Tucson is a Buyer’s Market (Still)
October 8, 2006
Post Tags: Tucson Home Buying , Tucson Real Estate , Tucson Real Estate News , tucson-buyers-market , tucson-homes
On August 16 I posted the following information on the Tucson Real Estate Market on our website. I include it here as an early post to our new blog Tucson Real Estate In The News
“Last year, especially last summer we had what was called around here “A Frantic Market” the inventory of available properties in Tucson was at record lows and bidding wars and prices as much as $10,000 or more over list price were not unusual. It seemed at times if you didn’t get an offer submitted in the first hour it was on the market you would loose out. Some buyers lost out on as many as 5 homes and ended up just leaving Tucson without purchasing their dream home. There were many investors in the marketplace which seemed to fuel the frantic market.
The fall brought a slower market as many investors moved on to other metropolitan areas in country. However, many home owners seeing what was happening last summer decided to put their homes on the market, expecting the same thing to happen, it didn’t and it hasn’t. The result, we now have more than double the normal inventory. Homes are on the market for 90 days or more and too many sellers still think it is last summer, and it isn’t.
Listing are changing hands from one agent or brokerage to another with sellers thinking it is the agent not marketing their home, only to find that even with a new agent or brokerage their home still isn’t selling.
Right now Tucson is “A BUYER’S MARKET”, there are a lot of Tucson Homes to choose from. Prices have come back to more realistic levels while remaining strong.”
It is now October, and much of what I wrote in August is still true. There are even more Tucson Homes on the market and the days on market continues to increase. Sellers are waiting longer before getting another agent as the news of the slow housing market finally seems to be sinking in.
July 1st, 2008 at 10:18 am
So its 2008 and its still a buyers market!! Is this good or bad news??
July 1st, 2008 at 11:59 am
Ana,
I debated on approving your comment. It is obvious you didn’t read the post. It was written on Oct. 8, 2006. This also appears to be an obvious attempt at getting a link back. I’ve done two things.
1. Installed a new Do Follow plugin which only adds the do follow after a number of comments and only to names shorter than 17 characters.
2. I’ve removed your URL from the comment. This is more to protect you. I don’t want readers clicking to find out who is (in my opinion) engaging in comment spam.