Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
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Housing Slump - How Is It Effecting Tucson?
Tucson Real Estate Holding Its Own
With our nation looking at a housing market slump, Tucson is feeling the pinch, but not as bad as most areas. What has helped the Tucson market is the 2,000 or so people moving here every month. Which helps rentals as well as home sales.
In the Arizona Daily Star today analysts predicted a recession on the horizon. Tucson has always remained strong during economic down turns. There is a good reason why so many people move here. Though the market hasn’t bottomed out yet, but, it is close. By the time anyone notices it, we will be on the up swing. That’s when buyers will discover that they lost a golden opportunity.
TAR reported that May’s home sales were as strong as April and March. When looking at the market homes that are priced right are moving. Its the ones that are overpriced, in less then good condition, and which don’t fit the rule of location-location-location that are not selling. Could the market be better? Of course it can. Could it be worse? Most definitely. Let’s keep things in perspective. The sky is not falling. Home sellers need to ask themselves, “Do I need to sell?” If the answer is no, then don’t list or take your home off the market. If the answer is yes, then price aggressively anywhere from 3–5% below the comparative sales in your area.
Tucson is definitely in a Buyer’s Market. If sales continue as they have been, it won’t be long before we see a neutral market. Which is a healthy market. When will that be? I wish I had a crystal ball. What I do know is that Tucson’s housing market has always been stronger and fared better during hard times.
If you are looking to buy in Tucson my Home Buying 100 series will guide you through the process:
- Home Buying 101 – Home Loan
- Home Buying 102 – Choosing A REALTOR®
- Home Buying 103 - Title Company
- Home Buying 104 – Searching For A Home
- Home Buying 105 – Making An Offer
- Home Buying 106 – Inspections and Due Diligence
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Have you ever heard of John M. Keyes, Milton Friedman or Adam Smith? They would have some serious reservations with what you are writing here.
June 23rd, 2007 // Bobby joe
Tucson is different! Tucson is immune!
Yeah, Ok, well good luck with that. You might wanna stock up on some Ramen the next time the local Costco has it on sale, ya know, just in case the laws of supply and demand suddenly apply to Tucson. LOL.
June 23rd, 2007 // Keith
Hi Doug,
Just added your blog to my site.
Sounds like Tucson is still a little slower. But with 2000 people moving there every month, they need someplace to live. I’m not sure I’d want to live in Tucson without AC. So I wouldn’t want to live in a tent.
Do you ever put stats on your site. I do that every Monday. It shows just how the market is doing.
June 23rd, 2007 // Marty Van Diest
Bobby Joe - I believe you are referring to Milton Friedman who was an advocate of minimizing government role in a free market.
Do you mean Adam Smith the Scotish philosopher and political economist? John M. Keyes, can’t say I’ve heard of him. Must not have been important enough for my graduate studies. Considering Adam Smith passed in 1790 and Milton Friedman joined him in 2006, I doubt either would have much to say about what I write. John M. Keyes…? What can I say.
Keith - I am missing where are you reading Tucson is immune? “…Tucson is feeling the pinch…” is what was said. But the sky isn’t falling like Chicken Little-ites might doom.
Marty V - Thanks for the comment and the add to your blog. I hear what you are saying. I give stats monthly to give a broader picture. Though weekly reports would be nice, my Buyers and Sellers keep me too busy.
June 23rd, 2007 // Doug