Tucson Housing Market Slowdown
Dated: October 1 2018
Hello to all my fellow House Hunters & Real Estate Enthusiasts,
If you've been paying attention to the housing market at all in the last few years, you'll know that the market has been HOT with bidding wars, soaring home prices, low inventory and relatively lower interest rates. With all the hot buzz on how well the economy is doing, especially the real estate market, it begs the question in both buyers and sellers' minds: "Are we heading for another 2008?!"
Slow your roll, guys. The sky isn't falling and neither is the housing market, however what we are seeing is a slow down and a market SHIFT. Chief economist at realtor.com, Danielle Hale says, "The signs are pointing to a market that's shifting toward buyers, but in most places we're still a long way from a full reversal."
In the last few months, we've seen interest rates go up a bit. Enough to where it cuts many buyer's buying-power down significantly. We have buyers who maybe qualified for a $300K home loan five months ago, who today at 4.5-5% only qualify for $250K. Combine that with the already low inventory, and that puts some buyer's completely out of certain price brackets to even purchase. And guess what that means for sellers? Yup, that's right! Maybe a little longer time on market and say good-bye to the "whatever goes" listing prices.
"We've hit that tipping point in a lot of these cities where what sellers think they can get is just not possible for many buyers," says Daren Blomquist, senior vice president at real estate information provider ATTOM Data Solutions. "Now the pendulum is swinging away from sellers and back toward buyers."
So what does this mean for YOU?
Whether you're a home buyer, or a home owner looking to sell, there are a few key things to keep in mind during this housing shift.
Sellers, you will need to work with your licensed Realtor on setting a solid listing price based on the comparable properties sold in your area if you want to be competitively priced in today's market. And Buyers, you will need to work with your local trusted lender to pinpoint exactly what your buying power is, and work with your Realtor to find homes that are within your budget and "wants & needs."
If you are interested in either, selling your current home, or finding out how much you can qualify for, I would be delighted to be YOUR RESOURCE.
I help families and individuals everyday achieve homeownership and I would love to help you too!
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Arizona native, born and raised in Tucson, Bryan grew up in a family with a Real Estate background. His Father retired with more than 30 years in the Real Estate business, and his Mother and 2 older s....