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!

How we helped Bob buy a home and made it one of his easier home buys ever

"When we were searching for a home with Don, we still were trying to figure out whether we wanted to live in Portland or in the Tucson area. After a while we decided to live in Tucson but we were still living in Portland so when we were doing some remodeling on the home we relied on Don to take measurements and other things of that nature. He was very willing to step up and provide very accurate information for us. The whole relationship was cooperative, collegial and it was one of the easiest home buys that we’ve encountered!"

-Bob Hopkins, Home Buyer

How You Can Be an Informed Buyer

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.

There are a few things almost all buyers resist: coming to meet us in our office so we can figure out the specifics of the property they are looking for, and meeting with a lender at the front end of the process instead of waiting. Today, we explain why doing both of those things are actually beneficial for all parties involved.

Sitting down with a real estate professional will save you time and frustration in the long run. Why? For one, you can save a lot of time by hashing out exactly what you require a home to have and what needs you want met. An agent will show you only homes that satisfy the requirement you laid out, so you don't have to waste time seeing homes you have no interest in buying. The initial interview is crucial if you want to save time and stress.

Talking with a lender is also a crucial part of the process that buyers would rather put off. However, we have had buyers who loved a home they saw, went to get approved by a lender, but were unable to purchase the home once they were approved because someone else had already gotten to it. When you have approval up front, we can act quickly to get the home you like under contract and negotiate a very good deal for you.

As you can see, sitting down with an agent and seeing a lender before jumping headfirst into the buying process can be incredibly beneficial. If you have any further questions on this or any other real estate topic, don't hesitate to reach out to us. We're proud to be your number one source for real estate information here in Southern Arizona!