Three reasons why the Tucson real estate market is about to change.
- Election years are notorious for slowing down the real estate markets. Those of us in the industry refer to an election year as a ‘nine-month year.’ We don’t expect much out of the fourth quarter of 2020, when all eyes will be on the presidential elections.
- Tucson is a reverse market with stronger sales in winter than summer. Snowbirds leave in March and April, and the market traditionally slows until early autumn.
- Economists are predicting a recession in early 2021. This has been in the news for about a year. The economy is slowing down, and a greater chill is expected to correspond with the presidential election and will last into – and through – 2021.
Sellers: What does this all mean?
- The next few months will be ideal to sell your home – and might be the last hot seller’s market for 2+ years. Home prices have been appreciating to near pre-crash levels. This is about to change with prices stabilizing, if not depreciating a tiny bit. We won’t know for certain for about a year, but one thing is clear – it’s a great time to sell!
- Ready to sell? I provide free home valuations – no obligation, no cold selling. I believe everyone needs to do what’s right for his/her situation. I’m going to help you, if you need it, to the extent you need it. If it’s a valuation, or if you want to sell your home on your own, I’ll advise you for free.
Let’s list it!
Buyers: What does this mean?
- Now, if you’re a buyer – hang tight for about 6-9 months. The late summer time period in Tucson is sluggish and will be more so with the aforementioned factors also in play. Wait for the market to cool, and your money will go further. But don’t wait too long, because interest rates are predicted to climb towards the end of the year.
- Ready to buy now? BUY SMART – and be prepared to look longer term to recoup your investment! Interest rates are great, and your money will go far. If you’re planning to buy and stay 3-5 years, then purchasing a home now won’t hurt you long term. If you want to buy and sell in a year … well, buy smart. Bargain well. Watch the market for undervalued properties – and act FAST. This is still a seller’s market. Gauge the resell value before you purchase! One way to do this: pay cash, if you can. A lot of sellers are willing to sell for lower price points if the sale is guaranteed and you can close fast.
Let’s buy it!
Ready to talk about how I can help you reach your home selling and/or buying goals? Feel free to call, email or text your Tucson listing expert!
Cell – text or call: 915-261-6646