That is as long as you can find one. With many fewer homes for sale, and more homes selling today than in years (402 have sold since Jan 1) buyers are having a much tougher time finding their dream home. And along the way they’re also finding they have to be more flexible and willing to compromise than in the past. And even though prices aren’t going up and, for the most part, only reasonably priced homes are selling, it’s not a buyers market anymore. That is except for the higher end, at let’s say around $1,500,000 and up. But many of them are still holding out for yesterdays prices. So they’re not going anywhere.
I see it everyday with my own clients and I see what’s happening in the mls. It’s frustrating but there’s not much to choose from in any price range. And as a result less desirable homes that have been on the market and bypassed for a year or more are now going to contract. And even newer listings that are less desirable because of this or that or a mediocre location, like being by the side of the road, are selling quicker than they have in years. And often without the drastic price cuts that it took to move them a couple of years ago.
And forget about those mega-deals on foreclosures and short sales. They’re few and far between and almost all huddled at the bottom end of the market. There are 290 single family homes for sale and just 21 are short sales or foreclosures (just 7%) and 19 of them are listed from $174,900 to $599,000, then one at $650k and one at $925k. That’s it.
And while there are a couple of $$million+ homes in the foreclosure pipeline, and I wouldn’t be surprised to see a few more, if they’re a really good-deal when they do come to market they’re often scooped up in a day or two by a cash buyer willing to pay close to list price or more.
And a good part of the reason for the low inventory is that many sellers are just not willing or not able to sell at today’s reduced prices. And if that’s the case I think they’re in for a long wait before prices rise appreciably.
see thefoothillsToday.com
to find your Tucson Foothills home
