Deborah Van…, Real Estate Pro in Tucson, AZ

Less Inventory In The Tucson Area Resulting in Higher Market Value

Posted by Deborah Van De Pute, Tucson, AZ Tue Sep 4, 2012

Comments

4
Totally agree. I live in zip code 85749 and there are few homes for sale and almost no horse property.
0 votes Flag Sat Dec 1, 2012
Maybe in some price ranges or zip codes but the daily "hot sheets" have a lot
more new listings than closes & until those numbers are somewhat equalized we can't claim victory over the housing market breakdown!
0 votes Flag Tue Nov 13, 2012
Absolutely. In the Tucson and Phoenix markets, we have seen a 50% reduction in home inventories over the last year. It has raised prices in some areas that were hard hit by distressed property by as much as 30% or more. Most areas have risen about 5% and are getting back to normal appreciation rates of 2-3 % a year. It doesn't look like that will change much but we now have a seller's market. It really switched quickly, The SHIFT has begun. It is still a great time to buy, but the job got harder as there are fewer homes to look at in certain price ranges. If you are not ready to move quickly, you will probably lose out.
0 votes Flag Mon Nov 12, 2012
That is the Law of Supply and Demand. It is the norm now for well priced homes to be snatched up in a manner of hours by investors, and sometimes well positioned home buyers. Often, they go for more than the asking price. This is not true for the whole country, but it is certainly true for Tucson. Tucsons recovery does seem to be leading national trends in real estate.
Beware of the shadow inventory, those foreclosed and soon to be foreclosed homes being held by banks and starting to be trickled on to the market. If they release them too fast, the market will be once again flooded... too slow and the banks may get stuck with them.
The effect of the election is yet to be seen as well.
The next 12 months will continue to be interesting.
Doug Seemann
dougs@longrealty.com
1 vote Flag Tue Sep 4, 2012
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