Ability Realty

I’ve been remiss in keeping up with my blog, so this post will bring us up to date with the Tucson real estate market.

In my September 26th post (“August Stats and more…”) I predicted that we would eventually hit 60 days on the market.  As the chart below indicates, we officially hit that number in November.  This is a 76% increase over November 2005.

Active listings are up 66% over November 2005 but have dropped by 163 units since August of this year when we had a record 9401 active listings on the market.  The decline in Total Units Sold seems to follow a seasonal trend as we had a similar decline last year.

Interest rates climbed up a bit since September but have settled back down to 6.25% again.  Hopefully things will remain stable but the possibility of a slight increase is certainly a possibility. 

I’ve said it in several posts, but this bears repeating… if you are going to sell your property, it is very important that you price competitively and have your home ready to show.  Also, any restrictions on when your home can be shown to prospective buyers could greatly reduce the number of showings you receive.  With the number of active listings on the market it would be easy for a buyer’s agent to skip over a listing that does not have a lockbox and requires an appointment.  Often it is the little things like convenience and appeal that will convert a prospect into a buyer.

If you are a buyer, there are some good deals to be had, but don’t think you will be able to steal a property just because the market is slow and there is an abundance of active listings.  Informed sellers still know what their home is worth and the comparable sales statistics will keep them from making a mistake.  Desperate home sellers have many options of investor type buyers who will steal their homes for 80% or less of its value.

If you have any questions or if I can help you with any of your Tucson real estate needs, please don’t hesitate to email me or call me at 520-296-7143.