The market here in Tucson is looking pretty strong. We currently have a balanced market, meaning we have an equal number of buyers and sellers. The amount of available inventory is at 6 months, which is always a good sign heading into the fall months.
If you’re pricing your home at $250,000 or less, it’s a very hot market - as many buyers are looking to purchase property in that range. If you’re in the $250,000-$500,000 price range, you’re in a pretty average market - as homes are sitting on the market for about 65-75 days. The luxury market is fairly slow at the moment; we have a growing number of homes on the market that aren’t getting absorbed - but this is dependent on the area.
Rates are still very competitive, which is a great sign for buyers. Interest rates are just over 4%, which is about as low as they’re likely to get. In fact, many experts are thinking rates are going to jump soon. Now might be the time to make your move in the Tuscon area because home prices are inching up and rates are likely to rise within the next year.
Conditions also look good if you are looking to sell. In the last 24 months home prices have increased 14% and we can expect a rise of 3% to 5% this year. If you price your home competitively, perhaps a little under the market value, you are likely to get a great value for your home in this market.
Since real estate is local, conditions may be slightly different in your area. If you would like specific details about current trends in your neighborhood, don’t hesitate to give us a call or shoot us an email. We would love to chat!