TUCSON REAL ESTATE MARKET TRENDS - OCT 2022
Does The Tucson Real Estate Market Favor Buyers Or Sellers Right Now?
In this post we're going to dive into the Tucson real estate market trends through October 2022. Enjoy this video now as we describe how all the modifications in the market are impacting both buyers and sellers.
Buying A Home In Tucson This Fall
Buyers are beginning to see some settlement power in the market. It's awesome, since we are no longer dealing with numerous offer situation's daily. In fact as house sit on the market longer, sellers are ending up being more affordable, and entertaining under asking rate offers and providing counter uses to purchasers. For purchasers this suggests there is some settlement power for them. Purchasers are negotiating closing expenses and raped by downs from sellers at this time. This is extremely different from the last two years
While rates of interest are higher than they were a few months ago, they are still sitting at 7% right now.
Historically, that has to do with average. Keep this in point of view. In the 1980s the rates were 15 and 17%. The point of this is that it is all relative. Well it may seem that the rates are much higher than they were, over the long run there still at a decent location.
The main point for purchasers to concentrate on it is the price of their monthly payment. Aspect that in with rising rent rates, and even with a higher rate are you still may find yourself with a lower monthly payment then paying lease
Tucson Real Estate Market Wrap-Up
At the end of the day the market is definitely shifting. Economic factors such as political influence, and inflation have affected interest rates. Raising rates have caused a slow down in the buying feeding frenzy we've experienced over the last two years. Which has also lead to an increase in inventory.
Simple supply and demand.
We are getting more supply available and less demand, therefore the market slow down we are experiencing right now.
Just remember everything is cyclical.
If you have any questions or concerns about the Tucson market. I am happy to help.
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