The Tucson Housing Market is in High Demand this Summer

The Tucson Housing Market is in High Demand this Summer

Stories about the continuing popularity of the Phoenix real estate market have been in the news often lately. As it turns out, Tucson has also been popular with home buyers during the summer months. Here is more on what has been going on in the Tucson housing market this summer.

Tucson is a Seller?s Market

According to a recent news report, Tucson homes have been selling quickly, and the market is seeing increased competition between buyers. The Tucson Association of Realtors indicated that the city has a six-month supply of homes in a healthy market. However, as of last month, the city had a 30-day supply. There has also reportedly been an increase in out-of-state buyers. Some believe that this trend is connected to the coronavirus pandemic. Randy Rogers, CEO of the Tucson Association of Realtors, stated that ?All the houses that are on the market, we are turning them over every single month so it?s a real challenge and that?s what feeds directly into it being a seller?s market.? Association president Billy Mordka said, “We are just getting people from all over, and I think it’s because we have wide-open spaces and our natural disasters are de minimus.? Mordka also reported that many homes are getting multiple offers and that COVID-19 is also impacting the loan process for some buyers.

Out-of-Town Cash Buyers are Creating Competition

Tucson Redfin Real Estate Agent Kristi Penrod also recently reported that the reduced housing supply, record-low mortgage rates, and COVID-19 precautions have created bottlenecks in the real estate process. She also noted a trend of buyers leaving expensive cities and moving into the area. ?Penrod has noticed a trend that ?People that can cash out of really expensive markets with a great income, and they don’t necessarily have to be in San Francisco or Seattle, or Denver. They have decided to come into our market.? When out-of-state buyers come with cash in hand, local buyers may have a more challenging time competing. Penrod said, ?I?m getting 4,5,6 calls a week from out of town buyers, we have a lot of buyers doing facetime or virtual tours and not even seeing properties until they close.?

Penrod has seen the prices surge upward in Tucson however, she stated that, “I think that Tucson will continue to be desirable. It will continue to be a place that is affordable. Even though our prices are going up, our median home price is still well under 300,000.”

Tucson Homebuilders Are Selling Homes Fast

Homebuilders are also seeing unprecedented sales, and they report that demand continues to outpace supply. Three-hundred lots in Gladden Farms in Marana have recently sold. In July, 375 lots sold in Star Valley on Tucson?s far southwest side off west Valencia Road.

Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise you need at every stage of your real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.

 

 

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