Without a crystal ball it is very difficult to predict whether Tucson is actually at the bottom of the market. There are many factors that
affect different aspects of the market including national economic news, and it
is of note that some areas of the real estate market are performing better than
others.
Undoubtedly the first time home buyer tax credit of $8,000 given by the current administration for sales recorded in November 2009, has helped
with sales in the $100,000 and $200,000 prices range, together with a good
amount of foreclosures and short sales in this price range in some areas of
Tucson.
It has also been a while coming, but we are now seeing a decrease in pricing in the Tucson luxury home market, as builders, who had sat with spec
homes notes became due, and homeowners who decided that they wanted to sell,
reduced their home pricing. This has resulted in some activity in the market.
Notably and recently, we have seen all but one of the Parade of Homes go back to
the Bank. Bank of Oklahoma will probably sit on the investment until the market
changes, so current news suggests. The new Ritz Carlton Resort in Marana is due
to open in the Fall, and this will help bring the Luxury home buyer to the
Tucson and Marana Real Estate market. There are however currently good deals to
be had in the Tucson Luxury Home Market. We recently Listed and Sold a home that
had originally been a Street of Dreams Home. It was advertised close to
$2,000,000 and just sold for $1,250,000 It was the lowest priced sale in Stone
Canyon, a Gated Luxury home Community in Oro Valley.
So if you are a Buyer then we feel that it is an excellent time to buy a home. Rates are on the
rise, this may limit the Buyer's ability to get financing for the home of their
dreams in the long run. However, even with the slight raise in interest rates to
around 5.5% the rates are still very low for a fixed rate mortgage, and one can
buy a nice Tucson az Homes with with either FHA, VA or Conventional Financing
options.
Some areas of Tucson have actually seen a slight increase in price as they bottomed early with many investors defaulting from the boom of
2005, and now multiple offers have been made on the foreclosure properties in
the area. Two of these areas are Continental Ranch and the other Rita Ranch.
Both areas benefit from their popularity with employers from Raytheon and also
Davis Monthan Air Force Base, stable job areas that have always been popular
with employees because of their proximity to the freeway and the shopping
conveniences that are present there.
According to recent Tucson MLS May Statistics, it shows that the Tucson Listing inventory continues to drop,
closings actually went up about 60 units from April, pending sales were down 42
units from April, and the median home sales price has increased
3.72%.
Tucson is not seeing the dramatic drops of last year 2009. Over a six month period, we will be able to show a quantitative graph that measures
inventory against new sales. The numbers have been drawing closer since January
of this year, which some Economists suggest equals a trend. We will be watching
how this trend progresses into June.
As a final note you should consider a Tucson market analysis by Zip code as the story can be quite different by
area.
Some areas have significantly higher sales percentages by area for example 85730 has 129 Active Listings with 44 sales in May, and 85713 200 Active
Listed and 41 sales.
This can affect the sales price and also the appraisal on the home.
As Tucson Real Estate Agents, we can perform a detailed analysis of Tucson Zip Codes for a detailed report for Buyers and
Sellers in the Tucson area, or for those relocating to Tucson who are unfamiliar
with the market.
Author: Aniruddha BadolaAuthor's Resource Box
Looking for Tucson Real Estate? Search the most comprehensive informational site for Tucson az Real Estate, Oro Valley, Vail real estate and Marana real
estate! Dont miss our Featured Tucson Homes and be sure to search our freeno
hassle Tucson MLS listings.
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