By Tamra Haasse
I don’t think it’s a rumor anymore, I think we have all heard somewhere in our workplace, family gatherings and hanging out with our friends around the barbeque that the Tucson Real Estate Market has just skyrocketed. The most common word thrown around is, it’s “crazy” out there.
Even the hard-to-sell, undesirable neighborhoods, the houses that need, what we consider, “TLC” (tender loving care) and homes that don’t really have the best location, price and condition are still selling and getting offers above the asking price.
It seems to be whatever the buyer is willing to pay. With inventory low and homes in high demand, value is taking on a whole new meaning. At this point, you can’t blame the seller for saying, “hey, if I can get that for my house now, where do I sign”.
In a traditional market or balanced market, you would have a difficult time selling a house that backs up to a main road or highway, or backed up to commercial buildings. In the “old days” as we say, buyers were looking at negotiating sellers down. Not now. It is how much higher can we go over the other offers and if you can stand on your head. I have even had buyers jokingly offer up their first born to get into a house in this market. Have we lost our marbles?
The spike is happening as a result of the pandemic, as more people work from home. We see some homeowners holding on to their smaller home as a rental and buying a bigger home for the family. Some have decided it’s time to sell and move closer to their children and take advantage of selling high.
Mortgage rates have also dropped and millions of millennials are entering their home-buying years.
But people with dreams of owning a home could be in for a rude awakening. Is it a good time to buy? Well, of course. Interest is low. But don’t just throw caution to the wind and allow yourself to get caught up in the frenzy only to put yourself into mortgage debt and not be able to dig yourself out. If you are a buyer in this market, don’t panic. Don’t feel you have to buy now or you will never be a homeowner. Be patient and smart.
If you have considered selling your home, the time couldn’t be better.
2021 – This is a time in our lives we most likely are not soon to forget.
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