How Has the Election Impacted the Tucson Market?

A lot has happened in the Tucson real estate market since the election. Here’s what you need to know. 

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I’m discussing the post-election market in Tucson and what things look like going forward for buyers and sellers. As many of you are aware, interest rates were slightly over 3% in the last quarter of 2016. Since then, they have shot up to as high as 4.5%. That swing is certainly affecting buyers because it’s making homes more expensive and forcing buyers to come down from their previous purchase prices a little bit.

There are a few factors that you need to consider if you're buying or selling in Tucson. One of these is the abundance of new construction in town. We’ve had virtually no new construction here since 2007, so there’s pent-up demand for new homes.

New construction could affect your sale price.

If you’re a seller, you need to be cognizant of new construction in your area because of how it could affect your home sale. If you’re selling under $300,000 however, you shouldn’t have to worry about it too much. Home sales are up 12% over a year ago and inventory is down 28%. This puts you in a strong seller’s market. Homes in this range are selling quickly and very close to, if not over, list price. Some homes are even getting multiple offers.

If you’re buying in this market, you need to be prepared to move and move quickly on a desirable property. However, it might take losing a few properties to get the right one, so be cognizant of that as well.

If you have any questions for me or if you’re thinking about buying or selling in Tucson, give me a call or send me an email. I look forward to hearing from you.

2017 Tucson Market Update: Growth on the Horizon

Here’s a quick recap on 2016 and some insight into what Tucson’s 2017 real estate market will look like.   

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

Now that 2017 is underway, I wanted to bring you a quick update on the Tucson real estate market. 

As it turned out, 2016 was actually a great rebuilding year. Our average list price is up about 4% and our average unit sales are up about 3% from last year. Things are looking pretty positive, and we are still in a recovering economy, which means the market is recovering as well.

On the other hand, we have seen a large decrease in inventory. The active listings in the MLS are down to about 4,000, which is a 20% decrease from last year. As supply goes down, prices go up, which means we should see continued upward movement in prices in 2017. This is great news for sellers, but buyers need to be prepared to move fairly quickly to purchase a property. 

“

Growth in Tuscon will bring a great year for real estate.

”

Last year, our average days on market was 60, and today it’s 47. Homes that are in the right areas and priced right are selling very quickly. In fact, 68% of our sales happen in the first 60 days. If you are looking to buy, make sure you have met with your lender and are ready to jump on a property. 

2017 is going to be a great year for real estate based on a few things that are happening here in Tucson. Raytheon, one of our largest employers, just got a $2 billion government contract and will be hiring somewhere close to 2,000 people over the next couple of years. Caterpillar, from Peoria, Illinois, is moving some of their management level people here. The University of Arizona will be opening a graduate veterinary school in Oro Valley which will bring in 500 students initially, then grow to 800. Roche Medical is also continuing to expand. All of these factors will be great for our market growth.

If you are looking to buy or sell a home or if you have any questions, please feel free to give me a call or send me an email. I look forward to hearing from you! 

What’s Happening in the Tucson Real Estate Market?

The nationwide real estate market has been very strong for the last couple of years, and the same is true for the current Tucson real estate market. I’ll go over a quick market update for you today.

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

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.

“

As inventory goes down, home prices go up.

”

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!

What Does Our Recovering Market Look Like?

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I'd like to take a moment to speak about the recovering market we're seeing in Tucson. Traditionally, a market recovers from the bottom up, so that's what is happening right now.

We're currently in a very strong seller's market, which means there is very little supply for homes that are valued at less than $300,000.

This means if you're planning to buy a home, you need to be ready to pull the trigger. Competition will be stiff, and so you need to be pre-qualified if you want to have a good chance at getting a home. 

Overall, we're seeing a very strong seller's market if you're looking for homes that are valued under $300,000. If you're selling in that range, you can look to make top dollar right now.

Please don't hesitate to reach out to me if you're buying or selling in Tucson, now is a great time to be in the real estate market!

Is the Tuscon Market Improving?

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, welcome back! I'm here to give you a mid-year market report for the Tuscon real estate market today, and I think you'll like what we've been seeing lately.

Our average sales price right now is $210,000, up 7% from 2014. Our active listings are sitting at a 4-month supply right now, which puts us in a pretty balanced market. 

The average days on market in Tuscon is trending downward, which is a good sign. We started the year at 70 days and are into the mid-60's now. 

If you're a seller, you can plan on selling your home within 60 days of being on the market if you list with us. With a good property that is priced correctly, it should be no problem!

If you are a buyer, you can expect to buy at a bit of a discount, as the average list-to-sale ratio in Tuscon is down to 95%.

The Tuscon market is returning to more normal levels. Whether you are a buyer or a seller, we have a team of folks that can help. If you have any questions, feel free to give us a call or send us an email. We look forward to speaking with you!

Where Has Our Market Been and Where Is It Going?

 There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

Where Has Our Market Been and Where Is It Going?

As the year comes to a close, we thought we would share a recap of what we saw in Tucson real estate over the last year.

This last year was a fantastic one for real estate in Tucson and the surrounding areas. The average sales price jumped 7.8% since 2013, which makes it three consecutive years of strong appreciation. Currently, our average sales price is $207,000, while the total units sold are slightly off last years pace.

The average days on market is as low as it has been all year at 58 days. This is up from the 51 days it typically took to sell a home in 2013. Currently, our inventory in the MLS has 5,800 units, and we're selling anywhere from 1,200 to 1,300 a month, which means we have less than six months of supply. This means most areas of town have a fairly balanced at this time.

An interesting data point in our market has to do with how quickly homes are selling. Two-thirds of our sales every month are houses that have been on the market for less than 60 days. Essentially, if homes are priced right, in good condition, and in a good location, they are turning in 60 days.

As you can see, we saw a very active and robust market in 2014. But what can we expect in 2015? We're expecting prices to continue appreciating, although softening slightly compared to the rates we've seen in the past few years. Across the city, you can probably expect a 3% to 5% price increase across the city. As far as interest rates go, we're expecting upward pressure on interest rates in the coming year.

If you're a buyer, it would probably be smart to buy sooner than later. If you're getting a mortgage, the cost of money and the price of the house are going to rise. If you're a seller, there are very specific areas of town that are experiencing favorable conditions, while there are other areas that aren't. It's best to speak with a real estate expert if you're thinking about selling, as they will be able to tell you what's best given your specific circumstances.

Have questions about conditions in your area? Give us a call! We would love to sit down, provide you with relevant information, and discuss your options. 

Thanks, and Happy New Year!

Tucson Market Snapshot for Fall

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

As the rest of the country slows down during the fall and winter months, our market here is Tucson starts to get busy. We see a flurry of activity during this time as winter visitors flood the area to escape the cold. With October underway, the season for who we affectionately call "snowbirds" has just begun.

We are starting to see an increase in traffic in listings and open houses because of the recent activity. Because inventory is just under 6,000 homes and we sold about 1,200 last month, we are at around 5 months of inventory. It's a balanced market that slightly favors sellers, as 6 months is generally considered a perfectly balanced market.

Now is a great time to list your home if you are thinking about selling. There will be a ton of buyer activity up until the holidays, where you'll see fewer, but more serious buyers. We recommend taking advantage of this highly active market!

If you have any questions about conditions in your specific area, don't hesitate to reach out to us. We would love to give you a hand!

Tucson Area Market Snapshot

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

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!