Housing Recovery 2007 - Tucson

Housing Recovery Likely This Year; Timing Unclear was the headline for an article in the Arizona REALTOR® May Issue. What does this mean to the Tucson real estate Market? Tucson has always remained stronger than most parts of our fine nation. I have been watching sales daily and they have been on track with my prediction. Which is higher than February’s sales. All the information won’t be in for a few more days. I will post it once the date is in.

I went back this morning to double check the numbers for January through March. They were off from what the Tucson Association of Realtors reported and what I recorded. Like any reporting method there are always that data which is delayed. The sales for January through March were actually higher than reported and predicted.

 Nationally, the National Association of REALTORS®  predicts 6.42 million home sales in 2007 with an increase to 6.66 million in 2008. How does this translate to Tucson real estate? Since we have always been stronger than the nation, our recovery should be right around the corner. As long as sales remain as strong as they have been, it may be sooner than your think. For home sellers, this will mean getting closer to the asking price for homes that are reasonably priced. For those over priced, they will remain on the market. For buyers you can expect that what you could have bought yesterday will cost you more tomorrow. Waiting won’t save you money, it will cost you money. Why wait for prices to go up? Why risk tighter demands from lenders? Why risk having to get a higher interest rate? Now may very well be the best time to buy a home in and around Tucson. 

This entry was posted on Wednesday, May 2nd, 2007 at 1:39 pm and is filed under Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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