As everyone knows, the economy is recovering and people feel more optimistic. Interest rates have also been historically low lately. As a result, the nationwide real estate market has been very strong for the last couple of years. The same is true for the current Tucson real estate market.
Right now, housing inventory in Tucson is dropping. That means buyers have fewer options to choose from and need to be a little better prepared. You need to be able to move fast on a property because as inventory continues to drop, you will face more competition for that same property. In fact, multiple offer situations are happening right now. Buyers who are able to put in a strong offer will prevail and win those properties.
If you are a seller, falling inventory is good news. As inventory goes down, home prices go up. Prices are currently on the rise in Tucson and have been for the last couple of years. Sales are also up by 14% year to date, further depleting our existing housing inventory.
What does this mean for you? If you are buying a home, you need to get everything squared away with your lender so that you are ready to make an offer on a property right away. Homes are spending fewer days on market, so not only will you face more competition in today’s market, you also have less time to make a decision on a property.
If you are a seller, now is a good time to talk to a real estate professional and figure out what your home is worth in the current market.
If you have any other questions about today’s market, give me a call or send me an email. I would be happy to help you!