No matter what I read, I am stuck by my own interpretation of the market, which I think is “flat”. The prices probably have bottomed and it is still a “Buyer’s Market”, with signs that the market for Sellers is slightly improving, with less inventory and prices that are no longer declining. Clearly, this year is worse than last year as far as number of sales and final sales prices, except for houses that are priced over a million. Those who purchase homes over a million are many times not so affected by the harsher economic times. So if you are thinking of selling you should wait, but you will have to sit on the fence for over a year for prices to go up, although homes will sell quicker than they have been selling in the past six months, as the market is slowly improving. For buyers, the present time represents the greatest number of houses to view for sale at the bottom price. Soon the price will be the same, but with each month, there will be less to chose from.
Another good piece of advice for Buyers: get your loan pre-approval before you look for a home. Unless you are buying a house for 326K or less (and can use FHA financing if you do not own another home and are not an investor) financing is tricky and demanding even for those with good credit. Make sure you work with an excellent, seasoned lender. If you need a recommendation, contact me at Donna@DonnaAnderson.com or call me at 520-615-2598.
If you have the money to buy, GO FOR IT! Now is the time and it is not going to get better than this for buyers in the Tucson Foothills.
If you have to sell, call me for a professional market analysis with no obligation.