The real estate market landscape has so drastically changed from what it looked like a few years ago – but now we have new issues. Could anyone envision that when we had an 11-month supply of properties on the market in some areas that just a few short years later buyers would be scrambling to beat out multiple offers on homes? There are several zip codes in the city that are carrying a meager two month supply, and some even less. By all conventional markers, this would be considered an extreme sellers market. However, prices have not skyrocketed to ’05 and ’06 numbers yet, and that has left many still unable or unwilling to list.
While our neighbors in Phoenix are experiencing the mother of all price recoveries, we in the Tucson market are recovering well, but things have not gone bananas – yet. If they will and when they will it not 100 percent clear, but don’t be swayed into thinking that you can be complacent if you are buying or gearing up to potentially list.
So what can buyers and potential sellers do to keep in the loop on this “change on a dime” market? If you do nothing else-be informed and educated by the right sources. Don’t rely on national news, Trulia and Zillow, the set up “reality” shows on HGTV, or your well meaning Uncle Fred. You need data extrapolated directly from the MLS – no “ifs”, “ands” or “buts”. Long Realty has an amazing system with 26 different market reports for the Tucson region. You can’t get any more local or specific than that! The reports are delivered in easy to understand graphs and images, and provide a wealth of data in a digestible format. Visit ThePropertyAces.com to view them today. Simply click on the “Market Conditions” link and choose your area.