How are our current inventory levels, and how are they impacting buyers and sellers? I would like to address these questions today.
The first thing I would like to point out is that we currently have just a three-month supply of inventory here in Tucson. To put this in context, a balanced market tends to a six-month supply. Anything below that level indicates a seller’s market while any higher level of supply puts buyer’s in favor.
This means buyers must be prepared as they enter our current market. It is important before embarking on your home search to be pre-qualified and ready to make a strong offer as soon as you find the right property. This is critical because, at the moment, properties listed under $300,000 are typically receiving multiple offers.
Sellers, on the other hand, have a particular advantage in our current real estate environment. There is very little supply, and a low supply means upward pressure on pricing. You will likely get between 8% to 10% more for your listing than may have been the case at this time last year. Overall, it is a great time to be a seller.
If you have any other questions, would like more information, or are curious about how we can help you succeed in your real estate goals, feel free to give my team and me a call or send us an email. We look forward to hearing from you soon.