The first half of the year in Tucson is a hot time for our real estate market. People come from all over to get out of the cold and spend some time in a place where it’s 75° and sunny in the middle of February.
So, how is the market doing?
We just listed a patio home in Oro Valley. This was a very nice 3-bedroom, 2-bathroom patio home. In the first seven days, we got three offers. Two of the offers were cash, and the one we accepted was $25,000 over list price. That just gives you an idea of how hot our market is.
Interest rates are just over 4%.They have been bouncing up and down a bit with the stock market and bond market changes, but they are still good rates.
New loan applications are up about 4% compared to this time a year ago, which means that more people are applying for home loans and refinancing.
The current supply of homes is decreasing, and inventory is getting tighter. If you are a buyer, you need to be very prepared. Make sure that you are pre-approved and ready to move fairly quickly on a home that you like, or you will lose it to another buyer.
If you are a seller, now is a good time to put your home on the market.
Whether you are buying or selling a home, please reach out to me with any questions you may have about the current market. I would be happy to help you!