TUCSON REAL ESTATE MARKET TRENDS - HOW DOES 2023 LOOK?
How's The Tucson Real Estate Market Look As We Start 2023?
In our January 2023 Tucson real estate market update video we reveal the opening stats for our market in 2023.
Also, be sure to watch the video all the way to the end as I dive into some of the stats and what to expect as we move into the spring of 2023 for home buying and selling this year...
Buying A Home In Tucson This Spring
As we move out of the holidays and into the spring season, we can expect much of the same thing through jet the end of January that we saw in November and December.
For homebuyers, there is a lot of hope compared to buying a home last spring. Even though rates are higher than they were, they are very far from the historic highs of 15 to 17%. They've been hovering between six and 8% over the last couple of months and Will remain there through the end of January.
The great news for homebuyers is that they are able to slow down and be deliberate about their home search. Plus, they have a seat at the negotiation table where last year it was literally a bidding war on every property. The entire landscape of the market has changed in their favor.
We are looking at more of an even market right now, and my team and I have been able to negotiate rate buy-downs where the seller pays to buy down a buyers interest rate. This means that even if you come in at 8% you could end up with a six or even maybe a 5% interest rate when you buy the house.
Watch the video to get all the details.
Even though it looks like the market is moving in faded favor of the buyers this year, homeowners looking to sell their properties are still in a good position to net a great profit add move into another home easily.
The inventory has increased. In fact, it has almost doubled since 2021. This simply means buyers have more choices when searching for homes. It also equates to a couple of things for sellers.
First, if you are planning on selling your home this year, be sure that you have taken care of any deferred maintenance wike touching up paint landscaping maybe a few broken roof tiles etc. In this market, buyers have a lot of negotiation power regarding getting repairs done as well.
Second, homesellers must plan for extended time on market, and accurately Price their homes based on the cops in their area. With more inventory and more things for buyers to choose from homes are sitting on the market quite a bit longer than they were six or eight months ago.
Also, if the house is over-priced, you will not be getting showings or offers anytime soon. In this market, the last thing you want to do is chase the market.
This means pricing the home to high initially, continuingly dropping the price as the home sits. A.k.a., chasing the market. The right pricing strategy today is to accurately price according to the comparables in the area add trust your real estate agent's expertise.
At the end of the day the market is certainly shifting. Financial aspects such as political influence, and inflation have impacted rates of interest. Raising rates have triggered a slow down in the purchasing feeding craze we've experienced over the last two years. Which has likewise lead to an increase in stock.
It's just basic economics...
We are getting more supply offered and less demand, therefore the market slow down we are experiencing today.
Just keep in mind it's all cyclical.
If you have any concerns or concerns about the Tucson market. I more than happy to assist.
Simply click on this link and schedule a call with me.
I'm always willing to answer any market-related question you may have when you're considering moving this year.
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