Michael Balicki - Tucson Real Estate

02/10/2024

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02/09/2024

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02/09/2024

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10/08/2023

Gen z slang summary of FreddieMac's Housing Market Outlook

💰 Economy's vibing, but job scene's kinda sus rn. Chill job vibes might be good for inflation tho. 📉
🏡 Mortgage rates be acting wild, hitting 2001 feels. 🚀
🎉 Homeownership game? Whites vs. Mexican-origin Hispanics gap? Smallest in 20 years. 🎉
📊 U.S. GDP did a lil' switcheroo, but still looking fire. 💯
🚧 Housing? Bruh, high mortgage rates got it trippin'. But new homes? They're popping. 🏠

TLDR:
So, the economy's cruising, but jobs be a lil' shaky. Mortgage rates be wildin', but the gap in home ownership vibes between Whites and Mexican-origin Hispanics is like, the tightest it's been in 20 years. And while the overall housing scene's a bit cray, new homes are having a moment. 🎤 drop.

While overall economic growth has been resilient, the labor market shows signs of cooling off, with job openings down and job growth softening. The labor market slowdown may help reduce inflationary pressures.

10/08/2023

In this graphic, we take a look at the recent U.S. mortgage rate surge, and how the 30-year fixed-rate mortgage has evolved since 2013.

10/08/2023

Mortgage Rates & Housing: 🏠💹

📈 30-year fixed-rate mortgage highest since 2002.
🏡+💰=🚫 U.S. housing affordability lowest ever.
📊 Mortgage rates varied: 2.65% (2021) to 7.31% (2023).
🤔 Rates affected by economy, inflation, policies.
🧐 Rates might drop, but not soon to 2020/2021 levels.

TLDR:
Homes cost more and loans are pricey. It's the hardest time to buy a house.

In this graphic, we take a look at the recent U.S. mortgage rate surge, and how the 30-year fixed-rate mortgage has evolved since 2013.

11/04/2022

The biggest misconception I hear about buying right now is that it’s smart to wait for interest rates to come down.

You DON’T need to wait!

What DO you need? If you know you’re ready to buy, you need an agent who knows the market in your desired location and a trusted lender who can help you understand what you can afford.

The truth is if you buy at today’s rates, you can always refinance if rates drop. But if you wait with the hope of rates coming down, you can't go back and borrow at today's rates if that doesn't happen.

So the next time you think to yourself, “Maybe I’ll wait.” Don’t do it! Let me at least show you homes in your price range so you can make a decision based on facts.

Is the above you? Have you been struggling to decide about buying now vs. waiting? DM, and let’s talk - no strings attached.

10/01/2022

Attention, home buyers! If you’re currently on the hunt for a lender, I’m going to let you in on a not-so-secret tip…

Always. Choose. Local.

Buying a home is a HUGE decision—and so is the lender you work with. Local lenders are more likely to provide you with stellar service because their reputation is at stake. Not to mention, your hard-earned dollars will often be recirculated within your community. So basically, it’s a win-win-win!

Here’s a breakdown of the pros and cons of using a local lender.

Pros:
Local expertise
Personalized service
Support the local economy
Possible lower fees and interest rates

Cons:
Longer lender search
Fewer loan options
Less brand recognition

Want to know which lenders my buyers have used and loved in our area? Just say the word!

09/30/2022

There’s no such thing as the “right” time to buy or sell.

No matter what you hear.
No matter what people say.
No matter what the “experts/influencers” try to tell you.

The truth is the best time to buy or sell is when YOU are ready! Winter, spring, summer, or fall, I’m here to help you step into your real estate goals. Sure, we’ll use various strategies depending on the time of year, but there’s never a “bad” time to buy or sell if you know in your mind and heart it’s time!

That said, here’s what you can anticipate if your end-of-year checklist includes a major move:

- Buyers, buy now, and you’ll enjoy motivated sellers and lenders, year-end tax advantages, and a new home just in time for the holidays!
- Sellers, sell now, and you’ll enjoy less competition, lots of attention from buyers’ agents, and serious buyers ready to get a move on.

Current market stats for buyers and sellers to keep in mind:

- Inventory = 2,430
- Homes sold = 2,762
- Average price = $345,000
- Days on market = 11

So, the next time you are reading all that 'stuff' online, making you doubt if now is the right time to buy or sell, slowly scroll away and send me a DM. I’ll be here to help when you’re ready!

08/16/2022

If you’re thinking about waiting for prices to crash before buying 👀

Like many buyers I talk to, I’m wondering if you’re thinking about 2008…when the housing market did, indeed crash. No question, it was a devastating time for many homeowners. BUT have you considered the possibility that 2022 is nothing like 2008? Its true - here’s why:

- What drove the crash in 2008 and sent home prices plummeting was the oversaturated market. There were WAY more homes than buyers. In 2022, it’s exactly the opposite. Inventory is low—and that's driving prices high.
- Comparing our local market, Tucson, here are the stats:
- In 2008, there was +11,000 homes for sale.
- In 2022, on the day of this post, there are 2,320 homes for sale.
- In April 2021, Tucson had a total of 794 homes for sale - the lowest amount of inventory in our real estate history.
- In 2008, getting a mortgage was as easy as ordering from DoorDash. Nowadays, there are much tighter regulations on the lending industry. Not just anyone can get a mortgage. That said, if you’re looking to buy, get pre-approved and then shop with confidence that you’re paperwork ready to buy a home.
- In 2008, there were 13.1 million adjustable-rate mortgages (ARMs) on the books. Today, there are around 2.5 million. That’s good news. Why? Fewer ARMs mean fewer homeowners are experiencing the sticker shock of a mortgage rate reset that typically raises the payment and can lead to mortgage hardship.

Wanna talk more? DM me, and let’s keep the conversation going! I’d love to share more about the current market.

08/08/2022

$5,000 shows up in your mailbox with one stipulation: You must use it to remodel your home. Would you:

• Get a fresh coat of exterior paint? (National average: $2,802)
• Get new hardwood floors? (National average: $4,386)
• Install a patio or pathway? (National average: $4,193)
• Install built-in shelves? (National average: $2,875)
• Install landscaping? (National average: $3,353)

*National averages are from HomeAdvisor