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Look up in the sky another Great Deal Flying by
Yesterday I wrote about a couple looking for an “Unbelievable Deal” in Tucson. They aren’t alone. We are finding quite a few people coming from other parts of the country where the local economies are much worse than Tucson. Not only that they read the distorted media coverage of the Tucson real estate market and their perception is that everything in the country is at bargain basement prices.
Here is the unfortunate truth. We have seen more than one of our buyers miss out repeatedly on Great Deals because they were looking for the “Unbelievable Deal”.
There is a reason they are called “UNBELIEVABLE”.
Sale Prices are rising. Average and Median both. We have 500 closed transactions for May already. If May is anything close to normal we have another 500 + be recorded in the last 10 days of the month.
The reality is: “at least for now” prices and numbers of transactions are going up. WHY?
Because the people that are looking for GREAT DEALS are finding them all over Tucson, while the ones looking for UNBELIEVABLE DEALS are still looking. And they will keep looking while the GREAT DEALS and GOOD DEALS disappear.
It is the nature of the market, and most certainly the nature of human nature.
If you have been looking for an Unbelievable Deal, you might want to rethink that and put on your “I’m looking for a Great Deal hat”.
It’s a shame that some people can’t understand that altough it is a buyers market, great deals in communities that have lower unemployment, warm climates, and relatively normal inventory levels like Tucson will vary greatly compared to the deals in disstressed markets like Detriot. One of the big factors is the inventory levels. Simple supply and demand. Best of luck to you.