05/16/2023
May 2023 Tucson Housing Market Facts Buyers And Sellers Need To Know
May and June are traditional months for an uptick in home buying and selling. After a couple of years of buyer competition along with record high home prices, affordability in some areas of Southern Arizona appears to have improved. After home prices rose 35% in a two-year span, many buyers found themselves priced out. When you added in the rise in interest rates, many first-time homebuyers simply gave up. Local real estate expert Kim Marohn says that now could be a great time to revisit that question. Kim’s opinion is the market is close to balanced and anyone serious about buying a home they love at a fair price is finding that working with an experienced expert has never been more important.
The price point someone is looking for matters as much now as ever… some suggest more than ever. While I am thrilled to use my 18+ years of experience to help a first-time buyer the reality is I spend most of my effort in the $550K to $1M buyer. I enjoy working with them for different reasons than the first-time buyer. The move-up buyer typically knows what to expect from the process and as a result they move quickly. Speed pays dividends when inventory is low like it is now.
If you are considering buying a home in the next six months this is the time to begin. Lawrence Yun, chief economist for the National Association of Realtors is forecasting a 5.5% mortgage rate by the second half of 2023. Additionally, he predicts the possibility of rates in the 4% range still exists! Therefore, NOW is a great time to start getting your ducks in a row. Speak to a lender, understand what you are comfortable affording and start planning for a purchase. If you are on the selling side, the lack of inventory is in your favor making this a great time to sell as well. My expertise has grown over the last 18 years so if you are relocating, upsizing or downsizing I have the experience, connections and knowledge to help you through the process.
There are more than 54,000 real estate agents in Arizona who are ready, willing and able to sell you a house. There are a handful of real estate agents willing to take a step back, get to know where you dream of living and help you buy that home. For the last 18 years, that is all I have done. I listen, I care, and I will help you find and own the home you love. My name is Kimberly Marohn and I can be reached at 520-429-8593 by voice or text or by e-mail at [email protected]