Why are house prices in the Tucson market up and going up?

TUCSON, Ariz. (KGUN) – “Right now we have good supply and very strong demand,” said Laura Mance of Long Realty.

This old rule of capitalist economy: high demand will drive up the cost of supply.

“It’s disgusting,” says Jennifer Dixon, a recent buyer, describing the current real estate market.

Dixon and her family were quickly able to find a home after she said their rent increased.

The experience left an impression that it will give to anyone who buys a home now.

“Sometimes it seems like salespeople are greedy.”

Why are house prices high and rising?

Mance told KGUN9 the offering hasn’t changed in recent years, something else has changed.

“We have as many offers on the market as there are in 2019 or 2020, but this time we have more buyers.”

Mance explained what is driving more people to buy a home right now.

“People who can work remotely and move from other parts of the country,” she said.

“There are also people from our own community who have decided they need more homes.”

Dixon and her family are among those local buyers.

She said they were on the market for a short time, but calls the experience unforgiving.

“Eat or eat where it was so competitive. We were very nervous.”

Mance said sellers now have more options than before, and are expected to continue to rise, due to higher demand that is driving local property prices higher.

“It started at around 5.5 percent, and now forecasters are expecting 7.7 percent.”

It doesn’t mean that a buyer can’t get a deal. Mance said getting your deposit ready is a start among other pre-shopping steps.

“You have to be ready to go, you have to be ready to act quickly, you have to have a house inspector in line.”

“We were so lucky,” said Dixon.

Her family was ready to go and they landed a deal within a week.

“It was such a simple and smooth process for us.”

Your advice to other buyers is ready.

“Don’t let the market scare you and settle for something you have the buyer’s remorse for.”

Today’s real estate market may sound familiar to those who remember the 2008 real estate bubble burst, but Mance said it was unlikely in this case.

“People have more equity in their homes than before,” she said.

“We don’t have loan programs where you are 100% funded and buy multiple properties.”

Mance said there are about 625 homes in the market today in the Tucson area.

To give you an idea of ​​how fast they go, she said that around 35 houses are sold or put back on the market every day.


Comments are closed.