitchens
The kitchen is still the heart of the home, and it's a place where great feel should meet functionality. Today's home buyers overwhelmingly choose kitchens that are open to a gathering place such as a family room, so remember to think 'flow,' and try to envision several people cooking and guests mingling when you consider floor plans.
Kitchen flooring these days is frequently tile, especially ceramic tile or natural stone tile such as honed Travertine. Hardwood is also a popular choice, although more subject to water damage, and granite and quartz are still very popular materials for countertops. Soapstone is another countertop option that is gaining a solid following, although it requires a little more care.
Tip: When remodeling a kitchen, remember to preserve (or create) enough counter and cupboard space. Above all, a kitchen needs to be functional!
4.Outdoor Entertaining
The trend of turning outdoor spaces into entertaining areas has gained enormous popularity over the past few years, especially here in Tucson where we have great weather year round. Installing an outdoor cooking area, fireplace, and electronic entertainment (or at least wiring for it) will allow the space to retain its value and functionality for years to come.
Tip: Envision how you anticipate using the space, not just now, but in five or ten years.
If you'd like more information or if you would like me to take a look at your home for ideas and tips on getting the highest value for your improvements in resale, please give me a call. I’d love to meet with you.
Renee
Monday, January 3, 2011
Happy New Year!
Happy New Year to everyone. It is the first Monday of the new year and most of us are back to our routines. Remember to follow your heart and take time to love and laugh this year and let’s all make it a great 2011!
Your personal Realtor, Renee
Be always at war with your vices, at peace with your neighbors, and let each New Year find you a better person. ~Benjamin Franklin
Your personal Realtor, Renee
Be always at war with your vices, at peace with your neighbors, and let each New Year find you a better person. ~Benjamin Franklin
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