TUCSON REAL ESTATE MARKET UPDATE - SEPT 2022

Homebuyers Gaining Market Share In The Tucson Real Estate Market?

In this post we're going to dive into the Tucson real estate market update through September 2022. Watch this video now as we explain how all the changes in the market are affecting both buyers and sellers.

Buying A Home In Tucson This Fall

Buyers are starting to see some negotiation power in the market. It's awesome, because we are no longer facing multiple offer situation's on a daily basis. In fact as home sit on the market longer, sellers are becoming more reasonable, and entertaining under asking price offers and providing counter offers to buyers. For buyers this means there is some negotiation power for them. Also buyers are negotiating closing costs and raped by downs from sellers at this time as well. This is very different from the last two years.

While interest rates are higher than they were a few months ago, they are still in the 5 to 7% range right now. Historically, that's about average. Keep this in perspective. In the 1980s the rates were 17 and 18%. 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 place. The main thing for buyers to focus on it is the affordability of their monthly payment. Also, factor that in with rising rent prices, and even with a higher rate are you still may find yourself with a lower monthly payment then paying rent.

Watch the video to learn more about the Tucson Real Estate Market Trends and how they'll look moving forward.

Tucson Home Selling 2022 and 2023

For sellers, Home values are still appreciating. And they are predicted to do so through next year as well. Granted, you won't see the gains on your investment that you did over the last two years. However, the value of your home will continue to increase. And many sellers still have a great amount of equity in their homes right now.

The main thing is that when you go to sell your home, expect to do your due diligence as a seller. What I mean is that you should be doing your deferred maintenance and any minor updates such as paint etc. Before you think about listing your home.

Also, beware of realtors who are telling you you can just throw your house on the market without any of this done at a high price and get it sold right away. That's not the case anymore. Mini realtors are still in that mindset as the market allowed this six months ago.

However, the market has definitely shifted, and while it's still a sellers market it's moving more towards balance between buyers and sellers. When going to sell your house it's very important to know what to expect as you start the process.

Watch my video above to find out more

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.

Just click here and schedule a call with me.

I'm happy to spend a few minutes on the phone explaining the details and how it would affect your particular situation.

As always, thanks for reading and subscribing to my blog.

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