TUCSON REAL ESTATE MARKET TRENDS - FEB 2023 Update

In our February 2023 Tucson real estate market update video we go over the existing Tucson real estate market statistics and trends moving forward into 2023..

Also, be sure to see the video all the way to the end as I dive into a few of the stats and what to expect as we move into the spring of 2023 for home buying and offering this year ...

As we vacate 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 house 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 in between 6 and 8% over the last number of months and Will remain there through completion of January.

The great news for homebuyers is that they have the ability to decrease and be intentional 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 whole landscape of the marketplace has actually altered in their favor.

We are taking a look at more of an even market today, and my team and I have actually had the ability to work out rate buy-downs where the seller pays to buy down a buyers rate of interest. This suggests that even if you are available in at 8% you might end up with a 6 or even possibly a 5% interest rate when you buy your home.

View the video to get all the information ==> Tucson Real Estate Market Trends

Although it appears like the market is relocating faded favor of the buyers this year, house owners seeking to offer their properties are still in an excellent position to net a great earnings include relocation into another home quickly.

The inventory has increased. It has actually practically doubled since 2021. This just indicates buyers have more options when looking for homes. It likewise relates to a number of things for sellers.

If you are planning on offering your house this year, be sure that you have actually taken care of any deferred upkeep wike touching up paint landscaping maybe a few broken roofing system tiles etc. In this market, buyers have a lot of settlement power relating to getting repair work done.

Second, homesellers must prepare for prolonged time on market, and properly Price their homes based on the cops in their area. With more inventory and more things for buyers to select from homes are sitting on the market a fair bit longer than they were six or 8 months back.

If the home is over-priced, you will not be getting showings or deals 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 rate as the house sits. A.k.a., going after the marketplace. The right rates technique today is to precisely price according to the comparables in the area add trust your realty agent's expertise.

How Does The Tucson Real Estate Market Moving Into Feb. 2023?

At the end of the day the market is certainly shifting. Financial aspects such as political impact, and inflation have actually impacted interest rates. Raising rates have actually activated a decrease in the buying feeding trend we've experienced over the last 2 years. Which has likewise cause an increase in stock.

It's just basic economics..